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									        Q1 10
Institutional Investor Presentation
Forward Looking Statements
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 harbour
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 2010 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 and U.S. 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; interest rate and currency value fluctuations; changes in monetary policy; the degree of competition in the geographic and business areas in which we operate;
changes in laws; 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; critical accounting estimates; operational and infrastructure risks; general political conditions; global capital market
activities; the possible effects on our business of war or terrorist activities; disease or illness that impacts on local, national or international economies; disruptions to public
infrastructure, such as transportation, communications, power or water supply; and technological changes.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors could adversely affect our results. For more information, please see the discussion on pages 32
and 33 of BMO’s 2009 Annual Report, which outlines in detail certain key factors that may affect BMO’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, 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 statement, 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 and 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 the bank’s business, including those
described under the heading Economic Outlook and Review in our First Quarter 2010 Report to Shareholders, 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.

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 First Quarter 2010 Report to Shareholders and 2009 Annual Report to Shareholders all of which are available on
our website at www.bmo.com/investorrelations.

Examples of non-GAAP amounts or measures include: cash earnings, cash productivity and cash operating leverage measures, and cash earnings per share; revenue and other
measures presented on a taxable equivalent basis (teb); amounts presented net of applicable taxes; net economic profit and core results and measures that exclude items that are not
considered reflective of ongoing operations. For example, core measures and results which exclude the impact of impaired loans, Visa litigation accruals, acquisition integration costs.

Bank of Montreal provides supplemental information on combined business segments to facilitate comparisons to peers.




                                                                                                                              Institutional Investor Presentation • Q1 2010                   1
Bank of Montreal (BMO Financial Group)
         4th largest bank in Canada measured by total assets as at January 31, 2010
         100% ownership of Chicago-based Harris Bank

 Listings                                                                                                                         F2009 Results
       NYSE, TSX (Ticker: BMO)                                                                                      Revenue
                                                                                                                       C$11.1 billion (US$9.51 billion)
 Share Price
                                                                                                                    Net Income
   Oct 31/09: NYSE – US$46.37
   (Fiscal Year-end)
                     TSX – C$50.06                                                                                     C$1.8 billion (US$1.51 billion)

       Jan 31/10: NYSE – US$48.71                                                                                   Cash EPS (reported)
                  TSX – C$52.00                                                                                        C$3.14 (US$2.70)
 Market Cap                                                                                                         PCL
  Oct 31/09: C$28 billion (US$26 billion1)                                                                            C$1.6 billion (US$1.41 billion)
  Jan 31/10: C$29 billion (US$27 billion1)                                                                          Average Assets
 # of Employees                                                                                                        C$439 billion (US$3771 billion)
   36,000                                                                                                           Capital Ratios
 Over 10 million personal, commercial,                                                                                 Tier 1 - 12.24%
 corporate and institutional customers                                                                                 TCE/RWA – 9.21%



 1   Balances reported in Canadian dollars. Exchange rates are:
     F2009 average: Cdn/U.S. $1.1648 / As at October 31, 2009: Cdn/U.S. $1.0819 / As at January 31, 2010: $1.0693


                                                                                                                       Institutional Investor Presentation • Q1 2010   2
Reasons to Invest in BMO
  Clear growth strategy                                                           Twelve Month Average Total
                                                                                    Shareholder Return (%)
      Consistent and focused North American growth strategy
      Strong Canadian and U.S. customer base                                             24.1                              25.1
      Growing global presence to support our customers
      Commitment to our medium-term financial objectives                       3.7
  Strong financial position
      Balanced approach to capital management                                                      (5.8)
      Tier 1 Capital Ratio of 12.53% at January 31, 2010
      Tangible common equity to risk-weighted assets ratio of 9.5% at                                        (27.9)
      January 31, 2010
      Strong senior debt ratings                                              2005       2006      2007       2008         2009
  Proactive risk management
      Independent risk oversight across the enterprise                                Annual Dividend Declared
      Disciplined credit risk management capabilities and processes                          (C$/share)
      Group and individual performance assessments that reflect risk-                           CAGR = 12.0%
      adjusted returns and align with shareholder interests
                                                                                                    2.71       2.80        2.80
  Commitment to stakeholders
                                                                                          2.26
      Clear brand promise that delivers real benefit for customers
                                                                               1.85
      Engaged employees committed to exceeding customers’ expectations
      Financial performance and consistent dividend payment track record
      Strategic approach to corporate responsibility and sustainability



                                                                               2005      2006       2007       2008        2009


                                                                           Institutional Investor Presentation • Q1 2010          3
Annual Dividend


                            Annual Dividends Declared Per Share (C$)


