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UBS WARBURGGLOBAL FINANCIAL

SERVICESCONFERENCE

Tony ComperChairman & CEO

April 24, 2002

1

Solid Foundation Gives BMO Head Start In U.S.

• Acquired Harris Bank in 1984 for C$700 million

• Invested an additional C$2.2 billion in strategic acquisitions since 1985

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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Significant U.S. Assets

1999 2000 2001

HarrisAverage Assets

Other U.S.Average Assets

C$ billions

73 78 82

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

3

Focused Growth Strategy

• Expand in the U.S.

• Invest in core Canadian franchise

• Build on longstanding strengths

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Personal & Commercial Strength In Numbers

• 60% of BMO’s Q1 2002 net income

• Largest number of customer relationships of any Canadian bank

• 3rd largest bank in greater Chicago

• Leaders in small business lending: #2 in Canada #6 in North America

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Investment BankingA Strong Track Record

• #1 Research Team in Canada since 1980

• #1 Ranked Equity Sales Team

• #1 Trading Team in Canada

• #1 for Canadian Equity Block Trading

• #1 Market Maker for Canadian Interlisted Stocks on NASDAQ

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Wealth ManagementInvesting In The FutureFull-Service Investing• 80+ yrs proven leadership in Canada• Approximately 1,600 investment advisors in

147 locations across Canada

Private Banking • For 100+ years Harris brand has been

synonymous with high-quality service in U.S.• Successful U.S. model imported to Canada

Direct Investing• 7th largest in North America• Harrisdirect awarded four-star rating and

ranked close second overall by Barron’s

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Building On BMO’s Sound Franchise

Total Assets C$239 billionDeposits C$155 billionGross Loans C$136 billion

• 34,000+ employees • 6 million households served in Canada• 1.5 million customers in the U.S. • 963 Canadian branches • 165 U.S branches • 2,000+ bank machines

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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Expertise In Credit Risk Management With Lower Provisioning

1.07%

0.01%0.30%

0.60%

0.0%

0.5%

1.0%

1.5%

2.0%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Q1 2002

F2002

Guid

ance

BMO 5 Bank Cdn. Peer Avg.

Historical Averages:BMO Peer

12 Year: 0.41% 0.64%

Specific PCLs as a Percentage of Average Net Loans and Acceptances (Including Repos)

(Excluding Non-Recurring Assets)

0.49%

1.30%1

1 Based on annualized Q1 PCL2 Based on F2002 Guidance from each Bank

0.76%2

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Strength In Geographic And Business Diversity

Q1 2002 Net Income(Excluding Non-Recurring Items)

P&C68.5%

PCG11.2%

IBG20.3%

P&C29.8% PCG

7.6%

IBG62.6%

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

Canada U.S.

P&C – Personal & Commercial IBG – Investment Banking GroupPCG – Private Client Group

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14.6 15.0 14.1 14.1 14.917.0 17.1

15.2 14.1

18.0

13.815.4

90 91 92 93 94 95 96 97 98 99 00 01

Return on Equity (%)

History Of Strong Performance

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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$0.53 $0.56 $0.60$0.66

$0.74

$0.88$0.94

$1.00$1.12

$0.82

92 93 94 95 96 97 98 99 00 01

Dividend Growth (C$)(Dividends Declared Per Share)

Rewarding Our Shareholders

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Excellence Recognized

The 2000 CICA and National Post Annual Report Awards presented the Bank of Montreal with the following:

Overall Award of Excellence

Gold Award in the Financial Institutions Category

Excellence for Corporate Governance

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

2001 National Award in GovernanceSponsored by the Conference Board of Canada and

SpencerStuart

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Thinking Like An Owner

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

• All bank executives and directors required to own bank stock

• Valuation of price performance options contingent on share price growth surpassing certain significant thresholds

• More than 70% participation in Employee Stock Ownership Plan

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Experience Gained From Early Consolidation In Canada Translates Into Competitive Advantage

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

Canadian market dominated by 5 large

national banks

U.S. market highly fragmented

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Building Out Small Business Banking In Canada

• Large and profitable business

• High barriers to entry

• Unique business service model

• Strong team of 1,800 dedicated professionals serving 440,000 clients

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Gaining Ground On Current Canadian Market Leader

Loan Balances $0 - $5MM (Canada)

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

Mar'98 Sep'98 Mar'99 Sept'99 Mar'00 Sept'00 Mar'01 Sep'01

Bank Average

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

#2

#1

Source: CBA Business Statistics

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Targeting High PotentialMid-Market Banking In Canada

• Customer needs are unique, requiring customized products and services

• BMO is the only Canadian bank with a dedicated team serving this high-ROE, high-growth segment

• BMO’s Canadian mid-market banking volumes have increased by more than 20% per year for the past five years

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Penetrating Attractive U.S. Midwest Market

Greater Chicago has GDP of about 40% of Canada’s GDPU.S. Midwest has GDP 2.6 times Canada’s GDP

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Leveraging A Well-Established Brand

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Chicago Area

Midwest

U.S.

