New Issue: Bank of Montreal prices $60,000 16.9% reverse exchangeables on AMR

By Jennifer Chiou

New York, April 19 - Bank of Montreal priced $60,000 of 16.9% annualized reverse exchangeable notes due July 15, 2011 linked to the common stock of AMR Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless AMR shares close below the trigger price - 75% 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 AMR 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:	AMR Corp. (Symbol: AMR)
Amount:	$60,000
Maturity date:	July 15, 2011
Coupon:	16.9%, payable monthly
Price:	Par
Payout at maturity:	Par unless AMR shares fall below 75% of initial share price during life of notes and finish below initial share price, in which case number of AMR shares equal to $1,000 divided by initial share price or value of those shares in cash
Initial price:	$5.65
Trigger price:	$4.24, 75% of initial
Pricing date:	April 15
Settlement date:	April 20
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366QEU7

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