Bank of Montreal Receives Approvals From The Toronto Stock Exchange And The Office Of The Superintendent Of Financial Institutions Canada To Proceed With Its Normal Course Issuer Bid

TORONTO, Sept. 2, 2025 /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 to proceed with its normal course issuer bid. As previously announced, Bank of Montreal (the Bank) intends to terminate its existing normal course issuer bid (the "Existing Bid") and establish a new normal course issuer bid (the "New Bid") to purchase for cancellation up to 30 million of its common shares. The Existing Bid will terminate on September 4, 2025. The New Bid will commence September 5, 2025 and end no later than September 4, 2026. Purchases under the New Bid may 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 purchase programs under exemption orders issued by securities regulatory authorities (an "Exemption Order").

The Existing Bid to purchase up to 20 million common shares commenced on January 22, 2025 and was scheduled to terminate on January 21, 2026, unless terminated earlier in accordance with its terms. As of August 29, 2025, the Bank purchased 15.95 million common shares under the Existing Bid through purchases on the TSX and alternative trading systems in Canada at an average price of $143.39 per common share for a total amount of $2,287 million. Pursuant to the TSX rules, the common shares purchased under the Existing Bid have been deducted in calculating the maximum number of shares that would be permitted for the New Bid, which is greater than the 30 million common shares that was approved.

The 30 million common shares that may be purchased under the New Bid represents approximately 4.2 per cent of the Bank's "public float" (as such term is defined in the TSX Company Manual) of common shares.

In connection with the termination of the Existing Bid the Bank intends to terminate the existing automatic securities purchase plan. The Bank intends to 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 New Bid within a defined set of criteria. The actual number of common shares purchased under the New Bid, the timing of purchases and the price at which the common shares are bought will depend upon future market conditions. Except for any purchases made under an Exemption Order, which will generally be at a discount to the prevailing market price, the purchase price for any common shares purchased by the Bank under the New Bid will be market price at the time of acquisition. 

There were 716,360,515 Bank of Montreal common shares issued and outstanding as at July 31, 2025, and the public float was 716,119,627 common shares. The average daily trading volume for the six months ended July 31, 2025, and the daily maximum number of common shares available for purchase, calculated pursuant to the rules of the TSX for the purposes of the New Bid, were 2,879,257 and 719,814 common shares, respectively.

The New Bid will continue to provide the Bank with flexibility to manage its capital position.