BMO Announces Redemption of Six ETNs

NEW YORK, December 1, 2020 – Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced that it intends to redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the "Affected Securities"):


* The table above provides, for each of the Affected Securities, which are identified by their names, a hyperlink to the relevant prospectus addendum and pricing supplement. Hyperlinks to the applicable base prospectus and prospectus supplement are contained in such prospectus addendum and pricing supplements


Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in

the relevant pricing supplement for the Affected Securities.


With respect to each series of Affected Securities, the Call Settlement Amount payable on the

Call Settlement Date will be calculated as specified in the relevant pricing supplement, as

applicable, for the Affected Securities. BMO will pay the applicable Call Settlement Amount to

investors holding Affected Securities on the applicable Call Settlement Date.


BMO intends to send a notice of redemption to holders of the Affected Securities on December

4, 2020. For each series of Affected Securities, the Call Settlement Amount will equal the

arithmetic mean of the closing Indicative Note Values on each Index Business Day in the related

Call Measurement Period. The Call Measurement Period is expected to consist of the following

five trading days: December 7, 2020, December 8, 2020, December 9, 2020, December 10, 2020

and December 11, 2020.


Each series of Affected Securities will be delisted from the NYSE Arca exchange prior to the

open of trading on the Call Settlement Date.


Holders of the Affected Securities may choose to continue to hold their securities until the Call

Settlement Date, or may choose to sell or redeem their Affected Securities prior to the applicable Call Settlement Date, in accordance with the terms of the Affected Securities. BMO has announced the waiver of the minimum early redemption size for each of the Affected Securities.Prior to the waiver, holders of the Affected Securities were required to redeem at least 25,000 ETNs at one time in order to exercise their right to redeem them.


None of the other ETNs that BMO has previously issued are affected by this announcement.


BMO does not intend to issue or register any additional Affected Securities on or after the date

of this press release. BMO and its affiliates also intend to suspend any further sales from

inventory of the Affected Securities on December 4, 2020. The market value of these securities

may be influenced by, among other things, supply and demand for the Affected Securities. It is

possible that the suspension of any further sales of the Affected Securities by BMO may

influence the market value of the Affected Securities and the liquidity of the market for the

Affected Securities, potentially leading to insufficient supply, and causing the Affected

Securities to trade at a premium above their closing or intraday indicative value. Any such

premium may subsequently decrease at any time and for any reason without warning, resulting in financial loss to investors who paid this premium when they acquired their Affected Securities.


Investors who purchase the Affected Securities at any time prior to the Call Settlement Date for

an amount that is greater than the applicable Call Settlement Amount that they will receive on

the Call Settlement Date will suffer a loss on their investment. Furthermore, investors who sell

the Affected Securities at any time prior to delisting for an amount that is less than the applicable Call Settlement Amount they would have received on the Call Settlement Date will also suffer a loss. In either case, such losses could be significant. Investors will not receive any other compensation or amount for the loss of the investment opportunity of holding the Affected Securities.


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, in North America. With total assets of $949 billion as

of October 31, 2020, 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.


BMO Media Contact:

Kelly Hechler, Kelly.Hechler@bmo.com, (416) 867-3996


Bank of Montreal ETNs

US.ETN@bmo.com, +1-877-369-5412


Internet: www.bmo.com


Please see the pricing supplement relating to the Notes for important information about Solactive AG, the licensor of the Solactive MicroSectors™ U.S. Big Oil Index and Solactive

MicroSectors™ U.S. Big Bank Index.


Bank of Montreal, the issuer of the Affected Securities, has filed a registration statement

(including a pricing supplement, prospectus supplement and prospectus) with the SEC regarding

each of the Affected Securities. Please read those documents and the other documents relating to the Affected Securities that Bank of Montreal has filed with the SEC for more complete

information about Bank of Montreal and the applicable Affected Securities. These documents

may be obtained without cost by visiting EDGAR on the SEC website at www.sec.gov.

Alternatively, Bank of Montreal, and any agent or dealer that participated in the offering of the

Affected Securities, will arrange to send the applicable pricing supplement, the prospectus

supplement and the prospectus if so requested by calling toll-free at 1-877-369-5412.