#1BMO Financial Group Investor Presentation For the Quarter Ended October 31, 2023 December 1, 2023 Q4 23 BMOM#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 2024 and beyond, our strategies or future actions, our targets and commitments (including with respect to 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 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", "goal", "commit", "target", "may", "might", "schedule", "forecast", "outlook", "timeline", "suggest", "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 anticipated benefits from acquisitions, including Bank of the West, such as potential synergies and operation efficiencies, are not be 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; cyber and cloud security, 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; technology resiliency; failure of third parties to comply with their obligations to us; political conditions, including changes relating to, or affecting, economic or trade matters; climate change and other environmental and social risks; the Canadian housing market and consumer leverage; inflationary pressures; technological innovation and competition; 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 and capital requirements; 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; 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 2023 Annual Report, as updated by quarterly reports, 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, and the Allowance for Credit Losses section of BMO's 2023 Annual Report, as updated by quarterly reports. 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 plans, the efficiency and duration of integration and the alignment of organizational responsibilities were material factors we considered in estimating pre- tax annualized run rate benefits from Bank of the West cost synergies and operational efficiency initiatives. 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 December 1, 2023 2#3Darryl White Chief Executive Officer Q4 23 BMOM#4Significant progress in a challenging environment F2023 Net Income EPS PPPT² Growth Total Assets Adjusted¹ $8.7B Reported $4.4B Adjusted¹ $11.73 Reported $5.68 Adjusted¹ 5% Reported (56%) $1.3T Efficiency Ratio³ ROE ROTCE4 CET15 Adjusted 59.8% Reported 72.5% Adjusted¹ 12.3% Reported 6.0% Adjusted¹ 15.8% Reported 8.2% 12.5% F2023 Highlights Completed the transformative acquisition of Bank of the West, significantly expanding our U.S. market presence . Completed the strategic acquisition of AIR MILES Reward Program #1 in Customer Satisfaction among the Big 5 Retail Banks and in Online Banking - J.D. Power6 IDROWER DROVER • Maintained a leading position in Global and North American M&A in Capital Markets and net ETF flows in Wealth Continued strength in Capital and Risk Management AIR MILES. 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT 3 Reported and adjusted net revenue and measures calculated based on net revenue are non-GAAP measures. Net revenue comprises revenue 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 39 for more information and slide 42 for calculation of net revenue 4 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 39 and Non-GAAP and Other Financial Measures section of the 2023 Annual 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 as set out by the Superintendent of Financial Institutions (OSFI), as applicable 6 For more information, refer to www.jdpower.com/business BMOM Strategic Highlights December 1, 2023 4#5Successful Conversion of Bank of the West Positioned for growth in our new home markets 2 Million Customers welcomed 300+ Systems converted 500+ Branches rebranded 90%+ Active Digital users re-enrolled in the first week 2.7 Million Accounts converted DENT More fee-free ATMs than the two largest banks. Combined. BMO bmo.com/hello Uniters apk Art LA C 171 Corner of Sunset Blvd and N Poinsettia Pl, Los Angeles, California Say hello to BMO. BMO bmo.com/hello BMD Bank NLA Member D Strategic Highlights December 1, 2023 •#6Dynamic actions to drive long-term performance Strong foundation from executed initiatives... Completed Bank of the West conversion ...driving benefits for near- and long-term performance Exceeding cost synergy expectations, with run rate benefits of >US$800MM Marketing campaign in play across our expanded footprint Accelerating revenue synergies in-line with expectations Accelerated efficiency initiatives to optimize workforce, real estate, technology and procurement Targeted investments in technology and salesforce ~C$400MM in run rate benefits, driving positive operating leverage Aligned to customer and market opportunities to drive engagement, customer loyalty and growth in market share Capital optimization and portfolio actions Long-term record of strong risk management This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Disciplined redeployment and focus on One Client experiences to improve return on capital Well-positioned to manage current and emerging risks Strategic Highlights • December 1, 2023 6#7Our Purpose 0000 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, financial products and 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 Launched BMO EMpowerTM 2.0, pledging more than US$40 billion to support organizations in communities across the United States focused on advancing home ownership, growing small businesses, strengthening communities and creating a more equitable society Launched the First Home Savings Account (FHSA), a new tax-advantaged registered savings plan that empowers Canadians to invest and save towards the down payment on their first home Launched one of the first sustainability-linked deposit offerings in North America and acted as co-lead manager on the government of Canada's Ukraine sovereignty bond, which was recognized as Social Bond of the year by Environmental Finance Included in Corporate Knights' list of Canada's Best 50 Corporate Citizens, with top-quartile scores in board gender diversity and the representation of visible minorities in our executive leadership - the only Canadian bank named to this listing. We also received a top-quartile Sustainable Revenue score, demonstrating our ongoing commitment to sustainable financing and responsible investing Ranked among the most sustainable companies on the Dow Jones Sustainability Indices (DJSI). BMO ranked in the 95th percentile among banks globally and earned the highest possible score in the areas of Environmental Reporting, Social Reporting and Financial Inclusion Introduced the BMO for Indigenous Entrepreneurs program, providing Indigenous business owners with greater access to working capital, educational resources and professional partnerships to start up, scale up and accelerate their businesses 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 a $5 million donation to the Centre for Addiction and Mental Health to support independent research and help build a research centre; and a $2 million donation to the Royal Ottawa Health Care Group to support the newly-established BMO Innovative Clinic for Depression This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Strategic Highlights December 1, 2023 7#8Committed to our strategic priorities and financial objectives Strategic priorities World-class loyalty and growth powered by One Client leadership Medium-term objectives (adjusted) 1,2 EPS growth of 7-10% Winning culture driven by alignment, empowerment and recognition Return on equity ≥ 15% Digital First for speed, scale and the elimination of complexity Return on tangible common equity ≥ 18% Be our client's lead partner in the transition to a net zero world Superior management of risk, capital and funding performance Operating Leverage ≥ 2% Maintain strong capital ratios 1 We have established medium-term financial objectives for certain important performance measures. Medium-term is generally defined as three to five years, and performance is measured on an adjusted basis 2 Adjusted results and measures are non-GAAP. See slide 39 and Non-GAAP and Other Financial Measures section of the 2023 Annual MD&A for more information BMOM Strategic Highlights • December 1, 2023 8#9Financial Results For the Quarter Ended October 31, 2023 Tayfun Tuzun Chief Financial Officer Q4 23 BMO M B#10Bank of the West: Positioned for growth post-conversion Total BMO Franchise strength • Core performance in line with expectations Strong capital position Successful conversion of customers and systems Scale benefits In-year cost