#1BMO Financial Group Investor Presentation For the Quarter Ended July 31, 2023 August 29, 2023 Q3 23 BMO M B#2Caution 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 document and may be included in other 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, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to our objectives and priorities for fiscal 2023 and beyond, our strategies or future actions, our targets and commitments (including with respect to our Climate Ambition and net zero emissions), expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies, plans for the combined operations of BMO and Bank of the West, the timing for converting Bank of the West customer accounts and systems onto our respective BMO platforms, and the financial, operational and capital impacts of the transaction, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "commit", "target", "may", "schedule", "forecast", "outlook", "seek" and "could" or negative or grammatical variations thereof. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors - many of which are beyond our control and the effects of which can be difficult to predict - 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: general economic and market conditions in the countries in which we operate, including labour challenges; the impact of adverse developments affecting the U.S. and global banking industry, including the risk of bank failures and liquidity concerns, the heightening of economic and market volatility, and regulatory responses to such developments; the anticipated benefits from acquisitions, including Bank of the West, such as potential synergies, accretion to adjusted earnings per share (EPS), and operational efficiencies, are not realized; changes to our credit ratings; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; information, privacy and cybersecurity, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; benchmark interest rate reforms; technological changes and technology resiliency; political conditions, including changes relating to, or affecting, economic or trade matters; climate change and other environmental and social risk; the Canadian housing market and consumer leverage; inflationary pressures; global supply-chain disruptions; changes in monetary, fiscal, or economic policy; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; failure of third parties to comply with their obligations to us; our ability to execute our strategic plans, complete proposed acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals; critical accounting estimates and judgments, and the effects of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the possible effects on our business of war or terrorist activities; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2022 Annual Report, and the Risk Management section in our Third Quarter 2023 Management's Discussion and Analysis ("Third Quarter 2023 MD&A"), all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes. Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section of BMO's 2022 Annual Report, as updated in the Economic Developments and Outlook section in our Third Quarter 2023 MD&A, as well as in the Allowance for Credit Losses section of BMO's 2022 Annual Report, as updated in the Allowance for Credit Losses section in our Third Quarter 2023 MD&A. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. Assumptions about our integration plan, the efficiency and duration of integration and the alignment of organizational responsibilities were material factors we considered in estimating pre-tax cost synergies and integration costs. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy. BMOM Strategic Highlights ⚫ August 29, 2023 2#3Darryl White Chief Executive Officer Q3/23 BMO M B#4Well-positioned for continued growth Highlights Q3'23 YTD'23 Canadian P&C business Reported Adjusted¹ Reported Adjusted¹ delivered continued strong PPPT² performance Net Income $1.5B $2.0B $2.8B $6.5B • Good contribution from Bank Diluted EPS $1.97 $2.78 $3.60 $8.93 of the West, on track for conversion Labour Day weekend PPPT² Y/Y Growth 25% 6% (55)% 3% Efficiency Ratio³ 71.1% 62.1% 74.3% 59.9% • Accelerating efficiency initiatives to drive operating leverage Return on Equity 8.3% 11.7% 5.1% 12.6% ⚫ Continued strength in capital and risk management Return on Tangible Common Equity4 CET15 11.9% 15.8% 6.8% 15.8% 12.3% 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results 2 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 3 Reported and Adjusted Net Revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Efficiency Ratio is calculated based on Net Revenue and is also a non-GAAP Measure. See slide 37 for more information and slide 40 for calculation of Net Revenue 4 Reported and Adjusted Return on Tangible Common Equity (ROTCE) are non-GAAP measures. See slide 37 and Non-GAAP and Other Financial Measures section of the Third Quarter 2023 MD&A for more information 5 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline BMOM Strategic Highlights August 29, 2023 • 4#5BMO U.S.-scale, growth further enhanced by Bank of the West Benefiting from the strength of BMO's trillion-dollar balance sheet Top 10 U.S. Bank1 BMO U.S. Bank Footprint in 32 States Top 5 Commercial Lender in North America² 4 million customers BMO U.S. Segment US$4253 billion in assets BMO Financial Group C$1.25 trillion in assets US$2633 billion in assets Well-positioned going forward • U.S. Segment contributed US$1.0B adjusted PPPT5 in Q3'23 (US$0.6B on a reported basis) Broad capabilities: Personal & Commercial Banking, BMO Wealth Management and BMO Capital Markets Only North American bank with integrated North-South business model, driving efficiencies One-Client approach, with local market and unified cross border expertise • Presence in three of the top five U.S. markets • Digital retail and payments platforms across all 50 states OR WA WI ND MN MI NY MA NV NE • KS OH UT NJ CO MO VA MD CA AZ 10 OK O NM GA TX BMO U.S. BMO U.S. Branch (1,007) # of U.S. Banks by Assets (US$)1 >$1T $250B-$750B $100B-$250B <$100B 4 6 BMO M FL OTO) ~20 ~4,680 1 Ranking by assets as at June 30, 2023 and internal analysis. Source: SNL Financial. Top 10 U.S. >$1T: JP Morgan, Bank of America, Citibank, Wells Fargo. $250B-$750B: U.S. Bank, PNC Bank, Truist Bank, TD Bank, Capital One, BMO 2 Share of commercial loans based upon publicly available U.S. regulatory filings (FR Y-9Cs and FFIEC 002S) and internal analysis 3 BMO U.S. Bank as at balances based upon BMO Harris N.A. publicly available U.S. regulatory filing (FFIEC 031) for period ending June 30, 2023. BMO U.S. Segment based on average balances for Q3'23 4 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 5 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT BMOM Strategic Highlights ⚫ August 29, 2023 •#6Highly diversified businesses delivering resilient performance Canadian Personal & Commercial . Reported Revenue ($MM) 2,785 2,529 2,547 2,629 2,546 779 763 750 777 738 Commercial U.S. Personal & Commercial Reported Revenue (teb², US$MM) 1,914 1,864 1,234 1,297 1,334 1,159 Commercial 1,136 ■Personal & 871 895 914 1,766 1,797 1,852 1,808 2,006 Business Banking Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 755 728 363 402 420 ■Personal & Business Banking Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Record revenue with good growth in loans and deposits Ranked first in customer satisfaction with online banking in the J.D. Power 2023 Canada Online Banking Satisfaction Study¹ BMO Wealth Management Strong revenue growth YTD reflecting the addition of Bank of the West Recognized by World Finance Magazine as Best Commercial Bank and Best Private Bank in the U.S. BMO Capital Markets AUA, AUM ($B) 767 730 730 738 773 Reported Revenue (teb², $MM) 1,718 1,586 1,478 1,405 310 306 338 340 1,264 618 321 651 ■AUM 554 608 Investment 451 and Corporate Banking 420 424 417 429 433 ■AUA 1,100 813 851 935 870 ■Global Markets Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 . • Continued good net new client asset growth #1 in ETF net flows fiscal year-to-date, building out our innovative suite of ETFs and strengthening our offering in Mutual Funds 1 For more information, refer to www.jdpower.com/business Top 10 in Global and North American M&A³ • Adding products and capabilities to our U.S. rates business 2 Operating group revenue stated on taxable equivalent basis (teb). These teb adjustments in U.S. P&C (Q3'23 US$6MM, Q2'23 US$6MM, Q1'23 US$6MM, Q4'22 US$6MM, Q3'22 US$5MM) and BMO Capital Markets (Q3'23 $81MM, Q2'23 $84MM, Q1'23 $70MM, Q4'22 $61MM, Q3'22 $61MM) are offset in Corporate Services 3 Source: Bloomberg BMOM Strategic Highlights August 29, 2023 • 6#7Our Purpose 000 For a Thriving Economy Providing access to capital and valuable financial advice - investing in businesses, supporting home ownership and strengthening the communities we serve, while driving innovation that makes banking easier For a Sustainable Future Being our clients' lead partner in the transition to a net zero world, delivering on our commitments to sustainable financing and responsible investing For an