Q2 F2023 - Bank of the West Contribution & Financial Results

BMO Wealth Management Good growth in client assets partly offset by weaker markets ° Adjusted¹ and reported net income down 10% Y/Y . BOTW contributed $26MM to adjusted¹ net income (reported $25MM) Wealth and Asset Management adjusted¹ and reported net income down 11% Y/Y Revenue up 7% due to BOTW; underlying performance impacted by weaker global markets and lower online brokerage revenues, partially offset by growth from higher net interest income and new client assets AUM up 5% and AUA up 3% Q/Q due to BOTW and growth in new client assets Insurance net income down 5% Y/Y due to more favourable market movements in the prior year Adjusted¹ and reported expenses up 14% Y/Y mainly due to BOTW and prior year investments in salesforce and technology Total PCL (recovery) Reported Adjusted¹ ($MM) Gross Revenue Q2 23 1,960 Q1 23 2,504 Q2 22 484 Q2 23 Q1 23 Q2 22 1,960 2,504 484 CCPB 591 1,193 (808) 591 1,193 (808) Net Revenue² Expenses PPPT³ 1,369 1,311 1,292 1,369 1,311 1,292 993 946 874 991 945 872 376 365 418 378 366 420 4 6 1 4 6 1 Income before Taxes 372 359 417 374 360 419 Net Income 284 277 314 285 278 315 Wealth and Asset 221 207 247 222 208 248 Management NI Insurance NI AUM/AUA ($B) Efficiency Ratio² 63 70 67 63 70 67 767 738 738 767 738 738 (%) 72.5% 72.1% 67.6% 5% 72 72.4% 72.0% 67.5% ROE (%) 17.8% 19.4% 24.2% 17.9% 19.4% 24.2% Net Income¹ Trends 314 315 67 67 324 325 61 61 298 298 77 77 277 278 284 285 70 70 63 63 247 248 263 264 221 221 207 208 221 222 Reported Adjusted Reported Adjusted Reported Adjusted Reported Adjusted Reported Adjusted Q2'22 Q2'23 Q3'22 Insurance ($MM) Q4'22 Q1'23 Wealth and Asset Management ($MM) 1 Adjusted results and measures are non-GAAP, see slide 40 for more information and slide 42 for adjustments to reported results 2 Reported and adjusted net revenue and measures calculated based on net revenue are non-GAAP measures. Net revenue is net of insurance claims, commissions and changes in policy benefit liabilities (CCPB). Efficiency ratio is calculated based on net revenue and is also a non-GAAP measure. See slide 40 for more information and slide 43 for calculation of net revenue 3 Reported and adjusted Pre-Provision Pre-Tax earnings (PPPT) are non-GAAP measures. See slide 40 for more information and slide 44 for calculation of PPPT BMOM Financial Results May 24, 2023 • 20

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