424B2 1 c628111424b2.htm MONTHEND REVEX - JUNE 2011 c628111424b2.htm
Registration Statement No. 333-173924
Filed Pursuant to Rule 424(b)(2)
Pricing Supplement dated June 27, 2011 to the Prospectus,
the Prospectus Supplement and the Product Supplement, each dated June 22, 2011
 
US$3,504,000
Senior Medium-Term Notes, Series B
Reverse Exchangeable Notes
Each Linked to a Single Reference Stock Issuer
 
·
This pricing supplement relates to sixteen separate note offerings. Each issue of the notes is linked to one, and only one, Reference Stock. You may participate in any of the sixteen offerings or, at your election, in two or more of the offerings. This pricing supplement does not, however, allow you to purchase a single note linked to a basket of some or all of the Reference Stocks described below.
·
The notes are designed for investors who seek an interest rate that is higher than that of a conventional debt security with the same maturity issued by us or an issuer with a comparable credit rating. Investors should be willing to forgo the potential to participate in the appreciation of the applicable Reference Stock, be willing to accept the risks of owning the common equity securities of the applicable Reference Stock Issuer, and be willing to lose some or all of their principal at maturity.
·
Investing in the notes is not equivalent to investing in the shares of any of the Reference Stocks.
·
Each issue of the offered notes will pay interest monthly at the fixed per annum rate specified for that issue below. However, the notes do not guarantee any return of principal at maturity. Instead, the payment at maturity will be based on the Final Stock Price of the applicable Reference Stock and whether the closing price of the applicable Reference Stock has declined from the applicable Initial Stock Price below the applicable Trigger Price during the Monitoring Period, as described below.
·
Any payment at maturity is subject to the credit risk of Bank of Montreal.
·
Payment at maturity for each $1,000 principal amount note will be either a cash payment of $1,000 or delivery of shares of the applicable Reference Stock (or, at our election, the applicable Cash Delivery Amount), in each case, together with any accrued and unpaid interest, as described below.
·
The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.
·
Our subsidiary, BMO Capital Markets Corp., is the agent for this offering.  See “Supplemental Plan of Distribution—Conflicts of Interests” below.
 
(continued on the next page)

RevEx
Number
Reference Stock Issuer
Ticker
Symbol
Principal
Amount
Interest Rate
per Annum
Initial
Stock Price
Trigger Price
Term
(in months)
CUSIP
Price to
Public
Agent’s
Commission
Proceeds to Bank
of Montreal
0236
AMR Corporation
AMR
$100,000
12.50%
$5.64
$4.23
3
06366QPD3
100%
1.75%
US$1,750
98.25%
US$98,250
0237
Acme Packet, Inc.
APKT
$740,000
18.25%
$67.92
$50.94
3
06366QPE1
100%
1.75%
US$12,950
98.25%
US$727,050
0238
Aruba Networks Inc.
ARUN
$126,000
17.75%
$27.59
$20.69
3
06366QPF8
100%
1.75%
US$2,205
98.25%
US$123,795
0239
ATP Oil & Gas Corporation
ATPG
$80,000
13.50%
$14.75
$11.06
3
06366QPG6
100%
1.75%
US$1,400
98.25%
US$78,600
0240
Baidu, Inc.
BIDU
$372,000
13.50%
$133.17
$106.54
3
06366QPH4
100%
1.75%
US$6,510
98.25%
US$365,490
0241
Cirrus Logic, Inc.
CRUS
$171,000
12.25%
$14.59
$10.94
3
06366QPJ0
100%
1.75%
US$2,992.50
98.25%
US$168,007.50
0242
Delta Air Lines, Inc.
DAL
$28,000
14.75%
$9.66
$7.73
3
06366QPK7
100%
1.75%
US$490
98.25%
US$27,510
0243
Eastman Kodak Company
EK
$25,000
17.50%
$3.43
$2.57
3
06366QPL5
100%
1.75%
US$437.50
98.25%
US$24,562.50
0244
Goodyear Tire & Rubber Company
GT
$85,000
11.25%
$16.04
$12.83
3
06366QPM3
100%
1.75%
US$1,487.50
98.25%
US$83,512.50
0245
Hecla Mining Company
HL
$21,000
12.00%
$7.25
$5.44
3
06366QPN1
100%
1.75%
US$367.50
98.25%
US$20,632.50
0246
US Airways Group, Inc.
LCC
$134,000
15.75%
$9.15
$6.86
3
06366QPP6
100%
1.75%
US$2,345
98.25%
US$131,655
0247
lululemon athletica inc.
LULU
$35,000
12.75%
$108.58
$86.86
3
06366QPQ4
100%
1.75%
US$612.50
98.25%
US$34,387.50
 
Investing in the notes involves risks, including those described in the “Selected Risk Considerations” section beginning on page P-4 of this pricing supplement, the “Additional Risk Factors Relating to the Notes” section beginning on page PS-5 of the product supplement, and the “Risk Factors” sections beginning on page S-3 of the prospectus supplement and on page 7 of the prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this pricing supplement, the product supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense.
The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Bank Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or instrumentality or other entity.
We expect to deliver the notes through the facilities of The Depository Trust Company on or about June 30, 2011.
 
