BMO Financial Group Reports Second Quarter 2020 Results

Toronto (ots/PRNewswire) - Financial Results Highlights

Second Quarter 2020 Compared With Second Quarter 2019:

- Net income of $689 million, compared with $1,497 million; adjusted net income1
of $715 million, compared with $1,522 million
- Reported EPS2 of $1.00, compared with $2.26; adjusted EPS1,2 of $1.04,
compared with $2.30
- Revenue, net of CCPB3, of $5,461 million, compared with $5,652 million
- Provision for credit losses (PCL) of $1,118 million, compared with $176
million; current quarter includes PCL on performing loans of $705 million
- ROE of 5.3%, compared with 13.6%; adjusted ROE1 of 5.5%, compared with 13.9%
- Common Equity Tier 1 Ratio of 11.0%
- Dividend of $1.06, unchanged from the prior quarter

Year-to-Date 2020 Compared With Year-to-Date 2019:

- Net income of $2,281 million, compared with $3,007 million; adjusted net
income1 of $2,332 million, compared with $3,060 million
- Reported EPS2 of $3.37, compared with $4.54; adjusted EPS1,2 of $3.45,
compared with $4.62
- Revenue, net of CCPB3, of $11,492 million, compared with $11,243 million
- Provision for credit losses of $1,467 million, compared with $313 million
- ROE of 9.2%, compared with 13.6%; adjusted ROE1 of 9.4%, compared with 13.9%

For the second quarter ended April 30, 2020, BMO Financial Group (TSX:BMO)
(NYSE:BMO) recorded net income of $689 million or $1.00 per share on a reported
basis, and net income of $715 million or $1.04 per share on an adjusted basis.

"The economic and social consequences of the COVID-19 pandemic have been
immediate and disruptive and at the same time, the response by policy makers has
been swift and unprecedented in scale. At BMO, our top priority has been, and
continues to be, the health and safety of all our employees and customers and
the delivery of critical banking services," said Darryl White, CEO BMO Financial
Group.

"We acted quickly to mobilize our workforce and adapt the ways we serve our
customers while maintaining operational stability in every business. We have
helped customers experiencing financial stress by providing relief options,
personalized advice and access to experts. We've announced community support
initiatives focused on helping those with the greatest need.

"While the full scope and scale of the economic and social impact of the
pandemic remains uncertain, we have never been better positioned to face these
challenges. We entered this crisis from a position of strength, with good
operating momentum across our diverse businesses, strong capital and liquidity,
a strong record of performance in risk management, disciplined expense
management and long history of overcoming challenges together with our
customers.

"For the second quarter, we demonstrated the resilience of our earnings power as
we earned through the impact of market volatility and prudent loan loss
provisioning. As we transition to the re-opening of our economies, we will
sustain and adapt operations to support our customers, employees, communities
and the broader economic recovery, and together emerge from this crisis even
stronger," concluded Mr. White.

While COVID-19 had a meaningful impact on the bank's earnings in the current
quarter, the bank's operational performance remains solid. Reported net income
of $689 million and adjusted net income of $715 million were largely impacted by
higher provisions for credit losses, which increased $942 million pre-tax or
$693 million after tax. Revenue decreased, with growth in our P&C businesses
more than offset by lower revenue in our market sensitive businesses. We
maintained a disciplined approach to expense management, with expenses
decreasing 2% year-over-year. Overall results demonstrated the resiliency of our
diversified earnings platform in a challenging economic and market environment.

Return on equity (ROE) was 5.3%, compared with 13.6% in the prior year, and
adjusted ROE was 5.5%, compared with 13.9% in the prior year. Return on tangible
common equity (ROTCE) and adjusted ROTCE were both 6.4% in the current quarter,
compared with 16.4% on both a reported and an adjusted basis in the prior year.

Concurrent with the release of results, BMO announced a third quarter 2020
dividend of $1.06 per common share, unchanged from the prior quarter and up
$0.03 per share or 3%from the prior year. The quarterly dividend of $1.06 per
common share is equivalent to an annual dividend of $4.24 per common share.

