#1BMO Financial Group Investor Presentation For the Quarter Ended January 31, 2024 February 27, 2024 Q1 24 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 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 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 anticipated benefits from acquisitions, including Bank of the West, such as potential synergies 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; 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; global supply-chain disruptions; 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 in 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, and the Risk Management section in BMO's First Quarter 2024 Report to Shareholders document, 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 2023 Annual Report, as updated in the Economic Developments and Outlook section in our First Quarter 2024 Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's 2023 Annual Report, as updated in the Allowance for Credit Losses section in our First Quarter 2024 Report to Shareholders. 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 February 27, 2024 · 2#3Darryl White Chief Executive Officer Q1|24 BMO M B#4Resilient performance in a challenging environment Strong foundation, disciplined expense control, positioned for growth • • Q1 2024 Net Income EPS PPPT² Growth Total Assets Adjusted¹ $1.9B Reported $1.3B Adjusted¹ $2.56 Reported $1.73 Adjusted 3% Reported +100% $1.3T Efficiency Ratio ROE ROTCE³ CET14 Adjusted¹ 60.9% Reported 70.2% Adjusted¹ 10.6% Reported 7.2% Adjusted¹ 14.3% Reported 10.3% 12.8% Q1 2024 Highlights Strategic acquisitions and diversified businesses - supporting resilient PPPT² growth Delivered cost savings, achieved Bank of the West synergies, incremental operational efficiencies – expenses down Q/Q • • Growing customers and deepening relationships across the bank - average customer deposits up $10.5B or 2% Q/Q U.S. Segment delivering consistent PPPT performance • · Strengthened capital position through internal capital generation and balance sheet optimization - CET1 up 30bps Q/Q Maintained solid credit quality, impaired losses in line with expectations Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Adjusted results and measures are non-GAAP. See slide 37 for more information and slide 38 for adjustments to reported results 2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT 3 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 37 and Non-GAAP and Other Financial Measures section of the First Quarter 2024 MD&A for more information 4 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline BMOM Strategic Highlights February 27, 2024 • 4#5Highly diversified businesses delivering resilient performance Canadian Personal & Commercial Banking Reported Revenue ($MM) 2,716 2,796 2,778 2,557 2,490 768 757 761 765 732 Commercial U.S. Personal & Commercial Banking Reported Revenue (teb¹, US$MM) 1,875 1,811 1,822 1,833 1,292 1,117 Commercial 1,079 1,101 1,116 896 1,792 1,758 1,948 2,039 2,017 ■Personal & Business Banking Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 758 732 721 717 396 Personal & Business Banking Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 • Continuing to expand suite of innovative products with the launch of BMO eclipse rise Visa • Attracting newcomers to Canada with award-winning digital offerings and services BMO Wealth Management Strong commercial new client acquisition across U.S. footprint and >90% retention of Bank of the West clients post conversion Momentum in new retail account acquisition activity, including 38% Y/Y growth in new deposit relationships in California BMO Capital Markets Reported Revenue ($MM) 1,525 1,465 1,128 1,293 50 1,328 265 218 Insurance 81 Reported Revenue (teb¹, $MM) 1,699 1,579 1,651 1,589 1,463 606 647 706 637 Investment 600 and Corporate Banking 1,180 1,243 1,260 1,247 1,247 Wealth and 1,093 Asset 932 863 945 952 ■Global Markets Management (52) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 • Top honors in multiple categories at the 2023 Canada LSEG Lipper Fund Awards; led all ETF providers at the 2023 Fundata awards • Making life insurance coverage more accessible to Canadians by simplifying the underwriting process and requirements Ranked #1 in completed Canadian M&A and Canadian ECM² Designated a retail Gilt-edged Market Maker in the U.K., growing our global platform Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Operating group revenue stated on taxable equivalent basis (teb). These teb adjustments in U.S. P&C (Q1'24 US$7MM, Q4'23 US$7MM, Q3'23 US$6MM, Q2'23 US$6MM, Q1'23 US$6MM) and BMO Capital Markets (Q1'24 $19MM, Q4'23 $86MM, Q3'23 $81MM, Q2'23 $84MM, Q1'23 $70MM) are offset in Corporate Services 2 Source: Bloomberg for Q1 2024 BMOM Strategic Highlights February 27, 2024 · 5#6Our Purpose BOLDLY GROW THE GOOD IN BUSINESS AND LIFE 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 • Committed US$2 million to expand BMO's Welcome Home Grant program, helping households in underserved California communities make progress for homeownership Received an "Outstanding" rating for Community Reinvestment Act (CRA) performance from January 2020 to December 2022 - the third consecutive time BMO has earned this highest possible rating 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 • • Launched an innovative financing program in partnership with the Canada Infrastructure Bank to help Canadian commercial building owners finance energy retrofits, enabling progress towards a net zero world Arranged Green Loan financing for the construction of Trinity College's Lawson Centre for Sustainability, a mass timber, zero carbon, LEED Platinum multi-use building, the first of its kind for a North American post- secondary institution Ranked among the most sustainable companies on the Dow Jones Sustainability Indices (DJSI). BMO earned the highest possible score in Customer Relationship Management for 2023 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 Employees contributed more than $31 million during the annual Employee Giving Campaign to the United Way and thousands of other community organizations across North America Launched the BMO Young Indigenous Leaders Program in partnership with Université Laval, with a $500,000 commitment to support Indigenous forestry students through scholarships for internships, mentorship and community projects This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Strategic Highlights February 27, 2024 · 6#7Financial Results For the Quarter Ended January 31, 2024 Tayfun Tuzun Chief Financial Officer Q1/24 BMO M B#8Q1 F2024 - Financial Highlights Efficiency savings and the benefit of acquisitions offset by slower environment Adjusted² EPS $2.56, down $0.50 Y/Y (reported $1.73, up $1.59) Adjusted² net income down 12% Y/Y (reported up +100%); down 16% Q/Q (reported down 24%) Q1'24 adjusted² net income excluded $313MM FDIC special assessment, $136MM net accounting loss on the sale of a portfolio of recreational vehicle (RV) loans, $57MM integration costs and $84MM amortization of acquisition-related intangible assets Adjusted² PPPT¹ up 3% Y/Y (reported up +100%); down 9% Q/Q (reported down 14%) Adjusted² revenue up 10% Y/Y (reported up 50%) primarily driven by acquisitions and higher Insurance revenue Adjusted² revenue down 6% Q/Q (reported down 8%) Major drivers were weaker U.S. dollar, Corporate Services, Insurance revenue and BMO Capital Markets (refer to slide 9) Adjusted² expenses up 16% Y/Y (reported up 23%); down 4% Q/Q (reported down 5%) Adjusted² operating leverage negative 5.4% (reported 27.5%) ($MM) Revenue Expenses PPPT1 Total PCL Reported Adjusted² Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q 7,672 50% (8)% 7,850 10% (6)% 5,389 23% (5)% 4,783 16% (4)% 2,283 +100% (14)% 3,067 3% (9)% 627 $410 $181 627 $410 $181 Net Income 1,292 +100% (24)% 1,893 (12)% (16)% U.S. Segment Net Income (US$) 184 +100% (49)% 623 (6)% (17)% Diluted EPS ($) 1.73 $1.59 $(0.47) 2.56 $(0.50) $(0.38) Efficiency Ratio (%) 70.2 (1,570) bps 190 bps 60.9 280 bps 120 bps ROE (%) 7.2 660 bps (210) bps 10.6 (230) bps (180) bps ROTCE (%) 10.3 960 bps (320) bps 14.3 30 bps (280) bps CET1 Ratio (%) 12.8 (540) bps 30 bps 12.8 (540) bps 30 bps Net Income² Trends 2,158 2,186 2,148 2,243 Total provision for credit losses $627MM 1,565 1,710 1,893 133 1,029 1,292 PCL on impaired loans $473MM or 29 bps³; provision on performing loans $154MM Q1'23 U.S. segment contributed 44% to adjusted² earnings in the quarter (19% on a reported basis) Q2'23 Reported Net Income ($MM) Q3'23 Q4'23 Adjusted Net Income ($MM) Q1'24 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT 2 Adjusted results and measures are non-GAAP. See