Fixed Income Investor Presentation for the Quarter Ended – July 31, 2015

Fixed Income Investor Presentation For the Quarter Ended – July 31, 2015

October 2015

Q3Investor Presentation 15  Q3 2015 1 Forward looking statements & 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 may involve, but are not limited to, comments with respect to our objectives and priorities for 2015 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, U.S. and international 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, 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. 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: general economic and market conditions in the countries in which we operate; weak, volatile or illiquid capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary, fiscal, tax or economic policy; the degree 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; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; 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; changes to our credit ratings; general political conditions; global capital markets activities; the possible effects on our business of war or terrorist activities; disease or illness that affects local, national or international economies; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; technological changes; and our ability to anticipate and effectively manage risks associated with 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 see the Enterprise-Wide Risk Management section on pages 77 to 105 of BMO’s 2014 Annual MD&A, which outlines in detail certain key factors and risks that may affect Bank of Montreal’s future results. When relying on forward-looking statements to make decisions with respect to Bank of Montreal, 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. Bank of Montreal does 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.

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, both broadly and in the financial services sector, we primarily consider historical economic data provided by the Canadian and U.S. governments and their agencies. See the Economic Review and Outlook section of our Third Quarter 2015 Report to Shareholders.

Non-GAAP Measures Bank of Montreal uses both GAAP and non-GAAP measures to assess performance. Readers are cautioned that earnings and other measures adjusted to a basis other than GAAP do not have standardized meanings under GAAP and are unlikely to be comparable to similar measures used by other companies. Reconciliations of GAAP to non-GAAP measures as well as the rationale for their use can be found in Bank of Montreal’s Third Quarter 2015 Report to Shareholders and BMO’s 2014 Annual Report, all of which are available on our website at www.bmo.com/investorrelations. Examples of non-GAAP amounts or measures include: efficiency and leverage ratios; revenue and other measures presented on a taxable equivalent basis (teb); amounts presented net of applicable taxes; adjusted net income, revenues, non-interest expenses, earnings per share, effective tax rate, ROE, efficiency ratio and other adjusted measures which exclude the impact of certain items such as, acquisition integration costs, amortization of acquisition-related intangible assets, decrease (increase) in collective allowance for credit losses and restructuring costs. Bank of Montreal provides supplemental information on combined business segments to facilitate comparisons to peers.

Investor Presentation  Q3 2015 2 BMO Financial Group 8th largest bank in North America1 with an attractive and diversified business mix

Who we are Q3’15 Results * Adjusted 2 Reported Revenue ($B) – net basis3 4.6 4.6 • Established in 1817, Canada’s first bank Net Income ($B) 1.2 1.2 • In Canada: a full service, universal bank across all EPS ($) 1.86 1.80 of the major product lines - banking, wealth and ROE (%) 14.0 13.6 capital markets Basel III Common Equity Tier 1 Ratio (%) 10.4 • In the U.S.: banking and wealth management largely in the Midwest, with a mid-cap focused strategy in Capital Markets • In International markets: select presence, including Other Information (as at August 31, 2015) Europe and Asia Annual Dividend Declared (per share)4 $3.28 Dividend Yield 4.62% • Key numbers (as at July 31, 2015): Market Capitalization $44.3 billion – Assets: $672 billion – Deposits: $448 billion Exchange Listings TSX, NYSE (Ticker: BMO) – Employees: over 47,000 Share Price: – Branches: 1,537 – ABMs: 4,775 TSX C$71.00 * All amounts in this presentation in Canadian dollars unless otherwise noted 1 As measured by assets as at July 31, 2015; ranking published by Bloomberg NYSE US$53.93 2 Adjusted measures are non-GAAP measures. See slide 2 of this document, page 32 of BMO’s 2014 Annual Report and page 5 of BMO’s Third Quarter 2015 Report to Shareholders. See slide 28 for adjustments to reported results 3 Commencing Q1’15, insurance claims, commissions and changes in policy benefit liabilities (CCPB) are reported separately. They were previously reported as a reduction in insurance revenue in non-interest revenue. Prior period amounts and ratios have been reclassified 4 Based on Q4’15 declared dividend of $0.82 per share

Investor Presentation  Q3 2015 3 Clear and Consistent Strategy

Achieve industry-leading customer loyalty by delivering 1 on our brand promise.

