Well Positioned For Growth

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1 Tony Comper Chairman & CEO Scotia Capital Financials Summit 2002 September 10, 2002 Divested Business Bancomer Global Custody Partners First Corporate Trust Branch Sales Total 1999 Revenue ($MM) $119 $12 $(2) $95 $60 $284 Well Positioned For Growth Since 1999, BMO has been: Exiting unprofitable, low-profit or lowpotential businesses and branches Re-deploying capital and resources to higher-potential businesses Shifting its business mix in favor of high-return businesses 1

2 Moving Up The Canadian Bank Scorecard SCORECARD Cash ROE & EPS Rank F2001 Q Top Tier Mid Tier BMO Low Tier BMO Source: Q Canadian bank financial results 2 Relative Credit Advantage Continues In F % 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% Specific Provision for Credit Losses As a Percent of Average Net Loans and Acceptances (including Reverse Repos) Historical Averages: BMO Cdn. Peers 1990 to 2001: 0.41% 0.64% 0.00% '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 Q3 02 BMO 5 Cdn. Bank Peer Average (RBC, TD, CIBC, BNS, NA) * Annualized YTD based on Q3 Supplementary Financial Information Packages 3

3 Strong Dividend Track Record $0.53 Dividends Declared Per Share (C$) $0.56 $0.60 $0.66 $0.74 $0.82 $0.88 $0.94 $1.00 $ Growing P&C Revenue While Staying Focused On Expense Management $MM P&C Revenue 6% P&C Expenses Stable Q3 '01 Q3 '02 5

4 Affirming Our 2002 Financial Targets Excluding Non-Recurring Items Cash EPS Growth (1) Cash ROE Provision For Credit Losses Tier 1 Capital 2002 Target 8 12% 14 15% bps (2) Minimum 8.0% 2002 YTD Actual (15.2%) 13.9% Annualized 60 bps Annualized 8.72% (1) Growth based on fiscal 2001 cash EPS of $2.68 per share. (2) On April 25, 2002, PCL target for fiscal 2002 was revised to $775 - $825 MM, or in a range about 55 bps. 6 Focused Transnational Growth Strategy Expand in the U.S. Invest in core Canadian franchise Build on longstanding strengths S C O T I A C A P I T A L F I N A N C S I A C O L S T S C I A O S T C U I A M P C I M T A I A P T L I T S 2 A 0 L F 0 I N F 2I A N A C N I C A I L A S L S U S M U M I M T I T 7

5 Uniquely Positioned On The Canada-U.S. Landscape Transformed Harris from small wholesale bank to one of top three retail banks in Chicagoland Tripled strength of franchise since 1994 Well-integrated retail, U.S. Midwest midmarket, and wealth management platforms Harris well established reputation and brand name is synonymous with high quality S C O T I A C A P I T A L F I N A N C I S A C L O S T I A S U C M A P M I T I A T L 2 F 0 I 0 N 2A N C I A L S S U M M I T 8 Optimizing Our Overall Business Mix Operating Group Contribution to Net Income (Excluding Non-Recurring Items) YTD July 31, 2002 P&C 56.8% IBG 35.5% PCG 7.7% 9

6 Strengthening Our Canadian Retail Franchise Year-over-year performance Loans and acceptances (owned and managed) up 9% (after adding back effect of securitizations) Retail and commercial deposits grew $7 billion or 24% S C O T I A C A P I T A L F I N A N C I S A C L O S T I S A U C M A P M I T I T A L 2 F 0 I N 0 A 2 N C I A L S S U M M I T 10 Addition of 1,000 new salespeople has improved customer service and increased sales capacity Determined To Grow P&C Market Share Market share improvement - Q vs. Q Retail banking market share 48 basis points to 13.5 % Retail operating deposits up 63 basis points to 15.4% Residential mortgages (owned and managed) 34 basis points to 14.8% S C O T I A C A P I T A L F I N A N C S I A C O L S T S C I A O S T C U I A M P C I M T A I A P T L I T S 2 A 0 L F 0 I N F 2I A N A C N I C A I L A S L S U S M U M I M T I T 11

7 Closing In On #1 In Small Business Banking Loan Balances $0 - $5MM (Canada) 30% 28% 26% 24% 22% 20% 18% 16% 14% Bank Average 12% Mar'98 Sep'98 Mar'99 Sept'99 Mar'00 Sep'00 Mar'01 Sep'01 Mar'02 Source: CBA Business Statistics 12 Largest Technology Investment In BMO History Short-listed for the Canadian Information Productivity Award of Excellence Grand Prize Implementation of Pathway Connect targeted for completion January 2003 Technology offers the industry s best sales and productivity tools New platform enhances our ability to identify and meet customers needs 13