Mid-Market Investment/Corporate Banking

Community Banking

Growing Community Banking In Greater Chicago

Wealth Management

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21U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

Harris Bank locations in Greater Chicago

Lake Michigan

Personal & CommercialStriving For #1 In Chicagoland

• Increase distribution by about one-third over next five years

• Expand consumer lending business

• Tailored integration model makes acquisitions easier to absorb

– First National Bank of Joliet acquired in 2001, adding C$2 billion in assets

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Chicago Area

Midwest

U.S.

Mid-Market Investment / Corporate Banking

Community Banking

Growing Mid-Market Banking

Wealth Management

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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Investment/Corporate BankingWorking Towards Our Goal

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

GOALTo Become Premier

Mid-Market Investment and

Corporate Bank

• Fully integrated offering

• Long-established players in key sectors

– Energy– Media / Communications– Food and Agribusiness

• Staff of top-rated professionals

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Chicago Area

Midwest

U.S.

Mid-Market Investment/Corporate Banking

Community Banking

Strategically Expanding Wealth Management

Wealth Management

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Wealth ManagementBuilding Our U.S. Assets

$12B*

$11B

$31B

$54B

C$121 Billion in AUA/AUMas at January 31, 2002

$13B

* Excludes AUA/AUM of CSFBdirect (C$30 billion) and Northwestern (C$5.7), both of which were acquired after January 31, 2002.

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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Wealth Management Leveraging Our Leadership

Full-Service Investing– BMO Nesbitt Burns– Harris AdvantEdge

Direct Investing– BMO InvestorLine– Harrisdirect

Private Banking– BMO Harris Private Banking– Harris Private Bank

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Future Targets

1999 Presence

Acquisitions since 1999

De novo openings- Phoenix

-- Minneapolis-- Seattle

Burke, Christensen & Lewis- San Francisco - Boca Raton - New York City- Sandy City - Atlanta - Jersey City- Dallas - Chicago - Philadelphia

- Charlotte

CSFBdirect physical locations

ILLINOIS- Chicago - Hinsdale- Barrington - Lake Forest- Naperville - St. Charles- Palatine - Woodstock- Winnetka - Community Banks

ARIZONA- Phoenix - Scottsdale- Tucson - Sun City- Carefree - Pinnacle Peak- Biltmore

FLORIDA- Ft. Myers - Sarasota- Vero Beach - Naples- West Palm Beach

ILLINOIS OHIO -Chicago -Cleveland

WISCONSIN-Milwaukee

MICHIGAN-Detroit

Building A Private Client PlatformFreeman Welwood

WASHINGTON- Seattle - Bellevue- Tacoma - Spokane

OREGON- Portland

CALIFORNIA- San Francisco

COLORADO- Denver

UTAH- Salt Lake City

ARIZONA- Phoenix

HAWAII- Honolulu

Harris Private Bank

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Northwestern- Seattle

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• Purchased CSFBdirect for US$520 million

• Acquired AUA of US$18.7 billion and 440,000 active accounts

• Aligned with BMO’s U.S. growth and expansion strategy

• Accelerates expansion of wealth management franchise in U.S.

Strategic Acquisition Combined With BMO InvestorLine To Form …

U B S W A R B U R G G L O B A L F I N A N C I A L S E R V I C E S C O N F E R E N C E

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Forward-Looking StatementsCAUTION REGARDING FORWARD-LOOKING STATEMENTS

This financial presentation includes forward-looking statements, which are made pursuant to the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, comments with respect to our objectives, targets, strategies, financial condition, the results of our operations and our businesses, our outlook for our businesses and for the Canadian and U.S. economies, and risk management.

By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this report not to place undue reliance on these forward-looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, targets, expectations, estimates and intentions expressed in such forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by the following factors: fluctuations in interest rates and currency values; regulatory developments; statutory changes; the effects of competition in the geographic and business areas in which we operate, including continued pricing pressure on loan and deposit products; and changes in political and economic conditions including, among other things, inflation and technological changes. We caution that the foregoing list of important 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 the foregoing factors as well as other uncertainties and potential events. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank.

For further information, please call Investor Relations at (416) 867-6656.

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Tony ComperChairman & CEO

April 24, 2002

UBS WARBURGGLOBAL FINANCIAL

SERVICESCONFERENCE