On December 12, 2022, Bank of Montreal (“BMO") announced the issue and sale of common shares by way of a public offering and a concurrent private placement for gross proceeds totaling approximately $3.15 billion.

Pursuant to the public offering, BMO has agreed to issue and sell 11,805,000 common shares at a price of $118.60 per common share for total gross proceeds of approximately $1.40 billion. The offering is being underwritten on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets. BMO granted the underwriters an option to purchase up to an additional 1,770,750 common shares at the public offering price exercisable at any time up to 30 days after closing of the offering.

In connection with the concurrent private placement, BMO agreed to issue and sell 14,755,477 common shares at the public offering price for aggregate gross proceeds of approximately $1.75 billion to the following investors

• Caisse de dépôt et placement du Québec ("CDPQ");
• OMERS;
• Alberta Investment Management Corporation ("AIMCo");
• Healthcare of Ontario Pension Plan ("HOOPP");
• Public Sector Pension Investment Board ("PSP");
• Canada Pension Plan Investment Board ("CPP Investments"); and
• BNP Paribas SA ("BNPP").