An anonymous director reports

BMO INVESTMENTS INC. ANNOUNCES CHANGES TO ITS MUTUAL FUND LINEUP

Bank of Montreal's BMO Investments Inc., the manager of the BMO mutual funds, has made management and administration fee reductions, portfolio manager changes and a risk rating reduction for the funds noted below.

Management and administration fee reductions

Effective Nov. 1, 2022, the manager will reduce the management fees on Series A, T6, F, F6 and adviser series securities of BMO Global Equity Fund, Series A, F and advisor series securities of BMO Global Infrastructure Fund, Series A and advisor series securities of BMO Global Energy Class, and Series A, F and adviser series securities of BMO Global Equity Class as noted herein.

Effective Nov. 1, 2022, the manager will also reduce the administration fee on all series of securities (other than Series I securities, as applicable) of BMO Global Equity Fund, BMO Global Infrastructure Fund, BMO Global Energy Class and BMO Global Equity Class as noted in.

The manager may, in some years and in certain cases, absorb a portion of the management fees, administration fees or certain specified expenses of these funds or series of these funds. The decision to absorb these expenses is reviewed periodically and determined at the discretion of the manager, without notice to securityholders.

Change of portfolio manager

Effective on or about Oct. 31, 2022, BMO Asset Management Inc. will replace Columbia Threadneedle Management Ltd. (formerly BMO Asset Management Ltd.) as portfolio manager of BMO Global Equity Class and BMO Global Equity Fund. A change in the investment strategies and risks of BMO Global Equity Class and BMO Global Equity Fund will be made as a result.

Effective on or about Oct. 31, 2022, BMO Asset Management will replace Macquarie Investment Management Advisers as portfolio manager of BMO Global Infrastructure Fund. A change in the investment strategies and risks of BMO Global Infrastructure Fund will be made as a result.

Risk rating reduction

Effective immediately, the risk rating of BMO Global Infrastructure Fund will be reduced from medium to low to medium. There will be no change to the investment objectives of this fund associated with the new risk rating. This risk rating reduction is based on the standardized risk classification methodology mandated by the Canadian Securities Administrators.

BMO Mutual Funds are managed by BMO Investments, which is an investment fund manager and a separate legal entity from Bank of Montreal.

About Bank of Montreal

Serving customers for 200 years and counting, BMO is a highly diversified financial services 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.