#1Investor Presentation February 2024 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 the financial, operational and capital impacts of the transaction, customer growth and support, sustainable lending and underwriting targets, sustainable investment targets, BMO's Climate Ambition, net zero financed emissions targets, reducing operational GHG emissions, inclusivity, diversity and development, 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", "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. Certain statements made in this document use a greater number and level of assumptions and estimates and are over longer time frames than many of our required disclosures. These assumptions and estimates are highly likely to change over time. Certain statements in this document are based on hypothetical or severely adverse scenarios and assumptions, and these statements should not necessarily be viewed as being representative of current or actual risk or forecasts of expected risk. In addition, our climate risk analysis and net-zero strategy remain under development, and the data underlying our analysis and strategy remain subject to evolution over time. As a result, we expect that certain disclosures made in this document are likely to be amended, updated or restated in the future as the quality and completeness of our data and methodologies continue to improve. 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, 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 including, but not limited to: the availability of comprehensive and high-quality GHG emissions data, the evolution of our lending portfolios over time, the need for active and continued participation of stakeholders (including enterprises, financial institutions and governmental and non-governmental organizations), the development and deployment of new technologies and industry-specific solutions, international cooperation, the development of regulations internationally, our ability to successfully implement various initiatives under expected time frames and the compliance of various third parties with our policies and procedures and legal requirements. 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, 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 and 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. 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. Other Disclaimers This document includes voluntary disclosures on customer growth and support, sustainable lending and underwriting targets, sustainable investment targets, operational GHG emissions and targets, climate related opportunities and risks, governance, strategy, risk management and metrics and targets that may not be, and are not required to be, incorporated into our mandatory disclosures, where we use a definition of materiality established under applicable securities laws for the purpose of complying with the disclosure rules and regulations promulgated by applicable securities regulators and applicable stock exchange listing standards. Any third-party information contained in this document or otherwise used to derive information in this document is believed to be reasonable and reliable, but no representation or warranty is made by as to the quality, completeness, accuracy, fitness for a particular purpose or non-infringement of such information. Specifically, the methodologies utilized to measure operational GHG emissions and financed emissions, set targets and track future progress against these targets use emissions information and estimates that have been derived from third-party sources, which Bank of Montreal believes to be reasonable. Further, in the absence of counter party specific emissions data, some financed emissions will be estimated using the best information available, including that provided by third-party sources. In no event shall Bank of Montreal be liable (whether in contract, tort, equity or otherwise) for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, such information contained herein. Certain third-party information, such as Scope 3 emissions and emissions factors, may change over time as methodologies evolve and are refined. These inherent weaknesses with current methodologies, and other factors could cause results to differ materially from those expressed in the estimates and beliefs made by third parties and by Bank of Montreal. While we are not aware of any misstatements regarding the industry, company or market data presented in this document, such data and estimates involve important uncertainties, risks, and assumptions and are subject to change based on various factors, including those discussed under the heading "Caution Regarding Forward-Looking Statements" above.. BMOM Investor Presentation ⚫ February 2024 2#3About BMO Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America 8th largest bank in North America by assets¹ $1.3 trillion in total assets² 13 million customers globally Operating Groups Personal & Commercial Banking BMO Wealth Management BMO Capital Markets Our Strategy At BMO, we continue to build a high-performing, digitally-enabled, future-ready bank with engaged employees and a winning culture. We are focused on helping our customers make real financial progress, and on financing our clients' growth and innovation, while also investing in our workforce. Anchored by our Purpose, we are driven by our strategic priorities for growth, strengthened by our approach to sustainability and guided by our values as we build a foundation of trust with our stakeholders. Our Purpose Boldly Grow the Good in business and life до For a thriving economy For a sustainable future For an inclusive society Our Strategic Priorities World-class loyalty and growth, powered by One Client leadership Winning culture driven by alignment, empowerment and recognition Digital first for speed, scale and the elimination of complexity Be our clients' lead partner in the transition to a net zero world Superior management of risk, capital and funding performance Our Values > Integrity > Empathy > Diversity > Responsibility 1 Source: Bloomberg GICS screen of largest North American banks by total assets as at January 31, 2024 2 As at January 31, 2024 BMOM Investor Presentation ⚫ February 2024 3#4Our 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 Investor Presentation ⚫ February 2024 4#5Reasons to invest in BMO Diversified businesses that deliver resilient and robust earnings Integrated and competitively advantaged North American bank built for growth Strong foundation that delivers long-term value for shareholders Award winning technology and innovation • • . • . • • • Premium commercial banking franchise with a top 4 market position in North America1 Flagship personal banking business with a strong deposit base and growing market share Diversified, high-return wealth business with a strong client focus and competitive position Competitive global capital markets franchise that is well positioned for growth Well-established, highly profitable banking business in Canada Top 10 U.S. bank² with presence in key growth markets and a digital platform that extends our footprint nationally Alignment across businesses to deliver leading One Client customer experiences Well-capitalized with strong credit ratings Longest running dividend paying company in Canada Strong risk culture with a long-term track record of peer-leading credit performance Digital First operating model where business and technology are fully integrated, driving efficiency, speed and scale Investing in innovation that makes banking easier and delivers exceptional customer experiences Long-standing commitment to sustainability • Deeply embedded purpose-driven culture focused on inclusive and equitable growth for everyone and strengthening the communities we serve Consistently recognized for our industry leadership in climate action and sustainability 1 Share of commercial loans based upon publicly available U.S. regulatory filings (FR Y-9Cs and FFIEC 002s) and internal analysis 2 Ranking by assets as of December 31, 2023 and internal analysis. Source: SNL Financial. Top 10 U.S.: JP Morgan, Bank of America, Citibank, Wells Fargo, U.S. Bank, PNC Bank, Truist Bank, TD Bank, Capital One, BMO BMOM Investor Presentation ⚫ February 2024 5#6Diversified business mix with strong, resilient revenue Diversified by business % of Operating Groups Reported Revenue² - LTM Q1'24 Canadian P&C 33% Canadian Personal BMO Capital Markets 19% Diversified by geography % of Reported and Adjusted Net Income¹ by Geography - LTM Q1'24 Reported Adjusted³ U.S. P&C 31% Canadian Commercial Banking & Business Banking Investment & Corporate Banking Global Markets Personal Wealth Insurance Asset Management U.S. Commercial Banking U.S. Personal & Business Banking Canada & Other 81% 56% U.S. 19% 44% BMO Wealth Management 17% Diversified by customer % of Reported Revenue by Customer²,3 - LTM Q1'24 Business 47% Consumer 53% Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 LTM is last twelve months 1 Adjusted results and measures are non-GAAP, see slide 56 for more information and slide 57 for adjustments to reported results 2 Percentages determined excluding results in Corporate Services 3 Business consists of Commercial Banking revenue and BMO Capital Markets revenue; Consumer consists of Personal and Business Banking revenue and BMO Wealth Management revenue BMOM Investor Presentation ⚫ February 2024 6#7Solid financial performance Medium Term Financial Objectives 1,2 Earnings Per Share ($) EPS Growth 7% to 10% per year Return on Equity 15% or more Return on Tangible 18% or more Common Equity 19.99 11.58 12.96 13.23 11.81 5.76 Operating Leverage 2% or more 2021 2022 2023 Reported ■Adjusted² Capital Capital ratios that exceed regulatory requirements Capital Position6,7 (%) 22.6 2.5 1.9 Credit Ratings³ 16.0 16.1 16.2 16.6 Moody's S&P DBRS Fitch 2.1 2.1 2.1 2.1 1.7 1.7 1.6 1.7 Long term deposits / legacy senior debt4 Aa2 A+ 18.2 AA AA 12.2 12.3 12.5 12.8 Senior debt5 A2 A- AA (low) AA- Outlook Stable Stable Stable Stable Q1'23 Q2'23 CET1 Q3'23 Q4'23 Q1'24 Additional Tier 1 Tier 2 Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17 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 56 for more information and slide 57 for adjustments to reported results 3 A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Ratings are as at January 31, 2024 4 Long term deposits/legacy senior debt includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the Bank Recapitalization (Bail-In) Regime 5 Subject to conversion under the Bank Recapitalization (Bail-In) Regime 6 CET1, Additional Tier 1, Tier 2 and Total Capital ratios are disclosed in accordance with Office of the Superintendent of Financial Institutions' (OSFI) Capital Adequacy Requirements (CAR) Guideline 7 Decline in Q2'23 includes impact from closing the acquisition of Bank of the West BMOM Investor Presentation ⚫ February 2024 7#8Delivering strong long-term shareholder returns • Dividends Declared ($ per share) BMO has the longest-running dividend payout record of any company in Canada, at 195 years . Dividend Yield1: 4.8% • Current declared quarterly dividend: $1.51; up 6% Y/Y Total Shareholder Return³ (%) 14.7 9.9 10.1 F2023 15-year CAGR² 5% $2.80 2.80 2.80 2.82 2.94 3.08 3.24 3.40 3.56 4.24 4.24 $6.04 5.80 5.44 2009 2010 2011 2012 2013 2014 2015 4.06 3.78 2016 2017 2018 2019 2020 2021 2022 2023 9.6 10.3 8.2 3-year 5-year ■BMO Peer Average S&P/TSX Composite 1 Calculated as at January 31, 2024 and based on dividend declared on February 27, 2024, annualized 2 Compound annual growth rate 3 As at January 31, 2024; Peers: BNS, CM, NA, RY, TD; S&P/TSX Composite is S&P/TSX Composite Total Return Index 4 Based on the Q2'24 declared dividend of $1.51 annualized BMOM Investor Presentation ⚫ February 2024 8#9BMO U.S. well-positioned for growth Benefiting from the strength of BMO's trillion-dollar balance sheet Top 10 U.S. Bank¹ Physical footprint in 32 states Digital platforms across all 50 states BMO U.S. Bank US$2662 billion in assets BMO U.S. Segment US$4322 billion in assets 4 million customers BMO Financial Group C$1.32 trillion in assets • • U.S. Segment contributed US$4.2B adjusted³ PPPT4 LTM (US$2.0B on a reported basis) Broad capabilities: Personal & Commercial Banking, BMO Wealth Management and BMO Capital Markets Only North American bank with integrated North-South business model, driving efficiencies One Client approach, with local market and unified cross border expertise WA MT ND MN ME OR SD WI ID VT WY MI NY NH IA NE CT MA PA IL IN OH NI RI NV UT CO KS MO WV DE KY VA MD-DC CA OK TN NC AZ NM AR SC MS AL GA TX LA # of U.S. Banks by Assets (US$)1 4 Physical footprint FL Digital footprint . Presence in three of the top five U.S. markets >$1T $250B-$750B $100B-$250B <$100B 6 BMOM ~20 ~4,600 Prior period amounts have been reclassified to conform with the current period presentation 1 Ranking by assets as of Dec. 31, 2023 and internal analysis. Source: SNL Financial. Top 10 U.S. >$1T: JP Morgan, Bank of America, Citibank, Wells Fargo. $250B-$750B: U.S. Bank, PNC Bank, Truist Bank, TD Bank, Capital One, BMO 2 BMO U.S. Bank as at balances based upon BMO Bank N.A. publicly available U.S. regulatory filing (FFIEC 031) for period ending December 31, 2023. BMO U.S. Segment based on average balances for Q1'24 3 Adjusted results and measures are non-GAAP, see slide 56 for more information and slide 57 for adjustments to reported results 4 Reported and Adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 56 for more information and slide 59 for calculation of PPPT BMOM Investor Presentation ⚫ February 2024 9#10Proven strength in Commercial Banking with advantaged market share . A relationship-based commercial bank; #4 commercial lender¹ in North America - In Canada: Top tier commercial banking business, #2 market share for business loans² In the U.S.: Diversified national business, supported by industry knowledge and top-tier share in flagship markets Integrated and leading cash management, treasury and payment capabilities Best-in-class customer experience and industry leading client loyalty Sole or lead position in ~90% of relationships Diversified growth, consistent risk appetite and underwriting, quality and reputation of the business Commercial Banking Revenue as % of Operating Groups Revenue³ LTM Q1'24 Other 73% Canadian Commercial Banking 9% U.S. Commercial Banking 18% Commercial Loans by Industry4 - Q1'24 Manufacturing 11% Retail Trade 11% Financial 15% WORLD FINANCE BEST COMMERCIAL BANK. CANADA 2015-2023 BMO Recognized as the best commercial bank in Canada for nine consecutive years Wholesale Trade 8% Q1'24 $290B Agriculture 6% WORLD FINANCE BEST COMMERCIAL BANK, US 2023 Commercial Real Estate 19% Recognized as the best commercial bank in the U.S. Transportation 5% Construction 2% Other Commercial 3% BMO Prior period amounts have been reclassified to conform with the current period presentation 1 Share of commercial loans based upon publicly available U.S. regulatory filings (FR Y-9Cs and FFIEC 002s) and internal analysis 2 Ranked #2 in market share based on business loans $0-$25MM and $0-$100MM. Source: Canadian Bankers Association as at June 2023 3 Based on reported results; Percentages determined excluding results in Corporate Services 4 Other Commercial includes industry segments that are each <1% of commercial gross loans and acceptances BMOM Service Industries 20% Investor Presentation ⚫ February 2024 10#11Flagship North American Personal and Business Banking franchise ■ Well established and growing business for BMO, serving ~12MM customers and contributing 37% of BMO's revenue Canada: Leading revenue growth and top tier share gains in key product categories since F'201 U.S.: Leveraging our expanded market presence and scale, serving 4MM customers through ~1000 branches in 22 states and a national digital deposit platform Driving core customer acquisition, deepening customer relationships and enabling One Client growth with Wealth Management and Commercial Banking Award winning digital capabilities delivering personalized banking experiences, with over one-third of core products sold through digital channels ■ AIR MILES loyalty program with nearly 10MM Canadian Collectors and 300+ leading merchants and growing; enhances customer acquisition and engagement opportunities External recognition: JDPOWER #1 in Customer Satisfaction among the "Big 5" Retail Banks² - JD Power WORLD FINANCE BEST RETAIL BANK. CANADA AIR MILES. P&BB Banking Revenue as % of Operating Group Revenue³ - LTM Q1'24 Other 63% O CDN P&BB 24% U.S. P&BB 13% P&BB Loan and Deposit balances ($B in local currencies) - Q1'24 208 #1 Retail bank in Canada for second consecutive year 2022-2023 BMO - World Finance Canada 200 Loans 80 34 ■Deposits US Outstanding Machine Learning Initiative WANER - The Digital Banker Prior period amounts have been reclassified to conform with the current period presentation 1 Source: OSFI Personal market share (Q4'20 - Sept'23); CBA Business Banking market share (Sept'20 - Mar'23) for $0-1MM loan and $0-5MM deposit segments 2 For more information, refer to www.jdpower.com/business 3 Based on reported results; Percentages determined excluding results in Corporate Services BMOM Investor Presentation ⚫ February 2024 11#12Advancing 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 TransferNowⓇ 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 Investor Presentation ⚫ February 2024 12#13Strong and stable balance sheet, capital and liquidity Balance Sheet (As At) Gross Loans & Deposits ($B) 914 Total Assets ($B) 1,052 1,187 1,325 Acceptances ($B) 653 563 501 Book Value Per Share ($) 83.66 94.23 96.88 787 705 372 ■Total 318 Other 277 Deposits Business and Government Customer 657 Deposits ■Total Consumer 545 281 505 224 245 Q1'22 Q1'23 Q1'24 Q1'22 Q1'23 Q1'24 Capital & Liquidity CET1 Ratio¹ (%) 18.2 14.1 12.8 11.5% regulatory expectation¹ Q1'22 Q1'23 Q1'24 Q1'22 Q1'23 Q1'24 Leverage Ratio² (%) TLAC Ratio³ (%) 5.9 4.7 4.2 3.5% regulatory expectation² 37.2 28.7 27.6 25.0% regulatory expectation³ Liquidity Coverage Ratio4 Q1'22 Q1'23 Q1'24 Q1'22 Q1'23 Q1'24 Prior period amounts have been reclassified to conform with the current period presentation Q1'22 Q1'23 Q1'24 1 Common Equity Tier 1 (CET1) Ratio is disclosed in accordance with OSFI's Capital Adequacy Requirements (CAR) Guideline; regulatory minimum of 11.5% as at Q1'24, 11.0% as at Q1'23, 10.5% as at Q1'22. 2 Leverage Ratio is disclosed in accordance with OSFI's Leverage Requirements (LR) Guideline; regulatory minimum of 3.5% as at Q1'24, 3.0% as at Q1'23, 3.0% as at Q1'22 3 Total Loss Absorbing Capacity (TLAC) Ratio is disclosed in accordance with OSFI's Total Loss Absorbing Capacity (TLAC) Guideline; regulatory minimum of 25.0% as at Q1'24, 24.5% as at Q1'23, 24.0% at Q1'22. 