FEBRUARY 22, 2005

DAVID GALLOWAY Chairman of the Board

CAUTION REGARDING FORWARD-LOOKING STATEMENTS Bank of Montreal's public communications often include written or oral forward-looking statements. 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 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 2004 Target2004 Actual EPS Growth10-15%29% Return on Equity16-18%19.4% Specific Provision for Credit Losses $500 million or less$67 million Tier 1 CapitalMinimum 8%9.81% Cash Productivity Improvement basis points155 basis points

Profile of BMO Investors Stable Shareholder Base (% of Shares Held) Employee Institutional Retail Canada 89% US 10% Europe/Other 1% 2004 Geographic Breakdown of All Investors

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 (%) 256 basis points 155 basis points Increasing revenues while reducing costs continues to be a key driver to improving shareholder value

All Operating Groups Are Contributing To Revenue Growth Revenue ($ Millions) 3.7% $8,859* $9,271* $9,612* Private Client Group Investment Banking Group Personal & Commercial Client Group * Total includes Corporate Support 4.7%

* BMOCanadian Peers* 15-Year Average 0.39%0.61% 2003 Actual 0.30%0.53% 2004 Actual 0.04%0.29% Maintaining Our Credit Risk Management Advantage Specific Provision For Credit Losses as % of Average Net Loans and Acceptances 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

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

A History Of Strong Long-Term Returns Total Shareholder Return BMO vs. TSX BMO TSX Average total return earned on an investment in BMO common shares made at the beginning of the period, including dividend reinvestment

Q FINANCIAL RESULTS

Return on Equity 19.4% Net Income $602 million Earnings per Share $1.16 Higher Volumes And Lower Costs Drive Earnings Growth Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05

$ Millions Q1 05 Actual Growth vs. Q1 04 Actual Revenue$2,4392.9% Less Expenses $1,533(1.8)% Less Provisions for Credit Losses $43n.a. Less Taxes / Minority Interest $261n.a. = Net Income$ % 288 Basis Point Cash Productivity Improvement From 64.7% Financial Highlights

Personal & Commercial Client Group Yr/Yr Growth 22% Private Client Group Yr/Yr Growth 37% Investment Banking Group Yr/Yr Growth 15% Net Income Growth In All Operating Groups ($ Millions) Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05 Q1 04 Q4 04 Q1 05

Reported Basis (%)BMORBCCIBCBNSTDNA Total Shareholder Return (5-Year) Diluted EPS Growth28.5(3.6) ROE NEP Growth , Revenue Growth (Yr/Yr) Cash Expense-to-Revenue PCL/(Avg. Loans + Accept.)(0.07) (0.25)0.19 BMO Better Than Other Banks In 25/35 Measures BMO Worse Than Other Banks In 10/35 Measures Strong 2004 Performance Against Peer Group

Performance Measure 2005 TargetQ ActualOn Track EPS Growth (ex General) 3-8%22% Return on Equity17-18%19.4% Specific Provision for Credit Losses $400 million or less (Now estimated at $350 million or less) $43 million Tier 1 CapitalMinimum 8%9.72% Cash Productivity Improvement basis points288 basis points 2005 Financial Targets: Q1 Positioning Us Well To Achieve All Targets

CONTACT INFORMATION Susan Payne Senior Vice President (416) Steven Bonin Director (416) FAX (416) Investor Relations

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