savings (US$) -$550MM- $220MM F23 $770MM F24 Areas of opportunity US$800MM run rate cost synergies Executing revenue synergy opportunities to drive PPPT1 growth Personal & Business Banking Strong digital customer acquisition performance since closing, 3x increase² in digital checking sales • Continued strong employee retention Doubled our size: 1,000+ branches 4 million customers Branch sales to service FTE >2x BMO Wealth Management • Commercial Banking BMO Capital Markets . • • +7% in AUM growth since closing Industry-leading retention through brokerage conversion (99%+ clients converted) Strong salesforce retention in California Strong onboarding of new clients since closing • Strong employee retention Industry expertise across a broader geography (e.g. Media, Food and Agriculture) • ~20 transactions executed across Investment Banking, Global Markets and M&A • 1,500+ BOTW clients onboarded to BMO Capital Markets (rates, FX, fixed income) Custom lending capabilities Vertical expertise Expanded investment suite and dedicated research TPS volume (# wires) +8% Pre-conv Post-conv Thousands of trades executed from closing to conversion Pre-conv Post-conv Investment penetration BOTW +20% BMO Wealth penetration with commercial clients 2x BOTW BMO Accelerating revenue synergies through expanded client coverage and strong M&A pipelines This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures 2 October 2023 digital checking sales compared against last 12 months BMOM Financial Results ⚫ December 1, 2023 10#11F2023 - Financial Highlights Good PPPT¹ performance in an evolving environment, positioned for continued growth ° . • • • Adjusted² EPS $11.73, down 11% Y/Y (reported $5.68, down 72%) Adjusted² net income down 4% Y/Y (reported down 68%) Bank of the West (BOTW) added $592MM to adjusted² net income (reported net loss of $1,498MM) Adjusted² PPPT¹ up 5% Y/Y (reported down 56%) Adjusted² net revenue³ up 16% Y/Y (reported down 15%) reflecting growth across all operating groups Adjusted² expenses up 24% Y/Y (reported up 31%) Adjusted² operating leverage³ negative 8.2% Net Revenue³ Expenses PPPT¹ Reported Adjusted² ($MM) F2023 F2022 Gross Revenue Less: CCPB Total PCL Income before Taxes Net Income 4,377 31,199 33,710 1,939 (683) 29,260 34,393 21,219 16,194 8,041 18,199 2,178 313 5,863 17,886 13,537 F2023 F2022 33,378 26,533 1,939 (683) 31,439 27,216 18,798 15,194 12,641 12,022 1,473 313 11,168 11,709 8,675 9,039 U.S. Segment Net Income (US$) 90 6,079 2,887 2,545 Diluted EPS ($) 5.68 19.99 11.73 13.23 Efficiency Ratio³ (%) 72.5 47.1 59.8 55.8 6.0 22.9 12.3 15.2 8.2 25.1 15.8 16.6 12.5 16.7 12.5 16.7 • • (reported negative 45.9%) Adjusted² total provision for credit losses $1,473MM (reported $2,178MM) PCL on impaired loans $1,180MM or 19 bps4; adjusted² provision on performing loans $293MM (reported $998MM) U.S. segment contributed 45% to adjusted² earnings in the fiscal year (3% on a reported basis) ROE (%) ROTCE5 (%) CET1 Ratio (%) 1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT 2 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 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 39 for more information and slide 42 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 39 and Non-GAAP and Other Financial Measures section of the 2023 Annual 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 as set out by the Superintendent of Financial Institutions (OSFI), as applicable BMOM Financial Results ⚫ December 1, 2023 11#12Q4 F2023 - Financial Highlights Strong PPPT¹ growth driven by Canadian P&C, BMO Capital Markets and Bank of the West . Adjusted² EPS $2.81, down 8% Y/Y (reported $2.06, down 68%) Adjusted² Reported ($MM) . - . Adjusted² net income up 1% Y/Y (reported down 64%) Bank of the West (BOTW) added $195MM to adjusted² net income (reported net loss of $317MM) Adjusted² net income excluded $433MM integration costs and $88MM amortization of acquisition-related intangible assets Adjusted² PPPT¹ up 9% Y/Y (reported down 59%) Gross Revenue Less: CCPB Net Revenue³ Expenses PPPT¹ Q4 23 8,360 151 Total PCL Income before Taxes Net Income • Adjusted² net revenue³ up 19% Y/Y (reported down 25%) reflecting growth across all operating groups U.S. Segment Net Income (US$) Q3 23 Q4 22 7,929 10,570 4 (369) 8,209 7,925 10,939 5,700 5,594 4,776 2,509 2,331 6,163 446 492 226 2,063 1,839 5,937 1,617 1,454 4,483 388 364 2,306 Q4 23 Q3 23 Q4 22 8,374 8,070 6,544 151 4 (369) 8,223 8,066 6,913 4,997 4,967 3,954 3,226 3,099 2,959 446 492 226 2,780 2,607 2,733 2,150 2,037 2,136 774 697 564 Diluted EPS ($) 2.06 1.97 6.51 2.81 2.78 3.04 • Adjusted² expenses up 26% Y/Y (reported up 19%) Efficiency Ratio³ (%) 69.4 70.6 43.7 60.8 61.6 57.2 ROE (%) 8.6 8.3 27.6 11.7 11.7 12.9 • Adjusted² operating leverage³ negative 7.3% ROTCE5 (%) 12.5 11.9 30.1 16.0 15.8 14.0 (reported negative 44.3%) CET1 Ratio (%) 12.5 12.3 16.7 12.5 12.3 16.7 • Total provision for credit losses $446MM Net Income Trends • - PCL on impaired loans $408MM or 25 bps4; provision on performing loans $38MM U.S. segment contributed 49% to adjusted² earnings in the quarter (33% on a reported basis) 4,483 2,136 2,272 2,216 2,037 2,150 1,454 1,617 247 1,059 Q4'22 Q3'22 Reported Net Income ($MM) Q2'23 Q3'23 Q4'23 2 Adjusted Net Income ($MM) Prior period amounts have been reclassified to conform to the current period presentation 1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT 2 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 3 Reported and adjusted net revenue and measures calculated based on net revenue are non-GAAP measures. Net revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Operating leverage and efficiency ratio are both calculated based on net revenue and are also non-GAAP measures. See slide 39 for more information and slide 42 for calculation of net revenue 4 Impaired PCL ratio is calculated as impaired provision for credit losses over average net loans and acceptances, expressed in basis points 5 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 39 and Non-GAAP and Other Financial Measures section of the 2023 Annual MD&A for more information 6 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline as set out by the Superintendent of Financial Institutions (OSFI), as applicable BMOM Financial Results ⚫ December 1, 2023 12#13Average Gross Loans and Acceptances ($B) Balance Sheet Diversified loan and deposit portfolio, with higher balances Q/Q • • Average gross loans and acceptances up 18% Y/Y due to: 16% growth in Business & government loans driven by Bank of the West and good growth in Canadian P&C, BMO Capital Markets and BMO Wealth Management, partially offset by lower underlying U.S. P&C 20% growth in Consumer loans driven by Bank of the West and mortgage growth in Canadian P&C Average gross loans and acceptances up 2% Q/Q, or 1% excluding the impact of the stronger U.S. dollar, with growth in Canadian P&C mortgages and in BMO Capital Markets - As-at gross loans and acceptances up 4% Q/Q or 1% excluding the impact of the stronger U.S. dollar 644.0 656.8 555.8 290.5 283.9 241.5 360.1 366.3 314.3 Q4'22 Q3'23 Q4'23 Business & Government Consumer Average customer deposits¹ up 20% Y/Y, due to Bank of the West and higher balances in Canadian P&C and BMO Capital Markets, partially offset by lower underlying balances in U.S. P&C and BMO Wealth Management Average customer deposits up 2% Q/Q, or 1% excluding the impact of the stronger U.S. dollar, driven by higher balances in P&C businesses and BMO Capital Markets, partially offset by lower balances in BMO Wealth Management Average Customer Deposits ($B) 645.1 629.4 537.1 79.7 84.1 63.0 61.4 78.7 56.4 198.4 203.1 163.2 As-at customer deposits up 4% Q/Q or up 2% excluding the impact of the stronger U.S. dollar 288.3 296.5 238.8 P&BB Q4'22 Q3'23 Q4'23 Commercial BMO Wealth Management BMO Capital Markets 1 Customer deposits are operating and savings deposits, including term investment certificates and retail structured deposits, primarily sourced through our retail, commercial, wealth and corporate banking businesses BMOM Financial Results ⚫ December 1, 2023 13#14Net Interest Margin¹ • Total bank ex trading NIM was relatively stable, down 2 bps reflecting continued deposit pricing pressure including rotation to term deposits • Higher NIM in U.S. P&C, primarily reflecting a one-time conversion adjustment, offset in Corporate Services NII ($MM) and NIM ex. Trading (%)² NIM ex. Trading (%) 2 1.86 1.88 1.90 1.88 1.79 1.88 1.90 1.87 Reported: 1.90 