Inclusive Society Committing to zero barriers to inclusion through investments, products, services and partnerships that remove systemic barriers for under-represented customers, employees and communities - and drive inclusion and equitable growth for everyone BOLDLY GROW THE GOOD IN BUSINESS AND LIFE Announced a strategic relationship with Immigrant Services Calgary to provide specialized guidance and resources to Canadian newcomers, with on-site support at the BMO branch located inside the Gateway Newcomer Centre Deployed more than US$5.5B in loans and investments to address key barriers confronting minority businesses, communities and families in the United States as part of BMO Empower™, with plans to go further through strategic partnerships and community engagement Included in Corporate Knights' 2023 listing of Canada's Best 50 Corporate Citizens and received a top- quartile Sustainable Revenue score, reflecting our commitment to sustainable financing and responsible investing; ranked as the most sustainable bank in North America Provided an innovative new Sustainability-Linked Deposit product to a leading engineered water solutions client, linking the interest paid on a deposit account to a client's achievement of defined sustainability targets Ranked one of the most sustainable companies in North America on the Dow Jones Sustainability North America Index (DJSI) Received a top score on the Disability Equality Index for the eighth consecutive year and named among the Best Places to Work for Disability Inclusion by Disability:IN and The American Association of People with Disabilities (AAPD) Continued to drive progress for mental health treatment with donation to The Royal Ottawa Health Care Group to support the newly-established BMO Innovative Clinic for Depression Recognized by Ethisphere Institute as one of the World's Most Ethical Companies for the sixth consecutive year and the only Canadian bank to be recognized with this award since its inception in 2007 This slide contains forward-looking statements, please refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Strategic Highlights August 29, 2023 • 7#8Financial Results For the Quarter Ended July 31, 2023 Tayfun Tuzun Chief Financial Officer Q3|23 BMO M B#9Q3 F2023 - Financial Highlights Good PPPT1 growth driven by Canadian P&C and Bank of the West • • . Adjusted² EPS $2.78, down 10% Y/Y (reported $1.97, up 1%) Adjusted² net income down 4% Y/Y (reported up 7%) - Bank of the West (BOTW) added $167MM to adjusted² net income (reported net loss of $272MM) Adjusted² net income excluded $370MM integration costs, $85MM amortization of acquisition-related intangible assets and a charge of $131MM related to tax measures enacted by the Canadian government that amended the GST/HST definition for financial services Adjusted net income included severance costs of $162MM and $83MM impact of legal provisions Adjusted² PPPT¹ up 6% Y/Y (reported up 25%) Adjusted² net revenue³ up 22% Y/Y (reported up 39%) reflecting growth across all operating groups ($MM) Gross Revenue Less: CCPB³ Net Revenue³ Expenses PPPT¹ Total PCL Reported Adjusted² Q3 23 Q2 23 Q3 22 Q3 23 Q2 23 Q3 22 Income before Taxes Net Income 7,929 8,440 6,099 4 591 413 7,925 7,849 5,686 5,638 5,573 3,859 2,287 2,276 1,827 492 1,023 136 1,795 1,253 1,691 1,454 1,059 1,365 8,070 8,447 7,044 4 591 413 8,066 7,856 6,631 5,011 4,731 3,761 3,055 3,125 2,870 492 318 136 2,563 2,807 2,734 2,037 2,216 2,132 U.S. Segment Net Income (US$) Diluted EPS ($) 364 (104) (28) 697 740 571 1.97 1.30 1.95 2.78 2.93 3.09 Efficiency Ratio³ (%) 71.1 71.0 67.9 62.1 60.2 56.7 ROE (%) 8.3 5.6 8.8 11.7 12.6 13.8 ROTCE5 (%) 11.9 8.4 9.6 15.8 17.2 15.1 • Adjusted² expenses up 33% Y/Y (reported up 46%) CET1 Ratio (%) 12.3 12.2 15.8 12.3 12.2 15.8 • Adjusted² operating leverage³ negative 11.6% (reported negative 6.8%) Net Income Trends Total provision for credit losses $492MM PCL on impaired loans $333MM or 21 bps; provision on performing loans $159MM 4,483 2,132 2,136 2,272 2,216 2,037 • U.S. segment contributed 46% to adjusted² earnings in the quarter (34% on a reported basis) 1,365 1,454 1,059 247 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Reported Net Income ($MM) ■Adjusted Net Income ($MM) 1 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 2 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results 3 Reported and Adjusted Net Revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Operating Leverage and Efficiency Ratio are both calculated based on Net Revenue and are also non-GAAP measures. See slide 37 for more information and slide 40 for calculation of Net Revenue 4 Impaired PCL ratio is calculated as impaired provision for credit losses over average net loans and acceptances, expressed in basis points 5 Reported and Adjusted Return on Tangible Common Equity (ROTCE) are non-GAAP measures. See slide 37 and Non-GAAP and Other Financial Measures section of the Third Quarter 2023 MD&A for more information 6 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline BMOM Financial Results ⚫ August 29, 2023 9#10Q3 F2023 - Bank of the West Contribution . Bank of the West4 (BOTW) contributed $1,051MM to revenue, $749MM to adjusted¹ expenses (reported $1,338MM) and $167MM to adjusted¹ net income (reported net loss of $272MM) Revenue includes $76MM accretion of the fair value mark on loans, deposits and securities, net of the negative carry on the rate mark hedge, all recorded in Corporate Services Remain on track to complete system conversion and • BMO brand unification on Labour Day weekend Executing our plan to achieve run rate expense synergies of US$670MM pre-tax by the start of Q2'24 PPPT² Total PCL Reported Adjusted¹ ($MM) BMO ex. BOTW BMO ex. BOTW BMO BOTW BMO BOTW Gross Revenue 6,878 1,051 7,929 7,019 1,051 8,070 Less: CCPB³ 4 4 4 4 Net Revenue³ 6,874 1,051 7,925 7,015 1,051 8,066 Expenses 4,300 1,338 2,574 (287) 2,287 5,638 4,262 749 5,011 2,753 302 3,055 394 98 492 394 98 492 Income (Loss) before Taxes Net Income (Loss) 2,180 (385) 1,795 1,726 (272) 1,454 2,359 204 2,563 1,870 167 2,037 Net Income (Loss) U.S. Segment US$ Efficiency Ratio³ (%) 571 (207) 364 573 124 697 62.6 127.3 71.1 60.8 71.2 62.1 This slide contains forward-looking statements, please refer to the caution on slide 2 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results 2 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 3 Reported and Adjusted Net Revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Efficiency Ratio is calculated based on Net Revenue and is also a non-GAAP measure. See slide 37 for more information and slide 40 for calculation of Net Revenue 4 See the Recent Acquisitions section of BMO's Third Quarter 2023 MD&A and slide 36 for results in U.S. dollars BMOM Financial Results ⚫ August 29, 2023 10#11Balance Sheet Diversified loan and deposit portfolio, stable balances Q/Q offset by weaker U.S. dollar • • Average gross loans and acceptances up 22% Y/Y, or 21% excluding the impact of the stronger U.S. dollar due to: Business & government loans up 20% Y/Y reflecting the inclusion of Bank of the West and good growth in Canadian P&C and BMO Capital Markets, partially offset by lower underlying U.S. P&C Consumer loans up 21% Y/Y reflecting the inclusion of Bank of the West and growth in Canadian P&C driven by mortgage growth Average Gross Loans and Acceptances ($B) 646.1 644.0 526.2 279.7 283.9 233.6 366.4 360.1 292.6 Average gross loans and acceptances down slightly Q/Q and up slightly excluding the impact of the U.S. dollar, with growth in Canadian P&C mortgage and credit card products offset by lower commercial loans in U.S. P&C Q3'22 Q2'23 Q3'23 Business & Government Consumer • • As-at gross loans and acceptances down 1% Q/Q or flat excluding the impact of the weaker U.S. dollar Average customer deposits up 22% Y/Y or 20% excluding the impact of the stronger U.S. dollar, reflecting the inclusion of Bank of the West and higher balances in Canadian P&C and BMO Capital Markets, partially offset by lower balances in U.S. P&C and BMO Wealth Management Average Customer Deposits ($B) 635.7 629.4 80.0 79.7 516.7 66.1 63.0 71.5 55.5 201.4 198.4 • Average customer deposits down 1% Q/Q driven by higher balances in Canadian P&C, offset by lower balances in U.S. P&C and BMO Wealth Management 159.6 288.2 288.3 230.1 . As-at customer deposits unchanged Q/Q or up 1% excluding the impact of the weaker U.S. dollar BMOM Q3'22 Q2'23 Q3'23 P&BB Commercial BMO Wealth Management BMO Capital Markets Financial Results ⚫ August 29, 2023 11#12Canadian and U.S. deposit trends Canadian P&C and BMO Wealth Management deposits CDE$B, average balances 321 309 314 290 266 5% 6% 3% 238 2% 21% 20% 20% 24% 4% 24% Commercial 20% 25% 32% 35% 36% 26% P&BB / 34% BMO Wealth Management 48% 49% 42% 39% 37% 43% F'20 F'21 F'22 Q1'23 Q2'23 Q3'23 Demand Deposits Term Deposits U.S. P&C and BMO Wealth Management deposits US$B, average balances 178 171 17% 17% 118 120 117 105 33% 11% 10% 33% 14% 11% Commercial 36% 43% 43% 40% 25% 26% P&BB / 34% 26% 24% 24% BMO Wealth 25% 25% Management 19% 21% 23% 23% F'20 F'21 F'22 Q1'23 Q2'23 Q3'23 Chequing & Savings Money