Enhance productivity to drive performance and 2 shareholder value. Leverage our consolidated North American platform to deliver 3 quality earnings growth. Expand strategically in select global markets to 4 create future growth.

Ensure our strength in risk management underpins everything 5 we do for our customers.

Investor Presentation  Q3 2015 4 Operating Group Overview

Canadian Personal • Provides a full range of financial products and services to more than seven million customers • Over 900 branches and 3,400 ABMs & Commercial • 2nd in Canadian business banking loan market share for small and medium sized loans Banking • Largest MasterCard issuer in Canada as measured by transaction volumes, and one of the top commercial card issuers in North America

U.S. Personal & • ~600 branches and over 1,300 ABMs Commercial • U.S. Midwest footprint includes: Illinois, Wisconsin, Indiana, Minnesota, Missouri and Kansas • Strong deposit market share positions; #2 in Chicago area (12.1%) and Wisconsin (13.6%) in 2014 Banking • Good core C&I loan growth, up 14% Y/Y and core CRE portfolio up 14%

• Broad offering: Full service and direct brokerage, mutual funds, institutional asset management, Wealth private banking and insurance • Full range of client segments from mainstream to ultra-high net worth, and institutional Management • Global business with an active presence in markets across Canada, the United States, Europe and Asia • Client Assets (AUM/AUA): $879B, up 13% Y/Y

• Offers full service investment banking and sales & trading in Canada BMO Capital • #1 ranking in Canadian announced M&A1 Markets • U.S. Mid-cap strategy focused in select strategic sectors where we have expertise and experience • Unified client coverage approach and integrated distribution across North American platform

1 July 31, 2015 (Source: Bloomberg)

Investor Presentation  Q3 2015 5 Advantaged Business Mix Diversified by both customer segment and geography

Q3 2015 Operating Group Revenue1,2 Q3 2015 Reported Net Income by Geography

18% 24%

36% 7%

21% 75%

19%

Canadian P&C Canada U.S. P&C U.S. Wealth Management Other BMO Capital Markets

1 Excludes Corporate Services 2 Commencing in Q1-2015, insurance claims, commissions and changes in policy benefit liabilities (CCPB) are reported separately. They were previously reported as a reduction of insurance revenue in non-interest revenue; For the purposes of this slide revenues have been presented net of CCPB. For gross revenue amounts please see: slide 22 for Canadian P&C, slide 23 for U.S. P&C, slide 24 for Wealth Management, slide 25 for BMO Capital Markets

Investor Presentation  Q3 2015 6 BMO’s Strategic Footprint Combined population and GDP of BMO’s U.S. Midwest States is greater than Canada

BMO’s strategic footprint spans strong regional economies. Our three operating groups serve individuals, businesses, governments and corporate 1,5371 customers right across Canada and in six U.S. Midwest states – Illinois, Branches Indiana, Wisconsin, Minnesota, Missouri and Kansas – as well as in other select locations in the United States. Our significant presence in North America is bolstered by operations in select global $263B2 markets, including Europe and Customer Asia, allowing us to provide our Deposits customers in North America with access to economies and markets around the world, and our customers in other countries with access to North America.

1 Branches in Canada and the U.S., excluding Other, 1,533 2 Customer deposits are operating and savings deposits, including term investment certificates, sourced through our retail, commercial, wealth and corporate banking businesses

Investor Presentation  Q3 2015 7 Reasons to Invest in BMO

• Clear opportunities for growth across a diversified North American footprint – Large North American commercial banking business with advantaged market share – Highly profitable Canadian Personal & Commercial Banking business – Award-winning wealth franchise with strong growth opportunities in North America and select global markets – Operating leverage across our U.S. businesses • Strong capital position with sound underlying bank credit ratings • Canadian banks have been ranked the world’s soundest for the 8th year in a row1 • Focus on efficiency through core operations and technology integration • Industry-leading customer loyalty and a focus on customer experience to increase market share and drive revenue growth • Committed to the highest standards of business ethics and corporate governance

1 Based on the Global Competitiveness Report by the World Economic Forum

Investor Presentation  Q3 2015 8 Q3 2015 - Financial Highlights Adjusted net income of $1.2B, EPS up 8% Y/Y; good operating group results

