BMO Financial Group Announces Intention to Repurchase Up to 12 Million of its Common Shares

Toronto (ots/PRNewswire) - - Bank of Montreal (TSX:BMO)(NYSE:BMO) today
announced its intention, subject to the approval of the Office of the
Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock
Exchange (TSX), to purchase for cancellation up to 12 million of its common
shares under a normal course issuer bid. Purchases will be made through the
facilities of the TSX and may also be made through alternative Canadian trading
systems or by such other means as may be permitted by a securities regulatory
authority, including private agreements or share repurchase programs under
exemption orders issued by securities regulatory authorities (Exemption Orders).
Bank of Montreal (the Bank) intends to file a notice of intention with the TSX
in this regard.

Subject to regulatory approvals, the normal course issuer bid will commence on
or around June 3, 2020, and will end on or around June 2, 2021. The common
shares that may be repurchased represent approximately 1.9 per cent of the
'public float' (as such term is defined in the TSX Company Manual) of common
shares as at January 31, 2020. The timing and amount of any purchases under the
program is 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 639,624,567 Bank of Montreal common shares issued and outstanding as
at January 31, 2020, and the public float was 639,391,370 common shares.

BMO's current normal course issuer bid for the purchase of up to 15 million
common shares commenced on June 3, 2019, and expires on June 2, 2020. Under the
current NCIB, as of February 1, 2020, BMO did not purchase any of its common
shares.

Bank of Montreal's common shares are listed on both the Toronto and New York
stock exchanges.

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral
forward-looking statements. Statements of this type are included in this
document, and may be included in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission, or in other
communications. All such statements are made pursuant to the "safe harbor"
provisions of, and are intended to be forward-looking statements under, the
United States Private Securities Litigation Reform Act of 1995 and any