4 Liquidity Coverage Ratio (LCR) is disclosed in accordance with OSFI's Liquidity Adequacy Requirements (LAR) Guideline; regulatory minimum of 100% for all periods shown BMO M 144 129 129 Q1'22 Q1'23 Q1'24 100% regulatory expectation4 Investor Presentation ⚫ February 2024 13#14Leading track record in risk management • • . Long track record of outperforming peers on credit, with over 30-year historical average loss rates well below peer banks Prudent underwriting, consistent approach, unparalleled expertise and industry knowledge, effectiveness of work-out process. Deep expertise across Risk and business teams Credit allowances appropriately reflect diversification and underlying strength of portfolios 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% PCL on Impaired Loans as a % of Avg. Net Loans & Acceptances 0.49% Cdn Peer Historical Avg. (1990-2023) 0.36% BMO Historical Avg. (1990-2023) 0.35% Cdn. Peer Avg. 0.29% BMO '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 BMO Cdn Peers Avg. BMO Historical Avg. (1990-2023) Q1 Cdn Peers Historical Avg. (1990-2023) 1 Provision for credit losses on impaired loans over average net loan and acceptances, annualized and expressed in basis points; Peers: BNS, CIBC, NA, RBC, TD; information for peer banks has been sourced from their respective Q1'24 quarterly disclosures BMOM Investor Presentation ⚫ February 2024 14#15Q1'24 Highlights BMO M B#16Q1 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 $84MM amortization of acquisition-related intangible assets Adjusted² PPPT¹ up 3% Y/Y (reported up +100%); down 9% Q/Q (reported down 14%) Adjusted² revenue up 10% Y/Y (reported up 50%) primarily driven by acquisitions and higher Insurance revenue Adjusted² revenue down 6% Q/Q (reported down 8%) Major drivers were weaker U.S. dollar, Corporate Services, Insurance revenue and BMO Capital Markets Adjusted² expenses up 16% Y/Y (reported up 23%); down 4% Q/Q (reported down 5%) ($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 ROTCE4 (%) 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 Adjusted² operating leverage negative 5.4% (reported 27.5%) Total provision for credit losses $627MM 2,158 2,186 2,148 2,243 PCL on impaired loans $473MM or 29 bps³; provision on performing loans $154MM 1,565 1,710 1,893 133 1,029 1,292 Q1'23 Q2'23 Q3'23 U.S. segment contributed 44% to adjusted² earnings in the quarter (19% on a reported basis) Q4'23 Q1'24 Reported Net Income ($MM) Adjusted Net Income ($MM) 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 56 for more information and slide 59 for calculation of PPPT 2 Adjusted results and measures are non-GAAP. See slide 56 and 60 for more information and slide 57 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 56 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 Superintendent of Financial Institutions (OSFI) Capital Adequacy Requirements (CAR) Guideline BMOM Investor Presentation ⚫ February 2024 16#17Strong Q1'24 CET1 Ratio¹ of 12.8% Common Equity Tier 1 Ratio¹ . +14 bps +10 bps +14 bps 12.5% -9 bps 12.8% -8 bps +7 bps Q4'23 Internal capital generation DRIP Sale of RV loans Source currency RWA FDIC special assessment Other Q1'24 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 Investor Presentation ⚫ February 2024 17#18Net Interest Margin¹ and Interest Rate Sensitivity NII ($MM) and NIM ex. trading and Insurance (%)² 1.90 1.92 1.90 1.84 1.81 1.90 1.92 1.89 1.83 1.64 242 160 213 128 285 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 Rates 5 -CAD 5-yr Avg -USD 5-Yr -USD 5-yr Avg 4,125 4,579 4,748 4,742 4,607 CAD 5-Yr 5.00 4.50 (389) (7) (3) (14) (14) Q1'23 Q2'23 Q3'23 I NII Adjusting Item ($MM) Q4'23 Trading NII ($MM) Q1'24 4.00 3.50 ■ Adjusteď NII ex trading ($MM) Reported NIM ex trading & insurance (%) = Adjusted NIM ex trading & insurance (%) Total bank ex trading and insurance NIM decreased 6 bps Q/Q Earnings sensitivities over the next 12 months³ 3.00 2.50 2.00 1.50 1.00 Q1'24 0.50 Pre-Tax CDE ($MM) +100 bps -100 bps -25 bps 0.00 Canada² 61 (50) (15) Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 U.S. 218 (246) (62) Total 278 (296) (76) 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 Jan-24 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 BMOM Source: Bloomberg, updated through Feb 05, 2024 This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 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. Net interest margin ex trading excludes net interest earned on trading assets. Average earning assets represents the daily average balance of deposits at central banks, deposits with other banks, securities borrowed or purchased under resale agreements, securities, and loans 2 Adjusted results and measures are non-GAAP. See slide 56 for more information and slide 57 for adjustments to reported results 3 For more details see the Structural (Non-Trading) Market Risk section of BMO's 2023 Annual MD&A 4 Includes Canadian dollar and other currencies 5 Chart displays historical CORRA swap rates and SOFR swap rates Investor Presentation ⚫ February 2024 18#19Operating Groups BMO M B#20Canadian Personal & Commercial Banking Strength and Value Drivers • • . High-performing team focused on providing a personalized banking experience that helps our customers make real financial progress Top-tier commercial banking business, #2 market share for business loans¹, and leading cash management, treasury and payment capabilities Award-winning retail banking business with top-tier digital sales and digital money management tools Consistently strong credit risk management Net Income Q1'24 Financial Highlights Reported Adjusted² $921MM $925MM Net Income Y/Y Growth Revenue Y/Y Growth (3.2)% (2.8)% 8.6% 8.6% PPPT3 Y/Y Growth 7.9% 8.3% ROE Efficiency Ratio 22.8% 23.0% 43.6% 43.4% Operating Leverage (1.0)% (0.5)% Average Gross Loans & Acceptances $317B $289B 2024 Strategic Priorities • Build on our strong franchise to drive growth and customer loyalty by continuing to invest in differentiating capabilities and delivering enhanced One Client experiences In Personal and Business Banking, continue to drive customer acquisition, increase share of wallet, enhance digital engagement and in-person guidance conversations, and help customers make real financial progress In Commercial Banking, maintain focus on key sectors and geographies, and drive deeper relationships with clients through innovative capabilities and products, including climate transition and Digital First solutions Drive efficiencies by simplifying and streamlining operations, and investing in digital capabilities Average Deposits Net Income ($MM) and NIM (%) 2.68 2.69 2.74 2.77 2.74 951 881 922 921 819 • Foster a winning culture, focused on alignment, empowerment and recognition, with a commitment to a diverse and inclusive workplace Q1'23 Q2'23 Q3'23 Reported Net Income Q4'23 Q1'24 NIM Prior period amounts have been reclassified to conform with the current period presentation 1 Ranked #2 in market share based on business loans $0-$25MM and $0-$100MM. Source: Canadian Bankers Association as at June 2023 2 Adjusted results and measures are non-GAAP, see slide 56 for more information and slide 58 for adjustments to reported results 3 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) is a non-GAAP measure. See slide 56 for more information and slide 59 for calculation of PPPT See slide 60 for more information on the reported and adjusted results of our operating groups BMOM Investor Presentation ⚫ February 2024 20#21Canadian Personal & Commercial Banking Performance Reported Revenue ($MM) Average Gross Loans & Acceptances ($B)² 2,778 2,557 2,716 2,796 2,490 314.2 317.3 301.4 757 761 768 765 732 128.1 134.8 136.5 6.5 6.8 6.1 51.8 51.9 50.7 1,948 2,039 2,017 1,792 1,758 10.6 12.1 12.8 105.9 109.0 109.4 Q1'23 Q2'23 Q3'23 ■Personal & Business Banking Digital Adoption¹ +2% 70.8% Q1'23 Q4'23 Q1'24 Q1'23 Q4'23 ■Commercial ■Commercial ■Credit Cards ■Business Banking Residential Mortgages Average Deposits ($B) 261.3 80.0 Q1'24 Consumer Loans 283.9 288.8 89.1 89.2 72.4% 194.8 199.6 181.3 Q1'24 Q1'23 Q4'23 Q1'24 ■Personal & Business Banking ■Commercial Prior period amounts have been reclassified to conform with the current period presentation 1 Digital adoption is the percent of deposit customers that logged on in the last 90 days (revised to exclude joint account-only customers) 2 Commercial loans exclude corporate cards 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 Investor Presentation ⚫ February 2024 21#22U.S. Personal & Commercial Banking Strength and Value Drivers . • • . High-performing team focused on providing a personalized banking experience that helps our customers make real financial progress Large-scale commercial banking business expanding into new geographies, and leading cash management, treasury and payment capabilities Continued momentum in personal and business banking with a large and growing customer base, accelerating our digital first model through innovative partnerships Consistently strong credit risk management 2024 Strategic Priorities ° • Build on our strong franchise and leverage our expanded scale to drive growth and customer loyalty by continuing to invest in differentiating capabilities and delivering enhanced One Client experiences In Personal Banking, continue to drive new customer acquisition, increase digital engagement, and help customers make real financial progress In Commercial Banking, maintain focus on key sectors and geographies, and drive deeper relationships with clients through innovative capabilities and products, including climate transition and digital first solutions Drive efficiencies by simplifying and streamlining operations, and investing in digital capabilities US$ Q1'24 Financial Highlights Reported Adjusted¹ Net Income $419MM $475MM Net Income Y/Y Growth (15.5)% (4.5)% Revenue Y/Y Growth (teb)² 41.9% 41.9% PPPT³ Y/Y Growth 7.9% 18.6% ROE 6.5% 7.4% Efficiency Ratio² 59.7% 55.6% Operating Leverage² (38.4)% (26.4)% $152B $161B $560MM $635MM Average Gross Loans & Acceptances Average Deposits Net Income (C$) Net Income (US$MM) and NIM² (%) 3.97 3.99 3.78 3.86 3.86 539 495 . Foster an inclusive, winning culture, focused on alignment, empowerment and recognition, with a commitment to a diverse and inclusive workplace 433 419 376 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Reported Net Income (US$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 56 for more information and slide 58 for adjustments to reported results 2 Operating group revenue is stated on a taxable equivalent basis (teb). This teb adjustment (Q1'24 US$7MM) is