BMO CAPITAL MARKETS
 
 
 

 

(continued from the previous page)
 
RevEx
Number
Reference Stock Issuer
Ticker
Symbol
Principal
Amount
Interest Rate
per Annum
Initial
Stock Price
Trigger Price
Term
(in months)
CUSIP
Price to
Public
Agent’s
Commission
Proceeds to Bank
of Montreal
0248
Netflix Inc.
NFLX
$20,000
11.50%
$260.12
$208.10
3
06366QPR2
100%
1.75%
US$350
98.25%
US$19,650
0249
Suntech Power Holdings Co., Ltd.
STP
$641,000
23.50%
$7.58
$5.31
3
06366QPS0
100%
1.75%
US$11,217.50
98.25%
US$629,782.50
0250
Silvercorp Metals Inc.
SVM
$662,000
19.50%
$8.75
$7.00
3
06366QPT8
100%
1.75%
US$11,585
98.25%
US$650,415
0251
Western Refining, Inc.
WNR
$264,000
13.50%
$16.60
$11.62
3
06366QPU5
100%
1.75%
US$4,620
98.25%
US$259,380
 
 
 
 
 
 
 
P-2

 
 
 
Key Terms of all the Notes:
   
Payment at Maturity:
The payment at maturity for each of the notes is based on the performance of the applicable Reference Stock. You will receive $1,000 for each $1,000 in principal amount of the note, unless:
   
 
(1)
the applicable Final Stock Price is less than the applicable Initial Stock Price; and
     
 
(2)
on any day during the Monitoring Period, the closing price of the applicable Reference Stock has declined to a price that is less than the applicable Trigger Price.  (“Closing Price Monitoring” is applicable to the notes.)
     
 
If the conditions described in both (1) and (2) are satisfied, you will receive at maturity, instead of the principal amount of your notes, the number of shares of the applicable Reference Stock equal to the applicable Physical Delivery Amount (or, at our election, the Cash Delivery Amount). Fractional shares will be paid in cash. The market value of the Physical Delivery Amount or the Cash Delivery Amount will most likely be substantially less than the principal amount of your notes, and may be zero.
   
Pricing Date:
June 27, 2011
   
Settlement Date:
June 30, 2011
   
Valuation Date:
September 27, 2011
   
Maturity Date:
September 30, 2011
   
Interest Payment Dates:
Interest on the notes will be paid in equal monthly installments on the 30th day of each month beginning on July 30, 2011, to and including the applicable maturity date (subject to postponement as described in the product supplement).
   
Monitoring Period:
The period from the pricing date to and including the Valuation Date.
   
Physical Delivery Amount:
The number of shares of the applicable Reference Stock, per $1,000 in principal amount of the notes, equal to $1,000 divided by the applicable Initial Stock Price, subject to adjustments, as described in the product supplement.  Any fractional shares will be paid in cash.
   
Cash Delivery Amount:
For each Reference Stock, the amount in cash equal to the product of (1) the Physical Delivery Amount and (2) the Final Stock Price of that Reference Stock, subject to adjustments, as described in the product supplement.
   
Initial Stock Price:
The closing price of the applicable Reference Stock on the pricing date.  The Initial Stock Price is subject to adjustments in certain circumstances. See “General Terms of the Notes — Payment at Maturity” and “— Anti-dilution Adjustments” in the product supplement for additional information about these adjustments.
   
Final Stock Price:
The closing price of the applicable Reference Stock on the Valuation Date.
   
Automatic Redemption:
Not Applicable
   
We may use this pricing supplement in the initial sale of notes. In addition, BMO Capital Markets Corp. or another of our affiliates may use this pricing supplement in market-making transactions in any notes after their initial sale. Unless our agent or we inform you otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.
 

 
P-3

 
 
Additional Terms of the Notes
 
This pricing supplement relates to sixteen separate note offerings. Each issue of offered notes is linked to one, and only one, Reference Stock. The purchaser of a note will acquire a security linked to a single Reference Stock (and not to a basket that includes any other Reference Stock). You may participate in any of the note offerings or, at your election, in two or more of the offerings.
 
You should read this pricing supplement together with the product supplement, the prospectus supplement and the prospectus, each dated June 22, 2011. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent. You should carefully consider, among other things, the matters set forth in “Additional Risk Factors Relating to the Notes” in the product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
 
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
 
 
·
Product supplement dated June 22, 2011:
 
 
·
Prospectus supplement dated June 22, 2011:
 
 
·
Prospectus dated June 22, 2011:
 
Our Central Index Key, or CIK, on the SEC website is 927971.  As used in this pricing supplement, the “Company,” “we,” “us” or “our” refers to Bank of Montreal.
 