Adjusted ($MM)1 Q3 14 Q2 15 Q3 15 • EPS up 8%; adjusted net income up 6% Y/Y Revenue 4,735 4,526 4,826 • Net revenue up 9% Y/Y including 4% benefit from the stronger CCPB2 520 24 218 U.S. dollar Net Revenue 4,215 4,502 4,608 • PCL up Y/Y from a low level a year ago and stable from Q2 PCL 130 161 160 • Expenses well managed; up 8% Y/Y or 2% excluding the impact Expense 2,708 2,912 2,922 of the stronger U.S. dollar Net Income 1,162 1,146 1,230 • Operating leverage3 of 1.4% and 2.7% Y/Y excluding the impact Reported Net Income 1,126 999 1,192 of the stronger U.S. dollar Diluted EPS ($) 1.73 1.71 1.86 • Effective tax rate4 of 19.4% or 25.0% on teb5 basis ROE (%) 14.9 13.2 14.0 • ROE of 14.0%, up from 13.2% in Q2’15 Common Equity Tier 1 9.6 10.2 10.4 • Book value per share of $55.36 up 19% Y/Y (CET1) Ratio (%)

1 See slide 28 for adjustments to reported results. Adjusted measures are non-GAAP measures. See slide 2 of this document, page 32 of BMO’s 2014 Annual Report and page 5 of BMO’s Third Quarter 2015 Report to Shareholders Reported revenue and PCL same as adjusted amounts; Reported expenses: Q3’15 $2,971MM; Q2’15 $3,112MM; Q3’14 $2,756MM Reported EPS – diluted: Q3’15 $1.80; Q2’15 $1.49; Q3’14 $1.67; Reported ROE: Q3’15 13.6%; Q2’15 11.4%; Q3’14 14.4% 2 Commencing Q1’15, insurance claims, commissions and changes in policy benefit liabilities (CCPB) are reported separately. They were previously reported as a reduction in insurance revenue in non-interest revenue. Prior period amounts and ratios have been reclassified 3 Operating leverage on a net revenue basis 4 Reported effective tax rate: Q3’15 19.3% 5 Operating group revenues, income taxes and net interest margin are stated on a taxable equivalent basis (teb). This teb adjustment is offset in Corporate Services, and total BMO revenue, income taxes and net interest margin are stated on a GAAP basis

Investor Presentation  Q3 2015 9 Capital & Risk Weighted Assets CET1 Ratio strong at 10.4%

Common Equity Tier 1 Ratio (%) • Common Equity Tier 1 Ratio of 10.4%, ~20 bps higher than Q2’15

10.1 10.1 10.2 10.4 - ~60 bps increase due to CET1 capital: 9.6 o retained earnings growth (~+30 bps)

o higher AOCI, net of higher capital deductions (~+35 bps)

o share repurchases (~-5 bps) Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 - ~40 bps decrease due to higher RWA of ~$9B:

Risk Weighted Assets ($B) o FX movement (+$9B) which is largely hedged through AOCI o business growth (+$5B)

o higher market risk (+1B) 240 238 231 226 222 o partially offset by methodology changes (-$5B) and changes in book quality (-$1B)

• 2 million shares repurchased in Q3 and 8 million YTD

• Attractive dividend yield of +4% Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Investor Presentation  Q3 2015 10 Loan Portfolio Overview

Gross Loans & Acceptances Canada & By Industry U.S. Total % of Total Other1 (C$B) • Loans are well diversified by Residential Mortgages 95.4 9.2 104.6 32% geography and industry Personal Lending 49.0 16.7 65.7 20% • Exposure to Oil & Gas remains Cards 7.4 0.6 8.0 3% modest at 2% of the loan portfolio Total Consumer 151.8 26.5 178.3 55% Financial Institutions 15.2 15.6 30.8 9% Service Industries 12.3 14.1 26.4 8% Commercial Real Estate 12.0 7.7 19.7 6% Manufacturing 5.4 10.9 16.3 5% Retail Trade 8.1 5.4 13.5 4% Loans by Geography and Wholesale Trade 3.8 6.6 10.4 3% Operating Group (C$B) Agriculture 7.8 2.1 9.9 3% 151.8 Oil & Gas 4.2 2.4 6.6 2% Other Commercial & Corporate2 11.8 7.3 19.1 5% 57.1 55.5 23.5 26.5 16.6 Total Commercial & Corporate 80.6 72.1 152.7 45% Canada & Other Countries U.S. Total Loans 232.4 98.6 331.0 100% P&C/Wealth Management - Consumer P&C/Wealth Management - Commercial BMO Capital Markets 1 Commercial & Corporate includes ~$11.9B from Other Countries 2 Other Commercial & Corporate includes industry segments that are each <2% of total loans