8 Benefiting From Technology Optimizer software captures and shares customer information Industry-leading data base and decision engine offers customized solutions Enhanced technology key factor in sales productivity growth in 2002 S C O T I A C A P I T A L F I N A N C S I A C O L S T S C I A O S T C U I A M P C I M T A I A P T L I T S 2 A 0 L F 0 I N F 2I A N A C N I C A I L A S L S U S M U M I M T I T 14 CHICAGOLAND POSITION #2 Home Equity Loans #1 Bank Financed Auto Loans #2 Small Business Banking Chicagoland Business and Earnings Momentum $MM Cdn/ Cdn GAAP Net Income Q1/01 Through Q2/02 25 (Harris Fiscal/Calendar Year) 28 Q1/01 Q2/01 Q3/01 Q4/01 Q1/02 Q2/ S C O T I A C A P I T A L F I N A N C S I A C O L S T S C I A O S T C U I A M P C I M T A I A P T L I T S 2 A 0 L F 0 I N F 2I A N A C N I C A I L A S L S U S M U M I M T I T 15

9 Illinois Capitalizing On Chicagoland Opportunity Greater Chicago has GDP of approx. 40% of Canadian GDP 3rd largest metropolitan market in U.S. 8 million people Most fragmented market in U.S. with more than 250 banks Top three banks combine for 30% market share of retail deposits 16 Competitive Advantages Fuel BMO s U.S. Retail Banking Growth Brand image and reputation Multi-channel distribution platform Customer satisfaction/loyalty Low loan-to-deposit ratio Unique community banking model Wealth management partnership BMO cross-border synergies Acquirer of choice 17

10 Chicagoland Banking County Branch Distribution Network Expansion Is Key To U.S. Retail Growth Strategy Lake Michigan Harris has 145 locations across Chicagoland 50 additional attractive sub-markets identified for branch distribution over the next five years Looking at retail banking expansion opportunities radiating out from Illinois S C O T I A C A P I T A L F I N A N C S I A C O L S T S C I A O S T C U I A M P C I M T A I A P T L I T S 2 A 0 L F 0 I N F 2I A N A C N I C A I L A S L S U S M U M I M T I T 18 Wealth Management Poised For Market Turnaround Ranked #1 Top Online Broker in Canada Best Customer Service Ranked 6 th in North America in direct investing based on combined number of Harrisdirect & BMO InvestorLine accounts Possess technology, high-end clients and critical mass required for profitable growth Serve serious investors who require superior products and service 19

11 Strategic Acquisition Integrated Into Purchased CSFBdirect for US$520 million Average assets per account, revenue per trade, and cost reductions are all ahead of expectations Annualized trades per account and account attrition are in line with peer group averages Acquisition is aligned with BMO s U.S. growth and expansion strategy 20 Strategically Expanding In The U.S. Acquisitions must be a good strategic and cultural fit and pass the following hurdles: IRR of at least 15% Accretive to cash EPS within 2-3 years Focused primarily on U.S. expansion Retail acquisitions Wealth management acquisitions U.S. equity research & sales platform 21

12 2001 National Award in Governance (for Private Sector) - Sponsored by The Conference Board of Canada and Spencer Stuart 2000 Annual Report Gold Award Financial Institutions Category Overall Award of Excellence Excellence for Corporate Governance - Sponsored by CICA and Financial Post Continuing Strength In Corporate Governance August 2002 CEO and CFO signed voluntary certifications of BMO s third quarter results under Sarbanes-Oxley Act BMO certifications will be filed with SEC this month as part of 6K filing On August 14 th, Harris Bank CEO and CFO certified Harris Q results pursuant to the new legislation May 2002 BMO announced its intention to expense stock options S C O T I A C A P I T A L F I N A N C I A L S C O S T U I A M C M A I P T I T 2 A 0 L 0 F 2I N A N C I A L S S U M M I T 22 Tony Comper Chairman & CEO Scotia Capital Financials Summit 2002 September 10, 2002

13 Forward-Looking Statements Caution 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 These forwardlooking 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. Investor Relations Phone: Fax: Q & A S C S O C T O I A T I A C A C P A I T P A I T L A F L I N F I A N A C N I C A I L A S L S U S M U M I M T I 2 T

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