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TORONTO, January 6, 2009 – Bank of Montreal (TSX, NYSE: BMO) today announced changes to its Shareholder Dividend Reinvestment and Share Purchase Plan (the “Plan”). Under the Plan, shareholders may elect to have dividends on common shares reinvested in additional common shares of the Bank. The Bank determines whether the additional common shares are purchased on the secondary market or are newly-issued by the Bank from treasury. At this time, the Bank has decided to issue shares from treasury at a two per cent discount from the Average Market Price (as defined in the Plan) until such time as the Bank elects otherwise. Previously, the common shares purchased under the Plan had been issued from treasury with no discount to the Average Market Price. The discount will not apply to shares purchased under the "Optional Cash Payment" feature of the Plan. This change will be effective for the first quarter of fiscal 2009 dividend (“Q1 2009 Dividend”) previously announced on November 25, 2008. The common share dividend is payable on February 26, 2009 to shareholders of record on February 6, 2009.

Existing members of the Plan will automatically have the discount applied to the reinvestment of the February 26, 2009 dividend payment unless they choose to discontinue participation in the Plan. Any registered holder of record wishing to join the Plan can obtain an Enrolment Form from the Bank's Transfer Agent, Computershare Trust Company of Canada, from their website at www.computershare.com\bmo, or by calling 1-800-340-5021 within Canada and the United States or 514-982-7800 from all other countries. Beneficial or non-registered holders of the Bank's common shares must contact their financial institution or broker to participate.

In order to participate in time for the Q1 2009 Dividend, Enrolment Forms from registered holders must be received by Computershare Trust Company of Canada, 100 University Avenue, Toronto, Ontario M5J 2Y1 before the close of business on February 3, 2009. Beneficial or non-registered holders must contact their financial institution or broker for instructions on how to participate in advance of the above date.

Registered participants in the Plan who would prefer to receive a cash dividend rather than reinvest their dividends may terminate their participation in the Plan by duly completing the termination portion of the voucher on the reverse of the statement of account and sending it to Computershare Trust Company of Canada at the above address, to be received by no later than February 3, 2009 in order to be effective for the February 26, 2009 dividend payment. Non-registered participants in the Plan should contact their financial institution or broker in advance of February 3, 2009 for instructions on how to terminate participation so that the Q1 2009 Dividend is not reinvested in common shares.

For U.S. residents, a copy of the prospectus relating to the BMO common shares offered pursuant to the Plan is available from Computershare at www.computershare.com\bmo or by calling 1-800-340-5021.

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