 
P-4

 
 
Selected Risk Considerations
 
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in any of the Reference Stocks.  These risks are explained in more detail in the “Additional Risk Factors Relating to the Notes” section of the product supplement dated June 22, 2011.
 
 
·
Your investment in the notes may result in a loss. — The notes do not guarantee any return of principal. The payment at maturity will be based on the applicable Final Stock Price and whether the closing price of the applicable Reference Stock has declined from the applicable Initial Stock Price to a closing price that is less than the applicable Trigger Price on any day during the Monitoring Period. Under certain circumstances, you will receive at maturity a number of shares of the applicable Reference Stock (or, at our election, the Cash Delivery Amount).  We expect that the market value of those shares or the Cash Delivery Amount will be less than the principal amount of each note and may be zero. Accordingly, you could lose up to the entire principal amount of your notes.
 
 
·
Your return on the notes is limited to the principal amount plus accrued interest regardless of any appreciation in the value of the applicable Reference Stock. — You will not receive a payment at maturity with a value greater than your principal amount, plus accrued and unpaid interest.  This will be the case even if the Final Stock Price exceeds the Initial Stock Price by a substantial amount.
 
 
·
Your investment is subject to the credit risk of Bank of Montreal. — Our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay all amounts due on the notes on each interest payment date and at maturity, and therefore investors are subject to our credit risk and to changes in the market’s view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.
 
 
·
Potential conflicts. — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. We and/or our affiliates may also currently or from time to time engage in business with the Reference Stock Issuers, including extending loans to, or making equity investments in, the Reference Stock Issuers, or providing advisory services to them.  In addition, one or more of our affiliates may publish research reports or otherwise express opinions with respect to the Reference Stock Issuers, and these reports may or may not recommend that investors buy or hold shares of the Reference Stocks.  As a potential purchaser of the notes, you should undertake an independent investigation of the applicable Reference Stock Issuer that in your judgment is appropriate to make an informed investment decision.
 
 
·
The inclusion of the underwriting commission and hedging profits, if any, in the original offering price of the notes, as well as our hedging costs, is likely to adversely affect the price at which you can sell your notes. — Assuming no change in market conditions or any other relevant factors, the price, if any, at which BMO Capital Markets Corp. or any other party may be willing to purchase the notes in secondary market transactions may be lower than the initial public offering price. The initial public offering price will include, and any price quoted to you is likely to exclude, the underwriting commission paid in connection with the initial distribution. The initial public offering price may also include, and any price quoted to you would be likely to exclude, the hedging profits that we expect to earn with respect to hedging our exposure under the notes. In addition, any such price is also likely to reflect a discount to account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other transaction costs.
 
 
·
You will have no ownership rights in the applicable Reference Stock. — As a holder of the notes, you will not have any ownership interest or rights in the applicable Reference Stock, such as voting rights or dividend payments. In addition, the applicable Reference Stock Issuer will not have any obligation to consider your interests as a holder of the notes in taking any corporate action that might affect the value of the applicable Reference Stock and the notes.
 
 
P-5

 
 
 
·
No affiliation with the Reference Stock Issuers. — We are not affiliated with the Reference Stock Issuers.  You should make your own investigation into the Reference Stocks and the Reference Stock Issuers. We are not responsible for any Reference Stock Issuer’s public disclosure of information, whether contained in SEC filings or otherwise.
 
 
·
Lack of liquidity. — The notes will not be listed on any securities exchange.  BMO Capital Markets Corp. may offer to purchase the notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which BMO Capital Markets Corp. is willing to buy the notes.
 
 
·
Hedging and trading in the Reference Stocks. — We or any of our affiliates may carry out hedging activities related to the notes, including in the Reference Stocks or instruments related to the Reference Stock. We or our affiliates may also trade in the Reference Stocks or instruments related to one or more of the Reference Stocks from time to time. Any of these hedging or trading activities as of the pricing date and during the term of the notes could adversely affect our payment to you at maturity.
 
 
·
Many economic and market factors will influence the value of the notes. — In addition to the value of the applicable Reference Stock and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, and which are described in more detail in the product supplement.
 
 
 
 
 
 
 
P-6

 
 
The Reference Stocks
 
All information contained herein on the Reference Stocks and on the Reference Stock Issuers is derived from publicly available sources and is provided for informational purposes only. Companies with securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to periodically file certain financial and other information specified by the SEC. Information provided to or filed with the SEC by a Reference Stock Issuer under the Exchange Act can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete.  See the section “The Reference Stock Issuers” in the product supplement for additional information.
 
The hypothetical examples shown below are intended to help you understand the terms of the notes.  The actual amount of cash or securities that you will receive at maturity will depend upon the Final Stock Price of the applicable Reference Stock, and whether its closing price was below the applicable Trigger Price on any trading day during the applicable Monitoring Period.
 