Market & CDs BMOM 6% Continued strong balance growth through strong customer acquisition, a comprehensive onboarding program, and new products and tools Continued customer balance shift to term deposits given the significant increase in interest rates Deposits are well-diversified, further enhanced by Bank of the West starting Q2'23 Recent decline primarily reflect industry trends and expected decline in surge deposits, while remaining well above pre-pandemic levels Continued to grow new customers and deposits through competitive tools, products and channels, including national digital retail banking and treasury and payments solutions platforms Financial Results ⚫ August 29, 2023 12#13• Net Interest Margin¹ Total Bank ex trading NIM benefitted from higher NII and lower low-yielding assets in BMO Capital Markets and Corporate Services • Canadian P&C NIM increased due to wider deposit margins and balance sheet mix . U.S. P&C NIM decreased due to lower deposit margins and balances and lower loan margins NII ($MM) and NIM ex. Trading % NIM ex. Trading (%) 1.90 1.85 1.86 1.79 1.88 0.02 O 1.83 0.03 1.56 1.62 242 160 Reported: 1.88 Adjusted²: 1.88 38 351 285 350 4,579 4,748 3,809 4,088 4,125 Q3'22 (672) Q4'22 Adjusted NII ex trading ($MM) INII Adjusting Item ($MM) -Adjusted²NIM ex trading (%) 0.04 2.70 Reported: 1.90 Adjusted²: 1.90 -0.03 (389) (7) (3) Q2'23 BMOCM Q1'23 Q2'23 Q3'23 Corporate Services P&Cs & BMOWM Q3'23 Trading NII ($MM) Reported NIM ex trading (%) Canadian P&C NIM (%) 0.01 0.02 2.77 3.96 Q2'23 Deposit Margins Loan Margins Mix / Other Q3'23 U.S. P&C NIM (%) -0.06 3.80 -0.06 -0.03 -0.01 Q2'23 Deposit Margins Deposit Balances Loan Margins Mix / Other Q3'23 1 Net interest margin (NIM) is the ratio of net interest income (NII) to average earning assets, expressed as a percentage or in basis points. Net interest margin excluding trading excludes net interest earned on trading assets. Average earning assets represents the daily average balance of deposits at central banks, deposits with other banks, securities borrowed or purchased under resale agreements, securities, and loans 2 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results BMOM Financial Results ⚫ August 29, 2023 13#14Q3'23 Non-Interest Expense Improving underlying trends from dynamic expense management • Adjusted¹ expenses up 33% Y/Y Y/Y Change in Non-Interest Expense ($MM) 46% Reported 33% Adjusted¹ (reported up 46%) Acquisitions³ contributed 21% to the increase in adjusted¹ expenses (reported 36%) Higher severance contributed 5% to adjusted¹ expense growth (reported 4%) Investments in sales force, technology and business development to drive revenue Adjusted¹ expenses up 6% Q/Q (reported up 1%) Growth primarily due to impact of severance costs and more days in the current quarter Reported 3,859 Adjusted¹ 3,761 2% 1% 2% Reported 4% Adjusted¹ 5,638 Reported 5% 21% 5,523 4,821 2% 1% 1% 5,011 Adjusted¹ Q3'22 FX Impact Perf. Based Compensation Acquisitions Severance Salary & Benefits Technology All Other Q3'23 Efficiency Ratio 1,2 (%) Trend 62.1 60.2 60.8 BMO ex BOTW 57.2 57.2 • Adjusted¹ efficiency ratio² 62.1% (reported 71.1%) or 60.8% excluding BOTW (reported 62.6%) Adjusted¹ 56.7 58.6 83.8 71.0 71.1 67.9 Reported Q3'22 43.7 Q4'22 Q1'23 62.6 BMO ex BOTW 58.9 Q2'23 Q3'23 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results 2 Reported and Adjusted net revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Efficiency Ratio is calculated based on Net Revenue and is also a non-GAAP measure. See slide 37 for more information and slide 40 for calculation of Net Revenue 3 Acquisitions include Bank of the West, AIR MILES and Radicle BMOM Financial Results ⚫ August 29, 2023 14#15Strong Q3'23 CET1 Ratio1 of 12.3% 12.2% Common Equity Tier 1 Ratio¹ +5 bps -12 bps +10 bps -12 bps +20 bps -3 bps 12.3% Q2'23 Internal capital generation DRIP Source currency RWA AIR MILES acquisition² Acquisition & integration costs and tax-related charge³ Other Q3'23 Q3'23 CET1 ratio¹ of 12.3%, up from Q2'23 Internal capital generation DRIP shares issued from treasury Lower source currency RWA primarily from asset size and methodology changes Partially offset by AIR MILES acquisition² Impact of acquisition and integration costs³ and charge related to Canadian tax measures³ Basis points may not add due to rounding 1 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline 2 AIR MILES acquisition impact includes capital deductions for goodwill and intangible assets and RWA resulting from the acquisition 3 Includes Q3'23 after-tax acquisition and integration costs and charge related to tax measures enacted by the Canadian government that amended the GST/HST definition for financial services ($370MM and $131MM respectively). Refer to the Non-GAAP and Other Financial Measures of the Third Quarter 2023 MD&A for further information BMOM . Financial Results ⚫ August 29, 2023 15#16Canadian Personal & Commercial Banking Record revenue and PPPT2 with good deposit and loan growth • Adjusted net income down 4% Y/Y (reported down 5%) Adjusted¹ PPPT² up 10% Y/Y (reported up 9%) Revenue up 10% Y/Y NII up 10% Y/Y with strong balance growth and higher margins NIM up 7 bps Q/Q and up 5 bps Y/Y NIR up 11% Y/Y due to the inclusion of AIR MILES and higher card related revenue Adjusted¹ expenses up 10% Y/Y (reported up 11%) reflecting higher employee-related expenses, including severance4, technology costs and the inclusion of AIR MILES Total provision for credit losses $269MM (Impaired provision of $209MM and performing provision of $60MM) Average loans up 7% Y/Y and 1% Q/Q ($MM) Reported Adjusted¹ Q3 23 Q2 23 Q3 22 Q3 23 Q2 23 Q3 22 Net Interest Income 2,129 1,983 1,938 2,129 1,983 1,938 Non-Interest Revenue 656 563 591 656 563 591 Revenue 2,785 2,546 2,529 2,785 2,546 2,529 Expenses Income before Taxes Net Income 1,256 1,126 1,134 1,529 1,420 1,395 269 228 1,260 1,192 1,245 1,122 1,134 1,540 1,424 1,395 89 269 228 89 1,306 1,271 1,196 1,306 915 861 965 923 864 965 Efficiency Ratio (%) ROE (%) 45.1 44.2 44.8 44.7 44.1 44.8 25.6 25.1 32.0 25.8 25.2 32.0 PPPT² Total PCL Net Income¹ and NIM Trends - - Personal & Business Banking up 6% Y/Y and 1% Q/Q Cards up 19% Y/Y and 7% Q/Q 2.72 2.66 Commercial³ up 7% Y/Y and flat Q/Q • Average deposits up 12% Y/Y and 3% Q/Q 2.70 2.70 2.77 965 965 917 917 980 980 861 864 915 923 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Reported Net Income ($MM) 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results Adjusted Net Income ($MM) --NIM (%) 2 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 3 Commercial loan growth excludes corporate cards and small business cards 4 Q3'23 severance costs $60MM pre-tax, $43MM after-tax BMOM Financial Results ⚫ August 29, 2023 16#17U.S. Personal & Commercial Banking Solid performance including contribution from Bank of the West in evolving market conditions Figures that follow are in U.S. dollars: Reported Adjusted¹ • Adjusted net income up $43MM or 10% Y/Y (reported down $14MM or 3%) (US$MM)² Q3 23 Q2 23 Q3 22 Q3 23 Q2 23 Q3 22 • • • Adjusted¹ PPPT³ up $136MM or 22% Y/Y (reported up $59MM or 10%), primarily due to the impact of BOTW Revenue² up $630MM or 51% Y/Y due to inclusion of BOTW; down $50MM Q/Q NII² up 55% Y/Y, down 3% Q/Q due to lower margins and balances consistent with industry trends NIM² down 16 bps Q/Q; up 10 bps Y/Y Adjusted¹ expenses up 82% Y/Y (reported up 94%) due to impact of BOTW; up 4% Q/Q (reported up 3%) due to severance and higher advertising costs Revenue (teb) Expenses PPPT³ Net Interest Income (teb) Non-Interest Revenue 1,550 314 1,589 1,001 1,550 1,589 1,001 325 1,864 1,914 1,234 233 314 325 233 1,864 1,914 1,234 1,175 1,134 604 1,097 1,056 603 689 780 630 767 858 631 Total PCL (recovery) 153 51 53 153 51 53 Income before Taxes 536 729 577 614 807 578 Net Income 431 581 445 489 638 446 Net Income (CDE$) 576 789 568 653 866 569 Efficiency Ratio (%) 63.0 59.3 49.0 58.8 55.2 48.9 Total provision for credit losses $153MM (impaired ROE (%) 6.9 9.6 16.5 7.9 10.6 16.6 provision $89MM and performing provision of $64MM) • Average loans up 53% Y/Y due to Bank of the West and down 1% Q/Q Net Income¹ and NIM² Trends 3.88 3.92 3.70 3.96 3.80 Average deposits up 41% Y/Y due to Bank of the West and down 3% Q/Q 638 581 488 489 520 521 489 445 446 431 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 ■Reported Net Income ($MM) ■Adjusted Net Income ($MM) -NIM (%) 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 2 Operating group revenue, NII, income taxes and Net Interest Margin are stated on a taxable equivalent basis (teb). This teb adjustment (Q3'23 $6MM, Q2'23 $6MM, Q3'22 $5MM) is offset in Corporate Services. Efficiency ratio is calculated based on revenue (teb). 