Adjusted²: 1.90 0.02 1.56 1.62 242 160 213 351 285 Reported: 1.87 Adjusted²: 1.88 -0.04 4,088 4,125 4,579 4,748 4,742 (389) (7) (3) (14) Q3'23 US P&C Q1'23 Q2'23 Q3'23 Q4'23 Corporate Services Q4'23 Trading NII ($MM) (672) Q4'22 Adjusted NII ex trading ($MM) INII Adjusting Item ($MM) Adjusted NIM ex trading (%) Canadian P&C NIM (%) Reported NIM ex trading (%) 3.80 2.77 0.01 2.77 -0.01 -0.01 Q3'23 Deposit Margins Mix Q4'23 U.S. P&C NIM (%) 0.04 0.04 3.87 Q3'23 Deposit Margins Mix Other Q4'23 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. Q4'23 Adjusting items of $14MM reduced NIM ex trading by 1 bp. See slide 39 for more information and slide 40 for adjustments to reported results BMOM Financial Results December 1, 2023 14#15F2023 Non-Interest Expense Dynamic expense management leading to improving trends Adjusted¹ expenses up 24% Y/Y (reported up 31%) Acquisitions³ contributed 15% to the increase in adjusted¹ expenses (reported 27%) Y/Y Change in Non-Interest Expense ($MM) 31% Reported 24% Adjusted¹ 0% Reported 4% Adjusted¹ 21,219 Reported 15.0% 1.4% 21,195 18,029 2.0% 0.9% 0.8% 0.6% 18,798 Adjusted¹ • Investments in sales force, technology and business development to drive Reported 16,194 Adjusted¹ 15,194 1.6% 0.6% revenue Adjusted efficiency ratio² 59.8% (reported 72.5%) Adjusted¹ expenses up 1% Q/Q (reported up 2%) mainly due to higher premises costs, including a $51MM charge related to the consolidation of BMO real estate, higher professional fees, an additional month of AIR MILES and the impact of the stronger U.S. dollar, largely offset by severance in the prior quarter • Improving underlying quarterly trends including salaries and computer & equipment costs F2022 FX Impact Perf. Based Compensation Acquisitions Severance & CRE Charge Salary & Benefits Technology Advert. & Business Development All Other F2023 Non-Interest Expense Growth Trend (Y/Y %) 28% 32% 26% Adjusted¹ 9% 9% 7% 5% 4% Underlying³ Q1'23 Q2'23 Q3'23 Q4'23 Reported Non-Interest Expense Growth 14% 49% 45% 19% 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 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 39 for more information and slide 42 for calculation of net revenue 3 Underlying expenses exclude the impact of the stronger U.S. dollar, performance-based compensation in 2022 and 2023, severance in Q3'22 and Q3'23, the charge related to the consolidation of BMO Real Estate in Q4'23, and acquisitions (Bank of the West, AIR MILES and Radicle) in 2023. See the Recent Acquisitions section of BMO's 2023 Annual MD&A for more information BMOM Financial Results December 1, 2023 15#16Strong Q4'23 CET1 Ratio1 of 12.5% 12.3% +11 bps +21 bps Common Equity Tier 1 Ratio 1,2 -11 bps -1 bp -5 bps 12.5% Q3'23 Internal capital generation DRIP Acquisition and integration costs³ Source currency Other Q4'23 RWA Q4'23 CET1 ratio¹ of 12.5%, up from Q3'23 Internal capital generation DRIP shares issued from treasury Partially offset by Impact of acquisition and integration costs³ Higher source currency RWA mainly reflecting net increase from model and methodology updates and net asset quality changes, largely offset by risk transfer transactions Other mainly due to unrealized losses on fair value through OCI securities 1 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline as set out by the Superintendent of Financial Institutions (OSFI), as applicable 2 Basis points may not add due to rounding 3 Includes acquisition and integration costs of $434MM after-tax ($583MM pre-tax) related to Bank of the West. See the Recent Acquisitions section of BMO's 2023 Annual MD&A for more information BMOM Financial Results ⚫ December 1, 2023 16#17Canadian Personal & Commercial Banking Record PPPT² performance and strong volume growth Adjusted¹ and reported net income up 5% Y/Y • Adjusted¹ and reported PPPT² up 13% Y/Y Reported Adjusted¹ ($MM) Q4 23 Q3 23 Q4 22 Q4 23 Q3 23 Q4 22 Net interest income Non-interest revenue 2,166 2,129 1,961 701 656 586 2,867 2,785 2,547 1,271 1,256 1,131 1,596 1,529 1,416 269 269 174 2,166 2,129 701 656 2,867 2,785 2,547 1,265 1,245 1,131 1,602 1,540 1,416 1,961 586 269 269 174 Income before Taxes Net Income 1,327 1,260 1,242 1,333 1,271 1,242 962 915 917 966 923 917 Efficiency Ratio (%) ROE (%) 44.3 45.1 44.4 44.1 44.7 44.4 26.6 25.6 29.4 26.7 25.8 29.4 . • • Revenue up 13% Y/Y NII up 10% Y/Y with strong balance growth and higher margins NIM flat Q/Q and up 11 bps Y/Y NIR up 20% Y/Y due to the inclusion of AIR MILES and higher card-related revenue Adjusted¹ and reported expenses up 12% Y/Y reflecting the inclusion of AIR MILES and higher employee-related costs Adjusted¹ operating leverage 0.8% (reported 0.2%) Total provision for credit losses $269MM (impaired provision of $248MM and performing provision of $21MM) Revenue Expenses PPPT² Total PCL • Average loans up 6% Y/Y and 2% Q/Q 2.70 - Personal & Business Banking up 5% Y/Y and 2% Q/Q 2.66 - Cards up 20% Y/Y and 5% Q/Q Commercial³ up 5% Y/Y and 1% Q/Q Average deposits up 12% Y/Y and 3% Q/Q Net Income¹ and NIM Trends 2.70 2.77 2.77 980 917 917 980 923 966 861 864 915 962 Q4'22 Q1'23 Reported Net Income ($MM) 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT 3 Commercial loan growth excludes corporate cards and small business cards BMOM Q2'23 Q3'23 Q4'23 ■ Adjusted Net Income ($MM) --NIM (%) Financial Results ⚫ December 1, 2023 17#18U.S. Personal & Commercial Banking Results reflect muted U.S. banking environment, offset by contribution from Bank of the West Amounts that follow are in U.S. dollars: • Adjusted¹ net income up $54MM or 11% Y/Y (reported down $2MM or 1%) Adjusted¹ PPPT² up $120MM or 18% Y/Y (reported up $45MM or 6%), mainly due to the inclusion of BOTW, up 4% Q/Q Revenue³ up $574MM or 44% Y/Y, up $7MM Q/Q NII³ up 45% Y/Y, up 1% Q/Q NIM³ down 1 bp Y/Y, up 7 bps Q/Q, primarily due to higher net interest income in the current quarter that was offset in Corporate Services, and changes in balance sheet mix NIR up 40% Y/Y mainly due to the inclusion of BOTW, down 4% Q/Q, due to lower operating lease revenue and deposit fees Adjusted¹ expenses up 74% Y/Y (reported up 86%), down 3% Q/Q (reported down 2%), primarily due to lower technology and employee-related costs, including severance in the prior quarter Total provision for credit losses $129MM (impaired (US$MM)³ Q4 23 Net interest income (teb)³ Non-interest revenue Revenue (teb) ³ 3 Reported Q3 23 Q4 22 Q4 23 1,570 1,550 1,082 1,570 301 314 215 1,871 1,864 1,297 Adjusted¹ Q3 23 Q4 22 1,550 1,082 301 1,871 314 1,864 1,297 215 Expenses 1,146 1,175 617 1,070 1,097 616 PPPT² 725 689 680 801 767 681 Total PCL (recovery) 129 153 46 129 153 46 Income before Taxes 596 536 634 672 614 635 Net Income 486 431 488 543 489 489 Net Income (CDE$) 661 576 660 740 653 662 Efficiency Ratio (%) 61.3 63.0 47.6 57.1 58.8 47.5 ROE (%) 7.9 6.9 17.9 8.8 7.9 18.0 3.88 3.92 Net Income² and NIM³ Trends 3.96 3.87 3.80 provision of $109MM and performing provision of $20MM) 638 581 • Average loans & acceptances up 48% Y/Y, mainly due to Bank of the West and flat Q/Q 488 489 520 521 543 489 486 431 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Average deposits up 43% Y/Y and flat Q/Q -NIM (%) Reported Net Income ($MM) Adjusted Net Income ($MM) 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT 3 Operating group revenue, NII, income taxes, income before taxes and net interest margin are stated on a taxable equivalent basis (teb). The teb adjustment (Q4'23 $7MM, Q3'23 $6MM, Q4'22 $6MM) is offset in Corporate Services. Efficiency ratio is calculated based on revenue (teb) BMOM Financial Results ⚫ December 1, 2023 18#19BMO Wealth Management Good growth in client assets offset by deposit migration and higher expenses . • Adjusted¹ and reported net income down 12% Y/Y Wealth and Asset Management adjusted¹ net income down 3% Y/Y (reported down 4%) Revenue up 8% due to BOTW; underlying performance reflects growth in client assets, partially offset by lower net interest income due to lower balances and margins AUM down 2% and AUA down 4% Q/Q due to weaker global markets and attrition of lower-yielding U.S. institutional assets under administration, partially offset by favourable foreign exchange movements Insurance net income down 36% Y/Y due to unfavourable market movements in the current year compared with favourable movements in the prior year Adjusted¹ and reported expenses up 12% Y/Y primarily due to BOTW, and higher employee-related and technology costs ($MM) Gross Revenue CCPB Net