offset in Corporate Services. Net Interest Margin (NIM), operating leverage and efficiency ratio are calculated based on revenue (teb) 3 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 56 for more information and slide 59 for calculation of PPPT See slide 60 for more information on the reported and adjusted results of our operating groups BMOM Investor Presentation ⚫ February 2024 22#23U.S. Personal & Commercial Banking Performance Reported Revenue (teb¹, US$MM) 1,875 1,811 1,822 1,833 Average Gross Loans & Acceptances (US$B) 152.7 152.1 36.3 33.9 758 1,292 732 721 717 102.4 9.7 396 116.4 118.2 92.7 1,117 1,079 1,101 1,116 896 Q1'24 Q1'23 Q4'23 ■Commercial Q1'24 Personal & Business Banking Q1'23 Q2'23 Q3'23 ■Commercial Q4'23 ■Personal & Business Banking Digital Adoption² +3% 58.6% Q1'23 Average Deposits (US$B) 158.0 160.7 110.6 77.3 80.0 47.6 61.6% Q1'24 80.7 80.7 63.0 Q1'23 ■Commercial Q4'23 Personal & Business Banking Q1'24 Prior period amounts have been reclassified to conform with the current period presentation 1 Operating group revenue is stated on a taxable equivalent basis (teb). This teb adjustment (Q1'24 US$7MM, Q4'23 US$7MM, Q3'23 US$6MM, Q2'23 US$6MM, Q1'23 US$6MM) is offset in Corporate Services 2 Digital adoption is the percent of deposit customers that logged on in the last 90 days (revised to exclude joint account-only customers); data includes Bank of the West BMOM Investor Presentation ⚫ February 2024 23#24BMO Wealth Management Strength and Value Drivers . . • . Planning and advice-based approach that integrates investment, insurance, specialized wealth management and core banking solutions, offered by a team of highly skilled professionals Diversified products and services, from digital investing to integrated full- service investment management, banking and wealth advisory services for retail, business and institutional clients Global asset manager with a commitment to responsible investing delivering innovative investment solutions to institutional and individual clients across a range of channels Robust risk management framework supporting alignment with regulatory expectations 2024 Strategic Priorities . • Scale our leadership position in private wealth advisory services across North America, and accelerate growth through One Client experiences with improved connectivity and integrated offerings, to plan, grow, protect and transition our clients' wealth with confidence Extend our advantage as a solutions provider, expanding asset management and insurance offerings in key growth areas, including environmental, social and governance (ESG) and climate-focused offerings Deliver a top-tier digital wealth management offering, building on our differentiated digital advisory capabilities to provide an enhanced client experience, including streamlined processes that deliver efficiencies and value • Foster a winning culture, focused on alignment, empowerment and recognition, with a commitment to a diverse and inclusive workplace Q1'24 Financial Highlights Reported Adjusted¹ Net Income $240MM $241MM Net Income Y/Y Growth 51.6% 51.5% Revenue Y/Y Growth 17.7% 17.7% PPPT² Y/Y Growth 63.4% 63.2% 20.3% 20.4% 75.0% 74.9% 10.0% 10.0% $42B / $60B $332B / $360B ROE Efficiency Ratio Operating Leverage Average Gross Loans/Deposits AUA/AUM Reported Net Income ($MM) 396 351 187 149 240 240 159 29 53 202 211 209 202 187 (43) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Wealth and Asset Management Insurance Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17. For further information on the adoption of IFRS 17, refer to the Changes in Accounting Policies section in the First Quarter 2024 MD&A 1 Adjusted results and measures are non-GAAP, see slide 56 for more information and slide 58 for adjustments to reported results 2 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 56 for more information and slide 59 for calculation of PPPT See slide 60 for more information on the reported and adjusted results of our operating groups BMOM Investor Presentation ⚫ February 2024 24#25BMO Wealth Management Performance Balances ($B) 36 Q1'23 56 Reported Revenue ($MM) 1,525 1,465 1,293 265 1,328 50 218 1,128 81 61 60 43 42 1,180 1,243 1,260 1,247 1,247 (52) Q4'23 Q1'24 Q1'23 Q2'23 Avg Deposits ■Avg Gross Loans and Acceptances Reported Revenue by Business - LTM Q1'24 19% 7% 11% 17% ■BMO Private Wealth BMO Asset Management 46% ■BMO Wealth Management US BMO InvestorLine BMO Insurance Q3'23 Q4'23 Q1'24 Insurance Wealth and Asset Management WORLD FINANCE BEST PRIVATE BANK. CANADA 2011-2023 Вио WORLD FINANCE BEST PRIVATE BANK. U.S. 2023 Вио Recognized as the Best Private Bank in Canada for 13 consecutive years Recognized as the Best Private Bank in the US BMO ETFS are #2 in market share¹ Top-2 in Canadian Digital Advice² with adviceDirect and SmartFolio Prior period amounts have been reclassified to conform with the current period presentation, including the retrospective application of IFRS 17. For further information on the adoption of IFRS 17, refer to the Changes in Accounting Policies section in the First Quarter 2024 MD&A 1 Source: National Bank ETF Report as at December 31, 2023 2 Source: Investor Economics Q1 2023 BMOM Investor Presentation ⚫ February 2024 25#26BMO Capital Markets Strength and Value Drivers A valued financial partner to our clients; leveraging our people, innovative solutions and capital supporting the growth aspirations of our clients Unified coverage and integrated North American platform, delivering a seamless and exceptional client experience Well diversified platform and business mix by sector, geography, product and currency, including a strong and scalable U.S. business Strong risk management and regulatory and compliance capabilities Net Income ROE 2024 Strategic Priorities Drive client-focused growth through our One Client strategy, with improved connectivity and integrated offerings to deliver greater value and a better experience for our clients Be an industry leader in sustainable finance and the lead partner in our clients' transition to a net zero world Q1'24 Financial Highlights Reported Adjusted¹ $393MM $408MM Net Income Y/Y Growth (19.4)% (17.4)% Revenue Y/Y Growth (teb)² (6.5)% (6.5)% PPPT³ Y/Y Growth (22.3)% (20.0)% 11.6% 12.0% Efficiency Ratio² 70.2% 69.0% Operating Leverage² (8.8)% (7.7)% Average Gross Loans and Acceptances $82B Reported Net Income ($MM) Leverage digital-first capabilities and data to improve operational efficiency and deliver innovative solutions 488 472 393 370 295 Foster a winning culture, focused on alignment, empowerment and recognition, with a commitment to a diverse and inclusive workplace Q1'23 Q2'23 Q3'23 Q4'23 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 56 for more information and slide 58 for adjustments to reported results 2 Operating group revenue is stated on a taxable equivalent basis (teb). This teb adjustment (Q1'24 $19MM) is offset in Corporate Services. operating leverage and efficiency ratio are calculated based on revenue (teb) 3 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 56 for more information and slide 59 for calculation of PPPT See slide 60 for more information on the reported and adjusted results of our operating groups BMOM Investor Presentation ⚫ February 2024 26#27BMO Capital Markets Performance Reported Revenue (teb¹, $MM) 1,699 1,651 1,579 1,589 1,463 606 647 706 637 600 Reported Revenue (teb¹) by Geography² - LTM Q1'24 1,093 932 863 945 952 U.S. Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 ■Global Markets Investment and Corporate Banking Reported Revenue (teb¹) by Product³ - LTM Q1'24 Merchant Banking Corporate Banking 45% 55% Canada & Other Reported Revenue (teb¹) by Sector4 - LTM Q1'24 Power, Utilities & Infrastructure Real Estate Diversified Industries Fixed Income, Currency & Commodities Industrials Healthcare Government Energy Technology, Business Services & Media Investment Banking Global Equity & Financing Solutions Prior period amounts have been reclassified to conform with the current period presentation Global Mining Food, Consumer & Retail Financial Institutions 1 Operating group revenue is stated on a taxable equivalent basis (teb). This teb adjustment (Q1'24 $19MM, Q4'23 $86MM, Q3'23 $81MM, Q2'23 $84MM, Q1'23 $70MM) is offset in Corporate Services 2 BMO CM U.S. Revenue as a % of Total 3 Excludes 'Other' 4 Excludes non-client revenues and investor-only clients. LTM revenue as at December 31, 2023 (latest available data) BMO M Investor Presentation ⚫ February 2024 27#28Risk Overview BMO M B#29Provision for Credit Losses (PCL) PCL By Operating Group ($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 ($MM) Personal & Business Banking 7 37 53 60 60 80 Commercial Banking 35 25 64 83 103 Total U.S. P&C 42 62 62 473 117 143 183 408 333 243 196 BMO Wealth Management 1 1 1 2 3 BMO Capital Markets (3) 0 1 11 11 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Corporate Services² 21 20 17 20 38 PCL on Impaired Loans 196 243 333 408 473 PCL Ratio (bps) 65 PCL on Performing Loans 21 780 159 38 154 38 30 201 27 Total PCL - Reported 15 217 1,023 492 446 627 25 29 14 21 16 Bank of the West - Initial Allowance³ (705) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Total PCL - Adjusted¹ 318 PCL on impaired loans (bps) - Total PCL Adjusted 1 (bps) - Total PCL Reported (bps) Prior period amounts have been reclassified to conform with the current period presentation 1 Adjusted results and measures are non-GAAP. See slide 56 for more information and slide 57 for adjustments to reported results 2 Effective the first quarter of 2024, provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal and Commercial Banking, are reported in Corporate Services 3 Initial allowance for Bank of the West as of February 1, 2023 4 PCL Ratios are calculated as the annualized