BMO Proxy Circular and 2022 Sustainability Reporting Suite Now Available

TORONTO and CHICAGO,March 3,2023 -- BMO (TSX: BMO) (NYSE: BMO) today announced that it has filed its 2023 Notice of Annual Meeting of Shareholders and Management Proxy Circular with applicable securities regulators.It further announced the release of its 2022 Sustainability reporting suite.

Proxy Circular

BMO's Annual Meeting of Shareholders will be held on Tuesday,April 18,2023,at9:30 a.m. EDT. The meeting will be held virtually and in person at BMO Institute for Learning (IFL),3550 Pharmacy Avenue,Toronto,Ontario.

The Management Proxy Circular contains key information for shareholders on the meeting,including a description of the items on which shareholders may vote.

The circular and annual report can be found online: on the BMO Annual Meeting website at www.bmo.com/home/about/banking/investor-relations/annual-general-meeting; on the website of BMO's transfer agent,Computershare Trust Company of Canada at www.envisionreports.com/BMO2023; on SEDAR atwww.sedar.com;and on EDGAR atwww.sec.gov. Shareholders can request paper copies free of charge as described in the circular and the notice of availability of meeting materials.

BMO encourages shareholders to vote by proxy as early as possible to ensure their shares are represented at the meeting. Shareholders can join the meeting and ask questions in person or through a live webcast or listen by teleconference. Shareholders can access the webcast platform,related instructions and dial-in information (listen only) on the Annual Meeting website. Please check the website regularly for updates,including to the format of our meeting due to any changes in public health guidelines.

2022 Sustainability Reporting Suite

BMO is publishing its 2022 Sustainability reporting suite,including the 2022 BMO Climate Report. The 2022 Sustainability reporting suite provides environmental,social and governance (ESG) disclosure,with a focus on progress BMO has made on issues identified by stakeholders as most affecting the bank's sustainability. The report also includes the Public Accountability Statements for Bank ofMontrealand its applicable subsidiaries: Bank of Montreal Mortgage Corporation,BMO Life Assurance Company and BMO Life Insurance Company.

The Sustainability reporting suite can be downloaded at https://our-impact.bmo.com/reports.

About BMO Financial Group

Serving customers for 200 years and counting,BMO is a highly diversified financial servicesprovider - the 8th largest bank,by assets,inNorth America. With total assets of$1.15 trillionas ofJanuary 31,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 12 million customers and conducts business through three operating groups: Personal and Commercial Banking,BMO Wealth Management and BMO Capital Markets.

Internet:www.bmo.com Twitter:@BMOMedia

For News Media Inquiries:John Fenton,john.fenton@bmo.com,(416) 867-3996;For Investor Relations Inquiries:Christine Viau,Head,Investor Relations,christine.viau@bmo.com,(416) 867-6956;Bill Anderson,Director,Bill2.Anderson@bmo.com,(416)867-7834