FEBRUARY 22, 2005

DAVID GALLOWAY

Chairman of the Board

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

of this type are included in this presentation, and may be included in filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives for 2005 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of or outlook for our operations or for the Canadian and U.S. economies. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: global capital market activities; interest rate and currency value fluctuations; the effects of war or terrorist activities; the effects of disease or illness that impact on local, national or international economies; the effects of disruptions to public infrastructure, such as transportation, communications, power or water supply disruptions; industry and worldwide economic and political conditions; regulatory and statutory developments; the effects of competition in the geographic and business areas in which we operate; management actions; and technological changes. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to Bank of Montreal, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Bank of Montreal does not undertake to update any forward-looking statement, whether written or oral, that may be made, from time to time, by the organization or on its behalf.

TONY COMPER

President & Chief Executive Officer

KAREN MAIDMENT

Senior Executive Vice-President & Chief Financial Officer

FISCAL 2004

FINANCIAL RESULTS

Achieved Or Exceeded All 2004 Financial Targets

Performance Measure EPS Growth Return on Equity Specific Provision for Credit Losses Tier 1 Capital Cash Productivity Improvement 2004 Target 10-15% 16-18% $500 million or less Minimum 8% 2004 Actual 29% 19.4% $67 million 9.81%     150-200 basis points 155 basis points 

Profile of BMO Investors

2004 Geographic Breakdown of All Investors US 10% Europe/Other 1% Stable Shareholder Base (% of Shares Held) 2% Employee Institutional 53% Retail 2% 53% 2% 53% Canada 89% 45% 2002 45% 2003 45% 2004

Managing For Long-Term Growth

• Improving Productivity • Growing Revenues • Maintaining Our Credit Risk Management Advantage • Managing Capital • Maximizing Shareholder Return

Cash Productivity Improving

Cash Productivity Ratio (%) 67.1

256 basis points Increasing revenues while reducing costs continues to be a key driver to improving shareholder value 64.5

155 basis points 63.0

2002 2003 2004

All Operating Groups Are Contributing To Revenue Growth

Revenue ($ Millions) $8,859* 1,624 4.7% $9,271* 1,732 3.7% Private Client Group Investment Banking Group Personal & Commercial Client Group 2,546 2,656 $9,612* 1,850 2,832 * Total includes Corporate Support 4,562 2002 4,824 2003 4,914 2004

Maintaining Our Credit Risk Management Advantage

BMO Canadian Peers* 15-Year Average 2003 Actual 2004 Actual 0.39% 0.30% 0.04% 0.61% 0.53% 0.29%

*

BMO’s Canadian peers are: RBC, BNS, CIBC, TD and National Peer average excludes the impact of TD’s sectoral provisions in 2002 and subsequent transfers/draw downs 15-year average: 1990 to 2004 2.0% 1.5% 1.0% 0.5% Specific Provision For Credit Losses as % of Average Net Loans and Acceptances 0.0% 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 BMO Cdn Peers Weighted Avg BMO 15-Yr Avg

Managing Capital For The Long Term

Dividends Declared Per Share ($) Priorities for use of capital: • Organic growth • Acquisitions • Dividends: Target payout ratio of 35-45% • Share repurchases 0.53 0.56

0.60

0.66

0.74

0.82

0.88

0.94

1.00

1.12

1.20

1.34

1.59

92 93 94 95 96 97 98 99 00 01 02 03 04

A History Of Strong Long-Term Returns

Average total return earned on an investment in BMO common shares made at the beginning of the period, including dividend reinvestment Total Shareholder Return BMO vs. TSX 20.0% 16.1% 23.0% 10.8% 18.9% 5.8% 17.5% 9.2% BMO TSX 1-Year 3-Year 5-Year 20-Year

Q1 2005

FINANCIAL RESULTS

Higher Volumes And Lower Costs Drive Earnings Growth

Net Income $602 million 521 551 602 Earnings per Share $1.16

1.16

1.06

1.00

Return on Equity 19.4% 18.3

17.8

19.4

Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05

Financial Highlights

• 288 Basis Point Cash Productivity Improvement From 64.7% $ Millions Q1 05 Actual Growth vs. Q1 04 Actual Revenue $2,439 2.9% $1,533 (1.8)% Less Expenses Less Provisions for Credit Losses Less Taxes / Minority Interest = Net Income $43 $261 $602 n.a.

n.a.

15.4%

Net Income Growth In All Operating Groups

($ Millions)

Personal & Commercial Private Client Client Group Group Yr/Yr Growth 22% Yr/Yr Growth 37% Investment Banking Group Yr/Yr Growth 15% 294 267 241 236 205 191 Q1 04 Q4 04 Q1 05 54 53 73 Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05

Strong 2004 Performance Against Peer Group

BMO Better Than Other Banks In 25/35 Measures BMO Worse Than Other Banks In 10/35 Measures Reported Basis (%) BMO RBC CIBC BNS TD NA Total Shareholder Return (5-Year) Diluted EPS Growth ROE NEP Growth Revenue Growth (Yr/Yr) Cash Expense-to-Revenue PCL/(Avg. Loans + Accept.) 18.9

18.2

22.2

22.2

11.0

26.2

28.5

19.4

(3.6) 15.6

59.6

3.7

63.0

(0.07) 0.1

1.7

70.2

0.15

6.8

18.7

20.5

19.9

124.5

21.3

18.5

18.8

30.5

2.8

68.4

0.39

38.6

0.2

55.8

2,332 8.2

66.4

41.4

5.7

65.4

0.22

(0.25) 0.19

2005 Financial Targets: Q1 Positioning Us Well To Achieve All Targets

Performance Measure EPS Growth (ex. 2004 General) Return on Equity 2005 Target 3-8% Specific Provision for Credit Losses $400 million or less (Now estimated at $350 million or less) Tier 1 Capital Cash Productivity Improvement 17-18% Minimum 8% 150-200 basis points Q1 2005 Actual 22% 19.4% $43 million 9.72% 288 basis points On Track     

CONTACT INFORMATION Investor Relations www.bmo.com/investorrelations Susan Payne

Senior Vice President

(416) 867-6656 [email protected]

Steven Bonin

Director

(416) 867-5452 [email protected]

FAX (416) 867-3367 E-mail [email protected]

To determine if a nominee is qualified to be a director of a bank, the person:

• must be a natural person who is at least eighteen years of age • be of sound mind • is not a bankrupt • is not prohibited by the Bank Act from voting shares of the Bank • is not an officer, a director or a full time employee of an entity that is prohibited by the Bank Act from voting shares of the Bank • is not an agent, employee, or minister of Her Majesty in right of Canada or in right of a province, and • is not an agent or employee of the government of a foreign country or a political subdivision thereof