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To the Owners of Bank of Montreal Bank of Montreal Group of Companies

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To the Owners of Bank of Montreal Bank of Montreal Group of Companies Bank of Montreal Group of Companies 182nd Annual Report 1999 To the Owners of Bank of Montreal Bank of Montreal Group of Companies Bank of Montreal is a diversified financial services company offering a broad range of products and services. These are the companies that serve our clients. Personal and Commercial Client Group Private Client Group Investment Banking Group 2 Chairman’s Message 6 Personal and Commercial Client Group 11 Investment Banking Group 14 Private Client Group 17 Enterprise-Wide Mandates 18 Our Workforce 19 Our Community 20 Management Analysis of Operations 73 Consolidated Financial Statements 100 Corporate Governance 104 Glossary 105 Shareholder Information This is a Report to the millions of people in Canada and around the world whose savings and pensions are invested in shares of Canada’s first bank. You look to your ownership of Bank of Montreal for the financial security you need to help raise your children, build your homes andretireincomfort.AttheBankourgoalistogiveyouatotal return, from dividends and the growth in value of your shares, that will be in the top 25% of investments in comparable North American financial services companies. In an ever more competitive world, achieving that goal means building relationships with our customers that will set new standards of service for them, while maximizing value for our shareholders. In the following pages, you can read about our initiatives and results in 1999, and of how we plan to build on them in the year ahead. Financial Performance: ten consecutive years of... Earnings Growth EPS Growth ROE Greater than 14% Revenue Growth Net Income Fully Diluted Return on Common Revenues (TEB*) Earnings Per Share Shareholders’ Equity ($ millions) ($ millions) ($) (%) 7928 4.66 4.72 13501382 4.62 7167 7270 1305 17.1 4.13 17.0 1168 6227 15.0 14.9 15.4 15.2 14.6 14.1 14.1 14.1 5666 3.38 986 5196 2.97 4861 825 4442 2.55 3995 709 2.31 2.36 3653 640 595 2.10 522 90 91 92 93 94 95 96 97 98 99 90 91 92 93 94 95 96 97 98 99 90 91 92 93 94 95 96 97 98 99 90 91 92 93 94 95 96 97 98 99 *Defined in the glossary on page 104 Bank of Montreal Group of Companies 1999 Annual Report 1 To the Owners of Bank of Montreal “My Bank” is Back I have an enduring memory that I’d like to share with you. What makes this memory so enduring is that it still has the power to inspire a vision — our vision, in fact, for the 21st century. Every day during my early teen years, riding the bus to and from high school, I would find myself fixing upon the ads for “my bank,” Bank of Montreal. Variations on those ads were a constant in my life for many years, and when the day came to find myself a part-time job, guess where I filled out my first application. Once I was part of it, “my bank” came to have an even more special meaning for me. Then as now, truth be told, I was drawn to the emotion- ally charged and socially useful business of helping people manage their finances. What those “my bank” ads evoked for a young and idealistic part-time banker was a truly distinctive organization with a very close and strong relationship with its customers: a bank so helpful and respected — and indeed admired — that employees and customers loved it and vieweditastheirown;abankthatwasaninvolved and positive force in the community. Tony Comper Chairman and Chief Executive Officer 2 Now even allowing for the selectivity of nostalgia, Financial Performance there is no question that over the years since then a While completing our transformation into a very regrettable thing has happened to banking in client-focused organization in 1999, we also got on Canada. As banking has evolved far beyond cashing with the business of maximizing value to our cheques and taking deposits into the multi-channel, millions of owners — working toward our financial technology-driven provision of a complex array performance goal of ranking among the top 25% of financial products and services, this strong con- of comparable companies in North America. nection with the customer has eroded. With 1999 net income of $1,382 million, earnings In fact, by the time the nineties began, Canada’s increased $32 million from the previous year due banks, ours among them, had used up all the instinc- to business growth and improved capital market tive goodwill most customers could manage. conditions, offset in part by a return to a higher, We have all talked a good story about improving more normal level of provision for credit losses customer relationships, and to a greater or lesser and by one-time charges. Earnings before the extent, we have all meant what we said — we cer- one-time charges were $1,495 million, an increase tainly did here at Bank of Montreal. The problem of $145 