Revenue² Expenses PPPT³ Reported Adjusted¹ Q4 23 Q3 23 1,508 1,422 151 4 1,357 1,418 1,012 1,011 Q4 22 930 (369) 1,299 901 Q4 23 1,508 1,422 151 4 Q3 23 Q4 22 930 (369) 1,357 1,418 1,299 1,010 1,009 900 345 407 398 347 409 399 1 7 3 1 7 3 Income before Taxes 344 400 395 346 402 396 Net Income 262 303 298 263 304 298 Wealth and Asset Management NI 212 222 221 213 223 221 Insurance NI 50 81 77 50 81 77 AUM/AUA ($B) 749 773 730 749 773 730 Efficiency Ratio² (%) 74.6 71.4 69.3 74.4 71.2 69.2 ROE (%) 15.6 17.8 21.7 15.7 17.8 21.8 Total PCL (recovery) Net Income¹ Trends 298 298 303 304 277 278 284 285 262 263 77 77 70 70 63 63 81 81 50 50 221 221 207 208 221 222 222 223 212 213 Reported Adjusted Reported Adjusted Reported Adjusted Q4'22 Reported Adjusted Reported Adjusted Q1'23 Q2'23 Wealth and Asset Management ($MM) Q3'23 Q4'23 Insurance ($MM) 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 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 39 for more information and slide 42 for calculation of net revenue 3 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 39 for more information and slide 43 for calculation of PPPT BMOM Financial Results ⚫ December 1, 2023 19#20BMO Capital Markets Strong revenue² and PPPT³ performance reflect improved market conditions • Adjusted¹ net income up 36% Y/Y (reported up 37%) Reported Adjusted¹ • • • Adjusted¹ PPPT³ up 39% Y/Y (reported up 40%) Revenue² up 19% Y/Y: Global Markets up 12% primarily due to higher equities trading revenue Investment and Corporate Banking up 29% due to higher M&A and underwriting activity Adjusted¹ and reported expenses up 9% Y/Y driven by higher performance-based compensation, higher technology and transaction-based costs Total provision for credit losses of $1MM (impaired provision of $11MM and recovery on performing loans of $10MM) ($MM)² Q4 23 Q3 23 Q4 22 Q4 23 Q3 23 Q4 22 Global Markets 951 870 851 951 870 851 I&CB 717 608 554 717 608 554 Revenue (teb) 1,668 1,478 1,405 1,668 1,478 1,405 Expenses 1,052 1,076 965 1,048 1,067 958 PPPT³ 616 402 440 620 411 447 Total PCL (recovery) 1 10 (18) 1 10 (18) Income before Taxes 615 392 458 619 401 465 Net Income 489 310 357 492 316 363 U.S. Net Income ($US) 127 71 11 127 74 14 Efficiency Ratio (%) 63.1 72.8 68.8 62.8 72.2 68.3 ROE (%) 15.8 10.2 11.3 15.9 10.4 11.5 Net Income¹ Trends 503 510 489 492 357 363 380 388 310 316 Q4'22 Q1'23 Reported Net Income ($MM) Q2'23 Q3'23 ■Adjusted Net Income ($MM) Q4'23 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 2 Operating group revenue, income before taxes and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment (Q4'23 $86MM, Q3'23 $81MM, Q4'22 $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 39 for more information and slide 43 for calculation of PPPT BMOM Financial Results ⚫ December 1, 2023 20#21Corporate Services Adjusted¹ net loss of $311MM and reported net loss of $757MM, compared with adjusted¹ net loss of $104MM and reported net income of $2,251MM in the prior year Reported results in the current quarter included the impact of $434MM ($583MM pre-tax) acquisition and integration costs related to Bank of the West ($MM)² Reported Adjusted¹ Q4 23 Q3 23 Q4 22 Q4 23 Q3 23 Q4 22 Revenue (141) (152) 4,003 (127) (11) (23) Group teb offset (95) (89) (68) (95) (89) (68) Total Revenue (teb) (236) (241) 3,935 (222) (100) (91) Expenses 800 686 Total PCL (recovery) Income (loss) before Taxes Net Income (Loss) U.S. Net Income (Loss) ($US) (1) (1,035) (930) 2,985 (757) (650) 2,251 (258) (176) 1,787 3 945 5 215 184 133 3 (1) (436) (287) (311) (159) (104) 5 (229) 69 96 40 Prior period amounts have been reclassified to conform to the current period presentation 1 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 2 Operating group revenue, income before taxes, income taxes and associated measures are on a taxable equivalent basis (teb). The teb adjustment is offset in Corporate Services BMOM Financial Results ⚫ December 1, 2023 21#22Risk Review For the Quarter Ended October 31, 2023 Piyush Agrawal Chief Risk Officer Q4 23 BMOM#23F2023 Risk Highlights Provision for Credit Losses (PCL) by Operating Group F2023 F2022 ($MM) $ Bps 1,2 $ Bps 1,2 Personal & Business Banking 678 32 369 19 F2023 PCL on impaired loans $1.2B or 19 bps, up 9 bps Y/Y reflecting normalizing credit conditions F2023 total adjusted 5 PCL $1.5B or 24 bps; total reported PCL $2.2B or 35 bps PCL Ratio (bps) Commercial Banking 106 10 63 7 Total Canadian P&C 784 25 432 15 22 22 18 20 10 11 Personal & Business Banking 173 41 16 8 89 33 22 35 24 19 20 17 17 Commercial Banking 207 14 91 8 2016 2017 2018 Total U.S. P&C 380 20 107 8 PCL on Impaired Loans (bps)¹ 2019 2020 2021 2022 2023 Total PCL (bps) Adjusted³ BMO Wealth Management 5 1 2 Total PCL - Reported (bps)² BMO Capital Markets 9 1 (32) (5) Allowance for Credit Losses 3, 6 ($MM) 4,267 Corporate Services 2 n.m. (7) n.m. 3,814 PCL on Impaired Loans 1,180 19 502 10 2,958 2,998 2,114 PCL on Performing Loans 998 16 (189) (4) 1,996 2,094 1,870 3,572 3,075 2,447 2,441 Total PCL - Reported 2,178 35 313 6 1,682 1,576 1,473 1,609 BOTW-Initial Allowance4 (705) n.a. 432 420 397 485 739 511 557 695 2016 2017 2018 2019 Total PCL - Adjusted 1,473 24 Allowance on Impaired Loans 2020 Allowance on Performing Loans 2021 2022 2023 n.m. - not meaningful 1 Provision for credit losses on impaired loans over average net loans and acceptances, annualized and expressed in basis points 2 Provision for credit losses on total loans over average net loans and acceptances, annualized and expressed in basis points 3 Included other credit instruments, such as off-balance sheet items, which are recorded in Other Liabilities 4 Initial allowance for Bank of the West is as of February 1, 2023 5 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results 6 The bank prospectively adopted IFRS 9, Financial Instruments for the annual period beginning on November 1, 2017 BMOM Risk Review ⚫ December 1, 2023 23#24Provision for Credit Losses (PCL) PCL By Operating Group ($MM) • Q4 23 Q3 23 Q4 22 Q4'23 PCL ratio on impaired loans¹ is 25 bps, up 4 bps Q/Q $ bps 1,2 $ bps 1,2 $ bps 1,2 Personal & Business Banking 206 38 174 33 117 23 PCL on Impaired Loans ($MM) Commercial Banking 42 16 35 13 25 10 Total Canadian P&C 248 31 209 26 142 19 19 408 333 Personal & Business Banking 64 46 55 41 10 19 243 192 196 Commercial Banking 83 21 64 16 37 12 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Total U.S. P&C 147 28 119 23 17 47 13 BMO Wealth Management 2 2 1 1 . BMO Capital Markets 11 6 1 5 2 PCL Ratio (bps) 65 Corporate Services n.m. 3 n.m. (2) n.m. 30 27 27 PCL on Impaired Loans 408 25 333 21 192 14 20 16 15 25 21 PCL on Performing Loans 38 2 159 10 34 14 2 14 16 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Total PCL - Reported 446 27 492 30 226 16 PCL on impaired loans¹ (bps) Total PCL² - Adjusted³ (bps) Total PCL² - Reported (bps) n.m. - not meaningful 1 Provision for credit losses on impaired loans over average net loans and acceptances, annualized and expressed in basis points 2 Provision for credit losses on total loans over average net loans and acceptances, annualized and expressed in basis points 3 Adjusted results and measures are non-GAAP. See slide 39 for more information and slide 40 for adjustments to reported results BMOM Risk Review ⚫ December 1, 2023 24#25Allowance and Provision on Performing Loans Allowance on Performing Loans (APL) and PCL on Performing Loans (PCL) Q3 23 APL¹ Q4 23 Q4 23 By Operating Group & Other ($MM) Personal & Business Banking 1,025 10 1 1,036 49 Commercial Banking Q4 23 Foreign PCL² exchange APL¹ APL to Performing Loans³ (bps) • Q4'23 PCL on performing loans of $38MM, primarily reflecting portfolio credit migration, largely offset by an improvement in the macroeconomic outlook Adequate coverage for performing loans at 54 bps Allowance on Performing Loans Ratio³ (bps) 350 11 17 378 34 53 51 54 Total Canadian P&C 1,375 21 18 1,414 44 36 44 45 Personal & Business Banking 421 23 22 466 85 Q4'19 Commercial Banking 1,220 6 73 1,299 79 Total U.S. P&C 1,641 29 95 1,765 81 BMO Wealth Management 41 (1) 1 41 10 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Allowance on Performing Loans Ratio (bps)³ Impaired PCL Coverage Ratio BMO Capital Markets 342 (10) 19 351 42 Corporate Services 14 (1) 4.90 4.10 4.25 3.42 2.98 2.15 13 n.m. Total 3,413 38 133 3,584 54 n.m. - not meaningful 1 Q3'23 and Q4'23 includes APL on other assets of $13MM and $12MM, respectively and excludes APL on securities of $6MM for both periods 2 Q4'23 PCL includes a PCL on other assets of $(1)MM and excludes PCL on securities of $(0.3)MM 3 Allowance on performing loans over total gross performing loans and acceptances, expressed in basis points Q4'19 ❘ Q4'22 Q1'23 Q2'234 Q3'234 Q4'234 Allowance on performing loans over trailing 4-quarter PCL on impaired loans 4 Trailing 4-quarter PCL on impaired loans includes Q2'23, Q3'23 and Q4'23 annualized BOTW PCL BMOM Risk Review ⚫ December 1, 2023 25#26Gross Impaired Loans and Formations Formations Gross Impaired Loans Gross impaired loans (GIL) ratio³ 59 bps, up 15 bps Q/Q mainly due to higher B&G GIL By Industry ($MM, as at Q4 23) CA & CA & U.S. Total U.S. Total Other Other¹ GIL ratio is in line with pre-pandemic levels Formations ($MM) 1,766 Total Consumer 240 140 380 540 433 973 843 917 1,386 Service Industries 124 308 432 363 505 868 499 521 525 633 299 275 Retail Trade 18 129 147 181 298 479 200 246 318 284 380 Commercial Real Estate 121 172 293 198 240 438 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 ■Consumer Business and Government Manufacturing 66 208 274 136 286 422 Wholesale Trade 15 71 86 61 182 243 Gross Impaired Loans ($MM) 59 Transportation 2 76 78 17 153 170 44 41 Agriculture 9 15 24 53 82 135 35 36 3,960 2,844 2,658 Construction (non-real estate) 6 33 39 63 60 123 1,991 2,027 2,987 1,828 2,006 Financial 4 8 12 10 42 52 1,384 1,382 607 645 830 838 973 Oil and Gas . 22 22 Other Business and Government² Q4'22 Q1'23 Q2'23 1 1 2 7 28 35 Business and Government Q3'23 Consumer Q4'23 GIL Ratio³ Total Business and Government 366 1,020 1,386 1,089 1,898 2,987 GIL Ratio³ (bps) Total Bank 606 1,160 1,766 1,629 2,331 3,960 78 64 59 58 59 48 46 35 Totals may not add due to rounding 1 Total Business and Government includes no 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 2016 2017 2018 2019 2020 2021 2022 2023 Risk Review ⚫ December 1, 2023 26#27Loan Portfolio Overview Gross Loans & Acceptances Canada & Total % of By Industry U.S. Other¹ BMO Total ($B, as at Q4 23) • Residential Mortgages 150.6 26.7 177.3 26% Portfolio is well diversified by geography and industry Total Gross Loans & Acceptances up 4% Q/Q or 1% excluding impact of the stronger U.S. dollar Consumer Instalment and Other Personal 70.0 34.0 104.0 16% Credit Cards 10.9 1.4 12.3 2% Total Consumer 231.5 62.1 293.6 44% Canada & Other Countries 10% Financial 17.3 53.9 71.2 11% Commercial Real Estate 34.5 35.3 69.8 10% 31% 59% Service Industries 27.8 37.9 65.7 10% Manufacturing 9.5 31.1 40.6 6% Retail Trade 16.8 13.7 30.5 5% U.S. Wholesale Trade 6.9 16.8 23.7 3% Agriculture 13.1 5.3 18.4 3% 16% 22% Transportation 5.1 10.6 15.7 2% Utilities 8.2 4.0 12.2 2% Construction (non-real estate) 2.4 5.2 7.6 1% Oil and Gas 3.1 0.6 3.7 1% 62% Other Business and Government² 8.7 7.0 15.7 2% Total Business and Government 153.4 221.4 374.8 56% Total Gross Loans & Acceptances 384.9 283.5 668.4 100% ■P&C/BMO Wealth Management - Consumer ■P&C/BMO Wealth Management - Business & Government BMO Capital Markets Totals may not add due to rounding 1 Includes approx. $11.7B from other countries 2 Other Business and Government includes all industry segments that are each <1% of total loans BMOM Risk Review ⚫ December 1, 2023 27#28• Canadian Mortgage Portfolio: Renewal profile The impact of higher interest rates on payments is primarily realized upon renewal for both fixed-rate and variable-rate mortgages Variable-rate mortgages with fixed payments are impacted through an extension of amortization until renewal. At renewal, the product reverts to the original amortization schedule, which may require additional payments $29.9B of mortgages in negative amortization, ~62% of total variable-rate mortgages and ~20% of the total portfolio Only 11% or $16.2B in mortgage balances are renewing in the next 12 months, with an average FICO of 790 and LTV of 43%; over 70% of mortgages renew after F2025 Renewing customers experienced an increase to their regular payments of 22% for variable mortgages and 21% for fixed mortgages in F2023 I Mortgage Maturity Schedule ($150.6Bn) 55.8 14.0 35.9 Mortgage LTV by Bureau Scores 34% 27.6 21% 20% 2.6 24.0 16.3 16.2 41.8 15.1 1.3 5.3 25.0 6.4 14.9 11.0 11.9 8.7 1% 2% 3% 1% 2% 2% 1% 2% 2% 0% 1% 1% 7% FY23 FY24 FY25 FY26 FY27 FY28+ (renewed) Bureau Scores <620 >720 <620 ■Fixed Variable 681-720 >720 <620 >720 681-720 >720 LTV % <=50% 51%-65% 66%-80% >80% BMOM Risk Review ⚫ December 1, 2023 28#29Appendix BMOM#30Commercial Real Estate Commercial Real Estate (CRE) portfolio at $69.8B represents 10% of Total bank Gross Loans & Acceptances (GL&A) CRE GL&A up 5% Q/Q or 2% excluding impact of the stronger U.S. dollar 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 (57%), with low watchlist (2%) and impaired (0.6%) Ontario 19% Other U.S. 22% CRE by Geography2 British Columbia 13% Canada & Others 49% Quebec 7% Alberta 5% Nova Scotia 3% Other Canada 4 2% $69.8B U.S. 51% California 13% Texas 6% CRE diversification by property type ($B) New York 3% Canada & Property Type U.S. Total Arizona 2% Florida 2% Illinois 3% Others Multi-Residential 10.8 6.8 17.6 Traditional Office Industrial 5.9 6.9 12.8 Single Family Residence 6.0 3.1 9.1 Medical Urban Top 5 Cities Office1 Office 2.4 5.9 8.3 34% GL&A 14% Cities Retail 3.2 3.8 7.0 ($B) Hospitality, Healthcare & Diversified REITS 0.8 3.5 4.3 Los Angeles, CA 0.42 Mixed Use 3.1 0.6 3.7 $8.3B Sacramento, CA 0.37 Other³ 2.3 4.7 7.0 Total Commercial Real Estate 34.5 35.3 69.8 Bellevue, WA 0.27 Total Gross Loans and Acceptances 384.9 283.5 688.4 New York, NY 0.20 Totals may not add due to rounding REIT 11% Suburban Calgary, AB 0.19 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 4 Other U.S. and Other Canada includes geographies that are each less than 2% of the total CRE GL&A BMOM 41% 3 Other includes Commercial Real Estate loans for self-storage, parking, marinas and other minor sub-categories Risk Review December 1, 2023 30#31Canadian Residential Secured Lending Portfolio Overview • • Total Canadian residential-secured lending portfolio at $199.3B, representing 30% of total loans - LTV1 on uninsured of 50% 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 mortgage portfolio of $150.6B - 29% of portfolio insured • - LTV1 on uninsured of 54% 55% of the mortgage portfolio has an effective remaining amortization of 25 years or less HELOC portfolio of $48.7B outstanding of which 73% is amortizing • Condo Mortgage portfolio is $23.2B with 26% insured • GTA and GVA portfolios demonstrate better LTV1, delinquency rates and bureau scores compared to the national average Residential-Secured Lending by Region ($199.3B) $96.0 HELOC Uninsured Mortgages Insured Mortgages 26% $31.3 29% $39.2 26% $20.4 59% 16% 62% 41% 36% $7.8 13% $4.6 16% 44% 30% 48% 15% 12% 35% 43% 49% Atlantic Quebec Ontario Alberta British Canada Columbia Other $13.0 7% $35.8 18% $106.4 53% $199.3B Avg. LTV1 Atlantic Quebec Ontario Alberta Uninsured British Canada Columbia Other Total Canada $44.1 22% Mortgage Portfolio 54% 56% 55% 57% 50% 54% 54% Origination² 71% 71% 69% 72% 67% HELOC Portfolio 45% 49% 44% 50% 43% Origination 59% 68% 58% 61% 58% HELOC Amortizing Uninsured Mortgages 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. 