3 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 4 Q3'23 severance costs US$20MM pre-tax, US$15MM after-tax (CDE$$26MM pre-tax, CDE $19MM after-tax) BMOM Financial Results ⚫ August 29, 2023 17#18BMO Wealth Management Good growth in client assets offset by term deposit migration Adjusted¹ and reported net income down 7% Y/Y Wealth and Asset Management adjusted¹ and reported net income down 16% Y/Y Revenue up 8% due to BOTW; underlying performance reflects growth from new client assets, offset by lower net interest income AUM and AUA both up 1% Q/Q due to growth in client assets and stronger global equity markets, partially offset by unfavourable foreign exchange movements Insurance net income up 34% Y/Y due to favourable market movements in the current year compared with unfavourable movements in the prior year Adjusted¹ and reported expenses up 15% Y/Y primarily due to BOTW, and higher employee-related expenses including severance4 Reported Adjusted¹ ($MM) Q3 23 Q2 23 Q3 22 Q3 23 Q2 23 Q3 22 Gross Revenue CCPB 1,422 1,960 1,705 1,422 1,960 4 591 413 4 591 1,705 413 Net Revenue² 1,418 1,369 1,292 1,418 1,369 1,292 Expenses 1,011 993 881 1,009 991 880 PPPT³ 407 376 411 409 378 412 Total PCL (recovery) 7 4 (10) 7 4 (10) Income before Taxes 400 372 421 402 374 422 Net Income 303 284 324 304 285 325 Wealth and Asset 222 221 263 223 222 264 Management NI Insurance NI 81 63 61 81 63 61 AUM/AUA ($B) 773 767 730 773 767 730 Efficiency Ratio² (%) 71.4 72.5 68.3 71.2 72.4 68.2 ROE (%) 17.8 17.8 24.3 17.8 17.9 24.4 Net Income¹ Trends 324 325 61 61 298 298 277 278 284 285 303 304 77 77 70 70 63 63 81 81 263 264 221 221 207 208 221 222 222 223 Reported Adjusted Reported Adjusted Reported Adjusted Reported Adjusted Reported Adjusted Q3'22 Q4'22 Q1'23 Wealth and Asset Management ($MM) Q2'23 Insurance ($MM) Q3'23 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 2 Reported and Adjusted Net Revenue and measures calculated based on Net Revenue are non-GAAP measures. Net Revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Efficiency ratio is calculated based on net revenue and is also a non-GAAP measure. See slide 37 for more information and slide 40 for calculation of net revenue 3 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 4 Q3'23 severance costs $26MM pre-tax, $19MM after-tax BMOM Financial Results ⚫ August 29, 2023 18#19BMO Capital Markets Solid revenue performance reflecting diversified businesses . • • Adjusted¹ and reported net income up 18% Y/Y Adjusted¹ PPPT³ up 17% Y/Y (reported up 16%) Revenue² up 17% Y/Y: Global Markets revenue up 7% due to higher trading activity Investment and Corporate Banking revenue up 35% reflecting prior-year markdowns on loan underwriting commitments, as well as higher corporate banking-related revenue Adjusted¹ and reported expenses up 17% Y/Y due to higher performance-based compensation, legal provisions and technology costs Total provision for credit losses of $10MM ($1MM provision on impaired loans and $9MM provision on performing loans) Reported Adjusted¹ ($MM)² Q3 23 Q2 23 Q3 22 Q3 23 Q2 23 Q3 22 Global Markets 870 935 813 870 935 813 I&CB Revenue (teb) Expenses PPPT³ 608 651 451 608 651 451 1,478 1,586 1,264 1,478 1,586 1,264 1,076 1,060 920 1,067 1,050 913 402 526 344 411 536 351 Total PCL (recovery) 10 17 (7) 10 17 (7) Income before Taxes 392 509 351 401 519 358 Net Income 310 380 262 316 388 266 U.S. Net Income ($US) 71 9 24 74 12 28 Efficiency Ratio (%) ROE (%) 72.8 66.8 72.7 72.2 66.1 72.2 10.2 13.3 8.5 10.4 13.6 8.7 Net Income¹ Trends 503 510 357 363 380 388 310 316 262 266 Q3'22 Q4'22 Reported Net Income ($MM) Q1'23 Q2'23 ■Adjusted Net Income ($MM) Q3'23 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 2 Operating group revenue and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment (Q3'23 $81MM, Q2'23 $84MM, Q3'22 $61MM) is offset in Corporate Services. Efficiency ratio is calculated based on revenue (teb). 3 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT 4 Q3'23 severance costs $37MM pre-tax, $27MM after-tax; Q3'22 severance costs $49MM pre-tax, $37MM after-tax BMOM Financial Results ⚫ August 29, 2023 19#20Corporate Services Adjusted¹ net loss of $159MM and reported net loss of $650MM, compared with an adjusted¹ net income of $7MM and reported net loss of $754MM in the prior year Reported results in the current quarter include the impact of: $363MM ($487MM pre-tax) acquisition and integration costs related to Bank of the West $131MM ($160MM pre-tax) related to tax measures enacted by the Canadian government that amended the GST/HST definition for financial services Reported Adjusted¹ ($MM) 2 Q3 23 Q2 23 Q2 22 Q3 23 Q2 23 Q3 22 Revenue (152) (157) (908) (11) (150) 37 Group teb offset (89) (92) (67) (89) (92) (67) Total Revenue (teb) (241) (249) (975) (100) (242) (30) Expenses³ 730 855 152 228 133 63 Total PCL (recovery) 3 705 (4) 3 (4) Income (Loss) before Taxes (974) (1,809) (1,123) (331) (375) (89) Net Income (Loss) (650) (1,255) (754) U.S. Net Income (Loss) ($US) 1 (176) (734) (525) (159) (187) 7 96 49 68 88 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 2 Operating group revenue, income taxes and associated measures are on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services 3 Q3'23 severance costs $77MM pre-tax, $54MM after-tax BMOM Financial Results ⚫ August 29, 2023 20#21Risk Review For the Quarter Ended July 31, 2023 Piyush Agrawal Chief Risk Officer Q3|23 BMO M B#22Provision for Credit Losses (PCL) PCL By Operating Group ($MM) Q3'23 Q2'23 Q3'22 $ bps $ bps $ bps Personal & Business Banking 174 33 163 32 94 19 Q3'23 PCL ratio on Impaired Loans¹ is 21 bps, up 5 bps Q/Q PCL on Impaired Loans ($MM) Commercial Banking 35 13 10 4 10 4 Total Canadian P&C 209 26 173 23 104 14 Personal & Business Banking 55 41 41 32 1 2 333 243 192 196 Commercial Banking 64 16 25 9 21 7 104 Total U.S. P&C 119 23 66 66 12 22 22 7 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 BMO Wealth Management 1 1 1 2 2 2 BMO Capital Markets 1 0 0 1 (22) (13) Corporate Services 3 n.m. 3 n.m. (2) n.m. PCL Ratio (bps) Reported 65 PCL on Impaired Loans 333 21 243 16 104 8 PCL on Performing Loans 159 10 780 50 32 2 30 Adjusted³ Total PCL - Reported 492 30 1,023 65 136 10 16 15 20 10 21 8 14 14 16 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 PCL on Impaired Loans' Total PCL² n.m. stands for not meaningful 1 Provision for credit losses on impaired loans over average net loan and acceptances, annualized and expressed in basis points 2 Provision for credit losses on total loans over average net loan and acceptances, annualized and expressed in basis points 3 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 38 for adjustments to reported results BMOM Risk Review August 29, 2023 22#23Allowance and Provision on Performing Loans Q3'23 Allowance on Performing Loans (APL) and PCL on Performing Loans (PCL) By Operating Group Q2'23 Q3'23 Foreign Q3'23 APL¹ PCL² exchange APL¹ & Other APL to Performing Loans (bps)³ The $159MM provision for credit losses on performing loans in the current quarter primarily reflected portfolio credit migration ($MM) Allowance on Performing Loans Ratio Personal & Business Banking 920 105 1,025 49 (bps) 51 53 Commercial Banking 411 (45) (16) 350 32 43 44 45 Total Canadian P&C 1,331 60 (16) 1,375 43 Personal & Business Banking 417 15 (11) 421 84 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Allowance on Performing Loans Ratio (bps)³ Commercial Banking 1,181 69 (30) 1,220 79 Total U.S. P&C 1,598 84 (41) 1,641 80 Impaired PCL Coverage Ratio BMO Wealth Management 36 6 (1) 41 10 5.90 BMO Capital Markets 333 9 342 44 4.90 4.10 4.25 3.42 Corporate Services 14 14 n.m. Total 3,312 159 (58) 3,413 53 Q3'22 Q4'22 n.m. stands for not meaningful 1 Q2'23 and Q3'23 includes APL on Other Assets of $22MM and $13MM, respectively and excludes APL on Securities of $6MM for both periods 2 Q3'23 PCL includes a PCL on Other Assets of $(10)MM and excludes PCL on Securities of $0.04MM 3 Allowance on performing loans over total gross performing loan and acceptances, expressed in basis points 4 Trailing 4-Quarter PCL on impaired loans includes Q2'23 and Q3'23 annualized BOTW PCL BMOM Q1'23 Q2'234 Q3'234 Allowance on performing loans over trailing 4-quarter PCL on impaired loans Risk Review August 29, 2023 23#24Gross Impaired Loans and Formations Formations • Gross Impaired Loans Gross Impaired Loans (GIL) ratio³ 44 bps, up 3 bps Q/Q By Industry ($MM, as at Q3'23) CA & CA & U.S. Total U.S. Total Other Other¹ Formations ($MM) Consumer 206 78 284 495 343 838 843 917 499 521 Service Industries 63 147 210 278 297 575 341 525 633 299 275 164 Retail Trade 41 3 44 174 212 386 177 200 246 318 284 Commercial Real Estate 20 40 60 95 108 203 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 ■Consumer Business & Government Wholesale Trade 49 69 118 75 125 200 Manufacturing Agriculture 27 32 13 35 48 84 13 40 26 97 181 Gross Impaired Loans ($MM) 66 89 155 2,658 2,844 1,954 1,991 2,027 Transportation 3 46 49 16 Construction (non-real estate) 3 16 19 62 Financial 2 38 40 Other Business and Government² 2 3 5 15 62 55 97 113 1,828 2,006 1,367 1,384 1,382 37 99 587 607 645 830 838 49 54 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 25 40 ■Consumer Business & Government Total Business and Government 223 410 633 870 1,136 2,006 GIL Ratio³ (bps) Total Bank 429 488 917 1,365 1,479 2,844 1 Total Business and Government includes approximately $4.9MM GIL from Other Countries 2 Other Business and Government includes industry segments that are each <1% of