slide 37 and 42 for more information and slide 38 for adjustments to reported results 3 Impaired PCL ratio is calculated as annualized impaired provision for credit losses over average net loans and acceptances, expressed in basis points 4 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 37 and Non-GAAP and Other Financial Measures section of the First Quarter 2024 MD&A for more information 5 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline BMOM . Financial Results ⚫ February 27, 2024 8#9Q1 F2024 Revenue Idiosyncratic items impacting the quarter Insurance Revenue ($MM) 218 81 (52) Q1'23 Q4'23 Q1'24 BMO Capital Markets Revenue teb² ($MM) 1,699 606 1,093 1,651 706 945 1,589 637 952 Q1'23 Q4'23 Q1'24 Global Markets Investment and Corporate Banking Contributed 2% Y/Y and (2)% Q/Q to total bank revenue growth Y/Y increase and Q/Q decrease both driven by market-related impacts reflecting the transition to IFRS 17 Fiscal 2023 quarterly results are not necessarily representative of our future earnings profile Contributed (2)% Y/Y and (1)% Q/Q to total bank revenue growth Global Markets down Y/Y and Q/Q on lower trading revenue, including the impact of the proposed elimination of the tax deductibility of certain Canadian dividends² I&CB up Y/Y and down Q/Q reflecting underwriting and advisory activity (2) Q1'23 (2,019) Corporate Services Revenue ($MM) (67) Q4'23 (81) Adjusted¹ (299) Q1'24 (477) Reported Contributed (4)% Y/Y and (3)% Q/Q to total bank revenue growth Down Y/Y mainly due to higher earnings on the investment of capital in the prior year, in advance of closing Bank of the West, as well as the impact of treasury-related activities Down Q/Q due to the impact of market volatility on hedge positions, lower net accretion of purchase accounting fair value marks and lower securities gains Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Adjusted results and measures are non-GAAP. See slide 37 for more information and slide 38 for adjustments to reported results 2 BMO Capital Markets revenue stated on taxable equivalent basis (teb). These teb adjustments (Q1'24 $19MM, Q4'23 $86MM, Q1'23 $70MM) are offset in Corporate Services. On November 30, 2023, the Canadian government introduced a bill in Parliament containing a number of measures, including a rule that would, in certain circumstances, deny deductions for dividends that are received after 2023. Beginning January 1, 2024, we did not take the deduction for certain Canadian dividends due to the proposed legislation, and as a result, we no longer report this revenue on a taxable equivalent basis. For further information, refer to the Other Regulatory Developments section in BMO's First Quarter 2024 Report to Shareholders BMOM . Financial Results ⚫ February 27, 2024 9#10Average Gross Loans and Acceptances ($B) 657.0 655.0 566.0 290.5 287.1 245.0 Balance Sheet Diversified loan and deposit portfolio • Average gross loans and acceptances up 16% Y/Y due to: 15% 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 17% growth in Consumer loans driven by Bank of the West and mortgage growth in Canadian P&C Average gross loans and acceptances relatively flat Q/Q, or up 2% excluding the impact of the weaker U.S. dollar, the impact of Indirect Retail Auto wind-down and sale of a portfolio of RV loans As-at gross loans and acceptances down 2% Q/Q or up 2% excluding the impact of the weaker U.S. dollar, the Indirect Retail Auto wind-down and sale of a portfolio of RV loans Average customer deposits¹ up 19% Y/Y, due to Bank of the West and higher balances in Canadian P&C and BMO Capital Markets Q1'23 366.5 367.9 321.0 Q4'23 Q1'24 Business & Government Consumer Average Customer Deposits¹ ($B) 645.0 655.5 • Average customer deposits up 2% Q/Q driven by higher balances in BMO Capital Markets and Canadian P&C, partially offset by lower balances in BMO Wealth Management 550.3 84.1 91.4 61.3 60.1 83.9 56.5 199.3 197.3 164.6 • As-at customer deposits flat Q/Q or up 2% excluding the impact of the weaker U.S. dollar 300.3 306.7 245.3 P&BB Q1'23 Q4'23 Q1'24 Commercial BMO Wealth Management BMO Capital Markets 1 Customer deposits are operating and savings deposits, including term investment certificates and retail structured deposits, primarily sourced through our retail, commercial, wealth and corporate banking businesses BMOM . Financial Results ⚫ February 27, 2024 10#11Net Interest Margin¹ • Reported NII up 17% Y/Y and down 4% Q/Q NII ($MM) and NIM ex. trading and Insurance (%) 2 Adjusted² NII ex trading up 12% Y/Y due to volume growth; down 3% Q/Q due to lower NII in Corporate Services 1.90 1.92 1.90 1.84 1.81 1.90 1.92 1.89 1.83 • Total bank ex trading and insurance NIM decreased 6 bps Q/Q due to: 1.64 242 160 213 128 285 Continued deposit pricing pressure including rotation to term deposits, partially offset by reinvestment at higher interest rates Lower NII related to purchase accounting mark accretion Impact from risk transfer transactions, including the RV loan portfolio sale Canadian P&C NIM (%) 0.01 2.74 -0.01 0.03 2.77 Q4'23 Loan Margins Deposit Margins Mix / Other Q1'24 4,125 4,579 4,748 4,742 4,607 (389) (7) (14) (14) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 NII Adjusting Item ($MM) Adjusted NII ex trading ($MM) Adjusteď NIM ex trading & insurance (%) Trading NII ($MM) Reported NIM ex trading & insurance (%) U.S. P&C NIM (%) 3.86 0.05 3.86 -0.05 Q4'23 Deposit Margins Mix / Other Q1'24 Prior period amounts have been reclassified to conform with the current period presentation 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. Refer to the Glossary of Financial Terms section of the Q1 2024 Report to Shareholder for further information 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 ⚫ February 27, 2024 11#12Q1 F2024 Non-Interest Expense Executing expense efficiency initiatives . • Adjusted¹ expenses up 16% Y/Y (reported up 23%) Driven by acquisitions partially offset by operational efficiencies as well as $84MM for the impact of the consolidation of certain U.S. retirement benefit plans Achieved US$800MM run rate Bank of the West cost synergies Adjusted¹ expenses down 4% Q/Q (reported down 5%) Stock-based compensation for employees eligible to retire and seasonality of benefits contributed a combined 6% to Q/Q expense growth Offset by: Realization of Bank of the West cost synergies and enterprise operational efficiency initiatives reduced expenses 3% Q/Q Prior quarter charge related to the consolidation of BMO real estate • Adjusted¹ efficiency ratio 60.9% (reported 70.2%) Employee Compensation Premises Reported Adjusted¹ ($MM) Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q Salaries 1,471 21% (13)% 1,437 23% (3)% Performance-based compensation 1,029 5% 10% 1,017 4% 10% Employee benefits 370 5% 34% 370 5% 34% 2,870 12% (1)% 2,824 13% 6% 277 21% (28)% 277 21% (28)% 699 (3)% (34)% 673 11% (14)% 279 72% (2)% 167 8% 2% Advertising & business development 191 37% (26)% 181 34% (20)% Communications 101 38% (6)% 101 39% 0% Professional fees 207 (10)% (35)% 204 11% (23)% Other 765 181% 107% 356 37% (5)% Total Non-Interest Expense 5,389 23% (5)% 4,783 16% (4)% Computer and equipment Amort. software and intangibles Delivering on our expense commitments Run-rate Starting Q2'24 Target Bank of the West US$800MM Cost Synergies US$800MM (by February 2024) Enterprise Operational Efficiencies $325MM $400MM (by end of F2024) On Track Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Adjusted results and measures are non-GAAP. See slide 37 for more information and slide 41 for adjustments to reported results BMOM Financial Results ⚫ February 27, 2024 12#13Strong Q1'24 CET1 Ratio¹ of 12.8% Common Equity Tier 1 Ratio¹ +14 bps +10 bps +14 bps 12.5% -9 bps -8 bps +7 bps 12.8% Q4'23 Internal capital generation DRIP Sale of RV loans Source currency RWA FDIC special Other Q1'24 assessment Q1'24 CET1 ratio¹ of 12.8%, up from Q4'23 Internal capital generation DRIP shares issued from treasury - Sale of RV loan portfolio Other mainly from unrealized gains on FVOCI securities Partially offset by: Higher source currency RWA, mainly reflects higher market and operational risks and net asset quality changes, partially offset by reduction in asset size and impact from methodology & model updates FDIC special assessment Basis points may not add due to rounding 1 The Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with Office of the Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline BMOM . Financial Results ⚫ February 27, 2024 13#14Canadian Personal & Commercial Banking Strong PPPT² performance with continuing loan and deposit growth and higher margins • Adjusted¹ and reported net income down 3% Y/Y Reported Adjusted¹ • Adjusted¹ PPPT² and reported PPPT² up 8% Y/Y Revenue up 9% Y/Y ($MM) Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q Net interest income 2,141 9% 2% 2,141 9% 2% • NII up 9% Y/Y with solid balance growth and higher margins NIM up 9 bps Y/Y and up 3 bps Q/Q NIR up 6% Y/Y primarily due to the inclusion of AIR MILES Adjusted¹ expenses up 9% Y/Y (reported up 10%), reflecting the inclusion of AIR MILES and higher technology costs; down 4% Q/Q • Adjusted¹ operating leverage (0.5)% (reported (1.0)%) Total provision for credit losses $295MM (impaired provision of $238MM and performing provision of $57MM) Average loans & acceptances up 5% Y/Y and 1% Q/Q Average deposits up 11% Y/Y and 2% Q/Q Non-interest revenue 637 6% (9)% 637 6% (9)% Revenue 2,778 9% (1)% 2,778 9% (1)% Expenses 1,210 10% (4)% 1,205 9% (4)% PPPT² 1,568 8% 2% 1,573 8% 2% Total PCL (recovery) 295 $151 $30 295 $151 $30 Net Income 921 (3)% (0)% 925 (3)% (0)% Efficiency Ratio (%) ROE (%) 43.6 22.8 40 bps (140) bps (810) bps (330) bps 43.4 20 bps (140) bps 23.0 (790) bps (330) bps Net Income¹ and NIM Trends 2.69 2.68 2.74 2.77 2.74 951 926 951 925 819 822 881 889 922 921 Q1'23 Q2'23 Reported Net Income ($MM) Q3'23 Q4'23 Q1'24 Adjusted Net Income ($MM) --NIM (%) Prior period amounts have been reclassified to conform with the current period presentation 1 Adjusted results and measures are non-GAAP. See slide 37 and 42 for more information and slide 38 for adjustments to reported results 2 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT BMOM . Financial Results ⚫ February 27, 2024 14#15• U.S. Personal & Commercial Banking PPPT² up Q/Q as lower expenses offset environmental pressure on revenues Amounts that follow are in U.S. dollars: Reported Adjusted¹ • Adjusted net income down 4% Y/Y (reported 16%) Adjusted¹ PPPT² up 19% Y/Y (reported 8%), primarily due to the inclusion of Bank of the West (BOTW); up 7% Q/Q (reported 8%) (US$MM) Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q Net interest income (teb)³ 1,537 44% 1% 1,537 44% 1% Non-interest revenue 296 32% (2)% 296 32% (2)% Revenue (teb) 3 1,833 42% 1% 1,833 42% 1% - Revenue³ up 42% Y/Y; up 1% Q/Q NII³ up 44% Y/Y; up 1% Q/Q, primarily due to higher deposit balances, partially offset by a Bank of the West conversion adjustment in the prior quarter NIM³ down 11 bps Y/Y; flat Q/Q, driven by lower deposit margins as customers migrate to higher cost deposits offset by favourable change in balance sheet mix as deposits have grown faster than loans NIR up 32% Y/Y; down 2% Q/Q Adjusted¹ expenses up 68% Y/Y (reported up 80%); down 4% Q/Q on an adjusted and reported basis, primarily due to efficiency initiatives Expenses 1,094 80% (4)% 1,019 68% (4)% PPPT² 739 8% 8% 814 19% 7% Total PCL (recovery) 217 $176 $88 217 $176 $88 Net Income 419 (16)% (3)% 475 (4)% (4)% Net Income (CDE$) 560 (16)% (5)% 635 (5)% (5)% Efficiency Ratio (%) 59.7 1,270 bps (270) bps 55.6 870 bps (260) bps ROE (%) 6.5 (1,220) bps (60) bps 7.4 (1,130) bps (70) bps Net Income¹ and NIM³ Trends 3.97 3.99 • Total provision for credit losses $217MM (impaired provision of $137MM and performing provision of $80MM) 3.86 3.78 3.86 Average loans & acceptances up 48% Y/Y; down less than 1% Q/Q (up 2% excluding sale of RV loan portfolio) Average deposits up 45% Y/Y and 2% Q/Q Prior period amounts have been reclassified to conform with the current period presentation 596 539 495 496 490 475 434 433 419 376 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Reported Net Income ($MM) Adjusted Net Income ($MM) -NIM (%) 1 Adjusted results and measures are non-GAAP. See slide 37 and 42 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 40 for calculation of PPPT 3 Operating group revenue, NII, income taxes and net interest margin are stated on a taxable equivalent basis (teb). The teb adjustment (Q1'24 $7MM, Q4'23 $7MM, Q1'23 $6MM) is offset in Corporate Services. Efficiency ratio is calculated based on revenue (teb) BMOM . Financial Results ⚫ February 27, 2024 15#16BMO Wealth Management Good growth in client assets offset by lower net interest income • Adjusted¹ net income up 51% Y/Y (reported up 52%) Wealth and Asset Management adjusted¹ and reported net income down 7% Y/Y Revenue up 6% due to Bank of the West and growth in client assets, partially offset by lower deposit balances and margins AUM up Y/Y driven by growth in client assets and Bank of the West AUA down Y/Y driven by impact of exit of U.S. Institutional Trust Services business, partlially offset by growth in client assets and Bank of the West Insurance net income up Y/Y due to market- related impacts of IFRS 17 Adjusted¹ and reported expenses up 8% Y/Y; up 1% Q/Q reflecting good expense management Revenue Expenses PPPT² Total PCL Reported Adjusted¹ ($MM) Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q Wealth & Asset Management 1,247 6% (0)% 1,247 6% (0)% Insurance 81 $133 $(137) 1,328 18% (9)% 81 1,328 18% $133 $(137) (9)% 997 8% 1% 996 8% 1% 331 63% (30)% 332 63% (30)% 13 $7 $12 13 $7 $12 240 52% (31)% 241 51% (31)% Wealth & Asset Management NI 187 (7)% (7)% 188 (7)% (7)% Insurance NI 53 $96 $(96) 53 $96 $(96) AUM ($B) 360 12% 8% 360 12% 8% AUA ($B) 332 (20)% (20)% Efficiency Ratio (%) 75.0 ROE (%) 20.3 (700)bps 730bps 480bps (850)bps 332 (20)% (20)% 74.9 (700)bps 740bps 20.4 480bps (850)bps Net Income Net Income¹ Trends 396 397 159 160 240 241 29-29 187 187 351 149 149 352 240 241 53 211 212 Q1'23 202 203 (43) (43) Reported Adjusted Reported Adjusted Q2'23 Q3'23 Wealth and Asset Management ($MM) 209 210 202 203 187 188 Reported Adjusted Reported Adjusted Reported Adjusted Q1'24 Q4'23 Insurance ($MM) Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 1 Adjusted results and measures are non-GAAP. See slide 37 and 42 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 40 for calculation of PPPT BMOM . Financial Results ⚫ February 27, 2024 16#17BMO Capital Markets Client activity gaining momentum after muted start to quarter Adjusted¹ net income down 17% Y/Y (reported • down 19%) • • Adjusted¹ PPPT³ down 20% Y/Y (reported down 22%) Revenue² down 6% Y/Y: Global Markets down 13% primarily due to lower trading revenue, including the impact of the proposed elimination of the tax deductibility of certain Canadian dividends Investment and Corporate Banking up 5% due to higher underwriting and advisory revenue, partially offset by lower securities gains Adjusted¹ expenses up 1% Y/Y (reported up 2%) driven by higher technology costs, partially offset by lower performance-based compensation Total recovery for credit losses of $(22)MM (impaired provision of $11MM and recovery on performing loans of $(33)MM) Reported Adjusted¹ ($MM) Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q Global Markets 952 (13)% 1% 952 (13)% 1% I&CB 637 5% (10)% 637 5% (10)% Revenue (teb)² Expenses PPPT³ 1,589 (6)% 1,116 473 (4)% 1,589 (6)% (4)% 2% 6% 1,095 1% 5% Total PCL (recovery) (22) $(12) (22)% (21)% $(23) 494 (20)% (18)% (22) $(12) $(23) Net Income U.S. Net Income ($US) Efficiency Ratio (%) 131 393 (19)% (17)% 35% 408 (17)% (14)% 10% 138 38% 16 % 70.2 600 bps 650 bps 69.0 530 bps 550 bps ROE (%) 11.6 (410) bps (360) bps 12.0 (390) bps (330) bps Net Income¹ Trends 488 495 370 378 295 301 472 475 393 408 Q1'23 Q2'23 Reported Net Income ($MM) Q3'23 Q4'23 ■Adjusted Net Income ($MM) Q1'24 Prior period amounts have been reclassified to conform with the current period presentation 1 Adjusted results and measures are non-GAAP. See slide 37 and 42 for more information and slide 38 for adjustments to reported results 2 Operating group revenue and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment (Q1'24 $19MM, Q4'23 $86MM, Q1'23 $70MM) is offset in Corporate Services. Efficiency ratio is calculated based on revenue (teb). Beginning January 1, 2024, we did not take the deduction for certain Canadian dividends due to the proposed legislation, and as a result, we no longer report this revenue on a taxable equivalent basis. For further information, refer to the Other Regulatory Developments section in BMO's First Quarter 2024 Report to Shareholders 3 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT BMOM . Financial Results ⚫ February 27, 2024 17#18Corporate Services • Adjusted² net loss of $316MM and reported net loss of $822MM for the quarter, compared with an adjusted² net loss of $114MM and reported net loss of $2,130MM in the prior year Adjusted results in the current quarter exclude the impact of: $313MM ($417MM pre-tax) related to the FDIC special assessment³ ($MM)¹ Revenue Reported Adjusted² Q1 24 Y/Y Q/Q Q1 24 Y/Y Q/Q (449) 1,492 (463) (271) (347) (299) - $136MM ($164MM pre-tax) net accounting loss on the sale of a portfolio of RV loans Group