New Issue: Bank of Montreal prices $600,000 21.18% reverse exchangeables on CF

By Jennifer Chiou

New York, June 17 - Bank of Montreal priced $600,000 of 21.18% annualized reverse exchangeable notes due Sept. 20, 2011 linked to CF Industries Holdings, 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 CF stock closes below the trigger price - 80% 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 shares of CF 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:	CF Industries Holdings, Inc. (Symbol: CF)
Amount:	$600,000
Maturity:	Sept. 20, 2011
Coupon:	21.18%, payable monthly
Price:	Par
Payout at maturity:	If CF stock closes below trigger price of $118.40 during life of notes and final share price is less than initial share price, number of CF shares equal to $1,000 divided by initial share price or value of those shares in cash; otherwise, par
Initial share price:	$148.00
Trigger price:	$118.40, 80% of initial level
Pricing date:	June 15
Settlement date:	June 20
Agent:	BMO Capital Markets Corp.
Fees:	0.25%
Cusip:	06366QPW1

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