News Releases

TORONTO, ONTARIO--(Marketwired - Nov. 17, 2014) - BMO Financial Group today announced the estimated 2014 annual reinvested distributions for BMO Exchange Traded Funds (ETFs).¹ These annual reinvested distributions generally represent realized capital gains within the ETFs or special dividends received by the ETFs and are paid to unitholders as required to ensure that the BMO ETFs are not liable for ordinary income tax.²

Unitholders of record at close of business on December 30, 2014 will receive the 2014 annual reinvested distributions. The final year end distribution amounts, as well as the ongoing cash distribution amounts, will be announced on or about December 17, 2014. The actual taxable amounts, including the tax characteristics, will be reported in early 2015.

Please note that these are estimated annual reinvested distributions only and have been calculated based upon forward-looking information as of October 15, 2014.³ If the forward-looking information changes, the estimated annual reinvested distributions may also change. These estimates are for the annual reinvested distributions only and do not include estimates of ongoing cash distribution amounts.

Details of the per unit estimated annual reinvested distribution amounts are as follows:

BMO ETF	Ticker	Estimated Reinvested Distribution ($)
BMO Aggregate Bond Index ETF	ZAG	0.000000
BMO Discount Bond Index ETF	ZDB	0.014186
BMO Ultra Short-Term Bond ETF	ZST	0.000000
BMO Short Federal Bond Index ETF	ZFS	0.000000
BMO Mid Federal Bond Index ETF	ZFM	0.000000
BMO Long Federal Bond Index ETF	ZFL	0.000000
BMO Real Return Bond Index ETF	ZRR	0.000000
BMO Short Provincial Bond Index ETF	ZPS	0.000000
BMO Mid Provincial Bond Index ETF	ZMP	0.000000
BMO Long Provincial Bond Index ETF	ZPL	0.000000
BMO Short Corporate Bond Index ETF	ZCS	0.000000
BMO Mid Corporate Bond Index ETF	ZCM	0.007702
BMO Long Corporate Bond Index ETF	ZLC	0.000000
BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF	ZSU	0.000000
BMO Mid-Term US IG Corporate Bond Index ETF	ZIC	0.076211
BMO Mid-Term US IG Corporate Bond Index ETF (US Dollar Units)	ZIC-U	0.063138
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF	ZMU	0.000000
BMO High Yield US Corporate Bond Hedged to CAD Index ETF	ZHY	0.000000
BMO Floating Rate High Yield ETF	ZFH	0.000000
BMO 2015 Corporate Bond Target Maturity ETF	ZXB	0.000000
BMO 2020 Corporate Bond Target Maturity ETF	ZXC	0.178674
BMO 2025 Corporate Bond Target Maturity ETF	ZXD	0.096606
BMO Emerging Markets Bond Hedged to CAD Index ETF	ZEF	0.000000
BMO S&P/TSX Laddered Preferred Share Index ETF	ZPR	0.000000
BMO Monthly Income ETF	ZMI	0.471162
BMO Covered Call Canadian Banks ETF	ZWB	0.000000
BMO Covered Call Utilities ETF	ZWU	0.000000
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF	ZWA	0.000000
BMO US High Dividend Covered Call ETF	ZWH	0.000000
BMO S&P/TSX Capped Composite Index ETF	ZCN	0.137139
BMO Canadian Dividend ETF	ZDV	0.052085
BMO Low Volatility Canadian Equity ETF	ZLB	0.705000
BMO Dow Jones Industrial Average Hedged to CAD Index ETF	ZDJ	0.000000
BMO S&P 500 Index ETF	ZSP	0.056782
BMO S&P 500 Index ETF (US Dollar Units)	ZSP-U	0.091566
BMO S&P 500 Hedged to CAD Index ETF	ZUE	0.000000
BMO US Dividend ETF	ZDY	0.345107
BMO US Dividend ETF (US Dollar Units)	ZDY-U	0.414445
BMO US Dividend Hedged to CAD ETF	ZUD	0.000000
BMO Low Volatility US Equity ETF	ZLU	0.277313
BMO Low Volatility US Equity ETF (US Dollar Units)	ZLU-U	0.263419
BMO MSCI EAFE Index ETF	ZEA	0.112193
BMO MSCI EAFE Hedged to CAD Index ETF	ZDM	0.000000
BMO MSCI Europe High Quality Hedged to CAD Index ETF	ZEQ	0.669159
BMO MSCI Emerging Markets Index ETF	ZEM	0.014357
BMO China Equity Index ETF	ZCH	0.000000
BMO India Equity Index ETF	ZID	0.000000
BMO S&P/TSX Equal Weight Banks Index ETF	ZEB	0.016447
BMO S&P/TSX Equal Weight Oil & Gas Index ETF	ZEO	0.201221
BMO Equal Weight Utilities Index ETF	ZUT	0.000000
BMO Equal Weight REITs Index ETF	ZRE	0.095582
BMO S&P/TSX Equal Weight Industrials Index ETF	ZIN	0.836194
BMO NASDAQ 100 Equity Hedged to CAD Index ETF	ZQQ	0.000000
BMO Equal Weight U.S. Health Care Hedged to CAD Index ETF	ZUH	1.155592
BMO Equal Weight U.S. Banks Index ETF	ZBK	0.029806
BMO Equal Weight U.S. Banks Hedged to CAD Index ETF	ZUB	0.000000
BMO Global Infrastructure Index ETF	ZGI	0.350661
BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF	ZMT	0.000000
BMO S&P/TSX Equal Weight Global Gold Index ETF	ZGD	0.000000
BMO Junior Gold Index ETF	ZJG	0.000000
BMO Junior Oil Index ETF	ZJO	0.007824
BMO Junior Gas Index ETF	ZJN	0.304513