The extent to which the COVID-19 pandemic impacts our business, results of
operations, reputation and financial condition, including our regulatory capital
and liquidity ratios, and credit ratings, as well as its impact on our
customers, competitors and trading exposure, including the potential from loss
from higher credit, counterparty or mark-to-market losses, will depend on future
developments, which are highly uncertain and cannot be predicted, including the
scope and duration of the pandemic and actions taken by governmental
authorities, which could vary by country, and other third parties in response to
the pandemic. The COVID-19 pandemic may also impact our ability to achieve, or
the timing to achieve, certain previously announced targets, goals and
objectives. Please refer to the Impact of COVID-19 and Risk Management sections
in our Second Quarter 2020 Report to Shareholders.

Our complete Second Quarter 2020 Report to Shareholders, including our unaudited
interim consolidated financial statements for the period ended April 30, 2020,
is available online at www.bmo.com/investorrelations (https://c212.net/c/link/?t
=0&l=en&o=2813265-1&h=3201593123&u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&
a=www.bmo.com%2Finvestorrelations) and at https://c212.net/c/link/?t=0&l=en&o=28
13265-1&h=2153264613&u=http%3A%2F%2Fwww.sedar.com%2F&a=www.sedar.com .

(1) Results and measures in this document are presented on a GAAP
basis. They are also presented on an adjusted basis that
excludes the impact of certain items. Adjusted results and
measures are non-GAAP and are detailed for all reported
periods in the Non-GAAP Measures section, where such non-GAAP
measures and their closest GAAP counterparts are disclosed.

(2) All Earnings per Share (EPS) measures in this document refer
to diluted EPS, unless specified otherwise. EPS is calculated
using net income after deducting total dividends on preferred
shares and distributions payable on other equity instruments.

(3) On a basis that nets insurance claims, commissions and changes
in policy benefit liabilities (CCPB) against insurance
revenue.

Note: All ratios and percentage changes in this document are based on
unrounded numbers.


Second Quarter Operating Segment Overview

Canadian P&C

Reported net income was $361 million, compared with $616 million in the prior
year, and adjusted net income was $362 million, compared with $616 million.
Adjusted net income excludes the amortization of acquisition-related intangible
assets. Net income was lower due to higher provisions for credit losses, with
higher revenue partially offset by higher expenses.

During the quarter, we introduced measures to help Canadian consumers and
businesses affected by COVID-19. These measures included deferring up to six
months of payments for our personal and business clients and reducing interest
rates on consumer and small business credit cards for those customers needing
extra help. We also increased working capital loans to businesses and assisted
clients with tapping into relief funds, as quickly as possible. In the quarter,
we helped over 200,000 personal and commercial banking customers access these
programs and we continued to offer banking services to all clients through our
branches, digital and call centre channels.

U.S. P&C

Reported net income was $339 million, compared with $406 million in the prior
year, and adjusted net income was $349 million, compared with $417 million.
Adjusted net income excludes the amortization of acquisition-related intangible
assets.

Reported net income was US$246 million, compared with US$305 million, and
adjusted net income was US$253 million, compared with US$313 million in the
prior year, primarily due to higher provisions for credit losses, partially
offset by higher revenue.

During the quarter, BMO Harris Bank announced relief measures and hardship
assistance to help U.S. consumers, small businesses, commercial clients,
communities and team members experiencing financial pressures, as a result of
COVID-19. As of April 30, 2020, we have originated US$4.2 billion in small
business relief loans through the Small Business Administration's Paycheck
Protection Program.

BMO Wealth Management

Reported net income was $144 million, compared with $305 million in the prior
year, and adjusted net income was $153 million, compared with $315 million.
Adjusted net income excludes the amortization of acquisition-related intangible
assets. Traditional Wealth reported net income was $160 million, compared with
$226 million, and adjusted net income was $169 million, compared with $236
million, with the majority of the decrease driven by a legal provision.
Insurance net loss was $16 million, compared with net income of $79 million in
the prior year, primarily due to the impact of unfavourable market movements,
compared with the prior year.

We continue to support our clients' evolving needs during this challenging time,
including providing expert advice and help to access financial relief measures,
extending the grace period for most insurance premiums, digitizing processes and
enabling our call centres to support a significant increase in online brokerage
transaction volumes and new accounts. We were proud to be selected as the asset
manager for the Bank of Canada's Provincial Bond Purchase Program, which aims to
support the liquidity and efficiency of provincial government funding markets
and will hold up to a total of $50 billion of assets.

