BMO Financial Group Announces Intention to Repurchase Up to 25 Million of its Common Shares

Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced its intention to purchase for cancellation up to 25 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 (Exemption Orders).

Bank of Montreal (the Bank) intends to file a notice of intention with the TSX in this regard and, subject to regulatory approvals, the bid would commence on or around September 8, 2026, and will end September 7, 2027, unless terminated earlier in accordance with its terms.

The common shares that may be repurchased represent approximately 3.6% per cent of the 'public float' (as such term is defined in the TSX Company Manual) of common shares as of July 31, 2026. 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 697,146,398 Bank of Montreal common shares issued and outstanding as of July 31, 2026, and the public float was 696,863,163 common shares.

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