teb offset4 Total Revenue (teb)4 Expenses Total PCL (recovery) Net Income (Loss) (28) 50 67 (28) 50 67 (477) 1,542 (396) (299) (297) (232) 600 153 (224) 121 (89) (118) 51 29 48 51 29 48 (822) 1,308 (196) (316) (202) (136) $46MM ($61MM pre-tax) acquisition and integration costs related to the acquisition of Bank of the West Prior period amounts have been reclassified to conform with the current period presentation 1 Effective the first quarter of 2024, balances and the associated revenue, expenses and provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal and Commercial Banking, are reported in Corporate Services, reflecting the exit and wind-down of this business unit 2 Adjusted results and measures are non-GAAP. See slide 37 and 42 for more information and slide 38 for adjustments to reported results 3 On November 16, 2023, the U.S. Federal Deposit Insurance Corporation (FDIC) approved the final rule to implement the special assessment on depository institutions to recover the losses incurred in the deposit insurance fund that were attributable to the protection of uninsured depositors of Silicon Valley Bank and Signature Bank. For further information, refer to the Other Regulatory Developments section in BMO's First Quarter 2024 Report to Shareholders 4 Operating group revenue and income taxes are stated on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services, and total BMO revenue and income taxes are stated on a GAAP basis BMOM . Financial Results ⚫ February 27, 2024 18#19Risk Review For the Quarter Ended January 31, 2024 Piyush Agrawal Chief Risk Officer Q1 24 BMO M B#20Provision for Credit Losses (PCL) PCL By Operating Group ($MM) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Personal & Business Banking 116 150 162 190 204 Q1'24 PCL ratio on impaired loans4 of 29 bps, up 4 bps Q/Q with increases in consumer loans and business & government loans, offset by benefits from risk transfer transactions Commercial Banking 19 10 35 42 34 Total Canadian P&C 135 160 197 232 238 PCL on Impaired Loans ($MM) Personal & Business Banking 7 37 53 60 60 00 80 Commercial Banking 35 25 64 83 103 Total U.S. P&C 42 62 62 473 117 143 183 408 333 243 196 BMO Wealth Management 1 1 1 2 3 BMO Capital Markets (3) 1 11 11 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Corporate Services² 21 20 17 20 38 PCL on Impaired Loans 196 243 333 408 473 PCL Ratio (bps) 65 PCL on Performing Loans 21 780 159 38 154 38 30 201 27 Total PCL - Reported 15 217 1,023 492 446 627 25 29 14 21 16 Bank of the West - Initial Allowance³ (705) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Total PCL - Adjusted¹ 318 PCL on impaired loans (bps) - Total PCL Reported (bps) Total PCL - Adjusted 1 (bps) Prior period amounts have been reclassified to conform with the current period presentation 1 Adjusted results and measures are non-GAAP. See slide 37 for more information and slide 38 for adjustments to reported results 2 Effective the first quarter of 2024, provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal and Commercial Banking, are reported in Corporate Services 3 Initial allowance for Bank of the West as of February 1, 2023 4 PCL Ratios are calculated as the annualized provision for credit losses as a percentage of average net loans and acceptances, expressed in basis points BMOM . Risk Review February 27, 2024 20#21Performing Loans (PCL) By Operating Group ($MM) Allowance and Provision on Performing Loans Allowance on Performing Loans (APL) and PCL on Q1 24 Q4 23 APL¹ Q1 24 Foreign Q1 24 PCL² exchange APL¹ & Other APL to Performing Loans³ (bps) . • • The $154 million provision for credit losses on performing loans in the current quarter was primarily driven by portfolio credit migration and model updates Sale on RV loan portfolio reduced APL by $87MM Appropriate coverage on performing loans at 55 bps Personal & Business Banking 958 72 1 1,031 50 Coverage Ratios Commercial Banking 378 (15) (17) 346 32 51 53 54 55 Total Canadian P&C 1,336 57 (16) 1,377 43 45 36 Personal & Business Banking 442 87 (111) 418 103 Commercial Banking 1,299 20 (49) 1,270 81 Q4'19 Total U.S. P&C 1,741 107 (160) 1,688 86 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Allowance on Performing Loans Ratio (bps)³ BMO Wealth Management 41 10 8 59 14 4.10 4.25 3.42 2.98 BMO Capital Markets 351 (33) (25) 293 35 2.15 2.39 Corporate Services5 115 13 (1) 127 n.m. Total 3,584 154 (194) 3,544 Q4'19 Q1'23 Q2'234 Q3'234 Q4'234 Q1'244 Allowance on performing loans over trailing 4-quarter PCL on impaired loans 1 Q4 23 and Q1'24 includes APL on other assets of $12MM and $19MM, respectively and excludes APL on securities of $6MM and $7MM respectively n.m. - not meaningful Prior period amounts have been reclassified to conform with the current period presentation 2 Q1'24 PCL includes a PCL on other assets of $7MM and excludes PCL on securities of $1MM 3 Allowance on performing loans over total gross performing loans and acceptances, expressed in basis points 55 4 Trailing 4-quarter PCL on impaired loans for Q2'23 - Q1'24 includes annualized Bank of the West PCL 5 Effective the first quarter of 2024, provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal and Commercial Banking, are reported in Corporate Services BMOM Risk Review • February 27, 2024 21#22Gross Impaired Loans and Formations Formations Gross Impaired Loans By Industry ($MM, as at Q1 24) CA & U.S. Total Other CA & Other¹ U.S. Total Gross impaired loans (GIL) ratio³ 65 bps, up 6 bps Q/Q, with the largest increases in the services and manufacturing industries Formations ($MM) 1,766 Total Consumer 314 127 441 653 426 1,079 1,366 843 917 Service Industries 56 241 297 357 639 996 1,386 925 521 524 633 Manufacturing 25 111 136 158 339 497 275 246 319 284 380 441 Commercial Real Estate 50 101 150 192 288 481 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Retail Trade ■Consumer Business and Government 16 20 35 172 123 295 Transportation 19 6 107 113 21 209 230 Gross Impaired Loans ($MM) 65 Wholesale Trade 8 19 26 61 156 217 59 41 44 Agriculture 40 40 37 77 81 92 173 36 3,960 4,259 Construction (non-real estate) 20 33 2,658 2,844 33 53 78 63 142 2,027 2,987 3,180 1,382 1,828 2,006 Financial 2 4 7 12 34 46 645 830 838 973 1,079 Oil and Gas 0 0 0 0 21 21 Q1'23 Q2'23 Consumer Q3'23 Business and Government Q4'23 Q1'24 GIL Ratio³ Other Business and Government² 30 1 31 51 31 82 GIL Ratio³ (bps) Total Business and Government 252 673 925 1,184 1,995 3,180 78 64 59 58 59 65 48 46 Total Bank 566 800 1,366 1,838 2,421 4,259 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 Q1'24 • Risk Review February 27, 2024 22#23Business & Government Portfolio Overview Gross Loans & Acceptances By Industry Canada & Other¹ Total U.S. BMO % of Total ($B, as at Q1 24) Total Consumer 230.7 50.4 281.0 43% Total Business and Government 156.2 215.6 371.9 57% Total Gross Loans & Acceptances 386.9 266.0 652.9 100% B&G Portfolio Industry Diversification Utilities, 3% Transportation, 4% Others¹, 4% Agriculture, 5% Financing Construction, 2% Products, 2% Oil & Gas, 1% Commercial Real Estate, 19% Well-diversified by industry and geography: 58% US and 42% Canada & Others Wholesale Trade, 6% Q1'24 $371.9B Financial, 19% Retail Trade, 8% Consistent credit quality over time: majority of portfolio investment grade (54%), with low impaired loans (<1%) Well-structured and highly secured portfolio >80% of portfolio is secured Manufacturing, 10% Service Industries, 17% • 13 bps average impaired PCL over the last 10 years • Integrated approach to risk management with differentiated Special Accounts Management Unit that proactively manages underperforming clients B&G Rating Distribution 1% 1% 0.4% 1% 1% 3% 2% 2% 3% 4% 39% 37% 41% 42% 46% 58% 60% 55% 54% 50% 2020 2021 ■Investment Grade 2022 ■Sub-Investment Grade 2023 Watchlist Q1 24 ■Impaired 1 Others includes Communications, Forest Products, Government, Mining, and Other BMOM . Risk Review February 27, 2024 23#24Canadian Mortgage Portfolio Renewal Profile • The impact of higher interest rates on payments is primarily realized upon renewal for both fixed and variable rate mortgages • Variable rate mortgages with fixed payments are impacted by interest rate changes via the amortization period, until renewal • • • $23.0B of variable rate mortgages are in negative amortization¹, down 23% Q/Q, representing ~48% of total variable rate mortgages, ~15% of the total mortgage portfolio; down from ~63% and ~20% respectively in Q4'23 Only 12% or $17.6B in mortgage balances are renewing in the next 12 months; over 70% of mortgages renew after F2025 In F2023, renewing customers experienced an average increase to their regular payments of 22% for variable rate