AMR Corporation

AMR Corporation operates an airline that provides scheduled passenger, freight, and mail service throughout North America, the Caribbean, Latin America, Europe, and the Pacific. The company also provides connecting service throughout the United States, Canada, and the Caribbean. In addition, the company provides aviation services, call center management services, and investment advisory services.  Its common stock is traded on the New York Stock Exchange under the symbol “AMR.”

Historical Information of the Common Stock of AMR Corporation
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
16.18
 
8.38
 
Second Quarter
10.32
 
5.12
 
Third Quarter
13.00
 
4.41
 
Fourth Quarter
11.97
 
6.45
         
2009
First Quarter
12.29
 
2.54
 
Second Quarter
6.22
 
3.37
 
Third Quarter
9.03
 
3.98
 
Fourth Quarter
8.14
 
5.19
         
2010
First Quarter
10.16
 
6.92
 
Second Quarter
9.10
 
6.53
 
Third Quarter
7.44
 
5.99
 
Fourth Quarter
8.87
 
5.96
         
2011
First Quarter
8.85
 
6.14
 
Second Quarter (through the pricing date)
6.73
 
5.49

 
P-7

 
 
Acme Packet, Inc.

Acme Packet, Inc. provides session border controllers for internet service providers. The company's products consist of hardware and proprietary software that allow service providers to deliver interactive communications services such as voice over internet protocol.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “APKT.”

Historical Information of the Common Stock of Acme Packet, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
12.17
 
6.86
 
Second Quarter
10.01
 
7.76
 
Third Quarter
7.82
 
4.15
 
Fourth Quarter
5.53
 
3.03
         
2009
First Quarter
6.50
 
3.64
 
Second Quarter
10.12
 
6.05
 
Third Quarter
10.66
 
7.66
 
Fourth Quarter
12.02
 
9.39
         
2010
First Quarter
19.97
 
10.35
 
Second Quarter
29.85
 
19.38
 
Third Quarter
40.14
 
26.60
 
Fourth Quarter
57.98
 
34.49
         
2011
First Quarter
76.91
 
49.99
 
Second Quarter (through the pricing date)
83.73
 
60.52

 
P-8

 
 
Aruba Networks Inc.

Aruba Networks Inc. provides enterprise mobility solutions that enables secure access to data, voice and video applications across wireless and wireline enterprise networks.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “ARUN.”

Historical Information of the Common Stock of Aruba Networks Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
14.97
 
4.69
 
Second Quarter
7.00
 
4.69
 
Third Quarter
6.55
 
4.29
 
Fourth Quarter
4.62
 
1.95
         
2009
First Quarter
3.21
 
2.16
 
Second Quarter
8.74
 
3.29
 
Third Quarter
9.48
 
7.26
 
Fourth Quarter
10.96
 
7.59
         
2010
First Quarter
13.66
 
9.92
 
Second Quarter
15.56
 
10.80
 
Third Quarter
22.24
 
14.24
 
Fourth Quarter
24.22
 
19.22
         
2011
First Quarter
34.63
 
21.08
 
Second Quarter (through the pricing date)
35.93
 
23.58
 
 
P-9

 

ATP Oil & Gas Corporation

ATP Oil & Gas Corporation acquires and develops natural gas and oil properties, and produces natural gas and crude oil, primarily in the outer continental shelf of the Gulf of Mexico. The company concentrates on proven undeveloped reserves which have not been strategic to major oil and gas exploration companies. The company also operates in the shallow waters of the Gulf of Mexico and in the North Sea.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “ATPG.”

Historical Information of the Common Stock of ATP Oil & Gas Corporation
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
51.78
 
30.52
 
Second Quarter
45.92
 
27.85
 
Third Quarter
40.78
 
17.15
 
Fourth Quarter
18.53
 
4.25
         
2009
First Quarter
7.78
 
2.86
 
Second Quarter
9.27
 
5.18
 
Third Quarter
22.16
 
5.38
 
Fourth Quarter
21.58
 
15.27
         
2010
First Quarter
20.35
 
13.00
 
Second Quarter
22.96
 
8.53
 
Third Quarter
13.89
 
9.11
 
Fourth Quarter
16.88
 
13.31
         
2011
First Quarter
20.35
 
15.64
 
Second Quarter (through the pricing date)
18.79
 
14.67
 
 
P-10

 

Baidu, Inc.

Baidu, Inc. operates an Internet search engine. The company offers algorithmic search, enterprise search, pay for performance and news, MP3, and image searches.  Its American Depositary Shares trade on the New York Stock Exchange under the symbol “BIDU.”

Historical Information of the American Depositary Shares of Baidu, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
38.19
 
20.79
 
Second Quarter
37.38
 
27.32
 
Third Quarter
35.02
 
23.12
 
Fourth Quarter
26.61
 
10.45
         
2009
First Quarter
18.83
 
10.94
 
Second Quarter
30.92
 
17.48
 
Third Quarter
40.29
 
27.49
 
Fourth Quarter
44.22
 
37.20
         
2010
First Quarter
60.85
 
38.65
 
Second Quarter
78.21
 
60.00
 
Third Quarter
103.82
 
67.45
 
Fourth Quarter
114.10
 
96.22
         
2011
First Quarter
137.81
 
99.73
 
Second Quarter (through the pricing date)
152.37
 
116.26
 
 
P-11

 

Cirrus Logic, Inc.