BMO Capital Markets

Reported net loss was $74 million, compared with reported net income of $250
million in the prior year, and adjusted net loss was $68 million, compared with
adjusted net income of $254 million. Adjusted net income excludes the
amortization of acquisition-related intangible assets and acquisition
integration costs. Higher provisions for credit losses and lower revenue in both
Global Markets and Investment and Corporate Banking were partially offset by
lower expenses. The higher provisions for credit losses accounted for
approximately 90% of the decrease in net income.

On April 6, 2020, we completed the acquisition of Clearpool Group, Inc.
(Clearpool), a New York-based provider of electronic trading solutions,
operating in the United States and Canada. In addition, BMO Capital Markets was
a joint lead manager in the largest-ever U.S. Dollar Supranational issuance in
history, a 5-year US$8 billion global benchmark sustainable development bond
with the World Bank. The bond helped raise awareness for the World Bank's global
health program to staff, train, purchase equipment and support local
communication campaigns associated with COVID-19, and strengthen healthcare
systems of developing countries.

Corporate Services

Reported and adjusted net loss for the quarter was $81 million, compared with a
reported and adjusted net loss of $80 million in the prior year, relatively
unchanged, with lower expenses and higher revenue largely offset by the impact
of a less favourable tax rate in the current quarter.

Adjusted results in this Second Quarter Operating Segment Overview section are
non-GAAP amounts or non-GAAP measures. Please refer to the Non-GAAP Measures
section.

Capital

BMO's Common Equity Tier 1 (CET1) Ratio was 11.0% as at April 30, 2020. The
ratio, which remains comfortably above the minimum regulatory expectation, is
down from 11.4% at the end of the first quarter. The change in our ratio largely
reflects loan growth in support of our customers through this challenging time.

Provision for Credit Losses

Total provision for credit losses was $1,118 million, an increase of $942
million pre-tax or $693 million after tax from the prior year. The total
provision for credit losses ratio was 94 basis points, compared with a low level
of 16 basis points in the prior year that included the benefit of a large
recovery on a U.S. commercial loan. The provision for credit losses on impaired
loans was $413 million, an increase of $263 million from $150 million in the
prior year, primarily due to higher provisions in our P&C businesses and BMO
Capital Markets. The provision for credit losses on impaired loans ratio was 35
basis points, compared with a low level of 14 basis points in the prior year.
There was a $705 million provision for credit losses on performing loans in the
current quarter, compared with a $26 million provision for credit losses on
performing loans in the prior year. The $705 million provision for credit losses
on performing loans in the current quarter was primarily based on a weaker
economic outlook.

Caution

The foregoing sections contain forward-looking statements. Please refer to the
Caution Regarding Forward-Looking Statements.

Regulatory Filings

Our continuous disclosure materials, including our interim filings, annual
Management's Discussion and Analysis and audited annual consolidated financial
statements, Annual Information Form and Notice of Annual Meeting of Shareholders
and Proxy Circular, are available on our website at
www.bmo.com/investorrelations (https://c212.net/c/link/?t=0&l=en&o=2813265-1&h=3
201593123&u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&a=www.bmo.com%2Finvesto
rrelations) , on the Canadian Securities Administrators' website at https://c212
.net/c/link/?t=0&l=en&o=2813265-1&h=2153264613&u=http%3A%2F%2Fwww.sedar.com%2F&a
=www.sedar.com , and on the EDGAR section of the U.S. Securities and Exchange
Commission's website at https://c212.net/c/link/?t=0&l=en&o=2813265-1&h=76805182
7&u=http%3A%2F%2Fwww.sec.gov%2F&a=www.sec.gov .


Bank of Montreal uses a unified branding approach that links all of the
organization's member companies. Bank of Montreal, together with its
subsidiaries, is known as BMO Financial Group. As such, in this document, the
names BMO and BMO Financial Group mean Bank of Montreal, together with its
subsidiaries.