mortgages and 21% for fixed rate mortgages Mortgage Maturity Schedule ($150.0B; 68% fixed rate, 32% variable rate) Mortgage LTV by Bureau Scores 54.7 ■Fixed Variable 32% 13.5 37.5 27.1 12.5 2.5 18.2 23.3 41.2 0.9 7.9 24.6 11.6 14.2 10.3 F24 F25 F26 F27 F28+ Payment Increase at Renewal (For illustration purposes) 3% 1% 2% 1% 21% 19% 2% 2% 1% 2% 3% 0% 1% 1% 9% Payment at Renewal F24 F25 F26 F27 F28+ Bureau Average payment Scores <620 $250 $350 $450 $650 $50 Increase ($)² 620-680 681-720 >720 <620 620-680 681-720 >720 <620 620-680 681-720 >720 <620 620-680 681-720 >720 LTV % Average payment <=50% 51%-65% 66%-80% >80% 15% 22% 24% 28% 3% Increase (%)² 1 Variable rate mortgages in negative amortization, with all of the contractual payments currently being applied to interest, and the portion of interest due that is not met by each payment is added to the principal 2 The average payment increase reflects an assumed interest rate of 5.75% at renewal and includes regular payments and additional pre-payments made to date BMOM Risk Review • February 27, 2024 24#25Appendix BMO M B#26Loan Portfolio Overview Gross Loans & Acceptances Canada & Total % of By Industry U.S. Other¹ BMO ($B, as at Q1 24) Residential Mortgages 150.0 26.5 176.6 27% Consumer Instalment and Other Personal 69.5 22.5 92.0 14% Credit Cards 11.2 1.4 12.5 2% Total • • Portfolio is well diversified by geography and industry Total Gross Loans & Acceptances down 2% Q/Q or up 1% excluding impact of the stronger U.S. dollar and RV loan portfolio sale Canada & Other Countries Total Consumer 230.7 50.4 281.0 43% 10% Commercial Real Estate 37.1 34.6 71.7 11% Financial 17.7 52.2 69.9 11% 31% Service Industries 28.6 35.8 64.4 10% 59% Manufacturing 8.8 29.6 38.5 6% Retail Trade 17.2 13.8 31.0 5% Wholesale Trade 6.7 16.8 23.5 4% Agriculture 13.3 5.1 18.4 3% U.S. Transportation 4.9 10.0 14.9 2% 17% 19% Utilities 7.9 4.6 12.5 2% Construction (non-real estate) 2.4 4.6 7.0 1% Oil and Gas 3.0 0.7 3.7 1% Other Business and Government² 8.5 7.8 16.3 2% 64% Total Business and Government 156.2 215.6 371.9 57% Total Gross Loans & Acceptances 386.9 266.0 652.9 100% ■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 approximately $11.7B from other countries 2 Other Business and Government includes all industry segments that are each <1% of total loans BMOM • Risk Review February 27, 2024 26#27Commercial Real Estate • Commercial Real Estate (CRE) portfolio at $71.7B represents 11% of total Gross Loans & Acceptances (GL&A) Portfolio is well-diversified across businesses, property types and geographies Well-managed with consistent and conservative underwriting standards resulting in strong credit quality; investment grade (54%), with low watchlist (3%) and impaired (0.7%) Ontario 22% CRE diversification by property type ($B) Canada & Property Type U.S. Total Others Multi-Residential 13.1 8.0 21.0 Industrial 6.1 6.2 12.2 Single Family Residence 6.0 1.9 8.0 Medical Office 2.5 5.2 7.7 Office Retail 3.3 3.5 6.8 15% Hospitality, Healthcare & Diversified REITS 0.9 3.3 4.2 Mixed Use 3.0 0.6 3.6 Other² Total Commercial Real Estate 2.2 6.0 8.2 37.0 34.7 71.7 Total Gross Loans and Acceptances REIT 386.9 266.0 652.9 12% Totals may not add due to rounding 1 Based on the location of the collateral or the borrower for REITS 2 Other includes Commercial Real Estate loans for self-storage, parking, marinas and other minor sub-categories 3 Other U.S. and Other Canada includes geographies that are each less than 2% of the total CRE GL&A BMOM Other U.S.³ 21% $7.7B CRE by Geography1 British Columbia 13% Quebec 6% Canada & Others 52% Alberta 5% Nova Scotia 3% $71.7B 3 Other Canada 3% U.S. 48% California 11% Texas 6% Arizona 2% New York 3% Florida 2% Illinois 3% Traditional Office Urban 30% Top 5 Cities GL&A Cities ($B) Los Angeles, CA 0.37 Sacramento, CA 0.33 Bellevue, WA 0.27 Calgary, AB 0.26 Suburban 43% Vancouver, BC 0.22 . Risk Review February 27, 2024 27#28Canadian Residential Secured Lending Portfolio Overview . Total Canadian residential-secured lending portfolio at $198.7B, representing 30% of total loans Residential-Secured Lending by Region ($198.7B) $96.2 LTV1 on uninsured of 51% 90-day delinquency rate for RESL remains good at 17 bps; loss rates for the trailing 4 quarter period were less than 1 bp $38.9 19% ■Amortizing HELOC ■Revolving HELOC ■Uninsured Mortgages 19% - 3% of uninsured RESL balances are to borrowers with <680 FICO and >70% LTV $31.1 6% ■Insured Mortgages 7% 24% Residential mortgage portfolio of $150.0B 5% $20.2 - 29% of portfolio insured 60% 9% 7% LTV1 on uninsured of 56% 62% 42% 56% of the mortgage portfolio has an effective remaining amortization of 25 years or less 37% $7.8 7% $4.5 10% . HELOC portfolio of $48.7B outstanding of which 73% is amortizing 6% 45% 29% 47% 6% 15% 35% . Condo RESL portfolio is $28.4B with 22% insured 12% 42% 49% • Owner-occupied represents 86% of total RESL portfolio Atlantic Quebec Ontario Alberta British Columbia Canada Other $13.1 6% Avg. LTV¹ Uninsured Atlantic Quebec Ontario Alberta British Canada Columbia Other Total Canada $35.6 Mortgage 18% $107.1 $198.7B 54% - Portfolio 55% 56% 57% 57% 52% 55% 56% - Origination 70% 70% 70% 72% 67% 72% 70% $42.9 22% HELOC - Portfolio 46% 50% 46% 49% 44% 46% 46% - Origination 56% 65% 57% 61% 57% 65% 59% ■HELOC Revolving Insured Mortgages HELOC Amortizing Uninsured Mortgages BMO M 1 Loan to value (LTV) is the ratio of the exposure, loan balance for mortgages and authorized amount for HELOCS, to the value of the property. Property values are indexed using Teranet HPI data. Averages are weighted by exposure . Risk Review February 27, 2024 28#29Trading-Related Net Revenue and Value-at-Risk November 1, 2023 to January 31, 2024 (pre-tax basis and in millions of Canadian dollars) 50 40 30 20 10 ....... (10) (20) (30) (40) (50) (60) Daily Revenue Total Trading VaR BMO M Risk Review • February 27, 2024 29#30• Advancing our Digital First strategy Continuing to deliver on our Digital First agenda Canadian mobile app offers a simplified and enhanced user experience and modernized technology Enhanced debit card payment details, • an innovative feature that helps customers better understand and manage their day-to-day finances, while reducing common contact centre calls Partnered with Extend to offer virtual card capabilities to our Corporate Card clients across North America, the only financial institution to integrate with SAP's Concur Invoice spend management platform Enabled small business customers to make fee-free transfers between business accounts at BMO and other financial institutions via Transfer NowⓇ Driving digital engagement Active Digital Users, Retail¹ (000) 4,420 +2% 4,505 Q4'23 Q1'24 Self-serve Transactions² (%) 90% Digital Sales Growth³ (%) +16% Active Digital Users, Commercial Banking4 (000) +7% • • • Recognized for industry leadership Ranked first in customer satisfaction with online banking in the JD Power5 2023 Canada Online Banking Satisfaction Study Recognized by Banking Tech Awards Best Use of Tech in Retail Banking for New to Canada program Best User/Customer Experience Initiative - Payments for Pre- Authorized Payment Manager and Same Day Grace Awarded the 2023 BAI Global Innovation Award for Innovation in Retail Customer Experience for BMO New to Canada pre- arrival account opening BMO U.S mobile app rankings improved 7 spots from last year to #6 by Insider Intelligence's US Mobile Banking Emerging Features Benchmark 2023 297 Q4'23 319 Q1'24 BANKING TECH AWARDS BAI INSIDER INTELLIGENCE 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; Nov 2023 - Jan 2024 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 Q1'24 over Q1'23 4 OLBB clients in North American commercial, corporate and business banking 5 For more information, refer to www.jdpower.com/business BMOM Strategic Highlights February 27, 2024 · 30#31Canadian Personal & Commercial Banking - Balances Average Gross Loans & Acceptances ($B) 301.4 314.2 317.3 261.3 Average Deposits ($B) 283.9 • 288.8 134.8 136.5 128.1 194.8 199.6 181.3 6.5 6.8 6.1 50.7 51.8 51.9 12.1 12.8 10.6 105.9 109.0 109.4 89.1 89.2 80.0 Q1'23 Commercial¹ Q4'23 Q1'24 Credit Cards Q1'23 ■Commercial Q4'23 Q1'24 Personal & Business Banking Business Banking ■Consumer Loans Residential Mortgages Average loans & acceptances up 5% Y/Y and 1% Q/Q Residential Mortgages (including amortizing HELOC) up 7% Y/Y and 1% Q/Q Cards up 20% Y/Y and 6% Q/Q Business Banking up 10% Y/Y and 4% Q/Q Commercial¹ up 3% Y/Y and flat Q/Q Average deposits up 11% Y/Y and 2% Q/Q Personal & Business Banking up 10% Y/Y and 2% Q/Q Chequing and Savings down 10% Y/Y and 2% Q/Q Term up 33% Y/Y and 6% Q/Q Commercial up 12% Y/Y and flat Q/Q Prior period amounts