Investor Presentation  Q3 2015 11 Economic Outlook and Indicators

Canada United States Eurozone Economic Indicators (%)1 2014 2015E 2016E 2014 2015E 2016E 2014 2015E 2016E GDP Growth 2.41.22.12.42.62.60.91.31.6 Inflation 1.91.21.91.60.32.30.40.11.0 Interest Rate (3mth Tbills) 0.91 0.51 0.38 0.03 0.14 0.89 0.18 0.00 0.06 Unemployment Rate 6.9 6.8 6.6 6.2 5.3 4.7 11.6 11.1 10.5 Current Account Balance / GDP2 (2.1) (3.3) (2.1) (2.2) (2.3) (2.5) 3.4 3.9 4.1 Budget Surplus / GDP2 (0.1) 0.1 0.1 (2.8) (2.4) (2.2) (2.4) (2.1) (1.4) 1 Annual average 2 Estimates as of September 1, 2015; Eurozone estimates provided by OECD

Canada United States • The economy likely contracted in the first half of the year because of • Following temporary weakness earlier this year, the economy is a sharp decline in investment in the energy sector gaining strength, led by consumer spending and housing markets • Economic growth will likely slow to 1.2% in 2015 due to lower oil • We expect economic growth of 2.6% in 2015 and 2.6% in 2016, prices, before improving to 2.1% in 2016. Exports should strengthen held back only by a strong dollar in response to a weaker currency and firmer U.S. demand • The unemployment rate is expected to fall below 5% by year-end • Bank of Canada is expected to hold interest rates steady through 2016 • The Federal Reserve will likely begin raising interest rates in • The Canadian dollar will likely weaken further against the greenback September in response to tighter monetary policy in the U.S., but it should • The U.S. dollar is expected to strengthen moderately further as the strengthen moderately in 2016 if oil prices recover Federal Reserve begins to tighten policy

Investor Presentation  Q3 2015 12 Canada’s Housing Market Remains Resilient

Immigration to Canada Canadian Household Debt to GDP • Steady immigration, young buyers and low mortgage rates continue to drive home sales • However, elevated household debt is 100 95 restraining sales, and low oil prices have 90 reduced demand in energy-producing 85 regions 80 75 • Most regions are expected to see modestly 70 rising prices, while the oil-producing 65 provinces face modest declines 60 55 • Mortgage delinquencies remain near record 50 lows despite upturn in jobless claims 99 01 03 05 07 09 11 13 15 Canadian Household Debt (% of GDP) Average • Rapid price gains in Toronto and Vancouver are putting further strain on affordability in CAD Home Prices vs Personal Income Mortgage Delinquencies/Unemp. Rate these two high-priced cities 25 10 0.50 9.0

20 8.5 Housing Scorecard 8 0.45 15 8.0 + - 6 0.40 10 7.5 Immigration High Household Debt 5 4 0.35 7.0

Echo Boomers Tighter Mortgage - 6.5 Rules 2 0.30 Low Mortgage Rates -5 6.0 Positive job growth Elevated Valuations in 0 0.25 Home Prices (YoYHome Prices % Change) a Few Regions -10 (YoY Income Personal % Change) 5.5 -15 -2 0.20 5.0 05 06 07 08 09 10 11 12 13 14 15 05 06 07 08 09 10 11 12 13 14 15 Canadian Mortgages in Arrears 3 or more months (%, Source: CBA) New Existing Personal Income Canada: Unemployment Rate: Both Sexes, 15 Years and Over (SA, %) Source: BMO CM Economics and Canadian Bankers’ Association as of August 28, 2015 This slide contains forward looking statements. See caution on slide 2

Investor Presentation  Q3 2015 13 Canadian Residential Mortgages – A Snapshot of Key Features

• Structure of Canadian residential mortgage market lower risk compared to U.S. due to: ─ No lending with loan to value above 80% without government-backed insurance