total GIL 3 Gross impaired loans over total gross loan and acceptances, expressed in basis points BMOM 44 41 36 35 36 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 • Risk Review August 29, 2023 24#25Loan Portfolio Overview Gross Loans & Acceptances (GL&A) Canada & Total % of By Industry 3 ($B, as at Q3'23) U.S. Other¹ BMO Total Portfolio is well diversified by geography and industry Canada & Other Countries Residential Mortgages 147.7 24.2 171.9 27% Consumer Instalment and Other Personal 70.4 33.2 103.6 16% 10% Cards 10.4 1.3 11.7 2% 31% Total Consumer 228.4 58.7 287.1 45% 59% Commercial Real Estate 34.2 32.5 66.7 10% Service Industries 27.5 37.4 64.9 10% Financial 16.3 46.6 62.9 10% U.S. Manufacturing 9.4 30.8 40.2 6% Retail Trade 16.6 12.5 29.1 5% 16% 22% Wholesale Trade 6.7 15.8 22.5 3% Agriculture 12.9 4.8 17.7 3% Transportation 4.9 9.5 14.4 2% Utilities 7.9 3.8 11.7 2% 62% Construction (non-real estate) 2.6 5.4 8.0 1% Other Business and Government² 12.4 6.4 18.8 3% Total Business and Government 151.3 205.5 356.8 55% Total Gross Loans & Acceptances 379.7 264.2 643.9 100% ■P&C/BMO Wealth Management - Consumer ■P&C/BMO Wealth Management - Business & Government BMO Capital Markets 1 Includes approximately $10.9B from Other Countries 2 Other Business and Government includes all industry segments that are each <1% of total loans 3 Totals may not add due to rounding BMOM Risk Review August 29, 2023 25#26Commercial Real Estate Commercial Real Estate (CRE) portfolio at $66.7B represents 10% of total bank GL&A Portfolio is well diversified across businesses, property types and geographies Well managed with consistent and conservative underwriting standards resulting in strong credit quality; investment grade (58%), with low watchlist (2%) and impaired (0.3%) Strong performance: CRE average impaired PCL over the last decade nil vs. 12 bps for the Business & Government portfolio CRE diversification by property type ($B)5 Ontario 20% CRE by Geography² British Columbia 14% Canada & Others 51% Quebec 7% Alberta 5% Nova Scotia 3% $66.7B Other Canada 3% Other U.S. 20% U.S. 49% California 13% Texas 5% Arizona 2% New York 3% Florida 2% Illinois 3% Canada & Property Type U.S. Total Others Multi-Residential 10.6 7.5 18.1 Industrial 5.9 6.1 12.0 Single Family Residence 6.0 1.8 7.8 Office1 2.2 5.4 7.6 Medical Retail Office 3.1 4.1 7.2 13% Hospitality, Healthcare & Diversified REITS 0.7 3.5 4.2 Mixed Use 3.1 0.3 3.4 $7.6B Other³ 2.5 3.9 6.4 Total Commercial Real Estate 34.2 32.5 66.7 REIT 12% Total Gross Loans & Acceptances 379.7 264.2 643.9 1 GL&A in Office has been revised to better align with the sub-property type within the CRE portfolio 2 Based on the location of the collateral or the borrower for REITS 3 Other includes Commercial Real Estate loans for self-storage, parking, marinas, and other minor sub-categories 4 Other U.S. and Other Canada includes geographies that are each less than 2% of the total CRE GL&A 5 Totals may not add due to rounding BMOM Traditional Office Top 5 Cities Urban 33% GL&A Cities ($B) Los Angeles, CA 0.40 Bellevue, WA 0.25 New York, NY 0.19 Chicago, IL 0.17 Suburban 42% Vancouver, BC 0.16 Risk Review August 29, 2023 26#27Appendix BMOM • Risk Review August 29, 2023 27#28Canadian Residential-Secured Lending Total Canadian residential-secured lending portfolio at $196.2B, representing 30% of total loans LTV1 on uninsured of 51% 90-day delinquency rate for RESL remains good at 14 bps; loss rates for the trailing 4 quarter period were less than 1 bp 2% of uninsured RESL balances are to borrowers with <680 FICO and >70% LTV1 Residential-Secured Lending by Region ($196.2B) $94.1 $38.7 26% 26% $31.0 29% $20.2 59% 62% 41% 16% Residential mortgage portfolio of $147.7B $7.7 36% $4.5 13% 29% of portfolio insured 16% 44% 30% 15% 48% 35% 12% 43% 49% LTV1 on uninsured of 55% Atlantic Quebec Ontario Alberta British Canada - 54% of the mortgage portfolio has an effective remaining amortization of 25 years or less Columbia Other HELOC Uninsured Mortgages ■Insured Mortgages HELOC portfolio of $48.5B outstanding of which 73% is amortizing Condo Mortgage portfolio is $22.8B with 27% insured GTA and GVA portfolios demonstrate better LTV1, delinquency rates and bureau scores compared to the national average HELOC - Revolving Mortgage - Uninsured $104.2B / 53% $13.0B/ 7% Avg. LTV¹ Uninsured Atlantic Quebec Ontario Alberta British Columbia Canada Other Total Canada HELOC - Amortizing $35.5B / 18% Mortgage Portfolio $196.2B 55% 56% 56% 59% 52% 54% 55% HELOC Origination 70% Portfolio 71% 70% 73% 67% 73% 70% 47% 50% 45% 52% 45% 46% 46% Mortgage - Insured $43.5B/ Origination 63% 69% 60% 64% 61% 69% 62% 22% 1 LTV is the ratio of outstanding mortgage balance or the HELOC authorization to the original property value indexed using Teranet data. Portfolio LTV is the combination of each individual mortgage or HELOC LTV weighted by the mortgage balance or HELOC authorization BMOM • Risk Review August 29, 2023 28#29• . Canadian RESL Portfolio: Renewal profile in the next 12 months RESL renewal risk is reduced by borrower capacity, equity and quality The impact of higher interest rates on payments is primarily realized upon renewal for both fixed and variable rate products Variable rate products with fixed payments are generally impacted through an extension of amortization until renewal. At renewal, the product reverts to the original amortization schedule, which may require additional payments • Canadian RESL Portfolio Renewing in next 12 months² Uninsured with Bureau Score < 680 LTV3 >70% $196B Variable 39%¹ Fixed 61% Insured 27% $47MM $21B > $1.3B O Uninsured 73% Of the uninsured balances up for renewal in the next 12 months² (approximately $15B): Average Bureau Score is 797 - - 91% have a score of at least 680 This slide contains forward-looking statements, please refer to the Caution Regarding Forward-Looking Statements on slide 2 The above exhibit is not to scale 1 Includes Home Equity Line of Credit, or HELOC (revolving) product 2 Renewal period: August 1st, 2023, through July 31st, 2024 3 Loan to Value (LTV) is the ratio of outstanding mortgage balance or the HELOC authorization to the original property value indexed using Teranet data BMOM Risk Review August 29, 2023 29#30Trading-related Net Revenues and Value at Risk May 1, 2023 to July 31, 2023 (pre-tax basis and in millions of Canadian dollars) 40 30 20 10 0 (10) (20) (30) (40) (50) BMOM Daily Revenue Total Trading VaR سلا Risk Review August 29, 2023 • 30#31• • Advancing our Digital First strategy Continuing to deliver on our Digital First agenda Enhanced the BMO Business Express (BBX) experience in Canada, including national launch of account opening / onboarding journeys and introduction of specialty lending capabilities for businesses owned by Black and Indigenous Entrepreneurs Launched BMO V-PAYO in the U.S., a corporate card offering that positions us to gain new client relationships, drive revenue and increase our competitive advantage with payment solutions Continued to modernize the Canadian digital payment journey and improve the customer experience, including platform upgrades, enhanced fraud detection capabilities and increased transaction limits Driving digital engagement Active Digital Users, Retail (000)¹ 3,546 +7% 3,801 Q3'22 Q3'23 Self-serve Transaction (%)² Digital Sales Growth (%)³ 91% +48% Active Digital Users, Commercial Banking (000)4 238 +8% Recognized for industry leadership Named Overall Leader in the 2023 Javelin Canadian Mobile Banking Study, recognized for Financial Fitness, Money Movement, and Account Opening Ranked first in customer satisfaction with online banking in the JD Power5 2023 Canada Online Banking Satisfaction Study Ranked #1 in Account Management, Digital Money Management, and Alerts in the 2023 Insider Intelligence Canadian Mobile Banking Emerging Features Benchmark Named one of the Best Workplaces for Innovators by Fast Company, the only financial institution among the top 30 E javelin FAST COMPANY IDPOWER 256 CANADIAN DIGITAL BANKING SCORECARD INSIDER INTELLIGENCE AWARD Q3'22 Q3'23 Data does not include Bank of the West 1 Active digital users is number of retail deposit customers in North America that logged into online or mobile in the last 90 days 2023 2 Self-serve transactions are transactions that occur in online, mobile, ATM, telephone banking; May 2023 - July 2023 3 Digital sales is 12 month rolling average for the 12 months preceding the end of the fiscal quarter and include chequing, savings, credit card, loans, mortgage, overdraft (CAD) and CD, MM (US); % growth is Q3'23 over Q3'22 4 OLBB clients in North American commercial, corporate and business banking 5 For more information, refer to www.jdpower.com/business BMOM BEST WORKPLACES FOR INNOVATORS 2023 Strategic Highlights ⚫ August 29, 2023 • 31#32Canadian Personal & Commercial Banking - Balances Average Gross Loans & Acceptances ($B) Average Deposits ($B) 268.3 276.6 312.7 316.2 295.2 129.3 131.6 121.4 246.8 191.1 187.6 168.1 6.4 6.4 6.1 58.7 58.7 57.6 10.8 11.6 9.7 100.5 107.5 107.9 78.7 80.7 85.5 Q3'22 Q2'23 Q3'23 Q3'22 Q2'23 Q3'23 Commercial' Consumer