Bank of Montreal Receives Regulatory Approvals for Normal Course Issuer Bid

Toronto (ots/PRNewswire) -

Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced that it has
received approvals from the Toronto Stock Exchange (TSX) and the
Office of the Superintendent of Financial Institutions Canada (OSFI)
to proceed with its previously-announced normal course issuer bid
through the facilities of the TSX as well as through other
alternative Canadian trading systems to purchase, for cancellation,
up to 15 million of its common shares, commencing May 1, 2017, and
ending April 30, 2018.

The maximum number of common shares that may be repurchased under
the normal course issuer bid represents approximately 2.3 per cent of
the Bank's "public float" (as such term is defined in the TSX Company
Manual) of common shares.

The timing and amount of purchases under the program are subject
to regulatory approvals and to management discretion based on factors
such as market conditions. The Bank will pay the market price for the
shares at the time of acquisition. BMO intends to establish an
automatic securities purchase plan, under which its broker, BMO
Nesbitt Burns Inc., may purchase BMO common shares pursuant to the
normal course issuer bid within a defined set of criteria.

There were 652,087,853 Bank of Montreal common shares issued and
outstanding as at April 17, 2017, and the public float was
651,468,733 common shares. The average daily trading volume for the
six months ended March 31, 2017, and the daily maximum number of
shares available for purchase, calculated pursuant to the rules of
the TSX for the purposes of the bid, were 1,378,261 and 344,565
shares, respectively.

BMO's prior normal course issuer bid commenced on February 1,
2016, and expired on January 31, 2017. Over the term of the prior
bid, BMO did not purchase any of its common shares.

For Media Relations Enquiries: Paul Gammal, Toronto,
[e-mail] , [phone]; Frederic Tremblay, Montreal,
[e-mail], [phone]; For Investor Relations
Enquiries: Jill Homenuk, Toronto, [e-mail],
[phone]; Christine Viau, Toronto, [e-mail] ,
[phone]; Internet: http://www.bmo.com , Twitter: @BMOmedia

ots Originaltext: BMO Financial Group
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