provision for credit losses as a percentage of average net loans and acceptances, expressed in basis points BMOM Investor Presentation ⚫ February 2024 29#30Performing Loans (PCL) By Operating Group ($MM) Allowance and Provision on Performing Loans Allowance on Performing Loans (APL) and PCL on Q4 23 APL¹ Q1 24 Q1 24 Foreign Q1 24 & Other PCL² exchange APL¹ 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. Q4'19 Total 3,584 154 (194) 3,544 55 Q1'23 Allowance on performing loans over trailing 4-quarter PCL on impaired loans Q2'234 Q3'234 Q4'234 Q1'244 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 1 Q4 23 and Q1'24 includes APL on other assets of $12MM and $19MM, respectively and excludes APL on securities of $6MM and $7MM respectively 3 Allowance on performing loans over total gross performing loans and acceptances, expressed in basis points 4 Trailing 4-quarter PCL on impaired loans for Q2'23 - Q1'24 includes annualized Bank of the West PCL 5 Effective the first quarter of 2024, provisions for credit losses related to our Canadian and U.S. indirect retail auto financing business, previously reported in Personal and Commercial Banking, are reported in Corporate Services BMOM Investor Presentation ⚫ February 2024 30#31Gross Impaired Loans and Formations Formations Gross Impaired Loans By Industry ($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 ($MM) 1,766 Total Consumer 314 127 441 653 426 1,079 1,366 843 917 Service Industries 56 241 297 357 639 996 1,386 925 521 524 633 Manufacturing 25 111 136 158 339 497 275 246 319 284 380 441 Commercial Real Estate 50 101 150 192 288 481 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 ■Consumer Business and Government Retail Trade 16 20 35 172 123 295 Transportation 19 6 107 113 21 209 230 Gross Impaired Loans ($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 2,658 2,844 Construction (non-real estate) 20 33 53 78 63 142 2,027 2,987 3,180 1,382 1,828 2,006 Financial 2 4 7 12 34 46 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 Investor Presentation ⚫ February 2024 31#32Loan 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 Consumer 230.7 50.4 281.0 43% 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 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 $11.7B from other countries 2 Other Business and Government includes all industry segments that are each <1% of total loans BMOM Investor Presentation ⚫ February 2024 32#33Business & Government Portfolio Overview • Gross Loans & Acceptances By Industry Canada & Other¹ Total U.S. BMO % of Total ($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% 50% 55% 54% 2020 2021 Investment Grade 2022 ■Sub-Investment Grade 2023 Watchlist Q1 24 ■Impaired 1 Others includes Communications, Forest Products, Government, Mining, and Other BMOM Investor Presentation ⚫ February 2024 33#34Commercial 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 by Geography1 British Columbia 13% Canada & Others 52% Quebec 6% Alberta 5% Nova Scotia 3% $71.7B Other Canada³ 3% CRE diversification by property type ($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 REIT Total Gross Loans and Acceptances 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% $7.7B U.S. 48% California 11% Texas 6% Arizona 2% New York 3% Florida 2% Illinois 3% Traditional Office Urban 30% Top 5 Cities GL&A Cities ($B) Los Angeles, CA 0.37 Sacramento, CA 0.33 Bellevue, WA 0.27 Calgary, AB 0.26 Suburban 43% Vancouver, BC 0.22 Investor Presentation ⚫ February 2024 34#35Canadian Residential Secured Lending Portfolio Overview Total Canadian residential-secured lending portfolio at $198.7B, representing 30% of total loans 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 Residential-Secured Lending by Region ($198.7B) $96.2 19% $38.9 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 29% of portfolio insured LTV1 on uninsured of 56% 5% $20.2 60% 9% 7% 62% 42% - 56% of the mortgage portfolio has an effective remaining amortization of 25 years or less 37% $7.8 $4.5 7% • HELOC portfolio of $48.7B outstanding of which 73% is amortizing 6% 10% 45% 29% 47% 6% 15% . Condo RESL portfolio is $28.4B with 22% insured 12% 35% 42% 49% • Owner-occupied represents 86% of total RESL portfolio Atlantic Quebec Ontario Alberta British Canada Columbia Other $13.1 6% Avg. LTV¹ Uninsured Atlantic Quebec Ontario Alberta British Canada Total Columbia Other Canada $35.6 Mortgage 18% $107.1 $198.7B - Portfolio 55% 56% 57% 57% 52% 55% 56% 54% - 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 BMOM 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 Investor Presentation ⚫ February 2024 35#36Canadian 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 24.6 7.9 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 $650 Increase ($)² $50 620-680 681-720 >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% Increase (%)² 3% 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 BMO M Investor Presentation ⚫ February 2024 36#37Economic and Housing Market Overview BMO M B#38Economic outlook and indicators1 Canada United States Eurozone Economic Indicators (%) 1,2 2023E² 2024E² 20252 2023E² 2024E² 2025E² 2023E² 2024E² 2025E² GDP Growth 1.1 1.2 2.0 2.5 2.4 1.8 0.5 0.4 1.2 Inflation 3.9 2.7 2.2 4.1 3.2 2.3 5.4 2.6 2.0 Interest Rate (3mth Tbills) 4.74 4.65 3.75 5.28 5.35 4.55 3.43 3.69 2.96 Unemployment Rate 5.4 6.3 6.0 3.6 4.0 4.1 6.5 6.6 6.4 Current Account Balance / GDP³ (0.6) (0.6) (0.7) (3.0) (3.1) (3.1) 1.9 2.3 2.3 Budget Surplus/ GDP³ (1.4) (1.3) (1.3) (6.3) (5.6) (6.0) (3.5) (2.9) (2.6) Canada • • • The Canadian economy has slowed due to higher interest rates but is showing signs of improvement. The economy is expected to expand 1.2% in 2024 Inflation has fallen to 2.9% in March and should decline gradually further this year The Bank of Canada is expected to begin lowering policy rates in June with 75 basis points of cuts anticipated this year United States • • The U.S. economy remains resilient due to healthy consumer spending but will likely moderate in response to elevated interest rates Inflation has picked up to 3.5% in March but is expected to decline gradually in the year ahead The Fed is expected to begin reducing policy rates in July by a total of 50 basis points this year This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 1 Data is annual average. Estimates as of April 19, 2024 2 Eurozone estimates provided by IMF BMO M Investor Presentation ⚫ February 2024 38#39BMOM 0.0 1998 1999 5.0 2000- 2001 2002 2003 10.0 2004 1 15.0 Canada's economy is diverse and well-positioned for growth . • • The Canadian economy benefits from sound public finances, with net debt across all levels of government lower than most other leading economies as a share of GDP Contiguous to the world's largest consumer market Trade agreements in place governing trade flows: - - United States-Mexico-Canada Agreement (USMCA) Comprehensive Economic and Trade Agreement (CETA) with the European Union Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Strong immigration of skilled workers attracts global companies Unemployment rate remains below long-run normal levels Canada's Unemployment Rate Canadian GDP by industry Other 15% Transportation & warehousing 4% Financial activities 20% Professional, scientific & technical services 7% Public administration 7% Mining, oil & gas extraction 8% Construction 7% Manufacturing 9% Net Debt (% of GDP) Education & health care 13% Trade 10% 2006- 2007- 2008- 2005 2009 .OLOZ 2011 . ZLOZ Source: BMO Economics (https://economics.bmo.com) as at February 23, 2024 This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 2013 2014 2015 2017- 2016 2018 2019 2020 - 2021 - . ZZOZ 2023 120 105 90 75 60 45 30 15 forecast 0 T 1990 1996 2002 2008 2014 2020 2026 ⚫Canada G7 US Investor Presentation ⚫ February 2024 39#40• • • Canadian housing market The Canadian housing market weakened in 2023 due to high interest rates and poor affordability, but it is beginning to stabilize and is expected to strengthen in 2024 in response to easier monetary policy and strong population growth Mortgage arrears remain close to record lows and are expected to rise only modestly this year Household debt payments (relative to income) are at record highs and will continue to restrain consumer spending Sound lending standards across the banking system and the prevalence of full-recourse lending limit risks to credit quality and financial stability 400 Canadian House Price Index 350 300 250 200 150 100 50 0 2000 2001 - 2002 - 2003 - 2004 - 2005 - . 