Cirrus Logic, Inc. designs and manufactures integrated circuits that employ precision linear and advanced mixed-signal processing technologies. The company's products enable system-level applications in mass storage, audio, and precision data conversion. The company serves a broad customer base in the mass storage, industrial, and audio markets.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “CRUS.”

Historical Information of the Common Stock of Cirrus Logic, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
6.72
 
4.22
 
Second Quarter
7.53
 
5.56
 
Third Quarter
6.39
 
4.52
 
Fourth Quarter
5.85
 
2.35
         
2009
First Quarter
4.28
 
2.22
 
Second Quarter
4.69
 
3.37
 
Third Quarter
6.14
 
4.04
 
Fourth Quarter
6.82
 
4.60
         
2010
First Quarter
8.58
 
6.41
 
Second Quarter
17.82
 
8.45
 
Third Quarter
20.54
 
15.00
 
Fourth Quarter
17.41
 
12.51
         
2011
First Quarter
25.15
 
16.51
 
Second Quarter (through the pricing date)
20.34
 
13.47
 
 
P-12

 

Delta Air Lines, Inc.

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally.  Its common stock is traded on the New York Stock Exchange under the symbol “DAL.”

Historical Information of the Common Stock of Delta Air Lines, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
18.53
 
8.35
 
Second Quarter
10.48
 
5.00
 
Third Quarter
9.94
 
4.64
 
Fourth Quarter
11.52
 
5.64
         
2009
First Quarter
12.38
 
3.93
 
Second Quarter
8.11
 
5.40
 
Third Quarter
9.65
 
5.68
 
Fourth Quarter
11.81
 
6.95
         
2010
First Quarter
14.65
 
11.22
 
Second Quarter
14.93
 
11.31
 
Third Quarter
12.61
 
9.96
 
Fourth Quarter
14.33
 
11.24
         
2011
First Quarter
13.00
 
9.79
 
Second Quarter (through the pricing date)
11.51
 
9.00
 
 
P-13

 

Eastman Kodak Company

Eastman Kodak Company develops, manufactures, and markets imaging products. The company provides professional and consumer digital cameras, laser images for radiologists, and photographic films for professionals and amateurs. The company also provides digital services for cinematographers, document scanners, aerial images, digital printers for commercial customers, and flat panel displays.  Its common stock is traded on the New York Stock Exchange under the symbol “EK.”

Historical Information of the Common Stock of Eastman Kodak Company
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
21.57
 
16.62
 
Second Quarter
19.47
 
12.34
 
Third Quarter
17.32
 
12.80
 
Fourth Quarter
15.48
 
5.99
         
2009
First Quarter
7.49
 
2.17
 
Second Quarter
4.40
 
2.47
 
Third Quarter
6.68
 
2.69
 
Fourth Quarter
4.61
 
3.47
         
2010
First Quarter
6.86
 
4.29
 
Second Quarter
8.90
 
4.34
 
Third Quarter
5.06
 
3.50
 
Fourth Quarter
5.92
 
3.88
         
2011
First Quarter
5.74
 
2.96
 
Second Quarter (through the pricing date)
3.70
 
2.78
 
 
P-14

 

Goodyear Tire & Rubber Company

The Goodyear Tire & Rubber Company develops, manufactures, distributes, and sells tires for most applications. The company also manufactures and markets several lines of rubber and rubber-related chemicals and provides automotive repair services.The company also retreads truck, aircraft, and heavy equipment tires. The Company provides its products and services worldwide.  Its common stock is traded on the New York Stock Exchange under the symbol “GT.”

Historical Information of the Common Stock of Goodyear Tire & Rubber Company
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
29.31
 
23.49
 
Second Quarter
29.22
 
17.83
 
Third Quarter
22.42
 
14.86
 
Fourth Quarter
15.05
 
4.18
         
2009
First Quarter
7.95
 
3.51
 
Second Quarter
13.51
 
6.49
 
Third Quarter
18.32
 
10.55
 
Fourth Quarter
17.81
 
12.54
         
2010
First Quarter
15.94
 
12.50
 
Second Quarter
14.65
 
9.94
 
Third Quarter
12.37
 
9.24
 
Fourth Quarter
12.11
 
9.56
         
2011
First Quarter
15.45
 
11.58
 
Second Quarter (through the pricing date)
18.72
 
14.61
 
 
P-15

 

Hecla Mining Company

Hecla Mining Company explores, develops, and mines precious metals, gold and silver. The company has operations in the United States and Mexico.  Its common stock is traded on the New York Stock Exchange under the symbol “HL.”