have been reclassified to conform with the current period presentation 1 Commercial lending excludes commercial and small business cards. Commercial and small business cards balances represented 13% of total credit card portfolio in Q1'24, Q4'23 and Q1'23 BMOM Financial Results ⚫ February 27, 2024 31#32U.S. Personal & Commercial Banking - Balances Amounts on this slide are in U.S. dollars¹ Average Gross Loans & Acceptances (US$B) Average Deposits (US$B) 102.4 9.7 152.7 152.1 36.3 33.9 158.0 160.7 110.6 77.3 80.0 47.6 116.4 118.2 92.7 Q1'23 ■Commercial 80.7 80.7 63.0 Q4'23 Q1'24 Q1'23 Q4'23 Personal & Business Banking ■Commercial Q1'24 Personal & Business Banking Average loans & acceptances up 48% Y/Y; down less than 1% Q/Q (up 2% excluding and sale of RV loan portfolio) Commercial up 27% Y/Y and 2% Q/Q Personal & Business Banking up 100+% Y/Y and down 7% Q/Q (up 4% excluding and sale of RV loan portfolio) Average deposits up 45% Y/Y and up 2% Q/Q Commercial up 28% Y/Y and flat Q/Q Personal & Business Banking up 68% Y/Y and up 3% Q/Q Prior period amounts have been reclassified to conform with the current period presentation 1 Average FX rates (CDN/US dollar): Q1'24 1.3392, Q4'23 1.3648, and Q1'23 1.3426 BMOM . Financial Results ⚫ February 27, 2024 32#33Canadian and U.S. deposit trends Canadian P&C and BMO Wealth Management deposits CDE$B, average balances 328 328 318 309 290 266 6% 7% 5% 3% 238 2% 20% 20% 20% 21% 4% 24% 24% Commercial 20% 25% 35% 32% 37% 37% 26% P&BB / 34% BMO Wealth Management 48% 49% 39% 42% 43% 36% 36% F'20 F'21 F'22 F'23 Q1'23 Q4'23 Q1'24 Demand Deposits Term Deposits 7% • Total Canadian deposits grew 8% Y/Y due to new customer acquisition, a comprehensive onboarding program and increased customer primacy Continued customer balance shift to term deposits given high interest rates U.S. P&C and BMO Wealth Management deposits¹ US$B, average balances 171 172 • 159 18% 19% 16% 118 120 117 105 11% 10% 30% 28% 33% 14% 11% Commercial 36% 43% 43% 40% 28% 29% 26% P&BB / 34% 26% 24% 24% BMO Wealth 25% 25% 24% Management 19% 21% 23% 23% F'20 F'21 F'22 F'23 Q1'23 Q4'23 Q1'24 Chequing & Savings Money Market & CD's 1 Includes Bank of the West acquisition effective Q2'23 BMOM Total U.S. deposits increased 1% Q/Q as we continued to grow new customers and deposits through competitive tools, products and channels, including national digital retail banking and treasury and payments solutions platforms Current environment continues to reflect deposit competition and customer migration to money markets and CD's Financial Results ⚫ February 27, 2024 . 33#34Asset Yields¹ and Liabilities Costs² Average Earning Assets ($B) and Yield (%) Average Liabilities ($B) and Costs² (%) 5.26% 4.17% 4.86% 5.06% 5.27% Yield on Total Average Earning Assets 2.55% 2.92% 3.18% 3.34% 3.56% Cost on Total Liabilities 1,261 1,236 1,265 1,246 1,162 1,083 1,162 1,177 1,196 1,143 5.00% 5.51% 5.71% 5.92% 6.03% 553 635 634 648 647 1.96% 2.18% 2.45% 2.74% 2.93% 635 629 645 656 550 4.09% 4.88% 5.09% 5.20% 5.28% 3.30% 4.09% 4.28% 4.45% 4.38% 450 469 470 473 475 530 527 528 529 549 143 157 137 147 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'23 115 Q1'24 Gross Loans Other Interest Bearing Assets³ Customer Deposits Other Interest Bearing Liabilities4 % in above charts indicate yield on asset balance Other Non-Interest Bearing Liabilities % in above charts indicate cost on liability balance Prior periods have been reclassified to conform with the 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 BMO M . Financial Results February 27, 2024 34#35Interest Rate Sensitivity • • Year 1 benefit/ exposure to an incremental +/- 100bps rate shock reflects a relatively neutral positioning Year 2 benefit to rising rates (+100bps) of approximately $700MM driven by long rates and the continued reinvestment of capital and deposits Effective deposit betas were comparable to modeled assumptions through the rate hike cycle Deposit costs have continued to increase as competition for funding has led to spread compression . Term rates decreased in Q1'24 and continue to be volatile, but are still higher than historical rates Sustained higher long-term investment rates continue to support NIM going forward, providing some offset to increased pricing pressure on deposit products Swap Rates³ ---CAD 5-yr Avg -USD 5-Yr --USD 5-yr Avg -CAD 5-Yr 5.00 4.50 4.00 Earnings sensitivities over the next 12 months¹ 3.50 3.00 Q1'24 Pre-Tax CDE ($MM) +100 bps -100 bps -25 bps 2.50 2.00 Canada² 61 (50) (15) 1.50 1.00 U.S. 218 (246) (62) 0.50 0.00 Total 278 (296) (76) This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 1 Sensitivities assumes immediate and sustained parallel shift in interest rates and using a constant balance sheet. For more details see the Structural (Non-Trading) Market Risk section of BMO's First Quarter 2024 MD&A 2 Includes Canadian dollar and other currencies 3 Chart displays historical CORRA swap rates and SOFR swap rates BMOM Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Source: Bloomberg, updated through Feb 05, 2024 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 . Financial Results ⚫ February 27, 2024 35 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24#36Adoption of IFRS 17 Insurance Contracts Overview of accounting change and impacts • Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17) which replaced existing IFRS 4 Insurance Contracts (IFRS 4) We applied the full retrospective approach to our creditor business and the fair value approach to all other products written prior to November 1, 2022. Changes were applied retrospectively to Fiscal 2023, resulting in an increase in net income Fiscal 2023 results may not be fully representative of our future earnings as we were not managing our insurance portfolio under IFRS 17 The fundamentals and strategies of our insurance business have not changed as a result of IFRS 17 adoption Overview of IFRS 17 Changes Contractual Service Margin (CSM) and New Business Profits Discount Rate on Present Value Insurance Contract Liabilities New business profits are deferred and measured as the contractual service margin (CSM) liability and amortized into income as insurance contract services are provided, while losses are recognized into income immediately; under IFRS 4 both gains and losses were recognized into income immediately CSM liability is included in CET1 capital and related ratios Discount rates used in calculating the present value of insurance contract liabilities are based on the characteristics of the insurance contracts; IFRS 4 was based on the assets supporting the liabilities This change will impact the timing of investment-related income and the associated market risk sensitivities We have entered into economic hedging arrangements to offset the impact of changes in interest rates on our earnings Financial Statement Presentation Impacts • Non-interest Revenue includes: Insurance service results: includes insurance revenue, insurance service expenses and reinsurance results Insurance investment results: includes net returns on insurance- related assets and the impact of the change in discount rates and financial assumptions on insurance contract liabilities We no longer report insurance claims, commissions and changes in policy benefit liabilities (CCPB) Transition impacts: • Adoption of IFRS 17 resulted in an $1,075MM increase in assets, $2,181MM increase in liabilities, and $1,106MM after-tax decrease in shareholders' equity as at November 1, 2022 On transition to IFRS 17, we voluntarily changed our accounting policy for the measurement of investment properties under IAS 40 Investment Property from cost to fair value and applied the change retrospectively, resulting in increases of $132MM in other assets, and $132MM after-tax in shareholders' equity Refer to Financial Statements Note 1: Basis of Presentation and section related to Insurance in the Risk Management section in the First Quarter 2024 Report to Shareholders for further information BMOM . Financial Results ⚫ February 27, 2024 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 and our unaudited interim 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, as described below. 