An anonymous director reports

BMO FINANCIAL GROUP ANNOUNCES INTENTION TO REPURCHASE UP TO 20 MILLION OF ITS COMMON SHARES

Bank of Montreal intends to purchase for cancellation up to 20 million of its common shares under a normal course issuer bid, subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX). Purchases will be made through the facilities of the TSX and may also be made through other designated exchanges and alternative Canadian trading systems, or by such other means as may be permitted by a securities regulatory authority, including under automatic purchase plans, block purchases, private agreements or share repurchase programs under exemption orders issued by securities regulatory authorities.

The bank intends to file a notice of intention with the TSX in this regard and, subject to regulatory approvals, the bid would commence following TSX acceptance of the notice and continue for up to one year. The common shares that may be repurchased represent approximately 2.7 per cent per cent of the public float (as such term is defined in the TSX company manual) of common shares as of Nov. 30, 2024. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions. Except for any purchases made under an exemption order, which will generally be at a discount to the prevailing market price, the bank will pay the market price for the shares at the time of acquisition.

There were 729,664,893 BMO common shares issued and outstanding as of Nov. 30, 2024, and the public float was 729,409,604 common shares.

The proposed normal course issuer bid will provide the bank with additional flexibility to manage its capital position.

We seek Safe Harbor.