2 Origination LTV based on the originations originated within the quarter 73% 70% HELOC Revolving 45% 45% Insured Mortgages 66% 60% BMOM Risk Review ⚫ December 1, 2023 31#32Trading-Related Net Revenue and Value-at-Risk August 1, 2023 to October 31, 2023 (pre-tax basis and in millions of Canadian dollars) 40 30 20 10 0 (10) (20) (30) (40) BMOM Daily Revenue Total Trading VaR Risk Review ⚫ December 1, 2023 32#33• • • Advancing our Digital First strategy Continuing to deliver on our Digital First agenda Drove a successful conversion of the Bank of the West customer accounts and systems to BMO, with strong early results on digital adoption and engagement Launched a new mobile app in Canada, converging with our award-winning desktop platform driving improved customer experience and efficiency Announced a partnership with Modern Treasury in the U.S. to help commercial clients seamlessly manage and track their complex, high volume payment flows Added new seamless and efficient functionality for U.S. customers enabling full balance transfer functionality from an external bank to their new BMO account Driving digital engagement Active Digital Users, Retail (000)1 3,598 +8% 3,898 Q4'22 Q4'23 Self-Serve Transaction (%)² Digital Sales Growth (%)³ 91% +41% Active Digital Users, Commercial Banking (000)4 241 +8% 261 Recognized for industry leadership Ranked first in customer satisfaction with online banking in the J.D. Power5 2023 Canada Online Banking Satisfaction Study Awarded the 2023 BAI Global Innovation Award for Innovation in Retail Customer Experience for BMO New to Canada pre-arrival account opening Recognized for artificial intelligence and advanced analytics by Datos Insights, with the 2023 Impact Innovation Award in Cash Management and Payments Awarded the Outstanding Machine Learning Initiative from Digital Banker's 2023 Global Retail Banking Innovation Awards Data does not include Bank of the West Q4'22 Q4'23 IDIOVER BAI Outing Machine 1 Active digital users is number of retail deposit customers in North America that logged into online or mobile in the last 90 days 2 Self-serve transactions are transactions that occur in online, mobile, ATM, telephone banking; August 2023 October 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 Q4'23 over Q4'22 4 OLBB clients in North American commercial, corporate and business banking 5 For more information, refer to www.jdpower.com/business BMOM Strategic Highlights December 1, 2023 33#34Canadian Personal & Commercial Banking - Balances Average Gross Loans & Acceptances ($B) 304.2 316.2 321.0 Average Deposits ($B) 276.6 • 131.6 125.0 134.8 253.1 283.9 194.8 191.1 6.4 6.5 173.8 6.2 59.1 58.7 58.7 11.6 12.1 10.1 103.7 107.9 109.0 85.5 89.1 79.3 Q4'22 Q3'23 Q4'23 Commercial¹ Credit Cards Consumer Loans² Business Banking Residential Mortgages Average loans up 6% Y/Y and 2% Q/Q Residential Mortgages (including amortizing HELOC) up 7% Y/Y and 2% Q/Q Cards up 20% Y/Y and 5% Q/Q Business Banking up 4% Y/Y and 2% Q/Q Commercial¹ up 5% Y/Y and 1% Q/Q • As at loans up 5% Y/Y and 1% Q/Q • Q4'22 ■Commercial Q3'23 Q4'23 Personal & Business Banking Average deposits up 12% Y/Y and 3% Q/Q • Personal & Business Banking up 12% Y/Y and 2% Q/Q Chequing and Savings down 11% Y/Y and 3% Q/Q Term up 43% Y/Y and 6% Q/Q Commercial up 12% Y/Y and 4% Q/Q • As at deposits up 11% Y/Y and 2% 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 Q4'23, Q3'23 and Q4'22 2 Consumer loans includes Indirect Auto loans Q4'23 $6.8B, Q3'23 $7.4B, and Q4'22 $8.9B BMOM Financial Results December 1, 2023 34#35U.S. Personal & Commercial Banking - Balances Amounts on this slide are in U.S. dollars¹ Average Gross Loans & Acceptances (US$B) Average Deposits (US$B) • 106.6 15.6 157.6 157.3 38.8 40.0 157.6 158.0 110.1 73.0 74.5 48.0 118.8 117.3 91.0 Q4'22 Q3'23 Q4'23 ■Commercial Personal & Business Banking2 84.6 83.5 62.1 Q4'22 Q3'23 ■Commercial Q4'23 Personal & Business Banking Average loans & acceptances up 48% Y/Y primarily due to Bank of the West and flat Q/Q Commercial up 29% Y/Y and down 1% Q/Q Personal & Business Banking up 100+% Y/Y and up 3% Q/Q As at loans & acceptances up 47% Y/Y and up 2% Q/Q • Average deposits up 43% Y/Y and flat Q/Q Commercial up 34% Y/Y and down 1% Q/Q Personal & Business Banking up 55% Y/Y and up 2% Q/Q As at deposits up 43% Y/Y and up 1% Q/Q 1 Average FX rates (CDN/US dollar): Q4'23 1.3648, Q3'23 1.3331, and Q4'22 1.3516 2 Personal & Business Banking includes Indirect Auto loans: Q4'23 US$4.5B, Q3'23 US$4.8B, and Q4'22 US$5.9B BMOM Financial Results ⚫ December 1, 2023 35#36Canadian and U.S. deposit trends Canadian P&C and BMO Wealth Management deposits CDE$B, average balances 328 309 314 321 290 266 5% 6% 6% 3% 238 2% 21% 20% 20% 20% 24% 4% 24% 20% Commercial 25% 32% 35% 36% 37% 26% 34% P&BB/ BMO Wealth Management 48% 49% 42% 39% 37% 36% 43% F'20 F'21 F'22 Q1'23 Q2'23 Q3'23 Q4'23 Demand Deposits Term Deposits U.S. P&C and BMO Wealth Management deposits US$B, average balances 178 171 171 17% 17% 18% 118 120 117 105 33% 11% 10% 33% 14% 31% 11% Commercial 36% 43% 43% 40% 25% 26% 28% P&BB / 34% 26% 24% 24% BMO Wealth 25% 25% 24% Management 19% 21% 23% 23% F'20 F'21 F'22 Q1'23 Q2'23 Q3'23 Q4'23 Chequing & Savings Money Market & CD's BMOM 7% Continued strong balance growth through customer acquisition, a comprehensive onboarding program and new products and tools Continued customer balance shift to term deposits given the significant increase in interest rates • Deposits are well-diversified, further enhanced by Bank of the West starting Q2'23 Continued to grow new customers and deposits through competitive tools, products and channels, including national digital retail banking and treasury and payments solutions platforms Recent decline primarily reflects industry trends and expected decline in surge deposits, while remaining well above pre-pandemic levels Financial Results ⚫ December 1, 2023 36#37Asset Yields¹ and Liabilities Costs² Average Earning Assets ($B) and Yield¹ (%) Average Liabilities ($B) and Costs² (%) 5.06% 5.26% 4.85% 3.54% 4.18% Yield on Total Average Earning Assets 2.65% 3.08% 3.30% 3.49% 2.02% Cost on Total Liabilities 1,079 1,165 1,161 1,178 1,194 1,191 1,211 1,022 1,101 1,054 4.52% 5.00% 5.52% 5.71% 5.92% 552 634 633 648 542 1.31% 1.96% (2.18% 2.45% 2.74% 636 629 645 537 550 2.44% 3.32% 4.05% 4.28% 4.45% 3.41% 4.08% 4.89% 5.08% 5.21% 480 527 531 528 530 416 451 468 472 472 101 100 90 90 94 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'22 Q1'23 Q2'23 Q3'23 Q423 Gross Loans Other Interest Bearing Assets³ Customer Deposits Other Non-Interest Bearing Liabilities % in above charts indicate yield on asset balance Other Interest Bearing Liabilities4 % 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 ⚫ December 1, 2023 37#38Interest Rate Sensitivity Year 1 benefit to an incremental +100bps rate shock decreased modestly Q/Q, reflecting a relatively neutral positioning Year 2 benefit to rising rates (+100bps) of approximately $600MM driven by long rates and the continued reinvestment of capital and deposits Effective deposit betas remained at elevated levels in Q4, as customers continued to rotate into higher rate products, both on and off-balance sheet Cumulative effective deposit beta³ for this interest rate cycle has been approximately 53%, comparable to our modeled assumptions • Term rates increased in Q4'23 to historical highs and continue to be volatile Sustained higher long-term investment rates continue to support NIM going forward, providing some offset to increased pricing pressure on deposit products Swap Rates -USD 5-Yr -USD 5-yr Avg CAD 5-Yr --CAD 5-yr Avg 5.00 4.50 4.00 3.50 Earnings sensitivities over the next 12 months¹ Q4'23 3.00 2.50 Pre-Tax CDE ($MM) +100 bps -100 bps -25 bps 2.00 1.50 Canada² 31 (36) (9) 1.00 U.S. 273 (289) 0.50 (74) 0.00 Total 304 (325) (83) Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Source: Bloomberg, updated through Nov 07, 2023 This slide contains forward-looking statements. 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 2023 Annual 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 ⚫ December 1, 2023 38#39Non-GAAP and Other Financial Measures Results and measures in this document are presented on a generally accepted accounting principles (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) as issued by the International Accounting Standards Board. 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 40. Adjusted results and measures presented in this document are non-GAAP amounts. 