TORONTO,ONTARIO--(Marketwire-May23,2012)MeantimeWire-BankofMontreal(TSX:BMO)(NYSE:BMO)todayannouncedthatthe

BoardofDirectorsdeclaredaquarterlydividendof$0.70pershareonpaid-upcommonsharesofBankofMontrealforthethirdquarteroffiscalyear

2012,unchangedfromthepreviousquarter.

Forthecurrentquarter,theBoardofDirectorsalsodeclareddividendsof:

--$0.33125ashareonpaid-upClassBPreferredSharesSeries5;

--$0.28125ashareonpaid-upClassBPreferredSharesSeries13;

--$0.328125ashareonpaid-upClassBPreferredSharesSeries14;

--$0.3625ashareonpaid-upClassBPreferredSharesSeries15;

--$0.325ashareonpaid-upClassBPreferredSharesSeries16;

--$0.40625ashareonpaid-upClassBPreferredSharesSeries18;

--$0.40625ashareonpaid-upClassBPreferredSharesSeries21;

--$0.3375ashareonpaid-upClassBPreferredSharesSeries23;and

--$0.24375ashareonpaid-upClassBPreferredSharesSeries25.

ThedividendonthecommonsharesispayableonAugust28,2012,toshareholdersofrecordonAugust1,2012.Thedividends

onthepreferredsharesarepayableonAugust27,2012,toshareholdersofrecordonAugust1,2012.

Theabove-mentioneddividendsonthecommonandpreferredsharesaredesignatedas"eligible"dividendsforthepurposesofthe

IncomeTaxAct(Canada)andanysimilarprovincialandterritoriallegislation.

Commonshareholdersmayelecttohavetheircashdividendsreinvestedincommonsharesofthebankinaccordancewiththebank'sShareholder

DividendReinvestmentandSharePurchasePlan(thePlan).UnderthePlan,theBoardofDirectorsdetermineswhetherthecommonshareswillbe

purchasedonthesecondarymarketorissuedbythebankfromtreasury.Atthistime,thecommonsharespurchasedunderthePlanwillbeissued

fromtreasuryatatwopercentdiscountfromtheAverageMarketPriceofthecommonshares(asdefinedinthePlan)untilsuchtimeasthebank

electsotherwise.

AnyregisteredshareholderwhohasnotenrolledinthePlanandwishestodosomustsignaReinvestmentEnrollment-ParticipantDeclaration

Formandreturnittothebank'stransferagent,ComputershareTrustCompanyofCanada,at:

ComputershareTrustCompanyofCanada

100UniversityAvenue,9thFloor

Toronto,Ontario

M5J2Y1

ReinvestmentEnrollment-ParticipantDeclarationFormsmaybeobtainedfromComputershareTrustCompanyofCanadaonitswebsiteat

www.computershare.com\bmo,orbycalling1-800-340-5021fromwithinCanadaortheUnitedStatesor514-982-7800fromallothercountries.

ToparticipateintheQ32012Dividend,ReinvestmentEnrollment-ParticipantDeclarationFormsfromregisteredshareholdersmustbereceived

byComputershareTrustCompanyofCanadabeforethecloseofbusinessonJuly27,2012.

Non-registeredshareholdersmustcontacttheirfinancialinstitutions,brokersorotherintermediariesforinstructionsonhowtoparticipateinthePlan

andshoulddosowellinadvanceoftheabovedateinordertoparticipateintheQ32012Dividend.

Contacts:

ForNewsMediaEnquiries:

RalphMarranca,Toronto

(416)867-3996

ralph.marranca@bmo.com

RonaldMonet,Montreal

(514)877-1873

ronald.monet@bmo.com

ForInvestorRelationsEnquiries:

SharonHaward-Laird,Toronto

(416)867-6656

sharon.hawardlaird@bmo.com

MichaelChase,Toronto

(416)867-5452

michael.chase@bmo.com

Internet:www.bmo.com