Further information about BMO ETF Products can be found at www.bmo.com/etfs.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

S&P® and S&P500® are registered trademarks of Standard & Poor's Financial Services LLC, Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC, and TSX is a trademark of TSX Inc. These and other associated trademarks and/or service marks have been licensed for use by BMO Asset Management Inc. The indices underlying the ZEB, ZUE, ZCN, ZEO, ZSP, ZSP.U, ZIN, ZWA, ZDJ, ZMT, ZGD and ZPR BMO ETFs are products of S&P Dow Jones Indices LLC and have been licensed for use by BMO Asset Management Inc. None of the BMO ETFs are sponsored, endorsed, sold or promoted by any of its aforementioned trademark owners and the related index providers or their respective affiliates or their third party licensors and these entities make no representation, warranty or condition regarding the advisability of buying, selling or holding units in the BMO ETFs.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related funds.

Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq-100®, and Nasdaq-100 Index®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by BMO Asset Management Inc. The BMO Nasdaq 100 Equity Hedged to CAD Index ETF has not been passed on by the Corporations as to its legality or suitability and is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO The BMO Nasdaq 100 Equity Hedged to CAD Index ETF.

About BMO Exchange Traded Funds (ETFs)

Established in May 2009, BMO Financial Group's ETF business is a leading ETF provider in Canada. BMO ETFs provide Canadian investors with broader choices and greater access to an innovative portfolio of investment products.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had more than $586 billion and approximately 47,000 employees as at July 31, 2014.

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¹ BMO ETFs are administered and managed by BMO Asset Management Inc., an investment fund manager and portfolio manager and a separate legal entity from Bank of Montreal.

² Premium income as a result of covered call writing has been distributed monthly as a cash distribution.

³ Forward-looking information:
This notice contains forward-looking statements with respect to the estimated annual distributions for the ETFs. By their nature, these forward-looking statements involve risks and uncertainties that could cause the actual distributions to differ materially from those contemplated by the forward-looking statements. Material factors that could cause the actual distributions to differ from the estimated distributions include, but are not limited to: the actual amounts of distributions received by the ETFs; portfolio transactions; and subscription and redemption activity.