Mr. John Fenton reports

BMO TO REDEEM NON-CUMULATIVE 5-YEAR RATE RESET CLASS B PREFERRED SHARES, SERIES 31 (NON-VIABILITY CONTINGENT CAPITAL (NVCC))

Bank of Montreal intends to redeem all of its 12 million outstanding non-cumulative five-year rate reset Class B preferred shares, Series 31 (non-viability contingent capital (NVCC)) (TSX: BMO.PR.W) for an aggregate total of $300-million on Nov. 25, 2024. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The preferred shares Series 31 are redeemable at the bank's option on Nov. 25, 2024, at a redemption price of $25.00 per share. Payment of the redemption price will be made by the bank on the redemption date.

Separately from the payment of the redemption price, the final quarterly dividend of 24.0688 cents per share for the preferred shares Series 31 announced by the bank on Aug. 27, 2024, will be paid in the usual manner on Nov. 25, 2024, to shareholders of record on Oct. 30, 2024.

Notice will be delivered to holders of the preferred shares Series 31 in accordance with the terms thereof.

About Bank of Montreal

BMO is the eighth largest bank in North America by assets, with total assets of $1.4-trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services to 13 million customers across Canada, the United States and in select markets globally.