Mr. Ralph Marranca reports

BANK OF MONTREAL COMPLETES $300 MILLION PREFERRED SHARE ISSUE

Bank of Montreal has closed its domestic public offering of non-cumulative five-year rate-reset Class B preferred shares, Series 31. The offering was underwritten on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets. Bank of Montreal issued 12 million preferred shares, Series 31, at a price of $25 per share to raise gross proceeds of $300-million.

The preferred shares, Series 31, were issued under a prospectus supplement dated July 23, 2014, to the bank's short-form base-shelf prospectus dated March 13, 2014. Such shares will commence trading on the Toronto Stock Exchange today under the ticker symbol BMO.PR.W.