Historical Information of the Common Stock of Hecla Mining Company
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
12.72
 
8.65
 
Second Quarter
13.03
 
7.52
 
Third Quarter
9.64
 
4.30
 
Fourth Quarter
4.75
 
1.05
         
2009
First Quarter
2.88
 
1.23
 
Second Quarter
3.71
 
2.01
 
Third Quarter
4.98
 
2.30
 
Fourth Quarter
7.34
 
3.85
         
2010
First Quarter
6.85
 
4.52
 
Second Quarter
6.33
 
5.02
 
Third Quarter
6.37
 
4.64
 
Fourth Quarter
11.34
 
6.25
         
2011
First Quarter
11.24
 
8.08
 
Second Quarter (through the pricing date)
9.76
 
6.99
 
 
P-16

 

US Airways Group, Inc.

US Airways Group, Inc. is an air carrier that transports passengers, property, and mail. The company provides regularly scheduled service at airports in the United States, Canada, Europe, the Caribbean, and Latin America.  Its common stock is traded on the New York Stock Exchange under the symbol “LCC.”

Historical Information of the Common Stock of US Airways Group, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
15.40
 
7.45
 
Second Quarter
9.87
 
2.44
 
Third Quarter
9.39
 
1.76
 
Fourth Quarter
10.86
 
3.63
         
2009
First Quarter
9.57
 
1.97
 
Second Quarter
5.00
 
2.15
 
Third Quarter
5.43
 
2.04
 
Fourth Quarter
5.38
 
2.91
         
2010
First Quarter
7.95
 
4.77
 
Second Quarter
10.74
 
6.33
 
Third Quarter
10.91
 
8.08
 
Fourth Quarter
12.07
 
9.00
         
2011
First Quarter
11.47
 
7.95
 
Second Quarter (through the pricing date)
10.32
 
7.94
 
 
P-17

 

lululemon athletica inc.

lululemon athletica inc.  designs and retails athletic clothing. The company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “LULU.”

Historical Information of the Common Stock of lululemon athletica inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
44.82
 
21.72
 
Second Quarter
36.63
 
27.00
 
Third Quarter
28.86
 
18.00
 
Fourth Quarter
23.74
 
7.08
         
2009
First Quarter
8.66
 
4.49
 
Second Quarter
15.22
 
9.11
 
Third Quarter
24.50
 
11.60
 
Fourth Quarter
30.84
 
21.36
         
2010
First Quarter
41.90
 
26.27
 
Second Quarter
45.58
 
35.82
 
Third Quarter
45.83
 
31.90
 
Fourth Quarter
73.51
 
43.09
         
2011
First Quarter
89.84
 
66.95
 
Second Quarter (through the pricing date)
108.58
 
83.09
 
 
P-18

 

Netflix Inc.

Netflix Inc. is an online movie rental service. The company ships DVDs with no due dates or late fees, directly to the subscriber's address. Netflix also provides background information on DVD releases, including critic reviews, member reviews and ratings, and personalized movie recommendations.  Its common stock is traded on the Nasdaq Global Select Market under the symbol “NFLX.”

Historical Information of the Common Stock of Netflix Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
38.17
 
21.77
 
Second Quarter
40.70
 
26.07
 
Third Quarter
32.97
 
26.73
 
Fourth Quarter
30.04
 
17.94
         
2009
First Quarter
43.42
 
29.54
 
Second Quarter
49.61
 
37.08
 
Third Quarter
47.73
 
38.70
 
Fourth Quarter
61.13
 
44.62
         
2010
First Quarter
75.06
 
49.13
 
Second Quarter
126.81
 
75.00
 
Third Quarter
170.63
 
98.02
 
Fourth Quarter
205.90
 
149.33
         
2011
First Quarter
247.55
 
177.90
 
Second Quarter (through the pricing date)
273.68
 
228.16
 
 
P-19

 

Suntech Power Holdings Co., Ltd.
 
Suntech Power Holdings Co., Ltd. is a China based company that produces solar cells.  The company manufactures and markets a variety of photovoltaic cells and modules.  Its American Depositary Shares trade on the New York Stock Exchange under the symbol “STP.”

Historical Information of the American Depositary Shares of Suntech Power Holdings Co., Ltd.

The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
88.22
 
29.40
 
Second Quarter
49.18
 
36.53
 
Third Quarter
47.81
 
32.19
 
Fourth Quarter
36.43
 
5.39
         
2009
First Quarter
13.55
 
5.21
 
Second Quarter
19.50
 
12.23
 
Third Quarter
20.58
 
13.28
 
Fourth Quarter
17.90
 
12.21
         
2010
First Quarter
18.40
 
12.60
 
Second Quarter
15.35
 
8.67
 
Third Quarter
11.37
 
7.70
 
Fourth Quarter
10.14
 
7.12
         
2011
First Quarter
10.71
 
8.04
 
Second Quarter (through the pricing date)
9.62
 
7.16
 
 
P-20

 

Silvercorp Metals Inc.

