An anonymous director reports

BMO GLOBAL ASSET MANAGEMENT ANNOUNCES ESTIMATED ANNUAL REINVESTED DISTRIBUTIONS FOR BMO EXCHANGE TRADED FUNDS AND ETF SERIES

Bank of Montreal's BMO Asset Management Inc. and BMO Investments Inc. have estimated 2022 annual reinvested distributions for BMO exchange-traded funds and the ETF series of the BMO mutual funds. These annual reinvested distributions generally represent realized capital gains and special income within the BMO ETFs and ETF series, and are paid to unitholders, as required, to ensure that the BMO ETFs and ETF series are not liable for ordinary income tax.

Unitholders of record at close of business on Dec. 29, 2022, will receive the 2022 annual reinvested distributions. The final year-end distribution amounts, as well as the continuing cash distribution amounts, are expected to be announced on Dec. 19, 2022. The actual taxable amounts, including the tax characteristics, will be reported in 2023.

Please note that these are estimated annual reinvested distributions only and have been calculated based on forward-looking information as of Oct. 21, 2022. If the forward-looking information changes, the estimated annual reinvested distributions may also change.

These estimates are for the annual reinvested distributions only and do not include estimates of continuing cash distribution amounts.

Details of the per-unit estimated annual reinvested distribution amounts are provided in an attached table.

About Bank of Montreal

Serving customers for 200 years and counting, BMO is a highly diversified financial service provider -- the eighth-largest bank, by assets, in North America. With total assets of $1.07-trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management, and investment banking products and services to more than 12 million customers and conducts business through three operating groups: personal and commercial banking; BMO Wealth Management; and BMO Capital Markets.