New Issue: Bank of Montreal prices $287,000 17.7% reverse exchangeables on Cirrus

By Susanna Moon

Chicago, March 30 - Bank of Montreal priced $287,000 of 17.7% annualized reverse exchangeable notes due June 30, 2011 linked to Cirrus Logic, 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 Cirrus 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 Cirrus 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:	Cirrus Logic, Inc. (Symbol: CRUS)
Amount:	$287,000
Maturity:	June 30, 2011
Coupon:	17.7%, payable monthly
Price:	Par
Payout at maturity:	If Cirrus stock closes below trigger price during life of notes and final share price is less than initial share price, number of Cirrus shares equal to $1,000 divided by initial share price or equivalent amount in cash; otherwise, par
Initial share price:	$21.49
Trigger price:	$17.19, or 80% of initial share price
Pricing date:	March 28
Settlement date:	March 31
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366QDS3

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