900Z 2007 - 2008 - 2009 - 2010 - 2011- 2012 - 2013 - 2014 - 2015 - 2016- forecast 2017- 2018 - 2019 - 2020 2021 - 2022 2023 - 2024 - 2025 - 2026 - 2027- Sources: BMO CM Economics as at February 23, 2024, Ministry of Immigration, Refugees & Citizenship Canada and MLS This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Year-over-Year Population Growth 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% Canada's Population Growth Benefits from Immigration forecast 600 500 400 300 200 Canada's Immigration 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Canada Eurozone 2024 2025 U.S. -U.K. Investor Presentation ⚫ February 2024 40 Canada's Immigration (000's) 100#413.0 30 2.0 1.0 0.0 - 866L 1999- 5.0 4.0 2004 2005 6.0 Structure of the Canadian residential mortgage market with comparisons to the United States • • • • . Conservative lending practices, strong underwriting and documentation discipline have led to low delinquency rates Over the last 30 years, Canada's 90-day residential mortgage delinquency rate has never exceeded 0.7% Mandatory government-backed insurance for high loan to value (LTV >80%) mortgages covering the full balance Government regulation, including progressive tightening of mortgage rules, to promote a healthy housing market - All mortgages, including variable rate, are adjudicated at a stressed interest rate which is the higher of the qualifying rate (currently 5.25%) or the customer contract rate +200 bps to ensure customers can service the debt under higher rates Shorter term mortgages (avg. 5 years), renewable and re-priced at maturity, compared to 30 years in the U.S. market No mortgage interest deductibility for income tax purposes (reduces incentive to take on higher levels of debt) In Canada, mortgages are held on balance sheet; in the U.S., they may be sold or securitized in the U.S. market Recourse back to the borrower in most provinces Prepayment penalties borne by the borrower whereas U.S. mortgages may be prepaid without penalty Mortgage Delinquencies Arrears to Total Number of Residential Mortgages (%) 2006 2007 2008 2009 ZLOZ . OLOZ - LLOZ . ZLOZ -Canada United States -United Kingdom Sources: BMO CM Economics and Canadian Bankers Association as at February 23, 2024 BMOM 2013 2014 2015 2016 2017- 2018- 2019- 2020 2021- 2022 2023 Equity Ownership (%) 80.0 75.0 70.0 65.0 60.0 55.0 50.0 45.0 40.0 35.0 1991 1992- 1993 - 1994 - 1995 1996 - 1997- 1998- 1999 - 2000 1 2001 1 2002 - 2003 2004 2005 2006- 2007 2008- 2009- 2010- 2011 2013 2014- 2015- 2016- 2017- 2018- •Canada United States Investor Presentation ⚫ February 2024 41 2019- 2021- 2022 2023 1#42Environmental, Social and Governance BMO M B#43Our commitment to sustainability The United Nations Sustainable Development Goals (SDGs) are a universal call to end poverty, protect the planet and ensure that all people are able to enjoy peace and prosperity. SUSTAINABLE DEVELOPMENT GOALS At BMO, our Purpose to Boldly Grow the Good, in business and life is inspired by the Sustainable Development Goals (SDGs), and they are shaping our business and sustainability activities. We believe we can have the greatest impact on the SDGs that align with our strategic we focus our priorities, and efforts on the SDGS shown here. BMO's 2023 Sustainability Report is available on our website. 1 POVERTY | No poverty 1.4 We have products and services tailored to underrepresented segments of our community. DECENT WORK AND ECONOMIC GROWTH Decent work and economic growth 8.3, 8.5, 8.7, 8.10 We create fair employment opportunities in our operations, support small businesses and entrepreneurs to promote economic growth. 13 ACTION CUMATE Climate action 13.1, 13.3 We are pursuing our Climate Ambition to be our clients' lead partner in the transition to a net-zero world. GENDER EQUALITY Gender equality 5.1, 5.5, 5.a We are a champion of diversity, equity and inclusion in our workforce. We also support women-owned businesses by providing access to financial services, and actively support initiatives aimed at empowering women and girls. 10 REDUCED INEQUALITIES Reduced inequalities 10.2, 10.3 We aim to remove barriers to social and economic inclusion among our employees. We offer products and increasingly digitized services, tailored to underrepresented segments, and partner with charitable organizations on initiatives focused on inclusive local economic opportunity. PEACE, JUSTICE 16 AND STRONG INSTITUTIONS Peace, justice and strong institutions 16.4, 16.5 We adopt high standards of ethical and responsible conduct for ourselves, our customers and our partners to enhance the effectiveness and accountability of institutions. AFFOREABLE AND CLEAN ENERGY Affordable and clean energy 7.2, 7.3, 7.a BMO advises on, finances and invests in renewable energy projects and clean energy technologies. We are also committed to stimulating market demand and driving industry growth by purchasing renewable energy equivalent to our global electricity use. SUSTAINENE CITIES Sustainable cities AND COMMUNITIES and communities 11.6 We manage our environmental impact and resource use, and we partner with our customers to build more sustainable buildings and promote community development initiatives. PARTNERSHIPS FOR THE GOALS Partnerships for the goals 17.6 We work with industry, government, academia and investors to understand and address the issues that affect our business and the world around us, to accelerate change and support the achievement of the SDGS. This includes sharing knowledge, expertise, technology and financial resources to scale positive impact. This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Investor Presentation ⚫ February 2024 43#44BMO's Bold Commitments for 2025 Our commitments for a thriving economy, a sustainable future and an inclusive society are measurable business-led goals to grow the good and support BMO's long-term success. They evolve as community needs, BMO priorities and market realities change. This dashboard shows our commitments and our progress to date. Our targets continue to evolve to meet the needs of our clients, communities and interested parties, ensuring we are continuously evaluating key drivers of our Purpose to Boldly Grow the Good in business and life. oooo 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 $6.5 billion Target: $7 billion by 2025 Support small businesses in Canada through lending 70+ thousand² Target: 40 thousand by 2025 Increase the number of U.S. small business cards & lending customers 146 thousand Target: 179 thousand by 2025 Increase the number of women-owned businesses that we support across our Canadian footprint :) ( 104 thousand Target: 100 thousand by 2025 Increase the number of Canadian defence community customers $11.6 billion Target: $9.5 billion by 20253 Increased by $1.5 billion in 2023. Increase the size of BMO's Indigenous Banking business BMO EMpower 2.0 US$40 billion+ by 2028 Community Benefits Plan 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 underrepresented customers, employees and communities and drive inclusion and equitable growth for everyone $330 billion Target: $300 billion by 2025 Mobilize $300 billion in capital to clients pursuing sustainable outcomes (through green, social and sustainable lending, underwriting, advisory services, and investment)> $194 million Target: $350 million by 2025 Increased by $100 million in 2022 Deploy our Impact Investment Fund, seeded with $350 million in capital Target Net zero by 2050 Be our clients' lead partner in the transition to net-zero financed emissions by 2050. 96.7% Target: 100% by 2025 Educate all employees to learn from difference 21.6 thousand employees? Target: 20 thousand employees by 2025 Equip employees with future-focused skills Target Zero barriers by 2025 Zero barriers to inclusion for our colleagues, customers and communities, for a more equitable future for all 'The target has been revised to align with the way we now report on small business lending within our new Canadian Business Banking line of business. 2 There was a significant increase in 2023 due to the Bank of the West acquisition. 3 The total outstanding amount of all loans, deposits and term investments originated or administered by BMO for Canadian Indigenous communities and businesses through Canadian Commercial Banking, Canadian Business Banking and the On-Reserve Housing Loan Program. "In November 2022, BMO exceeded our five-year, US$5 billion BMO EMpower commitment to tackle disparities that minorities face including educational resources, gaining access to capital, and wealth building opportunities. BMOM s Includes sustainable bond underwriting, sustainable equity and debt financing, sustainable finance advisory services, loans for clients and projects pursuing sustainable outcomes, and sustainable investments. "This amount excludes Bank of the West. The metric was broadened in 2022 to include the development of diversity and inclusion-focused learning. The metric was broadened in 2022 to include engagement in "BMO Forward" plus a range of new learning programs that were launched to target future-focused skills. This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 Investor Presentation • February 2024 44#45Our history of climate action 2007 First purchase of renewable energy 2009 Became lead investor in the Greening Canada Fund for carbon offset projects Named to the CDP Global 500 Carbon Disclosure Leadership Index for the first time 2018 Began reporting in line with TCFD Delivered Board of Directors climate change risk and disclosure training 2020 Achieved 100% renewable electricity across global operations Included climate change in our Enterprise Risk Appetite Statement and introduced climate-related key risk metric Developed digital climate risk analytics platform 2022 Rolled out enterprise-wide "Climate Change Essentials" training for all BMO employees and Board of Directors Introduced our Environmental and Social Risk Corporate Policy Established and chaired the Government of Canada's Sustainable Finance Action Council (SFAC), and Net-Zero Capital Allocation Working Group 2008 Established operational GHG footprint and first emissions reduction target Became the first Canadian financial institution to achieve ISO 14001:2004 certification for a large office building 2010 Achieved carbon neutrality in operations Named to the CDP Global 500 Carbon Performance Leadership Index for the first time 2019 Established Sustainable Finance team and our first sustainable finance target Issued first sustainability bond Incorporated climate change into our enterprise-wide risk taxonomy 2021 Joined the Partnership for Carbon Accounting Financials (PCAF) and began quantifying our financed emissions Signed United Nations (UN) Principles for Responsible Banking Launched BMO's Climate Ambition Established the BMO Climate Institute Established the Energy Transition Group within BMO Capital Markets Joined the UN-convened Net- Zero Banking Alliance (NZBA) 2023 Advanced our climate commercialization strategy, focused on integrating BMO Radicle's capabilities, mobilizing the Commercial Bank strategy and