Non-GAAP Measures

Results and measures in this document are presented on a GAAP basis. Unless
otherwise indicated, all amounts are in Canadian dollars and have been derived
from financial statements prepared in accordance with International Financial
Reporting Standards (IFRS). References to GAAP mean IFRS. They are also
presented on an adjusted basis that excludes the impact of certain items, as set
out in the table below. Results and measures that exclude the impact of
Canadian/U.S. dollar exchange rate movements on our U.S. segment are non-GAAP
measures. Please refer to the Foreign Exchange section on page 8 of our Second
Quarter 2020 Report to Shareholders for a discussion of the effects of changes
in exchange rates on our results. Management assesses performance on a reported
basis and on an adjusted basis, and considers both to be useful in assessing
underlying ongoing business performance. Presenting results on both bases
provides readers with a better understanding of how management assesses results.
It also permits readers to assess the impact of certain specified items on
results for the periods presented, and to better assess results excluding those
items that may not be reflective of ongoing results. As such, the presentation
may facilitate readers' analysis of trends. Except as otherwise noted,
management's discussion of changes in reported results in this document applies
equally to changes in the corresponding adjusted results. Adjusted results and
measures are non-GAAP and as such do not have standardized meanings under GAAP.
They are unlikely to be comparable to similar measures presented by other
companies and should not be viewed in isolation from, or as a substitute for,
GAAP results.

Non-GAAP Measures

(Canadian $ in millions, Q2-2020 Q1-2020 Q2-2019 YTD-2020 YTD-2019
except as noted)

Reported Results

Revenue 5,264 6,747 6,213 12,011 12,730

Insurance claims, 197 (716) (561) (519) (1,487)
commissions and changes
in policy benefit
liabilities (CCPB)

Revenue, net of CCPB 5,461 6,031 5,652 11,492 11,243

Total provision for (1,118) (349) (176) (1,467) (313)
credit losses

Non-interest expense (3,516) (3,669) (3,595) (7,185) (7,152)

Income before income 827 2,013 1,881 2,840 3,778
taxes

Provision for income (138) (421) (384) (559) (771)
taxes

Net income 689 1,592 1,497 2,281 3,007

EPS ($) 1.00 2.37 2.26 3.37 4.54

Adjusting Items (Pre-tax)
(1)

Acquisition integration (3) (3) (2) (6) (8)
costs (2)

Amortization of (30) (29) (30) (59) (61)
acquisition-related
intangible assets (3)

Adjusting items included (33) (32) (32) (65) (69)
in reported pre-tax
income

Adjusting Items (After
tax) (1)

Acquisition integration (2) (2) (2) (4) (6)
costs (2)

Amortization of (24) (23) (23) (47) (47)
acquisition-related
intangible assets (3)

Adjusting items included (26) (25) (25) (51) (53)
in reported net income
after tax

Impact on EPS ($) (0.04) (0.04) (0.04) (0.08) (0.08)

Adjusted Results

Revenue 5,264 6,747 6,213 12,011 12,730

Insurance claims, 197 (716) (561) (519) (1,487)
commissions and changes
in policy benefit
liabilities (CCPB)

Revenue, net of CCPB 5,461 6,031 5,652 11,492 11,243

Total provision for (1,118) (349) (176) (1,467) (313)
credit losses

Non-interest expense (3,483) (3,637) (3,563) (7,120) (7,083)

Income before income 860 2,045 1,913 2,905 3,847
taxes

Provision for income (145) (428) (391) (573) (787)
taxes

Net income 715 1,617 1,522 2,332 3,060

EPS ($) 1.04 2.41 2.30 3.45 4.62


(1) Adjusting items are generally included in Corporate Services, with
the exception of the amortization of acquisition-related
intangible assets and certain acquisition integration costs, which
are charged to the operating groups.

(2) KGS-Alpha and Clearpool acquisition integration costs are reported
in BMO Capital Markets. Acquisition integration costs are recorded
in non-interest expense.

(3) These amounts were charged to the non-interest expense of the
operating groups. Before-tax and after-tax amounts for each
operating group are provided on pages 19, 20, 22, 24 and 26 of our
Second Quarter 2020 Report to Shareholders.

Adjusted results and measures in this table are non-GAAP amounts or non-GAAP
measures.