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 Management's Discussion and Analysis dated December 1, 2023, for the fiscal year ended October 31, 2023 ("2023 Annual MD&A") is incorporated by reference into this document, including the Summary Quarterly Earnings Trend section in the 2023 Annual 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 October 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 2023 Annual 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 2023 Annual MD&A. The 2023 Annual 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 ⚫ December 1, 2023 39#40Non-GAAP and Other Financial Measures8 (Canadian $ in millions, except as noted) Q4 23 Q3 23 Q2 23 F2023 F2022 Reported Net interest income 4,941 4,905 3,767 18,681 Results Non-interest revenue 3,419 3,024 6,803 12,518 Revenue 8,360 7,929 10,570 31,199 15,885 17,825 33,710 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) (151) (4) 369 (1,939) 683 Revenue, net of CCPB 8,209 7,925 10,939 29,260 Provision for credit losses (446) (492) (226) (2,178) Non-interest expense (5,700) (5,594) (4,776) Income before income taxes 2,063 1,839 5,937 Provision for income taxes Net income Diluted EPS ($) Adjusting Impact of divestitures (1) (446) (385) (1,454) 1,617 1,454 4,483 2.06 1.97 6.51 (21,219) 5,863 (1,486) 4,377 5.68 34,393 (313) (16,194) 17,886 (4,349) 13,537 19.99 (21) 7,713 (1) Reported net income in fiscal 2022 included the impact of divestitures related to the sale of our EMEA and U.S. Asset Management businesses, recorded in Corporate Services: Q4-2022 included a $8 million ($6 million pre-tax) recovery of non-interest expense; Q3-2022 included non-interest expense of $6 million ($7 million pre-tax); Q2-2022 included a loss of $9 million ($10 million pre-tax), comprising a gain of $8 million related to the transfer of certain U.S. asset management clients recorded in non-interest revenue and non-interest expense of $18 million; and Q1-2022 included a loss of $48 million ($26 million pre-tax), comprising a $29 million loss related to foreign currency translation reclassified from accumulated other comprehensive income to non-interest revenue, and a $3 million net recovery of non-interest expense, including taxes of $22 million on the closing of the sale of our EMEA Asset Management businesses. (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 of the acquisition on its fair value and goodwill, recorded in Corporate Services: Q1-2023 included a loss of $1,461 million ($2,011 million pre-tax), comprising $1,628 million of mark-to-market losses on certain interest rate swaps recorded in non-interest trading revenue and $383 million of losses on a portfolio of primarily U.S. treasuries and other balance sheet instruments recorded in net interest income; Q4-2022 included revenue of $3,336 million ($4,541 million pre-tax), comprising $4,698 million of mark-to-market gains and $157 million of net interest losses; Q3-2022 included a loss of $694 million ($945 million pre- (515) tax), comprising $983 million of mark-to-market losses and $38 million of net interest income; Q2-2022 included revenue of $2,612 million ($3,555 million pre-tax), comprising $3,433 million of mark-to-market gains and $122 million net interest income; and Q1-2022 included revenue of $413 million ($562 million pre-tax), comprising $517 million of mark-to-market gains and $45 million of net interest income. (3) Reported net income included the impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, recorded in Corporate Services: Q4-2023 included $12 million ($16 million pre-tax), comprising interest expense of $14 million and non-interest expense of $2 million; Q3-2023 included a net (16) recovery of $3 million ($4 million pre-tax), comprising interest expense of $3 million and a non-interest (627) expense recovery of $7 million; Q2-2023 included interest expense of $6 million ($7 million pre-tax); Q1- 2023 included $6 million ($8 million pre-tax), comprising interest expense of $6 million and non-interest expense of $2 million; and Q4-2022 included a legal provision of $846 million ($1,142 million pre-tax), comprising interest expense of $515 million and non-interest expense of $627 million. (31) (4) Reported net income included the impact of certain tax measures enacted by the Canadian government, recorded in Corporate Services: Q3-2023 included a charge of $131 million ($160 million pre-tax) related to the amended GST/HST definition for financial services, comprising $138 million recorded in non-interest revenue and $22 million recorded in non-interest expense; and 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 impact of the 1.5% tax rate increase, net of a deferred tax asset remeasurement. (5) Reported net income in Q2-2023 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: In fiscal 2023, Q4-2023 included $434 million ($583 million pre-tax), Q3-2023 included $363 million ($487 million pre-tax), Q2-2023 included $545 million ($722 million pre-tax), and Q1-2023 included $178 million ($235 million pre-tax); and in fiscal 2022, Q4-2022 included $143 million ($191 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: In fiscal 2023, Q4-2023 included a recovery of $2 million ($3 million pre-tax), 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); and in fiscal 2022, Q4-2022 included $2 million ($2 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 Canadian P&C: In fiscal 2023, Q4-2023 included $1 million ($2 million pre-tax), 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: Q4-2023 included $88 million ($119 million pre-tax), Q3- (313) 2023 and Q2-2023 both included $85 million ($115 million pre-tax); Q1-2023 included $6 million ($8 million (15,194) pre-tax); Q4-2022 included $6 million ($8 million pre-tax); Q3-2022 included $5 million ($7 million pre-tax); 11,709 and Q2-2022 and Q1-2022 both included $6 million ($8 million pre-tax). (8) For more information, refer to slide 39 and the Non-GAAP and Other Financial Measures section of BMO's 2023 Annual MD&A Items (Pre-tax) Management of fair value changes on the purchase of Bank of the West (2) Legal provision (including related interest expense and legal fees) (3) Impact of Canadian tax measures (4) (14) (3) 4,541 (515) (138) Impact of adjusting items on revenue (pre-tax) (14) (141) 4,026 (2,011) (30) (138) (2,179) 7,177 Initial provision for credit losses on purchased performing loans (pre-tax) (5) Acquisition and integration costs (6) (582) (497) (193) (705) (2,045) (326) Amortization of acquisition-related intangible assets (7) Impact of divestitures (1) (119) (115) (8) (357) 6 Legal provision (including related interest expense and legal fees) (3) Impact of Canadian tax measures (4) (2) 7 (627) 3 (22) (22) Impact of adjusting items on non-interest expense (pre-tax) (703) (627) (822) (2,421) Impact of adjusting items on reported net income (pre-tax) (717) (768) 3,204 (5,305) Adjusting Impact of divestitures (1) Items Management of fair value changes on the purchase of Bank of the West (2) 3,336 (1,461) (After-tax) Legal provision (including related interest expense and legal fees) (3) Impact of Canadian tax measures (4) (10) (2) (382) (115) (23) (115) (1,000) 6,177 (23) 5,667 (382) Impact of adjusting items on revenue (after-tax) (10) (117) 2,954 (1,599) 5,262 Initial provision for credit losses on purchased performing loans (after-tax) (5) Acquisition and integration costs (6) (517) (433) (370) (145) (1,533) (245) Amortization of acquisition-related intangible assets (7) (88) (85) (6) (264) Impact of divestitures (1) 8 Legal provision (including related interest expense and legal fees) (3) Impact of Canadian tax measures (4) (2) 5 (464) 2 (23) (32) (464) (16) (16) Impact of adjusting items on non-interest expense (after-tax) (523) (466) (607) Impact of Canadian tax measures (4) (1,811) (371) (764) Impact of adjusting items on reported net income (after-tax) (533) (583) 2,347 (4,298) 4,498 Impact on diluted EPS ($) (0.75) (0.81) 3.47 (6.05) 6.76 Adjusted Net interest income 4,955 4,908 4,439 19,094 16,352 Results Non-interest revenue 3,419 3,162 2,105 14,284 10,181 Revenue 8,374 8,070 6,544 33,378 26,533 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) (151) (4) 369 (1,939) Revenue, net of CCPB 8,223 8,066 6,913 31,439 683 27,216 Provision for credit losses (446) (492) (226) Non-interest expense (4,997) (4,967) (3,954) Income before income taxes 2,780 2,607 2,733 Provision for income taxes Net income Diluted EPS ($) BMOM (630) (570) (597) (1,473) (18,798) 11,168 (2,493) (2,670) 2,150 2,037 2,136 8,675 2.81 2.78 3.04 11.73 9,039 13.23 Financial Results ⚫ December 1, 2023 40#41Summary of Reported and Adjusted Results by Operating Group (Canadian $ in millions unless otherwise stated) Canadian P&C Reported Net Income Q4 23 962 Q3 23 915 Q2 23 Q1 23 Q4 22 F2023 F2022 861 980 917 3,718 3,826 Acquisition and integration costs 1 6 2 9 Amortization of acquisition-related intangible assets 3 2 1 6 1 Adjusted Net Income 966 923 864 980 917 3,733 3,827 U.S. P&C Reported Net Income 486 431 581 520 488 2,018 1,933 (USD) Amortization of acquisition-related intangible assets 57 58 57 1 1 173 4 Adjusted Net Income 543 489 638 521 489 2,191 1,937 BMO Wealth Management Reported Net Income 262 303 284 277 298 1,126 1,251 Amortization of acquisition-related intangible assets 1 1 1 1 4 3 Adjusted Net Income 263 304 285 278 298 1,130 1,254 BMO Capital Markets Reported Net Income 489 310 380 503 357 1,682 1,772 Acquisition and integration costs (2) 1 2 3 2 4 8 Amortization of acquisition-related intangible assets 5 5 6 4 4 20 14 Adjusted Net Income 492 316 388 510 363 1,706 1,794 Corporate Services Reported Net Income (loss) (757) (650) (1,255) (2,211) 2,251 (4,873) 4,191 Impact of divestitures (8) 55 Management of Fair Value Changes on the Purchase of Bank of the West 1,461 (3,336) 1,461 (5,667) Acquisition and integration costs 434 363 545 178 143 1,520 237 Legal provision (including related interest expense and legal fees) 12 (3) 6 6 846 21 846 Impact of Canadian tax measures 131 371 502 Initial provision for credit losses on purchased performing loans 517 517 Adjusted Net Income (311) (159) (187) (195) (104) (852) (338) Total Bank Reported Net Income 1,617 1,454 1,059 247 4,483 4,377 13,537 Impact of divestitures Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs 433 370 549 Amortization of acquisition-related intangible assets 88 85 Legal provision (including related interest expense and legal fees) Impact of Canadian tax measures 12 (3) 131 Initial provision for credit losses on purchased performing loans Adjusted Net Income 517 2,150 2,037 2,216 U.S. Segment Reported Net Income (loss) 388 364 (104) (USD) Impact of divestitures Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs 317 275 400 Amortization of acquisition-related intangible assets 61 60 Legal provision (including related interest expense and legal fees) 8 (2) Initial provision for credit losses on purchased performing loans Adjusted Net Income 379 774 697 740 ཊྛ8་ྲཛྱེ།|Sk|。8ཙི| | (8) 55 1,461 (3,336) 1,461 (5,667) 181 145 1,533 245 6 6 264 23 6 846 21 846 371 502 517 2,272 2,136 8,675 9,039 (558) 2,306 90 6,079 (3) (45) 1,093 (2,470) 1,093 (4,312) 132 106 1,124 185 4 4 186 17 5 621 15 621 379 676 564 2,887 2,545 Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 40 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the 2023 Annual MD&A for further information BMOM Financial Results ⚫ December 1, 2023 41#42Net Revenue, Efficiency Ratio and Operating Leverage Canadian $ in millions unless otherwise stated) Q4 23 Total Bank Total revenue 8,360 Q3 23 7,929 Q2 23 Q1 23 Q4 22 F2023 F2022 8,440 6,470 10,570 31,199 33,710 Reported Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 151 4 591 1,193 (369) 1,939 (683) Revenue, net of CCPB 8,209 7,925 7,849 5,277 10,939 29,260 34,393 Non-interest expense 5,700 5,594 5,522 4,403 4,776 21,219 16,194 Efficiency ratio 68.2 % 70.6 % 65.4 % 68.1 % 45.2 % 68.0 % 48.0 % Efficiency ratio, net of CCPB 69.4 % 70.6 % 70.4 % 83.4 % 43.7 % 72.5 % 47.1 % Revenue growth (20.9)% 30.0 % (9.4)% (16.2)% 60.9 % (7.5)% 24.0 % Revenue growth, net of CCPB (25.0)% 39.3 % (22.5)% (31.0)% 68.9 % (14.9)% 33.4 % Non-interest expense growth 19.3 % 44.9 % 48.7 % 14.5% 25.6 % 31.0 % 4.4 % Operating leverage (40.2)% (14.9)% (58.1)% (30.7)% 35.3 % (38.5)% 19.6 % Operating Leverage, net of CCPB (44.3)% (5.6)% (71.2)% (45.5)% 43.3 % (45.9)% 29.0 % Total Bank Total revenue 8,374 8,070 8,447 8,487 6,544 33,378 26,533 Adjusted (1) Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 151 4 591 1,193 (369) 1,939 (683) Revenue, net of CCPB 8,223 8,066 7,856 7,294 6,913 31,439 27,216 Non-interest expense 4,997 4,967 4,680 4,154 3,954 18,798 15,194 Efficiency ratio, net of CCPB 60.8 % 61.6 % 59.6 % 56.9% 57.2 % 59.8% 55.8 % Revenue growth, net of CCPB 19.0 % 21.6 % 19.7 % 2.6% 6.7 % 15.5% 5.7% Non-interest expense growth 26.3 % 32.0 % 28.1% 8.5 % 6.3 % 23.7 % 4.4 % Operating Leverage, net of CCPB (7.3)% (10.4)% (8.4)% (5.9)% 0.4 % (8.2)% 1.3 % BMO Wealth Management Total revenue Reported 1,508 1,422 1,960 2,504 930 7,394 4,524 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 151 4 591 1,193 (369) 1,939 (683) Revenue, net of CCPB 1,357 1,418 1,369 1,311 1,299 5,455 5,207 Non-interest expense 1,012 1,011 993 946 901 3,962 3,564 Efficiency ratio 67.1 % 71.1 % 50.6 % 37.8 % 96.8 % 53.6 % 78.8 % Efficiency ratio, net of CCPB 74.6 % 71.4 % 72.5 % 72.1 % 69.3 % 72.6 % 68.4 % Revenue growth 61.9 % (16.6)% 305.1 % 78.2% (39.3)% 63.4% (35.8)% Revenue growth, net of CCPB 4.4 % 9.8 % 5.9% (0.9)% (9.7)% 4.8 % (7.9)% Non-interest expense growth 12.3 % 14.8 % 13.6 % 4.2 % (8.9)% 11.2 % (7.2)% Operating leverage 49.6% (31.4)% 291.5 % 74.0 % (30.4)% 52.2% (28.6)% Operating Leverage, net of CCPB (7.9)% (5.0)% (7.7)% (5.1)% (0.8)% (6.4)% (0.7)% BMO Wealth Management Adjusted (1) Total revenue 1,508 1,422 1,960 2,504 930 7,394 4,524 Insurance claims, commissions and changes in policy benefit liabilities (CCPB) 151 4 591 1,193 (369) 1,939 (683) Revenue, net of CCPB 1,357 1,418 1,369 1,311 1,299 5,455 5,207 Non-interest expense 1,010 1,009 991 945 900 3,955 3,559 Efficiency ratio, net of CCPB 74.4 % 71.2 % 72.4 % 72.0 % 69.2 % 72.5% 68.4 % Revenue growth, net of CCPB 4.4 % 9.8 % 5.9 % (0.9)% (9.7)% 4.8% (7.9)% Non-interest expense growth 12.3 % Operating Leverage, net of CCPB (7.9)% 14.7 % (4.9)% 13.5 % (7.6)% 4.2 % (8.6)% 11.1 % (6.6)% (5.1)% (1.1)% (6.3)% (1.3)% Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 40 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the 2023 Annual MD&A for further information BMOM Financial Results ⚫ December 1, 2023 42#43Pre-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 Q4 23 2,063 Q3 23 1,839 Q2 23 Q1 23 Q4 22 F2023 F2022 1,304 657 5,937 5,863 17,886 446 492 1,023 217 226 2,178 313 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 2,509 2,331 2,327 874 6,163 8,041 18,199 Impact of divestitures 6 (37) Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs (2,011) 4,541 (2,011) 7,713 (582) (497) (727) (239) (193) (2,045) (326) Amortization of acquisition-related intangible assets (119) (115) (8) (8) (357) (31) Legal provision (including related interest expense and legal fees) Impact of Canadian tax measures (16) 4 (7) (8) (1,142) (27) (1,142) (160) (160) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 3,226 3,099 3,176 3,140 2,959 12,641 12,022 U.S. Segment (USD) Reported Income (loss) before taxes 483 469 (165) (828) 3,096 (41) 8,106 Total provision for (recovery of) credit losses 135 165 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 618 634 Impact of divestitures Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs (426) (369) Amortization of acquisition-related intangible assets (82) (82) Restructuring (costs) reversals Legal provision (including related interest expense and legal fees) (11) 3 Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,137 1,082 Canadian P&C Reported Income before taxes 1,327 1,260 Total provision for (recovery of) credit losses 269 269 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 1,596 1,529 Acquisition and integration costs (2) (8) Amortization of acquisition-related intangible assets (4) (3) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,602 1,540 U.S. P&C (USD) Reported Income before taxes Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) 596 536 129 153 725 689 Amortization of acquisition-related intangible assets (76) (78) BMO Wealth Management Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) Reported Income before taxes 801 767 344 400 Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) 1 7 345 407 Amortization of acquisition-related intangible assets (2) (2) BMO Capital Markets Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) Reported Income before taxes 347 409 615 392 Total provision for (recovery of) credit losses 1 10 Reported Pre-Provision, Pre-Tax Earnings (PPPT) Acquisition and integration costs 616 402 3 (2) Amortization of acquisition-related intangible assets Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) (7) 620 (7) 411 ནཱཀྑཱུ།' 'æ། ཙེནྡྲ ཎྞ ཀྵུ ཀྱེ ཀཽ ཎྜི ཧ རྞ ཥྱ❁སྐརྞ ༐ ལྱེཥྞ ིི ➢ ཥཱཾ ལྱེ ༧ ལྐ 578 36 52 914 (10) 413 (792) 3,148 873 8,096 4 64 (1,505) 3,362 (1,505) 5,869 (530) (175) (143) (1,500) (247) (82) (5) (5) (251) (22) (5) (7) (838) (20) (838) 1,030 900 768 4,149 3,270 1,192 1,348 1,242 5,127 5,178 228 164 174 930 341 1,420 1,512 1,416 6,057 5,519 (3) (13) (1) (8) (1) 1,424 1,512 1,416 6,078 5,520 729 667 634 2,528 2,510 51 46 46 379 11 780 713 680 2,907 2,521 (78) (1) (1) (233) (5) 858 714 681 3,140 2,526 372 359 395 1,475 1,645 4 6 3 18 (2) 376 365 398 1,493 1,643 (2) (1) (1) (7) (5) 378 366 399 1,500 1,648 509 637 458 2,153 2,360 17 (10) (18) 18 (43) 526 627 440 2,171 2,317 (2) (4) (2) (5) (10) (8) (5) (5) (27) (19) 536 636 447 2,203 2,346 Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 40 for details on adjusting items, and the Non-GAAP and Other Financial Measures and Summary Quarterly Earnings Trend sections of the 2023 Annual MD&A for further information BMOM Financial Results ⚫ December 1, 2023 43#44BMO 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