New Issue: Bank of Montreal prices $1 million of 12.5% reverse exchangeables tied to Joy Global

By Susanna Moon

Chicago, May 19 - Bank of Montreal priced $1 million of 12.5% annualized reverse exchangeable notes due Nov. 21, 2011 linked to Joy Global Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Joy Global shares close below the trigger price - 70% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Joy Global shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Reverse exchangeable notes
Underlying stock:	Joy Global Inc. (Symbol: JOYG)
Amount:	$1,001,000
Maturity date:	Nov. 21, 2011
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless Joy Global shares fall below trigger price during life of notes and finish below initial share price, in which case 11.6023 Joy Global shares
Initial price:	$86.19
Trigger price:	$60.33, 70% of initial price
Pricing date:	May 17
Settlement date:	May 20
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06366QJA6

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