Silvercorp Metals Inc. acquires, explores, and develops mineral properties in China. The company is developing its Ying Silver project located in the People's Republic of China. Its common shares trade on the New York Stock Exchange under the symbol “SVM.”

Historical Information of the Common Shares of Silvercorp Metals Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2009 through the pricing date.  For the first three calendar quarters of 2009 the Reference Stock traded on the NYSE Arca, and from the fourth calendar quarter of 2009 to May 25, 2011 the Reference Stock traded on the New York Stock Exchange.
 

   
High ($)
 
Low ($)
         
2009
First Quarter
2.98
 
2.00
 
Second Quarter
3.89
 
2.09
 
Third Quarter
4.93
 
2.71
 
Fourth Quarter
7.81
 
5.66
         
2010
First Quarter
7.41
 
4.89
 
Second Quarter
8.96
 
6.49
 
Third Quarter
8.42
 
5.99
 
Fourth Quarter
13.59
 
8.06
         
2011
First Quarter
14.70
 
9.66
 
Second Quarter (through the pricing date)
15.99
 
8.10
 
 
P-21

 
 
Western Refining, Inc.

Western Refining, Inc., through a subsidiary, refines crude oil and markets petroleum products. The subsidiary primarily produces gasoline, diesel, and jet fuel. The products are marketed in Arizona, New Mexico and Texas in the United States, and Juarez, Mexico.  Its common stock is traded on the New York Stock Exchange under the symbol “WNR.”

Historical Information of the Common Stock of Western Refining, Inc.
 
The following table sets forth the high and low closing prices of the Reference Stock from the first quarter of 2008 through the pricing date.
 

   
High ($)
 
Low ($)
         
2008
First Quarter
24.83
 
13.07
 
Second Quarter
15.77
 
7.96
 
Third Quarter
12.83
 
6.57
 
Fourth Quarter
10.05
 
4.73
         
2009
First Quarter
13.78
 
8.15
 
Second Quarter
15.43
 
6.75
 
Third Quarter
7.80
 
5.57
 
Fourth Quarter
6.94
 
4.49
         
2010
First Quarter
5.73
 
4.17
 
Second Quarter
5.82
 
4.45
 
Third Quarter
5.40
 
4.11
 
Fourth Quarter
10.62
 
5.16
         
2011
First Quarter
18.03
 
10.23
 
Second Quarter (through the pricing date)
19.08
 
14.82
 
 
P-22

 
 
Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in a Note.
 
The following table illustrates the hypothetical payments at maturity on a $1,000 investment in a note, based on a hypothetical Initial Stock Price of $100.00, a hypothetical Trigger Price of $75.00 (75.00% of the hypothetical Initial Stock Price), and a range of hypothetical Final Stock Prices and assuming that the closing price of the Reference Stock declines in the manner set forth in the column below, “Hypothetical Lowest Closing Price during the Monitoring Period.” The numbers appearing in the following table and examples have been rounded for ease of analysis.
 
Hypothetical
Lowest Closing
Price during the
Monitoring Period
Hypothetical
Lowest Closing
Price during the
Monitoring Period
Expressed as a
Percentage of the
Initial Stock Price
Hypothetical
Final Stock
Price
Hypothetical
Final Stock
Price
Expressed as
a Percentage
of the Initial
Stock Price
Payment at
Maturity
Total Value
of Payment
Received at
Maturity*
$60.00
60%
$110.00
110%
$1,000.00
$1,000.00
$60.00
60%
$90.00
90%
10 shares of the
Reference
Stock or the
Cash Delivery
Amount
$900.00
$100.00
100%
$100.00
100%
$1,000.00
$1,000.00
$75.00
75%
$60.00
60%
10 shares of the
Reference
Stock or the
Cash Delivery
Amount
$600.00
$80.00
80%
$80.00
80%
$1,000.00
$1,000.00
$50.00
50%
$50.00
50%
10 shares of the
Reference
Stock or the
Cash Delivery
Amount
$500.00
$25.00
25%
$25.00
25%
10 shares of the
Reference
Stock or the
Cash Delivery
Amount
$250.00
$0.00
0%
$0.00
0%
10 shares of the
Reference
Stock or the
Cash Delivery
Amount
$0.00
*   
Note that you will receive at maturity any accrued and unpaid interest in cash, in addition to either shares of the Reference Stock (or, at our election, the Cash Delivery Amount) or the principal amount of your notes in cash. Also note that if you receive the Physical Delivery Amount, the total value of payment received at maturity shown in the table above includes the value of any fractional shares, which will be paid in cash.
 
 
P-23

 
 
The following examples illustrate how the total value of payments received at maturity set forth in the table above are calculated.
 
Example 1: The lowest closing price of the Reference Stock during the Monitoring Period was $60.00 but the Final Stock Price is $110.00. Because the Final Stock Price of $110.00 is greater than the Initial Stock Price of $100.00, you will receive a payment at maturity of $1,000 per $1,000 in principal amount of the notes, even though the Reference Stock closed at a price less than the Trigger Price during the Monitoring Period.
 