─ Shorter terms (i.e.,1-10 years)

─ Prepayment charges borne by the borrower

─ No mortgage interest deductibility for income tax purposes (no incentive to take on higher levels of debt)

─ Recourse back to the borrower in most provinces

• The Federal government has made a number of adjustments in recent years to support the stability of the housing market and the financial system ─ All borrowers must meet the minimum standards for a five-year fixed rate mortgage, regardless of the mortgage chosen

─ Minimum 20% down payment required for rental / investment properties

─ Maximum amortization period on insured mortgages lowered from 30 to 25 years, effective July 9, 2012

─ Maximum amount Canadians can withdraw when refinancing their mortgages lowered to 80 percent of the value of their homes, effective July 9, 2012

─ Withdrawal of government backed insurance for home equity secured lines of credit (HELOCs), effective April 18, 2011

─ Maximum loan-to-value (LTV) on HELOCs dropped to 65% from 80%, effective October 31, 2012

Investor Presentation  Q3 2015 14 Canadian Residential Mortgages

• Total Canadian residential mortgage portfolio at $95.4B represents 43% of Canadian gross loans and acceptances ─ 59.5% of the portfolio is insured ─ Loan-to-value (LTV)1 on the uninsured portfolio is 58%2 ─ 71% of the portfolio has an effective remaining amortization of 25 years or less ─ Loss Rates for the trailing 4 quarter period were 1 bp ─ 90 day delinquency rate 26 bps ─ Condo Mortgage portfolio is $13.8B with 52.1% insured

Residential Mortgages by Region Insured Uninsured Total % of Total (C$B) Atlantic 3.6 1.7 5.3 6%

Quebec 8.9 5.3 14.2 15% Ontario 23.2 16.0 39.2 41%

Alberta 11.0 4.5 15.5 16% British Columbia 7.6 9.9 17.5 18% All Other Canada 2.4 1.3 3.7 4%

Total Canada 56.7 38.7 95.4 100%

1 LTV is the ratio of outstanding mortgage balance to the original property value indexed using Teranet data. Portfolio LTV is the combination of each individual mortgage LTV weighted by the mortgage balance 2 To facilitate comparisons, the equivalent simple average LTV on uninsured mortgages in Q2‘15 was 52%

Investor Presentation  Q3 2015 15 BMO’s Canadian Consumer Loan Portfolio

• BMO’s Canadian consumer loan portfolio is well Total Canadian Consumer Loans: Q3’15 $151.8B (89% is secured) diversified and supported by prudent adjudication practices 15%

― Consumer loans as a percentage of total Bank loans is the 5% lowest of peer banks

― 89% of the consumer loan portfolio is secured 17% ― Unsecured loan portfolio is the smallest of the big five banks 63% on an absolute basis; retail credit card portfolio is smaller than peer average

― Unsecured and non-real estate secured loans are prime only Mortgages HELOC Credit Cards Other Personal (not sub prime)

― HELOC portfolio is of high quality; 80% max LTV (65% on Canadian Consumer Loans1 revolving). Over 90% of the portfolio is in priority position (% of Total Assets) 40% ― Consumer lending products (cards, LOCs, auto loans, Indirect & 34% Other Instalment) loss rates lower than peer average over 30% 23% 7% 4% time 20% 6% 3% 10% 23% 14% 0% BMO Peer Avg ex BMO Personal Secured (by real estate + non real estate) Personal Unsecured Mortgages

1 Based on OSFI data as of June 2015; personal refers to non-mortgage loans to individuals for non-business purposes per OSFI filings; total currency less foreign currency denominated

Investor Presentation  Q3 2015 16 Liquidity and Funding Strategy

Cash and Securities to Total Assets Ratio (%)

• BMO's Cash and Securities to Total Assets Ratio reflects a strong and stable liquidity position 29.7 31.4 30.2 30.0 29.3

Q4'12 Q4'13 Q4'14 Q2'15 Q3'15

Customer Deposits* ($B)

• BMO’s large base of customer deposits, along with our strong capital base, reduces reliance on 262.7 238.7 250.7 wholesale funding 203.8 220.6

Q4'12 Q4'13 Q4'14 Q2'15 Q3'15

* Customer Deposits are core deposits plus large fixed-date deposits , excluding wholesale customer deposits