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 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 page 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: 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 adjusted efficiency, leverage and PCL ratios, growth rates and other measures calculated using adjusted results, which exclude the impact of certain items such as acquisition and integration costs, amortization of acquisition-related intangible assets, impact of divestitures, 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 February 27, 2024, for the quarter ended January 31, 2024 ("First Quarter 2024 MD&A") is incorporated by reference into this document, including the Summary Quarterly Earnings Trend section in the First Quarter 2024 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 January 31, 2024, 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 First Quarter 2024 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 First Quarter 2024 MD&A. The First Quarter 2024 MD&A is available on the Canadian Securities Administrators' website at www.sedarplus.ca and BMO's website at www.bmo.com/investorrelations. BMO M . Financial Results ⚫ February 27, 2024 37#38Non-GAAP and Other Financial Measures8 (Canadian $ in millions, except as noted) Reported Results Net interest income Non-interest revenue Revenue Provision for credit losses Non-interest expense Q1 24 Q4 23 Q1 23 4,721 4,941 2,951 3,378 7,672 8,319 (627) (5,389) (446) (5,679) Income before income taxes 1,656 2,194 Provision for income taxes (364) (484) Net income 1,292 1,710 Diluted EPS ($) 1.73 2.19 Management of fair value changes on the purchase of Bank of the West (1) Legal provision (recorded in revenue) (2) (14) (14) Impact of loan portfolio sale (6) (164) Impact of adjusting items on revenue (pre-tax) (178) (14) Adjusting Acquisition and integration costs (4) (76) (582) Items (Pre-tax) Amortization of acquisition-related intangible assets (5) (112) (119) (8) Legal provision (including legal fees) (2) (1) (2) (2) (1) Reported net income in Q1-2023 included losses of $1,461 million 4,021 ($2,011 million pre-tax) related to the acquisition of Bank of the West, 1,078 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 (217) instruments recorded in net interest income. 5,099 133 0.14 (4,382) (2) Reported net income included the impact of a lawsuit associated with 500 a predecessor bank, M&I Marshall and Ilsley Bank: Q1-2024 included $11 million ($15 million pre-tax), comprising $14 million interest (367) expense and non-interest expense of $1 million; Q4-2023 included $12 million ($16 million pre-tax), comprising interest expense of $14 million and non-interest expense of $2 million; and Q1-2023 (2,011) included $6 million ($8 million pre-tax), comprising interest expense of $6 million and a non-interest expense of $2 million. These amounts were recorded in Corporate Services. For further information, refer to the Provisions and Contingent Liabilities section in Note 24 of the audited annual consolidated financial statements of BMO's 2023 Annual Report. (3) Reported net income in Q1-2023 included a one-time tax expense of $371 million related to certain tax measures enacted by the Canadian government, recorded in Corporate Services. (2,017) (239) FDIC special assessment (7) (417) Impact of adjusting items on non-interest expense (pre-tax) (606) (703) Impact of adjusting items on reported net income (pre-tax) (784) (717) Management of fair value changes on the purchase of Bank of the West (1) (249) (2,266) (1,461) Legal provision (including related interest expense and legal fees) (2) Impact of loan portfolio sale (6) (10) (10) (5) (136) Impact of adjusting items on revenue (after-tax) (10) (10) (5) Acquisition and integration costs (4) (57) (433) (181) Adjusting Amortization of acquisition-related intangible assets (5) (84) (88) Items Legal provision (including related interest expense and legal fees) (2) (1) (2) (After-tax) (1) (4) 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: Q1-2024 included $46 million ($61 million pre-tax); Q4-2023 included $434 million ($583 million pre-tax); and Q3-2023 included $363 million ($487 million pre-tax). Costs related to the acquisitions of Radicle and Clearpool were recorded in BMO Capital Markets: Q1-2024 included $10 million ($14 million pre-tax); Q4-2023 included a recovery of $2 million ($3 million pre-tax); and Q3-2023 included $1 million ($2 million pre- tax). Costs related to the acquisition of AIR MILES were recorded in Canadian P&C: Q1-2024 included $1 million ($1 million pre-tax); Q4-2023 included $1 million ($2 million pre-tax); and Q3-2023 included $6 million ($8 million pre-tax). FDIC special assessment (7) (313) Impact of adjusting items on non-interest expense (after-tax) (455) (523) (188) Impact of Canadian tax measures (3) (371) Impact of adjusting items on reported net income (after-tax) (601) (533) (2,025) (5) Reported net income included amortization of acquisition-related intangible assets recorded in non-interest expense in the related operating group: Q1-2024 included $84 million ($112 million pre-tax); Q4-2023 included $88 million ($119 million pre-tax); and Q3-2023 included $85 million ($115 million pre-tax). Revenue Adjusted Results Non-interest expense Net income Impact on diluted EPS ($) Net interest income Non-interest revenue Provision for credit losses Income before income taxes Provision for income taxes Diluted EPS ($) (0.83) (0.75) 4,735 4,955 3,115 3,378 7,850 8,333 7,116 (627) (4,783) (446) (4,976) 2,440 2,911 2,766 (547) (668) (608) (2.92) (6) Reported net income in Q1-2024 included a net accounting loss on 4,410 the sale of a portfolio of recreational vehicle loans related to balance sheet optimization of $136 million ($164 million pre-tax), recorded in 2,706 Corporate Services. (7) Reported net income in Q1-2024 included the impact of a U.S. Federal (217) Deposit Insurance Corporation (FDIC) special assessment of $313 million (4,133) ($417 million pre-tax), recorded in non-interest expense in Corporate Services. (8) For more information, refer to slide 37 and the Non-GAAP and Other Financial Measures section of BMO's First Quarter 2024 MD&A 1,893 2,243 2,158 2.56 2.93 3.06 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 BMOM . Financial Results ⚫ February 27, 2024 38#39Adjusted Net Income Reconciliation by Operating Group (Canadian $ in millions unless otherwise stated) Canadian P&C Reported Net Income Acquisition and integration costs Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 921 922 881 819 951 1 1 6 2 Amortization of acquisition-related intangible assets Adjusted Net Income 3 3 2 1 925 926 889 822 951 U.S. P&C (USD) Reported Net Income 419 433 376 539 495 Amortization of acquisition-related intangible assets 56 Adjusted Net Income 475 BMO Wealth Management Reported Net Income 240 Amortization of acquisition-related intangible assets 1 Adjusted Net Income 241 BMO Capital Markets Reported Net Income 393 Acquisition and integration costs Amortization of acquisition-related intangible assets 10 5 Adjusted Net Income 408 Corporate Reported Net Income (822) Services Acquisition and integration costs Management of Fair Value Changes on the Purchase of Bank of the West (3) Impact of Canadian tax measures Initial provision for credit losses on purchased performing loans Net loss on RV loan portfolio sale 136 FDIC special assessment 313 Adjusted Net Income (316) (180) Total Bank Reported Net Income 1,292 1,710 Management of Fair Value Changes on the Purchase of Bank of the West Acquisition and integration costs Amortization of acquisition-related intangible assets Legal Provisions Impact of Canadian tax measures Initial provision for credit losses on purchased performing loans (18) (63) (114) 1,565 1,029 133 1,461 57 433 370 549 181 84 88 85 85 6 11 12 (3) 6 6 131 371 517 Net loss on RV loan portfolio sale 136 FDIC special assessment 313 Adjusted Net Income 1,893 2,243 2,148 2,186 2,158 U.S. Segment (USD) Reported Net Income 184 364 343 (119) (573) Management of Fair Value Changes on the Purchase of Bank of the West (3) Acquisition and integration costs 1,093 39 317 275 400 132 Amortization of acquisition-related intangible assets 59 61 60 61 4 Legal provision 8 (2) 4 5 Initial provision for credit losses on purchased performing loans 379 Net loss on RV loan portfolio sale FDIC special assessment Adjusted Net Income 676 725 661 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 Refer to footnotes (1) to (7) 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 First Quarter 2024 MD&A for further information ཪྻརྞྞཊྛcཉྫཱep g| | | ।gཎྜ ।