Loans Residential Mortgages ■Credit Cards Business Banking Average loans up 7% Y/Y and 1% Q/Q Proprietary mortgages and amortizing HELOC up 8% Y/Y and 2% Q/Q Cards up 19% Y/Y and 7% Q/Q Business Banking up 6% Y/Y and flat Q/Q Commercial¹ up 7% Y/Y and flat Q/Q As at loans up 6% Y/Y and 2% Q/Q ■Commercial Deposits Personal & Business Banking Deposits Average deposits up 12% Y/Y and 3% Q/Q • Personal Business Banking up 14% Y/Y and 2% Q/Q Chequing and Savings down 11% Y/Y and 2% Q/Q • Term up 53% Y/Y and 5% Q/Q Commercial deposits up 9% Y/Y and 6% Q/Q • As at deposits up 12% Y/Y and 3% Q/Q 1 Commercial lending excludes commercial and small business cards. Commercial and small business cards balances represented 13% of total credit card portfolio in Q3'22, Q2'23 and Q3'23 BMOM . Financial Results ⚫ August 29, 2023 32#33U.S. Personal & Commercial Banking - Balances Figures on this slide are in U.S. dollars¹ Average Gross Loans & Acceptances ($B) 159.8 157.6 Average Deposits ($B) 163.1 • 103.2 15.3 37.9 38.8 121.9 118.8 87.9 Q3'22 ■Commercial Q2'23 Q3'23 Personal & Business Banking 157.6 74.1 73.0 111.8 48.5 89.0 84.6 63.3 Q3'22 Q2'23 Q3'23 ■Commercial Personal & Business Banking Average loans & acceptances up 53% Y/Y primarily due to Bank of the West and down 1% Q/Q Commercial up 35% Y/Y and down 3% Q/Q Personal & Business Banking up over 100% Y/Y and up 2% Q/Q As at loans & acceptances up 49% Y/Y and down 2% Q/Q • Average deposits up 41% Y/Y primarily due to Bank of the West and down 3% Q/Q Commercial up 34% Y/Y and down 5% Q/Q Personal & Business Banking up 50% Y/Y and down 2% Q/Q As at deposits up 42% Y/Y and down 1% Q/Q 1 Average FX Rates (CDN/US dollar): Q3'23 1.3331; Q2'23 1.3564; Q3'22: 1.2774 BMOM Financial Results ⚫ August 29, 2023 33#34Asset Yields¹ and Liabilities Costs² Average Earning Assets ($B) and Yield (%) Average Liabilities ($B) and Costs² (%) 4.85% 5.06% 2.87% 3.54% 4.18% Yield on Total Average Earning Assets 2.65% 3.08% 3.30% 2.02% 1.13% Cost on Total Liabilities 1,165 1,161 1,079 1,022 973 3.81% 4.52% 5.14% 513 542 552 5.68% 634 (5.87% 633 1,194 1,191 1,054 1,101 1,004 0.68% 1.31% 1.96% 2.18% 2.45% 517 537 550 636 629 1.83% 2.44% 3.18% 3.86% 4.09% 1.93% 3.41% 4.08% 4.89% 5.08% 460 480 527 531 528 404 416 451 468 472 83 101 100 90 90 Q3'22 Q4'22 Gross Loans Q1'23 Q2'23 Q3'23 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Other Interest Bearing Assets³ Customer Deposits Other Non-Interest Bearing Liabilities Other Interest Bearing Liabilities4 % in above charts indicate yield on asset balance % O in above charts indicate cost on liability balance Prior periods have been reclassified to conform with current period presentation 1 Gross loan yield is calculated as interest income on loans as a percentage of average gross loans 2 Liabilities Cost is calculated as Total interest expense as a percentage of average liabilities 3 Other interest bearing assets balances include deposits with other banks, securities, securities borrowed or purchased under resale agreements and other interest bearing assets. Yield on other interest bearing assets is calculated as interest and dividend income on deposits with other banks, securities, securities borrowed or purchased under resale agreements and other interest bearing assets as a percentage of associated average balances 4 Other interest bearing liabilities balances include wholesale funding, securities sold but not yet purchased and securities lent or sold, subordinated debt and other interest bearing liabilities. Cost on other interest bearing liabilities is calculated as interest expense on wholesale funding, securities sold but not yet purchased and securities lent or sold, subordinated debt and other interest bearing liabilities as a percentage of associated average balances BMOM . Financial Results ⚫ August 29, 2023 34#35Interest Rate Sensitivity • Year 1 benefit to an incremental +100bps rate shock increased Q/Q - July 31, 2023 risk metrics reflect relatively neutral positioning Year 2 benefit to rising rates (+100bps) of approximately $700MM driven by long rates and the continued reinvestment of capital and deposits Effective deposit betas remained at elevated levels in Q3, as customers continued to rotate into higher rate products, both on and off-balance sheet Cumulative effective deposit beta³ for this interest rate cycle has been approximately 49%, comparable to our modeled assumptions Earnings sensitivities over the next 12 months¹ Q3'23 4.50 4.00 3.50 3.00 2.50 di +25 bps 2.00 Pre-Tax CDE ($MM) +100 bps -25 bps -100 bps Short Rates 1.50 Canada² 42 (12) (53) (14) 1.00 0.50 U.S. 266 (75) (294) 45 0.00 Total 308 (87) (348) 31 Term rates increased in Q3'23 and continue to be volatile, reinvestment rates have reached the highest point in recent years Sustained higher long-term investment rates continue to support NIM going forward, providing some offset to increased pricing pressure on deposit products -CAD 5-Yr Swap Rates ---CAD 5-yr Avg Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 - -USD 5-Yr Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 -USD 5-yr Avg Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Source: Bloomberg, updated through Aug 03, 2023 This slide contains forward-looking statements, please refer to the Caution Regarding Forward-Looking Statements on slide 2 1 For more details see the Structural (Non-Trading) Market Risk section of BMO's Third Quarter 2023 MD&A 2 Includes Canadian dollar and other currencies 3 Includes impact of deposit rotation out of non-interest bearing into interest bearing, as well as net deposit declines in the U.S. 4 Chart displays historical CORRA swap rates and SOFR swap rates BMOM Financial Results ⚫ August 29, 2023 35 Apr-23 Jul-23#36Q3 F2023 - Bank of the West Contribution to U.S. Segment U.S. Segment Reported U.S. Segment Adjusted¹ (US$MM) BMO ex. BOTW BMO ex. BOTW BMO BOTW BMO BOTW Revenue 2,010 787 2,797 2,012 787 2,799 Expenses 1,190 1,006 2,196 1,189 561 1,750 PPPT² 820 (219) 601 823 226 1,049 Total PCL 91 74 165 91 74 165 Income (Loss) before Taxes 729 (293) 436 732 152 884 Net Income (Loss) 571 (207) 364 573 124 697 Efficiency Ratio (%) 59.2 127.8 78.5 59.1 71.2 62.5 See the Recent Acquisitions section of BMO's Third Quarter 2023 MD&A for more information 1 Adjusted results and measures are non-GAAP, see slide 37 for more information and slide 39 for adjustments to reported results 2 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 41 for calculation of PPPT BMOM Financial Results ⚫ August 29, 2023 36#37Non-GAAP and Other Financial Measures Results and measures in this document are presented on a GAAP basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non-GAAP basis. We believe that these non-GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results. Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non-interest expense and income taxes, as detailed on slide 38. Adjusted results and measures presented in this document are non-GAAP. Presenting results on both a reported basis and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing business performance. As such, the presentation may facilitate readers' analysis of trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results. Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results. Examples of non-GAAP amounts, measures or ratios include: efficiency, leverage and PCL ratios and growth rates calculated using revenue presented net of CCPB; pre-provision pre-tax income; tangible common equity; amounts presented net of applicable taxes; adjusted net income, revenues, non-interest expenses, provision for credit losses, earnings per share, ROE, and other adjusted measures which exclude the impact of certain items such as acquisition and integration costs, amortization of acquisition-related intangible assets, impact of divestitures, restructuring costs, management of fair value changes on the purchase of Bank of the West, and initial provision for credit losses on Bank of the West purchased loan portfolio. BMO provides supplemental information on combined operating segments to facilitate comparisons to peers. Certain information contained in BMO's Third Quarter 2023 Management's Discussion and Analysis dated August 29, 2023, for the period ended July 31, 2023 ("Third Quarter 2023 MD&A") is incorporated by reference into this document, including the Summary Quarterly Earnings Trend section in the Third Quarter 2023 MD&A. Quantitative reconciliations of non-GAAP and other financial measures to the most directly comparable financial measures in BMO's financial statements for the period ended July 31, 2023, an explanation of how non-GAAP and other financial measures provide useful information to investors and any additional purposes for which management uses such measures, can be found in the Non-GAAP and Other Financial Measures section of the Third Quarter 2023 MD&A. Further information regarding the composition of our non-GAAP and other financial measures is provided in the Glossary of Financial Terms section of the Third Quarter 2023 MD&A. The Third Quarter 2023 MD&A is available on the Canadian Securities