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
document, and may be included in other 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, and are intended to be forward-looking statements under, the
United States Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. Forward-looking statements in this
document may include, but are not limited to, statements with respect to our
objectives and priorities for fiscal 2020 and beyond, our strategies or future
actions, our targets, expectations for our financial condition or share price,
the regulatory environment in which we operate and the results of or outlook for
our operations or for the Canadian, U.S. and international economies, our
response to the COVID-19 pandemic and its expected impact on our business,
operations, earnings, results and financial condition, including our capital and
liquidity ratios and credit ratings, as well as its impact on our customers,
competitors and trading exposure, including the potential from loss from higher
credit, counterparty or mark-to-market losses, and include statements of our
management. Forward-looking statements are typically identified by words such as
"will", "would", "should", "believe", "expect", "anticipate", "project",
"intend", "estimate", "plan", "goal", "target", "may" and "could."

By their nature, forward-looking statements require us to make assumptions and
are subject to inherent risks and uncertainties, both general and specific in
nature. There is significant risk that predictions, forecasts, conclusions or
projections will not prove to be accurate, that our assumptions may not be
correct, and that actual results may differ materially from such predictions,
forecasts, conclusions or projections. The uncertainty created by the COVID-19
pandemic has heightened this risk given the increased challenge in making
assumptions, predictions, forecasts, conclusions or projections. We caution
readers of this document not to place undue reliance on our forward-looking
statements, as a number of factors - many of which are beyond our control and
the effects of which can be difficult to predict - 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: general economic and market
conditions in the countries in which we operate; the severity, duration and
spread of the COVID-19 pandemic, its impact on local, national or international
economies and its heightening of certain risks that may affect our future
results the possible impact on our business and operations of outbreaks of
disease or illness that affect local, national or international economies; the
Canadian housing market and consumer leverage; weak, volatile or illiquid
capital and/or credit markets; interest rate and currency value fluctuations;
changes in monetary, fiscal, or economic policy and tax legislation and
interpretation; the level of competition in the geographic and business areas in
which we operate; changes in laws or in supervisory expectations or
requirements, including capital, interest rate and liquidity requirements and
guidance, and the effect of such changes on funding costs; judicial or
regulatory proceedings; the accuracy and completeness of the information we
obtain with respect to our customers and counterparties; failure of third
parties to comply with their obligations to us; our ability to execute our
strategic plans and to complete and integrate acquisitions, including obtaining
regulatory approvals; critical accounting estimates and the effect of changes to
accounting standards, rules and interpretations on these estimates; operational
and infrastructure risks, including with respect to reliance on third parties;
changes to our credit ratings; political conditions, including changes relating
to or affecting economic or trade matters; global capital markets activities;
the possible effects on our business of war or terrorist activities; natural
disasters and disruptions to public infrastructure, such as transportation,
communications, power or water supply; technological changes; information,
privacy and cyber security, including the threat of data breaches, hacking,
identity theft and corporate espionage, as well as the possibility of denial of
service resulting from efforts targeted at causing system failure and service
disruption; and our ability to anticipate and effectively manage risks arising
from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors.
Other factors and risks could adversely affect our results. For more
information, please refer to the discussion in the Risks That May Affect Future
Results section, and the sections related to credit and counterparty, market,
insurance, liquidity and funding, operational, legal and regulatory, business,
strategic, environmental and social, and reputation risk, in the Enterprise-Wide
Risk Management section that begins on page 68 of BMO's 2019 Annual Report, and
the Risk Management section on page 35 of our Second Quarter 2020 Report to
Shareholders, all of which outline certain key factors and risks that may affect
our future results. Investors and others should carefully consider these factors
and risks, as well as other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements. We do not undertake to update any
forward-looking statements, whether written or oral, that may be made from time
to time by the organization or on its behalf, except as required by law.

