FEBRUARY 22, 2005

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FEBRUARY 22, 2005
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DAVID GALLOWAY Chairman of the Board
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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 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.

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TONY COMPER President Chief Executive Officer
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KAREN MAIDMENT Senior Executive Vice-President
Chief Financial Officer
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FISCAL 2004FINANCIAL RESULTS
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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 ?
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Profile of BMO Investors
Stable Shareholder Base ( of Shares Held)

2004 Geographic Breakdown of All Investors
Employee
Institutional
Europe/Other 1
US 10
Retail
Canada 89
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Managing For Long-Term Growth

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

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Cash Productivity Improving
Cash Productivity Ratio ()

256 basis points
Increasing revenues while reducing costs
continues to be a key driver to improving
shareholder value
155 basis points
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All Operating Groups Are Contributing To Revenue
Growth
Revenue ( Millions)

9,612
9,271
8,859
Private Client GroupInvestment Banking
GroupPersonal Commercial Client Group
Total includes Corporate Support
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Maintaining Our Credit Risk Management Advantage
Specific Provision For Credit Losses as of
Average Net Loans and Acceptances
BMO Canadian Peers
15-Year Average 0.39 0.61
2003 Actual 0.30 0.53
2004 Actual 0.04 0.29

BMOs Canadian peers are RBC, BNS, CIBC, TD and
National Peer average excludes the impact of
TDs sectoral provisions in 2002 and subsequent
transfers/draw downs 15-year average 1990 to 2004
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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

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A History Of Strong Long-Term Returns
Total Shareholder Return BMO vs. TSX

Average total return earned on an investment in
BMO common shares made at the beginning of the
period, including dividend reinvestment
BMOTSX
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Q1 2005FINANCIAL RESULTS
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Higher Volumes And Lower Costs Drive Earnings
Growth
Net Income 602 million
Earnings per Share 1.16
Return on Equity 19.4



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Financial Highlights

• 288 Basis Point Cash Productivity Improvement
  From 64.7

Millions Q1 05 Actual Growthvs. 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
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Net Income Growth In All Operating Groups (
Millions)
Investment Banking Group Yr/Yr Growth 15
Personal Commercial Client Group Yr/Yr Growth
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Private Client Group Yr/Yr Growth 37



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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
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2005 Financial TargetsQ1 Positioning Us Well To
Achieve All Targets
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 ?
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CONTACT INFORMATION
Susan PayneSenior Vice President(416)
867-6656susan.payne_at_bmo.com
Investor Relations
www.bmo.com/investorrelations
Steven BoninDirector(416) 867-5452steven.bonin_at_
bmo.com
FAX[phone]
E-mailinvestor.relations_at_bmo.com
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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
  sharesof 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
  ofa foreign country or a political subdivision
  thereof

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