Bank of Montreal receives regulatory approval for NCIB

Bank of Montreal (BMO) announced that it has received approvals from the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada to proceed with its normal course issuer bid. As previously announced, Bank of Montreal intends to terminate its existing normal course issuer bid and establish a new normal course issuer bid to purchase for cancellation up to 30M of its common shares. The existing bid will terminate on September 4. The new bid will commence September 5 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. The existing bid to purchase up to 20M common shares commenced on January 22 and was scheduled to terminate on January 21, 2026, unless terminated earlier in accordance with its terms. As of August 29, the bank purchased 15.95M 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 $2.29B. 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 30M common shares that was approved. In connection with the termination of the Existing Bid the Bank intends to terminate the existing automatic securities purchase plan.