The forward-looking information contained in this document is presented for the
purpose of assisting our shareholders in understanding our financial position as
at and for the periods ended on the dates presented, as well as our strategic
priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements
contained in this document are set out in the Economic Developments and Outlook
section on page 18 of BMO's 2019 Annual Report and updated in the Economic
Review and Outlook section set forth in our Second Quarter 2020 Report to
Shareholders. Assumptions about the performance of the Canadian and U.S.
economies, as well as overall market conditions and their combined effect on our
business, are material factors we consider when determining our strategic
priorities, objectives and expectations for our business. In determining our
expectations for economic growth, we primarily consider historical economic
data, past relationships between economic and financial variables, changes in
government policies, and the risks to the domestic and global economy. Please
refer to the Economic Review and Outlook section in our Second Quarter 2020
Report to Shareholders.

INVESTOR AND MEDIA PRESENTATION

Investor Presentation Materials

Interested parties are invited to visit our website at
www.bmo.com/investorrelations (https://c212.net/c/link/?t=0&l=en&o=2813265-1&h=3
201593123&u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&a=www.bmo.com%2Finvesto
rrelations) to review our 2019 annual MD&A and audited annual consolidated
financial statements, quarterly presentation materials and supplementary
financial information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call
on Wednesday, May 27, 2020, at 7:15 a.m. (ET). The call may be accessed by
telephone at 416-340-2217 (from within Toronto) or 1-800-806-5484 (toll-free
outside Toronto), entering Passcode: 3639556#. A replay of the conference call
can be accessed until Thursday, June 25 2020, by calling 905-694-9451 (from
within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering
Passcode: 4025448#.

A live webcast of the call can be accessed on our website at
www.bmo.com/investorrelations (https://c212.net/c/link/?t=0&l=en&o=2813265-1&h=3
201593123&u=http%3A%2F%2Fwww.bmo.com%2Finvestorrelations&a=www.bmo.com%2Finvesto
rrelations) . A replay can also be accessed on the website.


Shareholder Dividend Reinvestment For other shareholder information,
and Share Purchase Plan (the Plan) including the notice for our normal
Average market price as defined course issuer bid, please contact Bank
under the PlanFebruary 2020: of MontrealShareholder ServicesCorporate
$100.71March 2020: $66.70April 2020: Secretary's DepartmentOne First Canadian
$71.80 For dividend information, Place, 21st FloorToronto, Ontario M5X
change in shareholder address or to 1A1Telephone: [phone]Fax: (416)
advise of duplicate mailings, please 867-6793E-mail: [e-mail]
contact Computershare Trust Company For further information on this
of Canada100 University Avenue, 8th document, please contact Bank of
FloorToronto, Ontario M5J MontrealInvestor Relations
2Y1Telephone: [phone] (Canada DepartmentP.O. Box 1, One First Canadian
and the United States)Telephone: Place, 10th FloorToronto, Ontario M5X
[phone] (international)Fax: 1A1 To review financial results and
1-888-453-0330 (Canada and the regulatory filings and disclosures
United States)Fax: [phone] online, please visit our website at
(international)E-mail: www.bmo.com/investorrelations (https://c
[e-mail] 212.net/c/link/?t=0&l=en&o=2813265-1&h=3
201593123&u=http%3A%2F%2Fwww.bmo.com%2Fi
nvestorrelations&a=www.bmo.com%2Finvesto
rrelations) .



Our 2019 Annual MD&A, audited annual consolidated financial statements, annual
information form and annual report on Form 40-F (filed with the U.S. Securities
and Exchange Commission) are available online at www.bmo.com/investorrelations (
https://c212.net/c/link/?t=0&l=en&o=2813265-1&h=3201593123&u=http%3A%2F%2Fwww.bm
o.com%2Finvestorrelations&a=www.bmo.com%2Finvestorrelations) and at https://c212
.net/c/link/?t=0&l=en&o=2813265-1&h=2153264613&u=http%3A%2F%2Fwww.sedar.com%2F&a
=www.sedar.com . Printed copies of the bank's complete 2019 audited financial
statements are available free of charge upon request at 416-867-6785 or
[e-mail].

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Media Relations Contacts: Paul Gammal, Toronto, [e-mail],
416-867-6543; Investor Relations Contacts: Jill Homenuk, Head, Investor, Media &
Government Relations, [e-mail], 416-867-4770; Bill Anderson,
Director, Investor Relations, [e-mail], 416-867-7834

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OTS: BMO Financial Group