Administrators' website at www.sedarplus.ca and BMO's website at www.bmo.com/investorrelations. BMOM Financial Results ⚫ August 29, 2023 37#38Non-GAAP and Other Financial Measures8 (87) (23) (1) Reported net income included the impact of divestitures of our EMEA and U.S. Asset Management business. Q3-2022 included expenses of $6 million ($7 million pre-tax). Q2-2022 included a gain of $6 million ($8 million pre-tax) relating to the transfer of certain U.S. asset management clients recorded in revenue, and expenses of $15 million ($18 million pre-tax), both related to the sale of our EMEA Asset Management business. Q1-2022 included a $29 million (pre-tax and after-tax) loss relating to foreign currency translation reclassified from accumulated other comprehensive income to non-interest revenue, a $3 million pre-tax net recovery of non- interest expense, including taxes of $22 million on closing of the sale of our EMEA Asset Management business. These amounts were recorded in Corporate Services (2) Reported net income included revenue (losses) related to the acquisition of Bank of the West resulting from the management of the impact of interest rate changes between the announcement and closing on its fair value and goodwill. Q1-2023 included a loss of $1,461 million ($2,011 million pre-tax), comprising $1,628 million of pre-tax mark-to-market losses on certain interest rate swaps recorded in trading revenue and $383 million of pre-tax losses on a portfolio of primarily U.S. treasuries and other balance sheet instruments recorded in net interest income. Q3-2022 included a loss of $694 million ($945 million pre-tax), comprising $983 million of pre-tax mark-to-market losses and $38 million pre-tax net interest income. Q2-2022 included revenue of $2,612 million ($3,555 million pre-tax), comprising $3,433 million of pre-tax mark-to- market gains and $122 million pre-tax net interest income. Q1-2022 included revenue of $413 million ($562 million pre-tax), comprising $517 million of pre-tax mark-to-market gains and $45 million pre-tax net interest income. These amounts were recorded in Corporate Services. For further information on this acquisition, refer to the Recent Acquisitions section of the Third Quarter 2023 MD&A (3) Q3-2023 reported net income included a net recovery of $3 million ($4 million pre-tax) related to a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, comprising a $3 million pre-tax interest expense, net of a $7 million pre-tax adjustment to the provision recorded in non-interest expense. Q2-2023 included a provision of $6 million ($7 million pre-tax). YTD-2023 included $9 million ($11 million pre-tax), comprising interest expense of $16 million pre-tax and a $5 million pre-tax recovery of non-interest expense, including legal fees of $2 million pre-tax. For further information, refer to the Provisions and Contingent Liabilities section in Note 24 of the audited annual consolidated financial statements of BMO's 2022 Annual Report (4) Reported net income included the impact of certain tax measures enacted by the Canadian government. Q3-2023 included a charge of $131 million ($160 million pre-tax) related to the amended GST/HST definition for financial services, comprising $115 million ($138 million pre-tax) recorded in non-interest revenue and $16 million ($22 million pre-tax) recorded in non-interest expense. Q1-2023 included a one-time tax expense of $371 million comprising a Canada Recovery Dividend (CRD) of $312 million and $59 million related to the pro-rated fiscal 2022 (100) impact of the 1.5% tax rate increase, net of a deferred tax asset remeasurement. These amounts were recorded in Corporate Services 2,308 83. 314 (87) (5) Q2-2023 reported net income included an initial provision for credit losses of $517 million ($705 million pre-tax) on the purchased Bank of the West performing loan portfolio, recorded in Corporate Services. (6) Reported net income included acquisition and integration costs recorded in non-interest expense. Costs related to the acquisition of Bank of the West were recorded in Corporate Services: Q3-2023 included $363 million ($487 million pre-tax), Q2-2023 included $545 million ($722 million pre-tax), Q1-2023 included $178 million ($235 million pre-tax), Q3-2022 included $61 million ($82 million pre-tax), Q2-2022 included $26 million ($35 million pre-tax) and Q1-2022 included $7 million ($8 million pre-tax). Costs related to the acquisitions of Radicle and Clearpool were recorded in BMO Capital Markets: Q3-2023 included $1 million ($2 million pre-tax), Q2-2023 included $2 million ($2 million pre-tax), Q1-2023 included $3 million ($4 million pre-tax), Q3- 2022 included $1 million ($2 million pre-tax), Q2-2022 included $2 million ($2 million pre-tax) and Q1-2022 included $3 million ($4 million pre-tax). Costs related to the acquisition of AIR MILES were recorded in P&C Canada: Q3-2023 included $6 million ($8 million pre-tax) and Q2-2023 included $2 million ($3 million pre-tax) (7) Reported net income included amortization of acquisition-related intangible assets recorded in non-interest expense in the related operating group: Q3-2023 and Q2-2023 both included $85 million ($115 million pre-tax), Q1-2023 included $6 million ($8 million pre-tax), Q3-2022 included (2,073) $5 million ($7 million pre-tax), and Q2-2022 and Q1-2022 both included $6 million ($8 million pre-tax) (8) For more information, refer to slide 37, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the Third Quarter 2023 MD&A (Canadian $ in millions, except as noted) Q3 23 Q2 23 Q3 22 Reported Net interest income 4,905 4,814 4,197 YTD 23 13,740 YTD 22 Results Non-interest revenue 3,024 3,626 1,902 9,099 Revenue 7,929 8,440 6,099 22,839 12,118 11,022 23,140 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) (4) (591) (413) (1,788) 314 Revenue, net of CCPB 7,925 7,849 5,686 21,051 23,454 Provision for credit losses (492) (1,023) (136) (1,732) Non-interest expense (5,638) (5,573) (3,859) (15,632) (11,418) Income before income taxes Provision for income taxes Net income Diluted EPS ($) 1,795 1,253 1,691 3,687 (341) (194) (326) (927) 11,949 (2,895) 1,454 1,059 1,365 2,760 1.97 1.30 1.95 3.60 Adjusting Impact of divestitures (1) Items Management of fair value changes on the purchase of Bank of the West (2) (945) (Pre-tax) Legal provision (3) (3) (7) (2,011) (16) 9,054 13.45 (21) 3,172 Impact of Canadian tax measures (4) (138) (138) Impact of adjusting items on revenue (pre-tax) (141) (7) (945) (2,165) 3,151 Initial provision for credit losses on purchased performing loans (pre-tax) (5) Acquisition and integration costs (6) (705) (705) (497) (727) (84) (1,463) Amortization of acquisition-related intangible assets (7) (115) (115) (7) (238) (133) (23) Impact of divestitures (1) Legal provision (3) Impact of Canadian tax measures (4) (7) (22) 7 5 (22) (22) Impact of adjusting items on non-interest expense (pre-tax) (627) (842) (98) (1,718) Impact of adjusting items on reported net income (pre-tax) (768) (1,554) (1,043) (4,588) (178) 2,973 Adjusting Impact of divestitures (1) Items Management of fair value changes on the purchase of Bank of the West (2) (694) (1,461) 2,331 (After-tax) Legal provision (3) (2) (6) Impact of Canadian tax measures (4) (115) (13) (115) Impact of adjusting items on revenue (after-tax) (117) (6) (694) Initial provision for credit losses on purchased performing loans (after-tax) (5) (517) (1,589) (517) Acquisition and integration costs (6) (370) (549) (62) (1,100) Amortization of acquisition-related intangible assets (7) (85) (85) (5) (176) (17) Impact of divestitures (1) (6) (40) Legal provision (3) 5 4 Impact of Canadian tax measures (4) (16) (16) Impact of adjusting items on non-interest expense (after-tax) (466) (634) (73) Impact of Canadian tax measures (4) Impact of adjusting items on reported net income (after-tax) (583) (1,157) (767) (1,288) (371) (3,765) (157) Impact on diluted EPS ($) (0.81) (1.63) (1.14) (5.33) Adjusted Net interest income 4,908 4,821 4,159 14,139 2,151 3.25 11,913 Results Non-interest revenue 3,162 3,626 2,885 10,865 8,076 Revenue 8,070 8,447 7,044 25,004 19,989 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) (4) (591) (413) (1,788) Revenue, net of CCPB 8,066 7,856 6,631 23,216 20,303 Provision for credit losses (492) (318) (136) (1,027) Non-interest expense (5,011) (4,731) (3,761) Income before income taxes Provision for income taxes Net income Diluted EPS ($) BMOM 2,563 2,807 2,734 (526) (591) (602) 2,037 2,216 2,132 2.78 2.93 3.09 (13,914) 8,275 (1,750) 6,525 8.93 (11,240) 8,976 6,903 10.20 . Financial Results ⚫ August 29, 2023 38#39Summary of Reported and Adjusted Results by Operating Group (Canadian $ in millions unless otherwise stated) Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Canadian P&C Reported Net Income 915 861 980 917 965 YTD 23 2,756 YTD 22 2,909 Acquisition and integration costs 6 2 8 Amortization of acquisition-related intangible assets 2 1 3 1 Adjusted Net Income 923 864 980 917 965 2,767 2,910 U.S. P&C Reported Net Income 431 581 520 488 445 1,532 1,445 (USD) Amortization of acquisition-related intangible assets 