Bank of Montreal Offers 2% Discount on the Reinvestment of Dividends in Newly Issued Common Shares Under its Shareholder Dividend Reinvestment and Share Purchase Plan



    
    -   A two per cent discount from the average market price of the Bank's
        common shares will be provided on reinvestment of dividends in
        additional common shares newly issued by the Bank
    -   The change will be effective for the first quarter of fiscal 2009
        dividend previously announced on November 25, 2008
    

    TORONTO, Jan. 6 /CNW/ - 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.





For further information:

For further information: For Shareholder Enquiries:
www.computershare.com or 1-800-340-5021 within Canada and the United States,
(514) 982-7800 from all other countries; For News Media Enquiries: Ralph
Marranca, Toronto, ralph.marranca@bmo.com, (416) 867-3996; Ronald Monet,
Montreal, ronald.monet@bmo.com, (514) 877-1873; For Investor Relations
Enquiries: investor.relations@bmo.com; Internet: www.bmo.com


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