million or 10.8% from the prior year. has been in the execution. There are many legitimate reasons for our lack ...companies that score high in of success in retaining customers’ goodwill, but shareholder value creation also score it’s the result that counts, and the result is that few high in employee and client satisfaction people look on any bank with a great deal of affection these days. And this causes considerable On a reported basis, fully diluted earnings per distress to my thousands of dedicated colleagues share of $4.72 were up from last year’s $4.66. Return as they go about their daily business. on equity was 14.1% — above 14% for the tenth consecutive year. We are the only bank in our North Restaking Our Claim as “My Bank” American peer group to have achieved this consis- After I was appointed Chief Executive Officer tency. Our primary success measure, five-year Total this past February, those bus ads from the sixties Shareholder Return (the increase in market value kept pushing back into my consciousness, per share plus dividends) reached 22%, exceeding reminding me of what really counts in building the Toronto Stock Exchange 300 Composite Index a bank for our time. by8.8%overthesameperiod.(A detailed report Throughout the year, my colleagues and I made on our financial performance begins on page 20.) the changes and put the strategies in place to make In 1999, we also began to redeploy our people, Bank of Montreal feel like “my bank” to our stake- capital, technology and other resources to priority holders again. Highlighting and driving home our businesses, defined by their collective potential to intentions, we even adopted “my bank” as the tag maximize shareholder value through both organic line for our latest advertising campaign. growth and acquisitions or alliances. In order to get back in touch with our customers, in April we completed the reorganization of our Personal and Commercial Client Group businesses to align them with our major client seg- Within our Personal and Commercial Client Group, ments. By June, we had grouped interdependent where we generate more than two-thirds of total lines of business into our three main operating annual income, and where 61% of customers now groups. This massive reorganization (see “Enterprise use more than one banking channel, the priority Accomplishments — A Year of Transition,” page 4) is to create a seamless client experience regardless redirected leadership accountability in 20 of our of access channel. 32 lines of business, all in the name of remaking We are also targeting high-opportunity growth ourselves as a client-focused company. markets. In Canada we are allocating additional resources to lines of business serving small Bank of Montreal Group of Companies 1999 Annual Report 3 To the Owners of Bank of Montreal Enterprise Accomplishments – A Year of Transition and medium-sized business clients and to those devoted to consumer lending, including mortgages Increased Client Focus through significant reorganization and consumer finance. In the United States we Established 32 lines of business (LOBs) with clear are continuing to develop our valuable Harris Bank accountability for specific value-creating goals retail franchise in the greater Chicago area and Ensured seamless client service by clustering the build our mid-market corporate banking business LOBs into three client segment groups across the Midwest. Maximizing Shareholder Value through a new Everywhere in North America, we are vigorously approach to strategy development building our e-business capabilities, with our Approved new value-maximizing strategies for most subsidiary Cebra continuing as a market leader in LOBs with the goal of being top quartile among our Canada. Since e-business has become a funda- peers in total shareholder return mental element of all the operating groups, we are Established the Office of Strategic Management to treating it as a high-priority emerging business ensure rigour and discipline in creating alternative from an enterprise-wide perspective. strategies for the highest value creation Selectivity and Resource Allocation Private Client Group Established a rigorous resource allocation process Within our Private Client Group, where the focus which moves capital, technology and other resources is also on high growth and high returns, we are away from low-value businesses to businesses with improving our range of offerings as well as our the highest value potential ability to co-ordinate and cross-sell them to four Sustained Value Creation with new measurement North American market segments: the main- standards stream, affluent, high net worth and institutional Aligned financial targets with capital market asset management markets. expectations with the goal of top quartile share- We are also exploring expansion opportunities holder returns in selected markets in Canada and the United States.
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