58 57 1 1 1 116 Adjusted Net Income 489 638 521 489 446 1,648 3 1,448 BMO Wealth Management Reported Net Income 303 284 277 298 324 864 953 Amortization of acquisition-related intangible assets 1 1 1 1 3 3 Adjusted Net Income 304 285 278 298 325 867 956 BMO Capital Markets Reported Net Income 310 380 503 357 262 1,193 1,415 Acquisition and integration costs 1 2 3 2 1 6 6 Amortization of acquisition-related intangible assets 5 6 4 4 3 15 10 Adjusted Net Income 316 388 510 363 266 1,214 1,431 Corporate Services Reported Net Income (650) (1,255) (2,211) 2,251 (754) (4,116) 1,940 Impact of divestitures Management of Fair Value Changes on the Purchase of Bank of the West 1,461 (8) (3,336) 6 63 694 1,461 (2,331) Acquisition and integration costs 363 545 178 143 61 1,086 94 Legal provision (3) 6 6 846 9 Impact of Canadian tax measures 131 371 502 Initial provision for credit losses on purchased performing loans 517 517 Adjusted Net Income (159) (187) (195) Total Bank Reported Net Income 1,454 1,059 247 (104) 4,483 7 (541) (234) 1,365 2,760 9,054 Impact of divestitures (8) 6 63 Management of Fair Value Changes on the Purchase of Bank of the West 1,461 (3,336) 694 1,461 (2,331) Acquisition and integration costs 370 549 181 145 62 1,100 100 Amortization of acquisition-related intangible assets 85 85 6 6 ཤ 5 176 17 Legal Provisions (3) 6 6 846 9 Impact of Canadian tax measures 131 371 Initial provision for credit losses on purchased performing loans 517 Adjusted Net Income 2,037 2,216 2,272 2,136 2,132 U.S. Segment (USD) Reported Net Income 364 (104) (558) 2,306 (28) Impact of divestitures (3) Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs 275 Amortization of acquisition-related intangible assets 60 Legal provision Initial provision for credit losses on purchased performing loans Adjusted Net Income 697 །gཅམྨཛཾ 1,093 (2,470) 545 400 132 106 | |gø །བྷབ 502 517 6,525 6,903 (298) 3,773 (42) 1,093 (1,842) 49 807 79 61 4 4 5 125 13 4 5 621 7 379 379 740 676 564 571 2,113 1,981 Refer to footnotes (1) to (8) in the Non-GAAP and other Financial Measures table on slide 38 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the Third Quarter 2023 MD&A for further information BMOM Financial Results ⚫ August 29, 2023 39#40Net Revenue, Efficiency Ratio and Operating Leverage Q4 22 Q3 22 Canadian $ in millions unless otherwise stated) Q3 23 Q2 23 Q1 23 YTD 23 YTD 22 Total Bank Total revenue 7,929 8,440 6,470 10,570 6,099 22,839 23,140 Reported Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 4 591 1,193 (369) 413 1,788 (314) Revenue, net of CCPB 7,925 7,849 5,277 10,939 5,686 21,051 23,454 Non-interest expense 5,638 5,573 4,421 4,776 3,859 15,632 11,418 Efficiency ratio 71.1 % 66.0 % 68.3 % 45.2 % 63.3 % 68.4 % 49.3 % Efficiency ratio, net of CCPB 71.1 % 71.0 % 83.8 % 43.7 % 67.9 % 74.3 % 48.7 % Revenue growth 30.0 % (9.4)% (16.2)% 60.9 % (19.4)% (1.3)% 12.3 % Revenue growth, net of CCPB 39.3 % (22.5)% (31.0)% 68.9 % (13.6)% (10.3)% 21.5 % Non-interest expense growth 46.1 % 50.0 % 15.0 % 25.6 % 4.8 % 36.9 % (2.5)% Operating leverage (16.1)% (59.4)% (31.2)% 35.3 % (24.2)% (38.2)% 14.8 % Operating Leverage, net of CCPB (6.8)% (72.5)% (46.0)% 43.3% (18.4)% (47.2)% 24.0 % Total Bank Total revenue 8,070 8,447 8,487 6,544 7,044 25,004 19,989 Adjusted (1) Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 4 591 1,193 (369) 413 1,788 (314) Revenue, net of CCPB 8,066 7,856 7,294 6,913 6,631 23,216 20,303 Non-interest expense 5,011 4,731 4,172 3,954 3,761 13,914 11,240 Efficiency ratio, net of CCPB 62.1 % 60.2% 57.2 % 57.2 % 56.7 % 59.9% 55.4 % Revenue growth, net of CCPB 21.6 % 19.7 % 2.6 % 6.7 % 0.8 % 14.3 % 5.3 % Non-interest expense growth 33.2 % 29.5 % 9.0 % 6.3% 2.7 % 23.8 % 3.8% Operating Leverage, net of CCPB (11.6)% (9.8)% (6.4)% 0.4 % (1.9)% (9.5)% 1.5 % BMO Wealth Management Total revenue Reported 1,422 1,960 2,504 930 1,705 5,886 3,594 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 4 591 1,193 (369) 413 1,788 (314) Revenue, net of CCPB 1,418 1,369 1,311 1,299 1,292 4,098 3,908 Non-interest expense 1,011 993 946 901 881 2,950 2,663 Efficiency ratio 71.1 % 50.6 % 37.8 % 96.8 % 51.7 % 50.1 % 74.1 % Efficiency ratio, net of CCPB 71.4 % 72.5 % 72.1 % 69.3 % 68.3 % 72.0 % 68.2 % Revenue growth Revenue growth, net of CCPB (16.6)% 9.8 % 305.1 % 78.2 % (39.3)% (29.7)% 63.8 % (34.9)% 5.9 % (0.9)% (9.7)% (10.4)% 4.9 % (7.3)% Non-interest expense growth 14.8 % 13.6 % 4.2 % (8.9)% (6.6)% 10.8 % (6.7)% Operating leverage (31.4)% 291.5 % 74.0 % (30.4)% (23.1)% 53.0% (28.2)% Operating Leverage, net of CCPB (5.0)% (7.7)% (5.1)% (0.8)% (3.8)% (5.9)% (0.6)% BMO Wealth Management Adjusted (1) Total revenue 1,422 1,960 2,504 930 1,705 5,886 3,594 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) Revenue, net of CCPB 4 591 1,193 (369) 413 1,788 (314) 1,418 1,369 1,311 1,299 1,292 4,098 3,908 Non-interest expense 1,009 991 945 900 880 2,945 2,659 Efficiency ratio, net of CCPB 71.2 % 72.4 % 72.0 % 69.2 % 68.2 % 71.9 % 68.1 % Revenue growth, net of CCPB 9.8 % 5.9 % (0.9)% (9.7)% (10.4)% 4.9 % (7.3)% Non-interest expense growth Operating Leverage, net of CCPB 14.7 % (4.9)% 13.5 % (7.6)% 4.2 % (8.6)% (6.2)% 10.7 % (6.0)% (5.1)% (1.1)% (4.2)% (5.8)% (1.3)% Refer to footnotes (1) to (8) in the Non-GAAP and other Financial Measures table on slide 38 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the Third Quarter 2023 MD&A for further information BMOM Financial Results ⚫ August 29, 2023 40#41Pre-Provision, Pre-Tax Earnings (PPPT) Reconciliation. (Canadian $ in millions unless otherwise stated) Total Bank Reported Income before taxes Total provision for (recovery of) credit losses Q3 23 1,795 Q2 23 1,253 Q1 23 Q4 22 Q3 22 YTD 23 YTD 22 639 5,937 1,691 3,687 11,949 492 1,023 217 226 136 1,732 87 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 2,287 2,276 856 6,163 1,827 5,419 12,036 Impact of divestitures 6 (7) (43) Management of Fair Value Changes on the Purchase of Bank of the West (2,011) 4,541 (945) (2,011) 3,172 Acquisition and integration costs (497) (727) (239) (193) (84) (1,463) (133) Amortization of acquisition-related intangible assets (115) (115) (8) (8) (7) (238) (23) Legal provision 4 (8) (1,142) (11) U.S. Segment (USD) Impact of Canadian tax measures Reported Income (loss) before taxes (160) (160) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 3,055 3,125 3,122 2,959 2,870 9,302 9,063 436 (203) (841) 3,096 (78) (608) 5,010 Total provision for (recovery of) credit losses 165 578 36 52 52 779 (62) Reported Pre-Provision, Pre-Tax Earnings (PPPT) 601 375 (805) 3,148 (26) 171 4,948 Impact of divestitures 4 60 Management of Fair Value Changes on the Purchase of Bank of the West (1,505) 3,362 (742) (1,505) 2,507 Acquisition and integration costs (369) (530) (175) (143) (65) (1,074) (104) Amortization of acquisition-related intangible assets (82) (82) (5) (5) (6) (169) (17) Restructuring (costs) reversals Legal provision 3 (5) (838) (9) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,049 992 887 768 787 2,928 2,502 Canadian P&C Reported Income before taxes 1,260 1,192 1,348 1,242 1,306 3,800 3,936 Total provision for (recovery of) credit losses 269 228 164 174 89 661 167 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 1,529 1,420 1,512 1,416 1,395 4,461 4,103 Acquisition and integration costs (8) (3) (11) Amortization of acquisition-related intangible assets (3) (1) (4) (1) U.S. P&C (USD) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) Reported Income before taxes 1,540 1,424 1,512 1,416 1,395 4,476 4,104 536 729 667 634 577 1,932 1,876 Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) 153 51 46 46 53 250 (35) 689 780 713 680 630 2,182 1,841 Amortization of acquisition-related intangible assets (78) (78) (1) (1) (1) (157) (4) BMO Wealth Management Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) Reported Income before taxes 767 858 714 681 631 2,339 1,845 400 372 359 395 421 1,131 1,250 Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) 7 4 6 3 (10) 17 (5) 407 376 365 398 411 1,148 1,245 Amortization of acquisition-related intangible assets Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) (2) (2) (1) (1) (1) (5) (4) 409 378 366 399 412 1,153 1,249 BMO Capital Markets Reported Income before taxes Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) Acquisition and integration costs 392 509 637 458 351 1,538 1,902 10 17 (10) (18) (7) 17 (25) 402 526 627 440 344 1,555 1,877 (2) (2) (4) (2) (2) (8) (8) Amortization of acquisition-related intangible assets Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) (7) (8) (5) (5) (5) (20) (14) 411 536 636 447 351 1,583 1,899 Refer to footnotes (1) to (8) in the Non-GAAP and other Financial Measures table on slide 38 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the Third Quarter 2023 MD&A for further information BMOM . Financial Results ⚫ August 29, 2023 41#42BMO Financial Group Investor Relations Contact Information bmo.com/investorrelations E-mail: [email protected] BILL ANDERSON Director, Investor Relations 416.867.7834 [email protected] PERRY CHEN-SEE Director, Investor Relations 416.359.8074 [email protected] BMO M B