g⌘ཌ| | | |gg lཥཅ༅ | | |g ༄| |ཤྰg8 |⊙ཌ།┴8ཥྞg༅།སྐ༅།ཋཏྲུ 102 231 623 57 58 57 1 490 434 596 496 351 396 240 159 1 1 1 1 352 397 241 160 472 295 370 488 (2) 1 2 3 5 5 6 4 475 301 378 495 (626) (509) (1,131) (2,130) 1,461 434 363 545 178 131 371 517 BMOM Financial Results ⚫ February 27, 2024 39#40Pre-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 Reported Pre-Provision, Pre-Tax Earnings (PPPT) Acquisition and integration costs Amortization of acquisition-related intangible assets Legal provision FDIC special assessment Net loss on RV loan portfolio sale Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 1,655 2,194 1,988 1,265 500 627 446 492 1,023 217 2,282 2,640 2,480 2,288 717 (76) (582) (497) (727) (239) (112) (119) (115) (115) (8) (15) (16) (7) (8) (417) (164) Management of Fair Value Changes on the Purchase of Bank of the West (2,011) Impact of Canadian tax measures (160) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 3,066 3,357 3,248 3,137 2,983 U.S. Segment (USD) Reported Income (loss) before taxes 207 452 442 (184) (848) Total provision for (recovery of) credit losses 226 135 165 578 36 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 433 587 607 394 (812) Acquisition and integration costs (52) (426) (369) (530) (175) Management of Fair Value Changes on the Purchase of Bank of the West (1,505) Net loss on RV loan portfolio sale (122) FDIC special assessment (308) Amortization of acquisition-related intangible assets (79) (82) (82) (82) (5) Legal provision (11) (11) 3 (5) (7) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,005 1,106 1,055 1,011 880 Canadian P&C Reported Income before taxes 1,273 1,271 1,213 1,135 Total provision for (recovery of) credit losses 295 265 259 241 1,308 144 Reported Pre-Provision, Pre-Tax Earnings (PPPT) 1,568 1,536 1,472 1,376 1,452 Adjusting Items impacting Non-interest expense (Pre-tax) (1) (2) (8) (3) Acquisition and integration costs (4) (4) (3) (1) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,573 1,542 1,483 1,380 1,452 Reported Income before taxes U.S. P&C (USD) BMO Wealth Management Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) Acquisition and integration costs Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) Reported Income before taxes Total provision for (recovery of) credit losses Reported Pre-Provision, Pre-Tax Earnings (PPPT) Amortization of acquisition-related intangible assets Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 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 522 555 493 699 644 217 129 154 52 41 739 684 647 751 685 (75) (76) (78) (78) (1) 814 760 725 829 686 318 474 528 315 198 13 1 7 4 6 331 475 535 319 204 (1) (2) (2) (2) (1) 332 477 537 321 205 495 598 378 502 618 (22) 1 10 17 (10) 473 599 388 519 608 (14) 3. (2) (2) (4) Amortization of acquisition-related intangible assets (7) (7) (7) (8) (5) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 494 603 397 529 617 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information Refer to footnotes (1) to (7) 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 First Quarter 2024 MD&A for further information BMOM . Financial Results ⚫ February 27, 2024 40#41Adjusted Non-Interest Expense Reconciliation (Canadian $ in millions unless otherwise stated) Reported Salaries Acquisition and integration costs Impact of divestitures Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 1,471 1,683 1,872 1,783 1,219 (34) (203) (197) (357) (52) 1,437 1,480 1,675 1,426 1,167 Reported Performance-based compensation 1,029 935 836 809 981 Employee Compensation Acquisition and integration costs (12) (15) (10) (6) (7) Adjusted Performance-based compensation 1,017 920 826 803 974 Reported Employee benefits 370 277 343 370 352 Acquisition and integration costs (1) (3) (5) (1) Premises Adjusted Employee benefits Reported Premises Acquisition and integration costs Adjusted Premises Reported Computer and equipment Acquisition and integration costs 370 276 340 365 351 277 384 293 322 228 (1) (4) (1) 277 383 289 321 228 699 1,060 922 936 725 (26) (275) (186) (237) (117) Adjusted Computer and equipment 673 785 736 699 608 Amortization of Reported Amortization of software and other intangibles 279 284 284 278 162 software and other intangibles Amortization of acquisition-related intangible assets (112) (119) (115) (115) (8) Adjusted Amortization of intangible assets 167 165 169 163 154 Reported Advertising and business development 191 260 218 195 139 Acquisition and integration costs Adjusted Advertising and business development Reported Communications Acquisition and integration costs Adjusted Communications Reported Professional fees (10) (34) (28) (12) (5) 181 226 190 183 134 101 108 95 90 74 (7) (7) (2) (1) 101 101 88 88 73 207 320 276 310 229 Acquisition and integration costs Other Legal Provision (3) (50) (56) (102) (43) (1) (2) Impact of Canadian tax measures Adjusted Professional fees Reported Other Acquisition and integration costs (1) 204 269 219 208 184 765 368 433 408 273 9 4 (6) (5) (13) Legal Provision Impact of Canadian tax measures FDIC special assessment Adjusted Other (1) (1) 7 (21) (417) 356 371 413 403 260 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 Refer to footnotes (1) to (7) 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 First Quarter 2024 MD&A for further information BMOM . Financial Results ⚫ February 27, 2024 41#42Summary of Reported and Adjusted Result by Operating Group (Canadian $ in millions unless otherwise stated) Reported Q1 24 Q4 23 Q1 23 Adjusted Q1 24 Q4 23 Reported Adjusted (Canadian $ in millions unless otherwise stated) Q1 23 Q1 24 Q4 23 Q1 23 Q1 24 Q4 23 Total Bank Revenue Expenses Pre-Provision, Pre-tax Earnings Total PCL (recovery) 217 7,671 8,319 5,099 7,849 8,333 7,116 5,389 5,679 4,382 4,783 4,976 4,133 2,282 2,640 717 3,066 3,357 2,983 627 446 446 217 Wealth & Asset Management 1,247 1,247 1,180 BMO Wealth Management Insurance 81 218 (52) 81 Q1 23 1,247 1,247 1,180 218 (52) Revenue 1,328 1,465 1,128 1,328 1,465 1,128 627 Expenses 997 990 924 996 988 923 Net Income 1,292 1,710 133 1,893 2,243 2,158 Pre-Provision, Pre-tax Earnings 331 475 204 332 477 205 U.S. Segment Net Income (US$) 184 364 (573) 623 750 661 Total PCL 13 1 6 13 1 6 Diluted EPS ($) 1.73 2.19 0.14 2.56 2.93 3.06 Net Income 240 351 159 241 352 160 Efficiency Ratio (%) 70.2 68.3 85.9 60.9 59.7 58.1 Wealth & Asset Management NI 187 202 202 188 203 203 ROE (%) 7.2 9.3 0.6 10.6 12.4 12.9 Insurance NI 53 149 (43) 53 149 (43) ROTCE (%) 10.3 13.5 0.7 14.3 17.1 14.0 Efficiency Ratio (%) 75.0 67.7 82.0 74.9 67.5 81.9 ROE (%) 20.3 28.8 15.5 20.4 28.9 15.6 Net Interest Income 2,141 Canadian Non-Interest Revenue 637 P&C Revenue Expenses 2,096 1,959 700 598 2,778 2,796 2,557 1,210 1,260 1,105 2,141 637 2,778 1,205 2,096 1,959 700 598 2,796 2,557 Global Markets 952 945 1,093 952 945 1,093 BMO Capital Markets³ I&CB 637 706 606 637 706 606 Revenue (teb) 1,254 1,105 Expenses 1,589 1,651 1,116 1,052 1,699 1,589 1,651 1,699 1,091 1,095 1,048 1,082 Pre-Provision, Pre-tax Earnings¹ 1,568 1,536 1,452 1,573 1,542 1,452 Pre-Provision, Pre-tax Earnings¹ 473 599 608 494 603 617 Total PCL (recovery) 295 265 144 295 265 144 Total PCL (recovery) (22) 1 (10) (22) 1 (10) Net Income 921 922 951 925 926 951 Net Income 393 472 488 408 475 495 Efficiency Ratio (%) 43.6 45.0 43.2 43.4 44.8 43.2 U.S. Net Income ($US) 131 118 97 138 118 100 ROE (%) 22.8 26.1 30.9 23.0 26.3 30.9 Efficiency Ratio (%) ROE (%) 70.2 63.7 64.2 11.6 15.2 15.7 69.0 63.5 63.7 12.0 15.3 15.9 Net Interest Income (teb) 1,537 1,521 US P&C Non-Interest Revenue (US$MM)³ Revenue (teb) Expenses 1,067 296 301 225 1,833 1,822 1,292 1,094 1,138 607 1,537 1,521 1,067 296 301 225 1,833 1,822 1,292 1,019 1,062 606 Revenue Corporate Services³ Group teb offset Revenue (teb) Expenses 824 (477) (81) (2019) (28) (95) (78) (505) (176) (2097) 600 (299) (67) (2) (28) (95) (78) (327) (162) (80) 447 Pre-Provision, Pre-tax Earnings¹ 739 684 685 814 760 686 Total PCL (recovery) 51 3 22 121 51 239 3 210 22 Total PCL (recovery) 217 129 41 217 129 41 Net Income (822) (626) (2130) (316) (180) (114) Net Income 419 433 495 475 490 496 Net Income (CDE$) Efficiency Ratio (%) ROE (%) 59.7 6.6 560.0 591.0 665.0 62.4 47.0 7.1 18.7 635.0 670.0 666.0 55.6 7.5 58.2 8.1 46.9 18.7 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 Adjusted results and measures are non-GAAP. See slide 38 for adjustments to reported results, and slide 37 and the Non-GAAP and Other Financial Measures sections of the First Quarter 2024 MD&A for further information 1 Reported and adjusted pre-provision pre-tax earnings (PPPT) are non-GAAP measures. See slide 37 for more information and slide 40 for calculation of PPPT 2 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 First Quarter 2024 MD&A for more information 3 U.S P&C and BMO Capital Markets operating group results are presented on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services BMOM . Financial Results ⚫ February 27, 2024 42#43BMO Financial Group Investor Relations Contact Information bmo.com/investorrelations E-mail: [email protected] BILL ANDERSON Director, Investor Relations 416.867.7834 [email protected] BMO M B PERRY CHEN-SEE Director, Investor Relations 416.359.8074 [email protected]