Example 2: The lowest closing price of the Reference Stock during the Monitoring Period was $60.00, which is less than the Trigger Price, and the Final Stock Price is $90.00, which is less than the Initial Stock Price. Because the Final Stock Price of $90.00 is less than the Initial Stock Price of $100.00 and the closing price of the Reference Stock declined to a closing price that is less than the Trigger Price of $75.00 on at least one trading day during the Monitoring Period, you will receive at maturity the Physical Delivery Amount (or, at our election, the Cash Delivery Amount). Because the Final Stock Price of the Reference Stock is $90.00, the total value of your final payment at maturity, whether in cash or shares of the Reference Stock, is $900.00 per $1,000 in principal amount of the notes.
 
Example 3: The closing price of the Reference Stock does not decline to a closing price that is less than the Trigger Price on any trading day during the Monitoring Period prior to the Valuation Date.  However, the closing price of the Reference Stock on the Valuation Date is $60.00, which is less than the Trigger Price.  Because the Final Stock Price of $60.00 is less than the Initial Stock Price of $100.00 and the Final Stock Price has declined to a closing price that is less than the Trigger Price of $75.00, you will receive the Physical Delivery Amount (or, at our election, the Cash Delivery Amount) at maturity. Because the Final Stock Price of the Reference Stock is $60.00, the total value of your final payment at maturity, whether in cash or shares of the Reference Stock, is $600.00 per $1,000 in principal amount of the notes.
 
Example 4: The Final Stock Price of $80.00 is less than the Initial Stock Price of $100.00 and the closing price of the Reference Stock does not decline to a closing price that is less than the Trigger Price on any day during the Monitoring Period.  Because the closing price of the Reference Stock has not declined to a closing price that is less than the Trigger Price of $75.00, you will receive a payment at maturity of $1,000 per $1,000 in principal amount of the notes, even though the Final Stock Price of $80.00 is less than the Initial Stock Price of $100.00.
 
 
P-24

 
 
Certain U.S. Federal Tax Information
 
The following table sets forth the amount of stated interest on the Notes and the portion that will be treated as an interest payment and as payment for the Put Option for U.S. federal income tax purposes.
 
RevEx
Number
 
Reference Stock Issuer
 
Interest
Rate per
Annum
 
Treated as an
Interest Payment
 
Treated as Payment
for the Put Option
0236
 
AMR Corporation
 
12.50%
 
0.25%
 
12.25%
0237
 
Acme Packet, Inc.
 
18.25%
 
0.25%
 
18.00%
0238
 
Aruba Networks Inc.
 
17.75%
 
0.25%
 
17.50%
0239
 
ATP Oil & Gas Corporation
 
13.50%
 
0.25%
 
13.25%
0240
 
Baidu, Inc.
 
13.50%
 
0.25%
 
13.25%
0241
 
Cirrus Logic, Inc.
 
12.25%
 
0.25%
 
12.00%
0242
 
Delta Air Lines, Inc.
 
14.75%
 
0.25%
 
14.50%
0243
 
Eastman Kodak Company
 
17.50%
 
0.25%
 
17.25%
0244
 
Goodyear Tire & Rubber Company
 
11.25%
 
0.25%
 
11.00%
0245
 
Hecla Mining Company
 
12.00%
 
0.25%
 
11.75%
0246
 
US Airways Group, Inc.
 
15.75%
 
0.25%
 
15.50%
0247
 
lululemon athletica inc.
 
12.75%
 
0.25%
 
12.50%
0248
 
Netflix Inc.
 
11.50%
 
0.25%
 
11.25%
0249
 
Suntech Power Holdings Co., Ltd.
 
23.50%
 
0.25%
 
23.25%
0250
 
Silvercorp Metals Inc.
 
19.50%
 
0.25%
 
19.25%
0251
 
Western Refining, Inc.
 
13.50%
 
0.25%
 
13.25%
 
Please see the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product supplement dated June 22, 2011 under “Supplemental U.S. Federal Income Tax Considerations,” which applies to the notes.
 
 
P-25

 
 
Supplemental Plan of Distribution (Conflicts of Interest)
 
BMO Capital Markets Corp. will purchase the notes from us at a purchase price reflecting the commission set forth on the cover page of this pricing supplement.  BMO Capital Markets Corp. has informed us that, as part of its distribution of the notes, it will reoffer the notes to other dealers who will sell them.  Each such dealer, or further engaged by a dealer to whom BMO Capital Markets Corp. reoffers the notes, will purchase the notes at an agreed discount to the initial offering price.
 
We own, directly or indirectly, all of the outstanding equity securities of BMO Capital Markets Corp., the agent for this offering. In accordance with FINRA Rule 5121, BMO Capital Markets Corp. may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.
 
You should not construe the offering of any of the notes as a recommendation of the merits of acquiring an investment linked to the applicable Reference Stock (or any other Reference Stock) or as to the suitability of an investment in the notes.
 


 
 
 
 
P-26