New Issue: Bank of Montreal prices $500,000 13.36% reverse exchangeables on Whiting Petroleum

By Susanna Moon

Chicago, Jan. 17 - Bank of Montreal priced $500,000 of 13.36% annualized reverse exchangeable notes due July 18, 2012 linked to Whiting Petroleum 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 Whiting Petroleum stock closes below the trigger price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Whiting Petroleum shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Reverse exchangeable notes
Underlying stock:	Whiting Petroleum Corp. (Symbol: WLL)
Amount:	$500,000
Maturity:	July 18, 2012
Coupon:	13.36%, payable monthly
Price:	Par
Payout at maturity:	If Whiting Petroleum stock ever closes below trigger price and finishes below initial share price, a number of Whiting Petroleum shares equal to $1,000 divided by initial share price or cash equivalent; otherwise, par
Initial share price:	$51.15
Trigger price:	$35.81, 70% of initial share price
Pricing date:	Jan. 12
Settlement date:	Jan. 18
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366QZ34

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