News Releases

BMO Financial Group (TSX, NYSE: BMO) today announced that the Toronto Stock Exchange has accepted notice, filed by BMO, of its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange.

The notice provides that BMO Financial Group may, during the period commencing September 6, 2006, and ending September 5, 2007, purchase for cancellation on the Toronto Stock Exchange up to 15,000,000 common shares, being approximately 3.0 percent of the public float.  The actual number of common shares that may be purchased and the timing of any such purchases will be determined by BMO Financial Group.  BMO Financial Group will pay the market price for the shares at the time of acquisition.

BMO's previous 12-month normal course issuer bid expires on September 5, 2006 and as at August 31, 2006, 6,169,900 common shares were repurchased under that bid at an average price of $62.47. There were 500,037,530 Bank of Montreal common shares issued and outstanding as at August 28, 2006 and the public float was 499,502,012 common shares. 

BMO Financial Group's Tier 1 and Total regulatory capital ratios were 10.07 percent and 11.59 percent, respectively, as at July 31, 2006. The normal course issuer bid is being established as part of BMO's capital management strategy.

Bank of Montreal's common shares are listed on both the Toronto and New York stock exchanges.

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization.  With total assets of more than $311 billion as at July 31, 2006, and more than 35,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions.  BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal and through its wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking.  BMO Capital Markets, our North American investment and corporate banking division, provides a full suite of financial products and services to our North American and international clients. In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than one million personal and business clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.

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