Bank of Montreal Receives Regulatory Approvals for Normal Course Issuer Bid

TORONTO, May 30, 2019 All figures in Canadian dollars (CAD)

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 June
3, 2019, and ending no later than June 2, 2020.

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.

During the week of June 3, 2019, the Bank will establish an
automatic securities purchase plan 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
shares repurchased by the Bank under the bid will be market price at
the time of acquisition. The Bank will consult with OSFI prior to
making purchases.

There were 638,827,495 Bank of Montreal common shares issued and
outstanding as at May 14, 2019, and the public float was 638,605,437
common shares. The average daily trading volume for the six months
ended April 30, 2019, 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 1,731,534 and 432,883 shares,
respectively.

The Bank's prior normal course issuer bid for a maximum of 20
million common shares commenced on June 1, 2018 and expires on May
31, 2019. Over the term of the prior bid, the Bank purchased 3
million of its common shares, at a weighted average price of $99.44
per share.

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 applicable Canadian
securities legislation. Forward-looking statements may include, but
are not limited to, statements with respect to our objectives and
priorities for fiscal 2019 and beyond, our strategies or future
actions, our targets, expectations for our financial condition or
share price, the regulatory environment in which we operate and the
results of or outlook for our operations or for the Canadian, U.S.
and international economies, and include statements of our
management. Forward-looking statements are typically identified by
words such as "will", "would", "should", "believe", "expect",
"anticipate", "project", "intend", "estimate", "plan", "goal",
"target", "may" and "could".

By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties, both
general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove to
be accurate, that our assumptions may not be correct, and that actual
results may differ materially from such predictions, forecasts,
conclusions or projections. We caution readers of this document not
to place undue reliance on our forward-looking statements, as a
number of factors - many of which are beyond our control and the
effects of which can be difficult to predict - could cause actual
future results, conditions, actions or events to differ materially
from the targets, expectations, estimates or intentions expressed in
the forward-looking statements.

The future outcomes that relate to forward-looking statements may
be influenced by many factors, including but not limited to: general
economic and market conditions in the countries in which we operate;
the Canadian housing market; weak, volatile or illiquid capital
and/or credit markets; interest rate and currency value fluctuations;
changes in monetary, fiscal, or economic policy and tax legislation
and interpretation; the level of competition in the geographic and
business areas in which we operate; changes in laws or in supervisory
expectations or requirements, including capital, interest rate and
liquidity requirements and guidance, and the effect of such changes
on funding costs; judicial or regulatory proceedings; the accuracy
and completeness of the information we obtain with respect to our
customers and counterparties; failure of third parties to comply with
their obligations to us; our ability to execute our strategic plans
and to complete and integrate acquisitions, including obtaining
regulatory approvals; critical accounting estimates and the effect of
changes to accounting standards, rules and interpretations on these
estimates; operational and infrastructure risks, including with
respect to reliance on third parties; changes to our credit ratings;
political conditions, including changes relating to or affecting
economic or trade matters; global capital markets activities; the
possible effects on our business of war or terrorist activities;
outbreaks of disease or illness that affect local, national or
international economies; natural disasters and disruptions to public
infrastructure, such as transportation, communications, power or
water supply; technological changes; information and cyber security,
including the threat of hacking, identity theft and corporate
espionage, as well as the possibility of denial of service resulting
from efforts targeted at causing system failure and service
disruption; and our ability to anticipate and effectively manage
risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all
possible factors. Other factors and risks could adversely affect our
results. For more information, please see the discussion in the Risks
That May Affect Future Results section and the sections related to
credit and counterparty, market, insurance, liquidity and funding,
operational, model, legal and regulatory, business, strategic,
environmental and social, and reputation risk, in the Enterprise-Wide
Risk Management section which begin on page 78 of BMO's 2018 Annual
Report, and the Risk Management section in BMO's Second Quarter 2019
Report to Shareholders, all of which outline certain key factors and
risks that may affect our future results. Investors and others should
carefully consider these factors and risks, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements. We do not undertake to update any
forward-looking statements, whether written or oral, that may be made
from time to time by the organization or on its behalf, except as
required by law. The forward-looking information contained in this
document is presented for the purpose of assisting our shareholders
in understanding our financial position as at and for the periods
ended on the dates presented, as well as our strategic priorities and
objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2018 Annual
Report under the heading "Economic Developments and Outlook", as
updated by the Economic Review and Outlook section set forth in the
Second Quarter 2019 Report to Shareholders. Assumptions about the
performance of the Canadian and U.S. economies, as well as overall
market conditions and their combined effect on our business, are
material factors we consider when determining our strategic
priorities, objectives and expectations for our business. In
determining our expectations for economic growth, both broadly and in
the financial services sector, we primarily consider historical
economic data provided by governments, historical relationships
between economic and financial variables, and the risks to the
domestic and global economy. See the Economic Developments and
Outlook section on page 30 of BMO's 2018 Annual Report.

For News Media Enquiries: Paul Gammal, Toronto,
paul.gammal@bmo.com, +1-(416)-867-3996; For Investor Relations
Enquiries: Jill Homenuk, Toronto, jill.homenuk@bmo.com,
+1-(416)-867-4770; Christine Viau, Toronto, christine.viau@bmo.com,
+1-(416)-867-6956; Internet: www.bmo.com; Twitter: @BMOmedia

ots Originaltext: BMO Financial Group
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