Mr. John Fenton reports

BANK OF MONTREAL RECEIVES REGULATORY APPROVALS FOR NORMAL COURSE ISSUER BID

Bank of Montreal has received approvals from the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada (OSFI) to proceed with its previously announced normal course issuer bid to purchase, for cancellation, up to 25 million of its common shares, commencing Sept. 8, 2026, and ending no later than Sept. 7, 2027. Purchases under the bid may 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 maximum number of common shares that may be repurchased under the normal course issuer bid represents approximately 3.6 per cent per cent of the bank's public float (as such term is defined in the TSX company manual) of common shares or 3.6 per cent per cent of the bank's issued and outstanding common shares, each as at Aug. 31, 2026.

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

The bank will establish an automatic securities purchase plan on Sept. 8, 2026, under which its broker, BMO Nesbitt Burns Inc., may at certain points in time purchase its common shares pursuant to the bid within a defined set of criteria. The actual number of common shares purchased under the bid, the timing of purchases and the price at which the common shares are bought will depend upon management discretion based on factors such as market conditions and capital adequacy. The purchase price for any common shares repurchased by the bank under the bid will be market price at the time of acquisition.

There were 695,092,237 Bank of Montreal common shares issued and outstanding as at Aug. 31, 2026, and the public float was 694,808,416 common shares. The average daily trading volume for the six months ended Aug. 31, 2026, and the daily maximum number of common shares available for purchase (subject to the TSX's block purchase exception), calculated pursuant to the rules of the TSX for the purposes of the bid, were 2,231,845 and 557,961 common shares, respectively.

The bank's current normal course issuer bid for the purchase of 30 million common shares commenced on Sept. 5, 2025, and continues until Sept. 4, 2026. As of Aug. 31, 2026, the bank repurchased 23,667,500 common shares under such bid at a volume weighted average price of approximately $197.76 per common share. Purchases were made through the facilities of the TSX and other designated exchanges and alternative Canadian trading systems.

About BMO Financial Group

BMO Financial Group is the eighth-largest bank in North America by assets, with total assets of $1.5-trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams and automate its business responsibly. Driven by its purpose, to boldly grow the good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and stronger communities.

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