New Issue: Bank of Montreal prices $300,000 15% reverse exchangeables on BofA

By Jennifer Chiou

New York, Jan. 30 - Bank of Montreal priced $300,000 of 15% annualized reverse exchangeable notes due April 30, 2012 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Bank of America stock closes below the trigger price - 80% of the initial share price - on any day during the life of the notes and finishes below the initial price, in which case the payout will be a number of shares of Bank of America stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal.
Issue:	Reverse exchangeable notes
Underlying stock:	Bank of America Corp. (Symbol: BAC)
Amount:	$300,000
Maturity:	April 30, 2012
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If stock closes below 80% of initial price during life of notes and finishes below the initial price, shares of Bank of America stock equal to $1,000 divided by the initial share price or, at issuer's option, the cash equivalent; otherwise, par
Initial share price:	$7.30
Trigger price:	$5.84, 80% of initial share price
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	BMO Capital Markets Corp.
Fees:	1.75%
Cusip:	06366QX85

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