Investor Presentaiton

BMO Capital Markets Strengths and Value Drivers A valued financial partner to our clients; leveraging our people, innovative solutions and capital to help them overcome their challenges and achieve their goals 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 first line of defense risk management and regulatory and compliance capabilities High performance culture with strong focus on diversity and inclusion Net Income Q3'21 Highlights (Adjusted¹) Net Income Growth (Y/Y) Revenue Growth (Y/Y) PPPT2 Growth (Y/Y) Efficiency Ratio Operating Leverage $564MM 30% 4% (6)% 57.5% (8.5)% Average Gross Loans and Acceptances U.S. Revenue Contribution³ $57B 46% Net Income¹ ($MM) 570 564 489 435 387 Revenue ($MM) 1,528 1,574 1,538 1,584 1,378 547 543 Reported Net 619 703 524 Income and Investment Corporate Banking 563 558 483 426 379 Adjusted Net Income 981 1,031 919 854 881 ■Global Markets Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 1 Adjusted measures are non-GAAP measures, see slide 2 for more information. Q3'21 on a reported basis: Net Income $558MM; Net Income Growth 31%; PPPT Growth (5)%; Efficiency Ratio 58.0%; Operating Leverage (7.7)% 2 Pre-Provision Pre-Tax profit contribution; PPPT is the difference between revenue and expenses 3 U.S. Revenue as a % of Total BMO Capital Markets (Q3'21) BMO Financial Group Investor Presentation • October 2021 26

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