TORONTO, ONTARIO--(Marketwired - Oct. 21, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bank of Montreal (TSX:BMO) (NYSE:BMO) today announced it has closed its domestic public offering of Non-Cumulative 5-Year Rate
Reset Class B Preferred Shares Series 38 (the "Preferred Shares Series 38"). The offering was underwritten on a bought deal
basis by a syndicate of underwriters led by BMO Capital Markets. Bank of Montreal issued 24 million Preferred Shares Series
38 at a price of $25 per share to raise gross proceeds of $600 million.
The Preferred Shares Series 38 were issued under a prospectus supplement dated October 14, 2016, to the Bank's short form base
shelf prospectus dated April 13, 2016. Such shares will commence trading on the Toronto Stock Exchange today under the
ticker symbol BMO.PR.B.
The Preferred Shares Series 38 have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
(the "U.S. Securities Act"), and may not be offered, sold or delivered directly, or indirectly, in the United States absent
registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release
shall not constitute an offer to sell or a solicitation of an offer to buy such securities in the United States or in any other
jurisdiction where such offer is unlawful.