BMO Announces Two New Directors and Confirms Election of Board of Directors

TORONTO,April 8,2021 -- Bank of Montreal (BMO) (TSX:BMO) (NYSE:BMO) today announced the election of Madhu Ranganathan and Stephen Dent to BMO's board of directors following its Annual Meeting of Shareholders.

"We are pleased to welcome Steve and Madhu to the Board of Directors," said George Cope,Chair of the Board,BMO. "Their knowledge and experience will be an excellent complement to the talented group of individuals serving on our Board."

Madhu Ranganathan is the Executive Vice President and Chief Financial Officer at OpenText. She brings more than 30 years of financial leadership experience,with an innovative Silicon Valley technology driven background with deep operational focus in software,hardware and tech-enabled services businesses.

Prior to joining OpenText in 2018,she spent 10 years as the Chief Financial Officer of [24]7.ai,a global customer experience software and services company. Throughout her career she has served in various roles with innovative technology companies,and major accounting and financial services firms.

Ms. Ranganathan currently serves as a Board Member & Audit Committee Chair for Akamai Technologies. She is a member of the Institute of Chartered Accountants,India and a Member of the American Institute of Certified Public Accountants. She holds an MBA from the University of Massachusetts and a BS Accounting from the University of Madras.

Stephen Dent is a Managing Director and co-founder of Birch Hill Equity Partners,a Toronto-based private equity firm. Mr. Dent has over 30 years of experience in private equity and deep expertise in capital allocation,strategic planning,accounting and finance.

Prior to his current role,he spent 15 years at a major Canadian chartered bank culminating in a senior role leading the Canadian private equity division of the bank.

He is a Member of the Business Council of Canada. He is involved in the founding and ongoing support of Our Children's Medicine; an organization promoting Indigenous employment with leading Canadian companies. He is also involved in the founding and ongoing support of the Birch Hill Scholarship Program; supporting business school education for Indigenous youth. He holds a BBA from Wilfred Laurier University and an MBA from the Ivey School of Business at Western University.

Election of Board of Directors

At the annual meeting,all the director nominees listed in the bank's management proxy circular dated February 11,2021 were elected. The detailed results of the vote for the election of directors are set out below.

Each of the following 13 directors proposed by management was elected as a director of BMO:

Nominee

Votes For

Votes Withheld

Janice M. Babiak

299,680,685

98.67%

4,050,330

1.33%

Sophie Brochu

301,988,463

99.43%

1,742,548

0.57%

Craig W. Broderick

302,562,672

99.62%

1,168,343

0.38%

George A. Cope

297,873,529

98.07%

5,856,768

1.93%

Stephen Dent

302,858,750

99.71%

872,265

0.29%

Christine A. Edwards

301,385,255

99.23%

2,344,442

0.77%

Dr. Martin S. Eichenbaum

302,522,147

99.60%

1,208,616

0.40%

David Harquail

302,882,265

99.73%

818,750

0.27%

Linda S. Huber

302,842,503

99.71%

888,512

0.29%

Eric R. La Flèche

301,235,814

99.18%

2,495,201

0.82%

Lorraine Mitchelmore

302,157,409

99.48%

1,573,606

0.52%

Madhu Ranganathan

301,330,217

99.21%

2,400,806

0.79%

Darryl White

302,828,132

99.71%

872,891

0.29%

Final voting results on all matters voted on at the Annual Meeting of Shareholders held earlier today will be published shortly on www.bmo.com,and filed with Canadian and U.S. securities regulators.

About BMO Financial Group

Serving customers for 200 years and counting,BMO is a highly diversified financial services provider - the 8th largest bank,by assets,inNorth America. With total assets of$973 billionas ofJanuary 31,2021,and a team of diverse and highly engaged employees,BMO provides a broad range of personal and commercial banking,wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking,BMO Wealth Management and BMO Capital Markets.

For News Media Enquiries: Paul Lehmann,Toronto,paul.lehmann@bmo.com,(416) 867-3996; For Investor Relations Enquiries: Christine Viau,Head,Investor Relations,christine.viau@bmo.com,(416) 867-6956; Bill Anderson,Director,Bill2.Anderson@bmo.com,(416) 867-7834