FEBRUARY 22, 2005

DAVID GALLOWAY
Chairman of the Board
CAUTION REGARDING FORWARD-
LOOKING
of this type are included in STATEMENTS
Bank of Montreal's public communications often include written or oral forward-looking statements. Statements
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
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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 Target 2004 Actual

EPS Growth 10-15% 29% 

Return on Equity 16-18% 19.4% 

Specific Provision for

$500 million or less $67 million 
Credit Losses

Tier 1 Capital Minimum 8% 9.81% 

Cash Productivity
150-200 basis points 155 basis points 
Improvement
Profile of Stable Shareholder Base (% of Shares Held)
BMO
Investors 2% 2% 2%

2004 Geographic
Breakdown of All
Employee
Investors
Institutional 53% 53% 53%
US Europe/Other
10% 1% Retail

45% 45% 45%

Canada 89%
2002 2003 2004
Managing For Long-Term Growth

• Improving Productivity

• Growing Revenues

• Maintaining Our Credit Risk Management Advantage

• Managing Capital

• Maximizing Shareholder Return

Cash Cash Productivity Ratio (%)
Productivity
Improving 67.1
256 basis points

Increasing revenues 155 basis points

while reducing costs 64.5
continues to be a
key driver to 63.0
improving shareholder
value

2002 2003 2004

 All Operating Revenue ($ Millions)
Groups Are
3.7%
Contributing 4.7%
$9,271* $9,612*
To Revenue $8,859*
Growth 1,732 1,850
1,624

Private Client
Group
2,656 2,832
2,546
Investment Banking
Group

Personal & Commercial

Client Group

4,562 4,824 4,914

* Total includes Corporate
Support 2002 2003 2004
 Maintaining Our 2.0%
Specific Provision For Credit Losses as % of
Credit Risk Average Net Loans and Acceptances
Management 1.5%
Advantage
BMO Canadian
Peers* 1.0%
15-Year
0.39% 0.61%
Average
2003
0.30% 0.53%
Actual
0.5%
2004
0.04% 0.29%
Actual

* BMO’s Canadian peers are: RBC, BNS,

CIBC, TD and National
0.0%
Peer average excludes the impact of TD’s
sectoral provisions in 2002 and subsequent 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04
transfers/draw downs
15-year average: 1990 to 2004 BMO Cdn Peers Weighted Avg BMO 15-Yr Avg
Managing
Dividends Declared Per Share ($)
Capital For The
Long Term 1.59

1.34
Priorities for use of
1.20
capital: 1.12
1.00
0.94
• Organic growth 0.88
0.82
0.74
• Acquisitions 0.60
0.66
0.53 0.56
• Dividends:
Target payout ratio
of 35-45%

• Share repurchases
92 93 94 95 96 97 98 99 00 01 02 03 04
A History Of Total Shareholder Return
Strong Long- BMO vs. TSX

Term Returns 23.0%

20.0%
Average total return 18.9%
17.5%
earned on an investment 16.1%
in BMO common shares
made at the beginning of
the period, including 10.8%
dividend reinvestment 9.2%

5.8%

BMO
TSX
1-Year 3-Year 5-Year 20-Year
Q1 2005
FINANCIAL RESULTS
Higher Volumes And Lower Costs Drive
Earnings Growth
Net Income Earnings per Share Return on Equity
$602 million $1.16 19.4%

602 1.16
551 1.06 18.3 19.4
521 1.00 17.8

Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4 Q1
04 04 05 04 04 05 04 04 05
Financial Highlights
• 288 Basis Point Cash Productivity Improvement From 64.7%

Growth
$ Millions Q1 05 Actual
vs. Q1 04 Actual

Revenue $2,439 2.9%

Less Expenses $1,533 (1.8)%

Less Provisions for

$43 n.a.
Credit Losses
Less Taxes /
$261 n.a.
Minority Interest

= Net Income $602 15.4%

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

294
267
241 236
205 191

73
54 53

Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4 Q1
04 04 05 04 04 05 04 04 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) 18.9 18.2 22.2 22.2 11.0 26.2

Diluted EPS Growth 28.5 (3.6) 6.8 20.5 124.5 21.3

ROE 19.4 15.6 18.7 19.9 18.5 18.8

NEP Growth 59.6 0.1 30.5 38.6 2,332 41.4

Revenue Growth (Yr/Yr) 3.7 1.7 2.8 0.2 8.2 5.7

Cash Expense-to-Revenue 63.0 70.2 68.4 55.8 66.4 65.4

PCL/(Avg. Loans + Accept.) (0.07) 0.15 0.39 0.22 (0.25) 0.19

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

Performance Measure 2005 Target Q1 2005 Actual On Track

EPS Growth
3-8% 22% 
(ex. 2004 General)

Return on Equity 17-18% 19.4% 

Specific Provision for $400 million or less

(Now estimated at $350 $43 million 
Credit Losses million or less)

Tier 1 Capital Minimum 8% 9.72% 

Cash Productivity
150-200 basis points 288 basis points 
Improvement
 CONTACT
INFORMATION
Investor Relations Susan Payne
Senior Vice President
(416) 867-6656
www.bmo.com/investorrelations susan.payne@bmo.com

Steven Bonin
Director
(416) 867-5452
steven.bonin@bmo.com

FAX
(416) 867-3367

E-mail
investor.relations@bmo.com
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