implementing cross-bank enablers Established dedicated E&S Risk Management team within Enterprise Risk and Portfolio Management Completed climate scenario analyses covering physical and transition risk on climate-sensitive wholesale lending portfolios, transition risk on the trading book, physical risk on real estate lending, and physical risk on BMO's own operations Chaired the Canadian Bankers Association's Environmental Specialists Group and Climate Scenario Analysis Working Group Launched an internal Climate Products and Services page to support lines of business Launched our Greener Future Financing program Joined the UN Principles for Responsible Banking Nature Target Setting Working Group to innovate nature target- setting for banks Joined the Net Zero Engagement Initiative to expand BMO GAM's Paris-aligned engagements to European-domiciled companies BMOM Investor Presentation ⚫ February 2024 45#46BMO's Climate Ambition To be our clients' lead partner in the transition to a net-zero world We are enhancing our climate-related capabilities and aim to build capabilities that enable ongoing, decision-useful analysis of progress against both risk management and opportunity capture. Commitment Acting on our commitment to a sustainable future, we're advancing the transformation to a net-zero world. • . • Maintain carbon neutrality and 100% renewable electricity purchases for our operations and pursue a 30% emissions reduction by 2030. Target net-zero financed emissions in our lending by 2050 with intermediate targets for financed emissions reductions to be achieved in partnership with clients. Commit to transparency in emissions measurement and performance. Capabilities BMO's Energy Transition and Sustainable Finance groups, supported by the BMO Climate Institute, provide thought leadership on climate change and finance, enabling us to be a premier advisor to clients and partner on climate risk and opportunity. . . • Leverage BMO's sophisticated analytical capabilities to understand the impacts of climate change. Generate insights that enable our business, clients and partners to flourish in the evolving climate landscape. Provide thought leadership informed by data-driven research and expertise. Client Partnership and Commercialization We are committed to helping our clients adapt to climate change, offering products and services that support their transition to a net-zero economy. • Engage with customers to advance climate adaptation strategies. Enable our clients' net-zero transitions with a tailored suite of green advisory, investment, lending and deposit products. Be a "one-stop-shop" for clients to meet their climate finance needs. Convening for Climate Action The BMO Climate Institute is driving insights and bringing together industry, government, researchers and investors to catalyze the climate conversation, collaborate on solutions and accelerate a socially and economically just net-zero transition. • • Unite BMO employees and equip them with knowledge to inform meaningful climate policy and business activities. • Develop solutions for climate- sensitive sectors in North America. Explore the synergies between climate and social impact goals. This slide contains forward-looking statements. Refer to the Caution Regarding Forward-Looking Statements on slide 2 BMOM Investor Presentation ⚫ February 2024 46#47Consistently recognized for our industry leadership 19 YEARS DOW JONES SUSTAINABILITY INDEX 7 YEARS ETHISPHERE'S WORLD'S MOST ETHICAL COMPANIES 22 YEARS CORPORATE KNIGHTS' RANKING OF CANADA'S BEST 50 CORPORATE CITIZENS Recognized for 19 years, in 2023 BMO ranked in the 93rd percentile among banks globally Recognized six years in a row, and one of just four banks worldwide on the 2024 list Ranked among the top corporate citizens in Canada every year since the inception of the award in 2002. WORLD BENCHMARKING ALLIANCE'S 2022 FINANCIAL SYSTEM BENCHMARK 8 YEARS BLOOMBERG GENDER-EQUALITY INDEX FORBES CANADA'S BEST EMPLOYERS FOR DIVERSITY Recognized as the world's top ranked financial institution for helping make progress in support of a just and sustainable economy Eight consecutive years on this prestigious list recognizing our commitment to gender equality BMO's commitment to diversity and inclusion in the workplace was recognized by Forbes, who named BMO among Canada's Best Employers for Diversity BMOM Investor Presentation ⚫ February 2024 47#48Liquidity & Wholesale Funding Mix BMO M B#49Large and stable base of customer deposits is a source of strength • A large and growing customer deposit base supports the maintenance of a sound liquidity position and reduces reliance on wholesale funding Customer deposits grew with the closing of the BOTW acquisition in Q2'23, further strengthening BMO's liquidity position Customer deposits had a compounded annual growth rate of 13.6% between 2016 and Q1'24 Deposit growth has been broad-based across all lines of business Customer Deposits¹ ($B) 654 657 544 499 468 379 329 295 303 2016 2017 2018 2019 2020 2021 2022 20232 Q1'24² 1 Customer deposits are operating and saving deposits, including term investment certificates and retail structured deposits, primarily sourced through our retail, commercial, wealth and corporate banking businesses 2 2023 and 01'24 include the impact of BMO's acquisition of Bank of the West, which closed on February 1st, 2023 BMOM Investor Presentation ⚫ February 2024 49#50BMO maintains a sizeable portfolio of high-quality liquid assets and meets all regulatory liquidity metrics 12% Liquid Asset Mix (%) 14% 20% 1% ■Cash & Equivalents Deposits with other banks Sovereigns / Central Banks / Multilateral dev. banks NHA MBS and US agency MBS/ CMOS Corporate and other debt 20% 33% Corporate equity Liquidity Metrics 144% 135% 130% 129% 129% 129% 129% 125% 125% 129% 131% 128% 129% 118% 119% 118% 118% 119% 116% 114% 114% 114% 113% 114% 115% 116% • • BMO has $378B in unencumbered high quality liquid assets for the quarter ended January 31, 2024. BMO's liquid assets are primarily held in the Bank's trading business and in supplemental liquid asset pools maintained for contingent liquidity purposes Liquid assets primarily consist of deposits with central banks, sovereign and provincial government debt, U.S. agency securities, investment grade corporate debt and traded equities that are hedged through derivative transactions with third parties Liquidity metrics remain strong through January 31, 2024, and well above regulatory requirements - Average daily Liquidity Coverage Ratio¹ (LCR) of 129% Net Stable Funding Ratio¹ (NSFR) of 116% LCR¹ and NSFR¹ were elevated in advance of closing the Bank of the West acquisition on February 1st, 2023 and have returned to normalized levels Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 LCR ――NSFR 1 Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) are disclosed in accordance with OSFI's Liquidity Adequacy Requirements (LAR) Guideline BMOM Investor Presentation ⚫ February 2024 50#51Diversified wholesale term funding program BMO's wholesale funding principles seek to match the term of assets with the term of funding. Loans for example are funded with customer deposits and capital, with any difference funded with longer-term wholesale funding BMO has a well diversified wholesale funding platform across markets, products, terms, currencies and maturities Wholesale Capital Market Term Funding Composition¹ ($133B) as at January 31, 2024 US$ Senior Debt 27% Senior Debt (Other International Issuances) 6% Covered Bonds 20% Mortgage & HELOC Securitization 14% C$ Senior Debt 18% FHLB advances 10% Other Asset Backed Securitizations 6% Wholesale Capital Market Term Funding Maturity Profile1,2 as at January 31, 2024 25 22 25 25 21 15 11 F2024 F2025 F2026 F2027 F2028 ≥ F2029 ■Term Debt ■Securitization (Ex - FHLB) 1 Wholesale capital market term funding primarily includes non-structured funding for terms greater than or equal to two years and term ABS. Excludes capital issuances 2 BMO term debt maturities includes term unsecured and Covered Bonds BMOM Investor Presentation ⚫ February 2024 51#52Diversified wholesale funding platform Senior unsecured, secured and capital programs provide BMO with diversification and cost-effective funding Canada1 Canadian MTN Shelf Fortified Trust (C$5B) • • Other Securitization (RMBS, • Canada Mortgage Bonds, Mortgage-Backed Securities) • • • • • U.S.1 • SEC Registered U.S. Shelf (US$42B) • Global Registered Covered Bond Program (US$40B) Securitization (Credit cards, Auto, Transportation Finance) Recent Notable Transactions US$582 million 7-yr Master Credit Card Trust II Notes C$2 billion 5-yr Fixed Rate Senior Unsecured Notes at 4.537% US$1.15 billion 3-yr Fixed Rate Senior Unsecured Notes at 5.266% US$350 million 3-yr Floating Rate SOFR Senior Unsecured Notes US$529 million 7-yr Master Credit Card Trust II Notes Europe, Australia & Asia¹ Note Issuance Programme (US$22B) Australian MTN Programme (A$6B) Global Registered Covered Bond Program (US$40B) • US$529 million 5-yr Master Credit Card Trust II Notes • • • • • . US$1 billion 5-yr Fixed Rate Senior Unsecured Notes at 5.717% US$1.2 billion 2-yr Fixed Rate Senior Unsecured Notes at 5.920% US$300 million 2-yr Floating Rate SOFR Senior Unsecured Notes C$1.15 billion 10-yr Fixed Rate Subordinated Notes at 6.034% US$634 million 2-yr Master Credit Card Trust II Notes US$1 billion 5-yr Fixed Rate Covered Bond at 4.689% 1 Indicated dollar amounts beside each wholesale funding program denotes program issuance capacity limits BMOM Investor Presentation ⚫ February 2024 52 62#53Canadian Legislative Covered Bond Programme • Issuance Framework • ECBC Covered Bond Label Collateral Asset Pool Guarantor Ratings¹ Covered Pool Monitor Ongoing Disclosures Coverage Tests Credit Enhancement Canadian Registered Covered Bond Programs Legal Framework Canadian National Housing Act (NHA) Canadian Registered Covered Bond Programs Guide Issued by Canada Mortgage and Housing Corporation (CMHC) • Joined in 2019 . • . • • . Canadian uninsured residential loans with maximum LTV 80% BMO Covered Bond Guarantor Limited Partners Aaa/AAA/AAA by Moody's, Fitch and DBRS KPMG LLP Monthly Investor Reports Public disclosure of material facts Asset Coverage Test Amortization Test Overcollateralization Pre-maturity and liquidity • Reserve Fund • Interest Rate Swap Covered Bond Swaps Risk Management • Property Valuation Indexation Currency • Coupon . Fixed or Floating Active in multiple currencies: USD, EUR, GBP and AUD Hard or soft [All issuance to date has been soft] Bullet Type 1 Ratings are as at January 31, 2024 BMOM Investor Presentation ⚫ February 2024 53#54BMO Covered Pool Current Collateral Pool Asset Percentage Requirement Current Balance (CAD) C$ Equivalent of Outstanding Covered Bonds Number of Loans Average Balance (CAD) Weighted Average Original LTV Weighted Average Current Indexed LTV Weighted Ave Current Unindexed LTV Weighted Average Remaining Term Weighted Average Seasoning 90 day + Arrears² Fixed Rate Loans² Pool Summary as of January 31, 2024¹ • Canadian uninsured residential mortgages 93.50% 41,374,444,667 25,464,837,900 • 129,773 318,822 • 69.30% 48.31% • 60.32% 26.28 months • 26.98 months . 