New Issue: Bank of Montreal prices $366,000 35.09% reverse exchangeables tied to Cheniere Energy

By Susanna Moon

Chicago, May 12 - Bank of Montreal priced $366,000 of 35.09% annualized reverse exchangeable notes due Aug. 15, 2011 linked to Cheniere Energy, 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 Cheniere Energy shares close below the trigger price - 65% 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 Cheniere Energy 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:	Cheniere Energy, Inc. (NYSE: LNG)
Amount:	$366,000
Maturity:	Aug. 15, 2011
Coupon:	35.09%, payable monthly
Price:	Par
Payout at maturity:	Par unless stock dips below trigger during life of notes and finishes below initial share price, in which case 126.90355 Cheniere Energy shares
Initial price:	$7.88
Trigger price:	$5.12, 65% of initial
Pricing date:	May 10
Settlement date:	May 13
Agent:	BMO Capital Markets Corp.
Fees:	2.25%
Cusip:	06366QKG1

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