Exhibit 99.1
News
FOR IMMEDIATE RELEASE
Bank of Montreal Announces Conversion Privilege of
$400,000,000Non-Cumulative5-year Rate Reset Class B
Preferred Shares, Series 29
TORONTO, June 27, 2019 – Bank of Montreal (the “Bank”) (TSX:BMO)(NYSE:BMO) today announced that it does not intend to exercise its right to redeem the currently outstandingNon-Cumulative5-Year Rate Reset Class B Preferred Shares, Series 29 of the Bank (the “Preferred Shares Series 29”) on August 25, 2019. As a result, subject to certain conditions, the holders of Preferred Shares Series 29 have the right, at their option, to convert all or part of their Preferred Shares Series 29 on aone-for-one basis intoNon-Cumulative Floating Rate Class B Preferred Shares, Series 30 of the Bank (the “Preferred Shares Series 30”) on August 26, 2019. This date is the first business day following the conversion date of August 25, 2019, identified in the Preferred Shares Series 29 prospectus, which falls on a Sunday. Holders who do not exercise their right to convert their Preferred Shares Series 29 into Preferred Shares Series 30 on such date will retain their Preferred Shares Series 29, unless automatically converted in accordance with the conditions below.
The foregoing conversions are subject to the conditions that: (i) if, after August 12, 2019, the Bank determines that there would be less than 1,000,000 Preferred Shares Series 29 outstanding on August 25, 2019, then all remaining Preferred Shares Series 29 will automatically be converted into an equal number of Preferred Shares Series 30 on August 25, 2019; and (ii) alternatively, if the Bank determines that there would be less than 1,000,000 Preferred Shares Series 30 outstanding on August 25, 2019, no Preferred Shares Series 29 will be converted into Preferred Shares Series 30. In either case, the Bank will give written notice to that effect to any registered holders of Preferred Shares Series 29 affected by the preceding minimums on or before August 16, 2019.
The dividend rate applicable to the Preferred Shares Series 29 for the5-year period commencing on August 25, 2019, and ending on August 24, 2024, and the dividend rate applicable to the Preferred Shares Series 30 for the3-month period commencing on August 25, 2019, and ending on November 24, 2019, will be determined and announced by way of a news release on July 26, 2019. The Bank will also give written notice of these dividend rates to the registered holders of Preferred Shares Series 29.
