FEBRUARY 22, 2005

DAVID GALLOWAY Chairman of the Board

CAUTION REGARDING FORWARD-LOOKING STATEMENTSBank 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 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 2004 Target 2004 Actual

EPS Growth 10-15% 29%

Return on Equity 16-18% 19.4%

Specific Provision for Credit Losses

$500 million or less

$67 million

Tier 1 Capital Minimum 8% 9.81%

Cash Productivity Improvement

150-200 basis points

155 basis points

Profile of BMO Investors

Stable Shareholder Base (% of Shares Held)

45%45% 45%

53%53% 53%

2%2%2%

2002 2003 2004

EmployeeInstitutional

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

67.1

63.0

64.5

2002 2003 2004

Cash Productivity Improving

Cash Productivity Ratio (%)

256 basis points

155 basis pointsIncreasing

revenues while

reducing costs

continues to be a

key driver to

improving

shareholder value

All Operating Groups Are Contributing

To Revenue Growth

Revenue ($ Millions)

4,562 4,824 4,914

2,546 2,656 2,832

1,624 1,732 1,850

2002 2003 2004

3.7%

$8,859*$9,271* $9,612*

Private Client Group

Investment Banking Group

Personal & Commercial Client

Group

* Total includes Corporate Support

4.7%

0.0%

0.5%

1.0%

1.5%

2.0%

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04

BMO Cdn Peers Weighted Avg BMO 15-Yr Avg

*

BMO Canadian 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

0.530.560.600.66

0.74

0.880.94

1.00

1.12

1.34

1.59

0.82

1.20

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

Dividends Declared Per Share ($)

Priorities for use ofcapital:

• Organic growth

• Acquisitions

• Dividends: Target payout ratio of 35-45%

• Share repurchases

17.5%18.9%

23.0%

20.0%

9.2%

5.8%

10.8%

16.1%

1-Year 3-Year 5-Year 20-Year

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

Q1 2005

FINANCIAL RESULTS

Return on Equity19.4%

602521 551

Net Income$602 million

Earnings per Share$1.16

Higher Volumes And Lower Costs Drive Earnings Growth

1.061.001.16

17.818.3 19.4

Q104

Q404

Q105

Q104

Q404

Q105

Q104

Q404

Q105

$ Millions Q1 05 ActualGrowth

vs. Q1 04 Actual

Revenue $2,439 2.9%

Less Expenses $1,533 (1.8)%

Less Provisions for Credit Losses

$43 n.a.

Less Taxes / Minority Interest

$261 n.a.

= Net Income $602 15.4%

• 288 Basis Point Cash Productivity Improvement From 64.7%

Financial Highlights

Personal & Commercial Client Group Yr/Yr Growth 22%

Private Client GroupYr/Yr Growth 37%

Investment Banking GroupYr/Yr Growth 15%

Net Income Growth In All Operating Groups ($ Millions)

267241

294

535473

Q104

Q404

Q105

Q104

Q404

Q105

Q104

Q404

Q105

191205236

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 20.5124.

521.3

ROE 19.4 15.6 18.7 19.9 18.5 18.8

NEP Growth 59.6 0.1 30.5 38.62,33

241.4

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

BMO Better Than Other Banks In 25/35 MeasuresBMO Worse Than Other Banks In 10/35 Measures

Strong 2004 Performance Against Peer Group

Performance Measure 2005 Target

Q1 2005 Actual

On Track

EPS Growth (ex. 2004 General)

3-8% 22%

Return on Equity 17-18% 19.4%

Specific Provision for Credit Losses

$400 million or less

(Now estimated at $350 million or less)

$43 million

Tier 1 Capital Minimum 8% 9.72%

Cash Productivity Improvement

150-200 basis points

288 basis points

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

CONTACT INFORMATION

Susan PayneSenior Vice President(416) 867-6656susan.payne@bmo.com

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

FAX(416) 867-3367

E-mailinvestor.relations@bmo.com

Investor Relations

www.bmo.com/investorrelations

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 yearsof 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