Investor Presentation  Q3 2015 17 Diversified Wholesale Term Funding Mix

• BMO's wholesale funding principles seek to match the term of assets with the term of funding. Loans for example are funded with customer deposits and capital, with any difference provided by longer-term wholesale funding

• BMO has a well diversified wholesale funding platform across markets, products, terms, currencies and maturities Senior Note Credit Ratings 1

Moody’s S&P Fitch DBRS Aa3 A+ AA- AA

Wholesale Capital Market Wholesale Capital Market Term Funding Composition2 Term Funding Maturity Profile2,3 $74.6B as at July 31, 2015 $74.6B as at July 31, 2015

Covered 16.5 Bonds 15.0 14.5 15.0 10% Senior Debt (Global Issuances) 31% 7.8 Mortgage & Credit 5.8 Card Securitization 34% C$ Senior Debt 25% F2015 F2016 F2017 F2018 F2019 ≥ F2020

Term Debt Securitization

1 Fitch has a stable outlook on BMO's long-term credit ratings, while Moody's and Standard and Poor's have a negative outlook on the ratings of BMO and other Canadian banks in response to the federal government's proposed bail-in regime for senior unsecured debt. On May 20, 2015, DBRS changed the trend on six Canadian Banks, including BMO, to negative from stable due to their evolving view on government support. 2 Wholesale capital market term funding primarily includes non-structured funding for terms greater than or equal to two years. Excludes Extendible Notes and Capital issuances 3 BMO term debt maturities includes term unsecured and Covered Bonds

Investor Presentation  Q3 2015 18 Wholesale Funding Platform

• Programs provide BMO with diversification and cost effective funding

Canada1 U.S.1 Europe & Asia1

• Canadian MTN Shelf (C$8B) • SEC Registered U.S. MTN Shelf • Note Issuance Programme • Master Credit Card Trust II (C$7B) (US$18B) (US$20B) • Other Securitization (Canada • Global Registered Covered Bond • Global Registered Covered Bond Mortgage Bonds, Mortgage Backed Program (US$15B)2 Program (US$15B)2 Securities)

Recent Benchmark Transactions

• C$200 million 5-yr Preferred Share at 3.8% • C$150 million 5-yr Preferred Share at 5% • US$750 million 3-yr Fixed MTN at 1.8% • US$500 million 3-yr Floating Rate Note at 3m Libor + 61bps • €1.5B 5-yr Fixed Euro Covered Bond at m/s + 7bps

1 Indicated dollar amounts beside each wholesale funding program denotes program issuance capacity limits. 2 US$15B program limit is shared between both SEC Registered and Global Registered Covered Bond program.

Investor Presentation  Q3 2015 19 APPENDIX

Investor Presentation  Q3 2015 20 Strength in Commercial Banking

Canadian P&C U.S. P&C

• Good commercial lending growth1, up 7% from Q3’14 • Large-scale, relationship-based commercial banking business continues to deliver strong Core C&I loan growth, • Strong competitive position, ranked 2nd in Canadian business up 14% from Q3’14 banking loan market share for small and medium-sized loans • Core Commercial Real Estate portfolio up 14% • Commercial deposits up 8% Y/Y • Commercial deposits up 9% from Y/Y

Commercial Loans and Core C&I Loans Acceptances1 (US$B) ($B)

+7% +14%

53.4 31.0

50.0 27.1

Q3'14 Q3'15 Q3'14 Q3'15

1 Commercial lending growth excludes commercial cards. Commercial cards balances approximately 8% of total credit card portfolio in each of Q3’15 and Q2’15, 7% in Q3’14

Investor Presentation  Q3 2015 21 Canadian Personal & Commercial Banking Good net income growth of 6%, in line with expectations for second half of year

Adjusted ($MM)1 Q3 14 Q2 15 Q3 15 • Adjusted net income up 6% Y/Y and 14% Q/Q driven by Revenue (teb) 1,638 1,605 1,698 revenue growth and lower credit losses. Expense PCL 129 143 109 growth lower Y/Y. Q/Q also benefited from three more days Expenses 807 812 844 • Revenue up 4% Y/Y reflecting higher balances and Net Income 526 487 557 improved non-interest revenue; up 6% Q/Q Reported Net Income 525 486 556 - Loans up 3% and deposits up 6% Y/Y Efficiency Ratio2 (%) 49.2 50.6 49.7 - NIM stable Q/Q • Good credit performance with PCL of $109MM 260 261 258 261 261 • Expenses up 5% Y/Y, 4% Q/Q primarily due to days • Efficiency ratio of 49.7% 557 526 527 503 487

