New Issue: Bank of Montreal prices $1 million tracking notes linked to 20 stocks

By Jennifer Chiou

New York, Dec. 26 - Bank of Montreal priced $1 million of 0% basket tracking notes due Jan. 9, 2015 linked to the Top 20 GARP Picks Portfolio, according to a 424B8 filing with the Securities and Exchange Commission.

The portfolio is a basket of 20 common stocks selected by Sabrient Systems, LLC using an eight-step process meant to identify companies that are trading at reasonable prices in light of their growth rates.

The basket includes equal weights of Actavis plc, Arris Group, Inc., Bonanza Creek Energy, Inc., Delta Air Lines, Inc., Ford Motor Co., Forest Laboratories, Inc., Gentex Corp., Greenbrier Cos., Inc., Jazz Pharmaceuticals plc, KapStone Paper and Packaging Corp., Lam Research Corp., Metlife Inc., Micron Technology, Inc., Nasdaq OMX Group, Inc., Nu Skin Enterprises, Inc., NXP Semiconductors NV, Ocwen Financial Corp., Prudential Financial, Inc., Spirit Airlines, Inc. and Verizon Communications Inc.

The basket includes equal weights of Actavis plc, Arris Group, Inc., Blucora Inc., Citigroup Inc., Express Scripts Holdings Co., GameStop Corp., Huntington Ingalls Industries Inc., Jazz Pharmaceuticals plc, Nu Skin Enterprises, Inc., NXP Semiconductors NV, Packaging Corp. of America, Prudential Financial, Inc., Qualcomm Inc., Seacor Holdings Inc., Spirit Airlines, Inc., Spirit Aerosystems Holdings, Inc., Skyworks Solutions, Inc., United Continental Holdings, Inc., Ubiquiti Networks Inc. and WisdomTree Investment Inc.

The payout at maturity will be par plus 97.25% of the basket return. There is no principal protection, so investors may receive less than par, and because of the participation rate, the final basket level must exceed 102.83% of the initial basket level in order for the payout to be more than par.

The final share price of each stock will equal the sum of (a) the closing price on the Jan. 2, 2015 valuation date and (b) the dividend amount for that reference stock, which will equal 100% of the gross cash distributions per share declared by the stock issuer where the date that the stock has commenced trading ex-dividend on its primary U.S. securities exchange as to each relevant distribution occurs from the pricing date to the valuation date.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Basket tracking notes
Underlying stocks:	Actavis plc, Arris Group, Inc., Blucora Inc., Citigroup Inc., Express Scripts Holdings Co., GameStop Corp., Huntington Ingalls Industries Inc., Jazz Pharmaceuticals plc, Nu Skin Enterprises, Inc., NXP Semiconductors NV, Packaging Corp. of America, Prudential Financial, Inc., Qualcomm Inc., Seacor Holdings Inc., Spirit Airlines, Inc., Spirit Aerosystems Holdings, Inc., Skyworks Solutions, Inc., United Continental Holdings, Inc., Ubiquiti Networks Inc. and WisdomTree Investment Inc., equally weighted
Amount:	$1 million
Maturity:	Jan. 9, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 97.25% of basket return
Pricing date:	Dec. 20
Settlement date:	Dec. 30
Underwriter:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366RSM8

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