Exhibit 99.1
News
FOR IMMEDIATE RELEASE
Bank of Montreal Announces Dividend Rates onNon-Cumulative5-Year Rate Reset Class B Preferred Shares, Series 31 andNon-Cumulative Floating Rate Class B Preferred Shares, Series 32
TORONTO, October 28, 2019 – Further to the announcement by Bank of Montreal (the “Bank”) (TSX:BMO)(NYSE:BMO) on September 27, 2019, the Bank today announced the applicable dividend rates for itsNon-Cumulative5-Year Rate Reset Class B Preferred Shares, Series 31 (the “Preferred Shares Series 31”) andNon-Cumulative Floating Rate Class B Preferred Shares, Series 32 (the “Preferred Shares Series 32”).
With respect to any Preferred Shares Series 31 that remain outstanding after November 25, 2019, commencing as of such date, holders thereof will be entitled to receive fixed ratenon-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of theBank Act (Canada). The dividend rate for the five-year period commencing on November 25, 2019, and ending on November 24, 2024, will be 3.851 per cent, being equal to the sum of the five-year Government of Canada bond yield as at October 28, 2019, plus 2.22 per cent, as determined in accordance with the terms of the Preferred Shares Series 31.
With respect to any Preferred Shares Series 32 that may be issued on November 25, 2019, holders thereof will be entitled to receive floating ratenon-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of the Bank and subject to the provisions of theBank Act (Canada). The dividend rate for the three-month period commencing on November 25, 2019, and ending on February 24, 2020, will be 3.856 per cent, being equal to the sum of the three-month Government of Canada Treasury bill yield as at October 28, 2019, plus 2.22 per cent, as determined in accordance with the terms of the Preferred Shares Series 32.
Beneficial owners of Preferred Shares Series 31 who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to ensure that they meet the deadline to exercise such right, which is 5:00 p.m. (EDT) on November 12, 2019.
