FEBRUARY 22, 2005

1. FEBRUARY 22, 2005

2. DAVID GALLOWAY Chairman of the Board

4. CAUTION 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 presentation, and may be included in 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 the United States Private Securities Litigation Reform Act of 1995.  Forward-looking statements may involve, but are not limited to, comments with respect to our objectives for 2005 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of or outlook for our operations or for the Canadian and U.S. economies. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate.  We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors 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: global capital market activities; interest rate and currency value fluctuations; the effects of war or terrorist activities; the effects of disease or illness that impact on local, national or international economies; the effects of disruptions to public infrastructure, such as transportation, communications, power or water supply disruptions; industry and worldwide economic and political conditions; regulatory and statutory developments; the effects of competition in the geographic and business areas in which we operate; management actions; and technological changes.   We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to Bank of Montreal, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.  Bank of Montreal does not undertake to update any forward-looking statement, whether written or oral, that may be made, from time to time, by the organization or on its behalf.

6. TONY COMPER President & Chief Executive Officer

8. KAREN MAIDMENT Senior Executive Vice-President & Chief Financial Officer

9. FISCAL 2004FINANCIAL RESULTS

10. Achieved Or Exceeded All 2004 Financial Targets

11. Profile of BMO Investors Stable Shareholder Base (% of Shares Held) 2004 Geographic Breakdown of All Investors Employee Institutional Europe/Other 1% US 10% Retail Canada 89%

12. Managing For Long-Term Growth • Improving Productivity • Growing Revenues • Maintaining Our Credit Risk Management Advantage • Managing Capital • Maximizing Shareholder Return

13. Cash Productivity Improving Cash Productivity Ratio (%) 256 basis points Increasing revenues while reducing costs continues to be a key driver to improving shareholder value 155 basis points

14. 3.7% 4.7% All Operating Groups Are Contributing To Revenue Growth Revenue ($ Millions) $9,612* $9,271* $8,859* Private Client GroupInvestment Banking GroupPersonal & Commercial Client Group * Total includes Corporate Support

15. Maintaining Our Credit Risk Management Advantage Specific Provision For Credit Losses as % of Average Net Loans and Acceptances * BMO’s Canadian peers are: RBC, BNS, CIBC, TD and National Peer average excludes the impact of TD’s sectoral provisions in 2002 and subsequent transfers/draw downs 15-year average: 1990 to 2004

16. Managing Capital For The Long Term Dividends Declared Per Share ($) • Priorities for use of • capital: • Organic growth • Acquisitions • Dividends: Target payout ratio of 35-45% • Share repurchases

17. A History Of Strong Long-Term Returns Total Shareholder Return BMO vs. TSX Average total return earned on an investment in BMO common shares made at the beginning of the period, including dividend reinvestment BMOTSX

18. Q1 2005FINANCIAL RESULTS

19. Q104 Q104 Q104 Q404 Q404 Q404 Q105 Q105 Q105 Higher Volumes And Lower Costs Drive Earnings Growth Earnings per Share $1.16 Net Income $602 million Return on Equity 19.4%

20. Financial Highlights • 288 Basis Point Cash Productivity Improvement From 64.7%

21. Q104 Q104 Q104 Q404 Q404 Q404 Q105 Q105 Q105 Net Income Growth In All Operating Groups ($ Millions) Investment Banking Group Yr/Yr Growth 15% Private Client Group Yr/Yr Growth 37% Personal & Commercial Client Group Yr/Yr Growth 22%

22. Strong 2004 Performance Against Peer Group BMO Better Than Other Banks In 25/35 Measures BMO Worse Than Other Banks In 10/35 Measures

23. 2005 Financial Targets:Q1 Positioning Us Well To Achieve All Targets

24. CONTACT INFORMATION Investor Relations Susan PayneSenior Vice President(416) 867-6656susan.payne@bmo.com www.bmo.com/investorrelations Steven BoninDirector(416) 867-5452steven.bonin@bmo.com FAX(416) 867-3367 E-mailinvestor.relations@bmo.com

26. To determine if a nominee is qualified to be a director of a bank, the person: • must be a natural person who is at least eighteen yearsof age • be of sound mind • is not a bankrupt • is not prohibited by the Bank Act from voting sharesof the Bank • is not an officer, a director or a full time employee of an entity that is prohibited by the Bank Act from voting shares of the Bank • is not an agent, employee, or minister of Her Majesty in right of Canada or in right of a province, and • is not an agent or employee of the government ofa foreign country or a political subdivision thereof