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Adjusted Net Income ($MM) Net Interest Margin (bps)

Investor Presentation  Q3 2015 22 U.S. Personal & Commercial Banking Adjusted net income up 36% in CAD; 15% in USD with good loan growth and credit performance

Adjusted (US$MM)1 Q3 14 Q2 15 Q3 15 • Adjusted net income of $235MM up 36% Y/Y in Canadian Revenue (teb) 728 707 727 dollar terms. Figures that follow are in U.S. dollars PCL 52 14 15 • Adjusted net income up 15% Y/Y and 5% Q/Q Expenses 456 452 464 • Revenue stable Y/Y as the benefit of higher balances and Net Income 162 176 186 non-interest revenue offset by lower NIM; up 3% Q/Q due Reported Net Income 150 166 175 to three more days 3 2 - Good volume growth with loans up 4% Y/Y, including Efficiency Ratio (%) 62.6 63.9 63.9 double-digit C&I loan growth - NIM relatively stable Q/Q • PCL down Y/Y and stable Q/Q 362 354 345 346 345 • Expenses well managed; up 2% Y/Y and 3% Q/Q due to three more days • Efficiency ratio of 63.9%

162 162 172 176 186

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Adjusted Net Income (US$MM) Net Interest Margin (bps)

Investor Presentation  Q3 2015 23 Wealth Management Good net income growth of 10 % Y/Y

• Traditional Wealth net income up 8% Y/Y and 5% Q/Q Adjusted ($MM)1 Q3 14 Q2 15 Q3 15 • Insurance net income up 16%; prior year results impacted by Revenue 1,508 1,188 1,336 movements in interest rates CCPB2 520 24 218 • Net revenue up 13% Y/Y with Traditional Wealth revenue up 12%. Net Revenue2 988 1,164 1,118 Net revenue down 4% Q/Q due to strong Insurance revenue in Q2 PCL (3) 1 3 • Expenses up Y/Y primarily due to the impact of the stronger U.S. Expenses3 718 803 808 dollar, higher revenue-based costs and investment in the business Net Income 211 265 233 • AUM/AUA up 13% Y/Y driven by favourable foreign exchange movements and market appreciation. AUM/AUA up 6% Q/Q due to Reported Net Income 189 238 210 foreign exchange impact and new client assets Efficiency Ratio4 (%) - net of 72.7 69.0 72.3 CCPB AUM/AUA($B) 879 Adjusted Net Income ($MM) 852 833 776 794 252 265 233 211 186 96 56 452 445 474 48 117 402 414 31

163 155 169 177 135 374 380 400 388 405

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Traditional Wealth Insurance Adjusted Net AUM AUA Adjusted Net Income ($MM) Income ($MM) 1 See slide 28 for adjustments to reported results. Adjusted measures are non-GAAP measures. See slide 2 of this document, page 32 of BMO’s 2014 Annual Report and page 5 of BMO’s Third Quarter 2015 Report to Shareholders Reported revenue and PCL same as adjusted amounts; Reported expenses: Q3’15 $839MM; Q2’15 $836MM; Q3’14 $748MM 2 Commencing Q1’15, insurance claims, commissions and changes in policy benefit liabilities (CCPB) are reported separately. They were previously reported as a reduction in insurance revenue in non-interest revenue. Prior period amounts and ratios have been reclassified 3 Adjusted expenses in Q3’15 exclude $9MM pre-tax for acquisition integration costs and $22MM of amortization of intangible assets 4 Reported efficiency ratio (gross): Q3’15 62.8%; Q2’15 70.4%; Q3’14 49.6%; Adjusted efficiency ratio (gross): Q3’15 60.5%; Q2’15 67.6%; Q3’14 47.6%

Investor Presentation  Q3 2015 24 BMO Capital Markets Results reflect stable revenue and focus on expenses offset by higher provisions