0.14% • 73.44% • 77.38% Owner Occupied Loans² 1 Collateral information available on https://www.bmo.com/main/about-bmo/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond 2 As a percentage of current balance BMOM Investor Presentation ⚫ February 2024 54#55Appendix BMO M B#56Non-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 57. 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. BMOM Investor Presentation ⚫ February 2024 56#57Non-GAAP and Other Financial Measures8 Q1 23 (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 (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 133 $12 million ($16 million pre-tax), comprising interest expense of 0.14 $14 million and non-interest expense of $2 million; and Q1-2023 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. (6) (2,025) (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). (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). (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 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 2,766 Services. (8) For more information, refer to slide 56 and the Non-GAAP and Other Financial Measures section of BMO's First Quarter 2024 MD&A Reported (Canadian $ in millions, except as noted) Net interest income Non-interest revenue Revenue Provision for credit losses Non-interest expense Q1 24 Q4 23 4,721 4,941 2,951 3,378 7,672 8,319 (627) (446) (5,389) (5,679) Results Income before income taxes 1,656 2,194 Provision for income taxes (364) (484) Net income 1,292 1,710 Diluted EPS ($) 1.73 2.19 Management of fair value changes on the purchase of Bank of the West (1) (2,011) Legal provision (recorded in revenue) (2) (14) (14) Impact of loan portfolio sale (6) (164) Impact of adjusting items on revenue (pre-tax) (178) (14) Adjusting Acquisition and integration costs (4) (76) (582) (2,017) (239) Items (Pre-tax) Amortization of acquisition-related intangible assets (5) (112) (119) (8) Legal provision (including legal fees) (2) (1) (2) (2) FDIC special assessment (7) (417) Impact of adjusting items on non-interest expense (pre-tax) (606) (703) Impact of adjusting items on reported net income (pre-tax) (784) (717) (249) (2,266) Management of fair value changes on the purchase of Bank of the West (1) (1,461) Legal provision (including related interest expense and legal fees) (2) (10) (10) (5) Impact of loan portfolio sale (6) (136) Impact of adjusting items on revenue (after-tax) (10) (10) (5) Acquisition and integration costs (4) (57) (433) (181) Adjusting Amortization of acquisition-related intangible assets (5) (84) (88) (6) Items (After-tax) Legal provision (including related interest expense and legal fees) (2) (1) (2) (1) FDIC special assessment (7) (313) Impact of adjusting items on non-interest expense (after-tax) (455) (523) (188) Impact of Canadian tax measures (3) (371) Impact of adjusting items on reported net income (after-tax) (601) (533) Impact on diluted EPS ($) Net interest income (0.83) (0.75) 4,735 4,955 Non-interest revenue 3,115 3,378 2,706 Adjusted Results Net income Revenue Provision for credit losses Non-interest expense Income before income taxes Provision for income taxes Diluted EPS ($) 7,850 8,333 7,116 (627) (446) (4,783) (4,976) 2,440 2,911 (547) (668) (608) 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 BMO Investor Presentation ⚫ February 2024 57#58Adjusted 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 U.S. P&C (USD) Reported Net Income 419 433 Amortization of acquisition-related intangible assets 56 Adjusted Net Income 475 490 BMO Wealth Management Reported Net Income 240 351 Amortization of acquisition-related intangible assets 1 Adjusted Net Income 241 352 BMO Capital Markets Reported Net Income 393 472 Acquisition and integration costs 10 Amortization of acquisition-related intangible assets 5 Adjusted Net Income 408 475 Corporate Reported Net Income (822) (626) Services Management of Fair Value Changes on the Purchase of Bank of the West (3) Acquisition and integration costs 46 434 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 57 433 84 11 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 1,893 2,243 U.S. Segment (USD) Reported Net Income 184 Management of Fair Value Changes on the Purchase of Bank of the West (3) Acquisition and integration costs 39 317 Amortization of acquisition-related intangible assets 59 Legal provision 8 Initial provision for credit losses on purchased performing loans Net loss on RV loan portfolio sale FDIC special assessment Adjusted Net Income 102 231 623 676 725 661 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 57 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 དྷརྞྞཕྲུgpg| | | |gཎྜ|g8ཌ| | | |g |➢ཅ༅ | | |g 889 822 951 376 539 495 57 58 57 1 434 596 496 396 240 159 1 1 1 1 397 241 160 295 370 488 (2) 1 2 3 5 5 6 4 301 378 495 (509) (1,131) (2,130) 363 545 131 517 (18) $|རྟ | |@ 1,461 178 371 (114) 1,565 1,029 133 1,461 370 549 181 85 85 6 (3) 6 6 131 371 517 2,148 2,186 2,158 364 343 (119) (573) 1,093 275 400 132 61 60 8 (2) ཅ ་རྞ 61 4 4 5 379 BMOM Investor Presentation ⚫ February 2024 58#59Pre-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) (15) (16) (7) (417) (164) Management of Fair Value Changes on the Purchase of Bank of the West Impact of Canadian tax measures (160) | | | (2,011) 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) Canadian P&C Legal provision Reported Income before taxes (11) (11) 3 (5) (7) Adjusted Pre-Provision, Pre-Tax Earnings (PPPT) 1,005 1,106 1,055 1,011 880 1,273 1,271 1,213 1,135 1,308 Total provision for (recovery of) credit losses 295 265 259 241 144 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 56 for more information Refer to footnotes (1) to (7) in the Non-GAAP and other Financial Measures table on slide 57 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 Investor Presentation ⚫ February 2024 59#60Summary of Reported and Adjusted Result by Operating Group (Canadian $ in millions unless otherwise stated) Revenue Total Bank Expenses Pre-Provision, Pre-tax Earnings Reported Q1 24 Q4 23 7,671 8,319 5,099 5,389 5,679 4,382 2,282 2,640 717 Adjusted Reported Adjusted (Canadian $ in millions unless otherwise stated) Q1 23 Total PCL (recovery) 627 446 217 Net Income 1,292 1,710 133 1,893 Q1 24 Q4 23 7,849 8,333 7,116 4,783 4,976 4,133 3,066 3,357 2,983 627 446 217 2,243 2,158 Q1 23 Wealth & Asset Management BMO Wealth Management Insurance Revenue Q1 24 Q4 23 1,247 1,247 1,180 81 218 (52) 1,328 1,465 1,128 Q1 23 Q1 24 Q4 23 Q1 23 1,247 1,247 81 1,180 218 (52) 1,328 1,465 1,128 Expenses 997 990 924 996 988 923 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) ROTCE² (%) 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 2,096 Canadian Non-Interest Revenue 637 P&C Revenue 2,778 700 2,796 Expenses 1,210 1,260 1,959 598 2,557 1,105 Pre-Provision, Pre-tax Earnings¹ 1,568 1,536 1,452 2,141 2,096 1,959 637 700 598 2,778 2,796 2,557 1,205 1,254 1,105 1,573 1,542 1,452 Global Markets 952 945 1,093 952 945 1,093 BMO Capital Markets³ I&CB 637 Revenue (teb) Expenses Pre-Provision, Pre-tax Earnings¹ 706 1,589 1,651 1,699 1,116 1,052 1,091 473 599 608 606 637 706 606 1,589 1,651 1,699 1,095 1,048 1,082 494 603 617 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 ($US) 131 118 97 138 118 100 ROE (%) 22.8 26.1 30.9 23.0 26.3 30.9 Efficiency Ratio (%) 70.2 63.7 64.2 69.0 63.5 63.7 ROE (%) 11.6 15.2 15.7 12.0 15.3 15.9 Net Interest Income (teb) 1,537 US P&C Non-Interest Revenue (US$MM)³ Revenue (teb) Expenses 1,521 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 (477) Corporate Services³ Group teb offset Revenue (teb) Expenses (81) (2019) (28) (95) (78) (299) (67) (2) (28) (95) (78) (505) (176) (2097) (327) (162) (80) 600 824 447 121 239 210 Pre-Provision, Pre-tax Earnings¹ 739 684 685 814 760 686 Total PCL (recovery) 217 129 41 217 129 41 Total PCL (recovery) Net Income 51 3 22 51 3 22 (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 58.2 7.5 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 57 for adjustments to reported results, and slide 56 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 56 for more information and slide 59 for calculation of PPPT 2 Reported and adjusted return on tangible common equity (ROTCE) are non-GAAP measures. See slide 56 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 Investor Presentation ⚫ February 2024 60#61Investor Relations http://www.bmo.com/investorrelations E-mail: [email protected] BMO M B