Adjusted ($MM)1 Q3 14 Q2 15 Q3 15 • Adjusted net income down 11% Y/Y from strong results in the prior year; down 8% Q/Q Trading Products 597 660 619 Revenue • Revenue up 2% Y/Y; down 1% Q/Q. Excluding the impact of I&CB Revenue 388 352 383 the stronger U.S. dollar, revenue down 2% Y/Y mainly due to lower investment banking client activity; flat Q/Q Revenue (teb) 985 1,012 1,002 PCL (6) 5 14 • PCL up $20MM Y/Y due to higher net new provisions compared to a net recovery in the prior year; up $9MM Q/Q Expenses 589 617 622 • Expenses well managed; up 6% Y/Y and 1% Q/Q; down 1% Net Income 305 296 274 Y/Y and flat Q/Q excluding the impact of the stronger U.S. Reported Net Income 305 296 273 dollar 2 Efficiency Ratio (%) 59.8 60.9 62.2 • ROE of 15.6%

22.4 17.9 14.3 13.7 15.6

305 296 274 191 221

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Adjusted Net Income ($MM) Return on Equity3(%)

Investor Presentation  Q3 2015 25 Provision for Credit Losses (PCL)

PCL By Operating Group Q3 141 Q2 15 Q3 15 (C$MM) • PCL remained stable at 20bps Consumer – Canadian P&C 107 114 86 Commercial – Canadian P&C 22 29 23 Total Canadian P&C 129 143 109 Consumer – U.S. P&C 33 24 25 Commercial – U.S. P&C 24 (6) (6) Total U.S. P&C 57 18 19 Wealth Management (3) 1 3 Capital Markets (6) 5 14 Corporate Services (47) (6) 15 Quarterly Specific PCL (C$MM) Specific PCL 130 161 160 Change in Collective Allowance - - - Total PCL 130 161 160 130 170 163 161 160 PCL in bps 18 20 20 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

1 Prior period balances were reclassified to conform with the current period's presentation

Investor Presentation  Q3 2015 26 Corporate Governance

• Code of Conduct based on BMO’s values, provides ethical guidance and expectations of behaviour for all directors, officers and employees

• Governance practices reflect emerging best practices and BMO meets or exceeds legal, regulatory, TSX and NYSE requirements

• We have share ownership requirements to ensure directors’ and executives’ compensation is aligned with shareholder interests

• The Globe and Mail’s Board Games 2014 annual review of corporate governance practices in Canada ranked BMO 1st overall among 247 companies and income trusts in the S&P/TSX composite index as of September 1, 2014

Investor Presentation  Q3 2015 27 Adjusting Items

Adjusting1 items – Pre-tax ($MM) Q3 14 Q4 14 Q1 15 Q2 15 Q3 15

Acquisition integration costs (9) (11) (13) (11) (9)

Amortization of acquisition-related intangible assets (39) (42) (40) (40) (40)

Restructuring costs2 ---(149)-

Adjusting items included in reported pre-tax income (48) (53) (53) (200) (49)

Adjusting1 items – After-tax ($MM) Q3 14 Q4 14 Q1 15 Q2 15 Q3 15

Acquisition integration costs (7) (9) (10) (10) (6)

Amortization of acquisition-related intangible assets (29) (32) (31) (31) (32)

Restructuring costs2 ---(106)-

Adjusting items included in reported net income after tax (36) (41) (41) (147) (38)

Impact on EPS ($) (0.06) (0.07) (0.07) (0.22) (0.06)

1 Amortization of acquisition-related intangible assets reflected across the Operating Groups; acquisition integration costs related to F&C are charged to Wealth Management and are recorded in non-interest expense 2 Q2’15: Primarily due to restructuring to drive operational efficiencies. Also includes the settlement of a legacy legal matter from an acquired entity Adjusted measures are non-GAAP measures. See slide 2 of this document, page 32 of BMO’s 2014 Annual Report and page 5 of BMO’s Third Quarter 2015 Report to Shareholders

Investor Presentation  Q3 2015 28 Investor Relations Contact Information www.bmo.com/investorrelations E-mail: [email protected] Fax: 416.867.3367

LISA HOFSTATTER CHRISTINE VIAU Managing Director, Investor Relations Director, Investor Relations 416.867.7019 416.867.6956 [email protected] [email protected]

Investor Presentation  Q3 2015 29