                                                                                                                                 1
           CAGR = 10.1%                                                                                     2.80       2.80 2.80
                                                                                                   2.71
           BMO 15-Year2
                                                                                           2.26
                                                                                                                       2.53    2.531
                                                                                                                2.51
                                                                                  1.85              2.30                                      Target Payout
                                                                         1.59               1.95                                                  Ratio
                                                                1.34               1.72
                                                      1.20
                              1.00
                                             1.12                         1.45                                                                   45% - 55%
           0.82     0.88 0.94
    0.74                                                        1.15
                                                       1.06
                                              0.96
                                    0.84
           0.63    0.71 0.74
 0.59                                                                                                     BMO
                                                                                                          Canadian peer group average



    96     97      98        99       00       01        02       03       04        05       06     07         08      09      10




1Estimate based on the assumption that current dividend level continues for the rest of the year
2CAGR based on dividends declared 1995 - 2010


                                                                                                                         Institutional Investor Presentation • Q1 2010   4
Systemic Differences Between Canadian & U.S. Banks
Canada                                                      U.S.
  Mature oligopoly: 6 chartered banks                          Fragmented market
  Single regulator – OSFI                                      Multiple regulators
  Almost no subprime in this market                            Choice of State vs. National Charter
  Governed by the Bank Act                                     allows flexibility in choosing regulatory
                                                               environment and structuring operations
  Foreign ownership limits in place
                                                               Bank Holding Companies provide flexibility
  Integrated business model: customers                         in structuring business activities
  purchase multiple products from one
  institution                                                  Branch restrictions in U.S. and various
                                                               limits on interstate expansion
  Residential mortgages are lower risk due
  to:                                                          More likely to securitize residential
                                                               mortgages as prepayment penalties borne
         No lending with loan to value above 80%
         without government backed insurance                   by the bank
         Shorter terms                                         Consolidation continues
         Prepayment penalties borne by the individual
         Lack of interest deductibility from income taxes
         Significant portion of mortgages generally
         retained on balance sheet
  Current government not permitting bank
  mergers amongst big banks


                                                                         Institutional Investor Presentation • Q1 2010   5
Performance ... Canadian versus U.S. Banks
          Canada has the “soundest and healthiest” banking system in the world
          based on a recent survey by the World Economic Forum
          No bailouts by the Canadian government have been needed in the
          downturn
          Canadian banks remain among the best capitalized banks in the world
                   BMO Tier 1 Capital Ratio is 12.53% vs. CAD peer average of 12.2%
                   BMO TCE / RWA1 Ratio is 9.51% vs. CAD peer average of 8.95%
          The market for residential secured borrowing in Canada is typically of high
          quality. Approximately 5% of mortgage borrowers are considered to be
          non-prime and the large banks are generally not significant players in this
          space
                   BMO ‘s exposure to U.S. subprime lending is not material
          More diversified by product and client type, business line and geography
          BMO was ranked in the top 10 for market cap in North America as of March
          10th, 20102
 1   Tangible Common Equity to Risk Weighted Assets Ratio
 2   Source: Bloomberg


                                                                  Institutional Investor Presentation • Q1 2010   6
Canadians in Better Financial Shape Than Americans


                  Household Liabilities1                                                            Net Worth                                                         Homeowner Equity
                          (ratio to personal income)                                            (ratio to personal income)                                                   (% of real estate values)

     1.8                                                                    6.0                                                                           79
                                                                                                                                     Housing
                                                                     US                                                              Bubble
     1.6                                                                    5.6                                                                           72
                                                                                                  Tech. Stock
                                                                                                    Bubble                                                                                                      Canada
                                                                                                                                                          65
    1.4                                                                     5.2

                                                                                                                                             US           58
     1.2                                                                    4.8
                                                              Canada
                                                                                                                                Canada                    51

     1.0                                                                    4.4
                                                                                                                                                          44                                                            US

     0.8                                                                    4.0
                                                                                                                                                          37


     0.6                                                                    3.6                                                                           30
           1995    1996    1998   2000   2002   2003   2005   2007   2009         1995   1996    1998   2000    2002   2003   2005    2007     2009            1995   1996   1998   2000   2002   2003   2005    2007   2009

1   Household liabilities includes unincorporated businesses




       Source: Statistics Canada, US Federal Reserve, US Bureau of Economic Analysis
       *As of March 10, 2010


                                                                                                                                                      Institutional Investor Presentation • Q1 2010                            7
Housing Strong In Canada…Steadier in U.S.
Existing Homes (Y/Y % change; 3 month moving average)
                                                                                          Sales
                                                                                80


                                                                                60
                                                                                                                                           Canada

                                                                                40
             The housing market has made a full
                                                                                20
             recovery in Canada, and is stabilizing
             in the U.S.                                                         0


                                                                                -20                                            US
             The market in Canada is enjoying
                                                                                -40
             strong sales and record high prices                                   2000     2001   2002     2004    2005    2006    2008       2009




             U.S. and Chicago house prices have                                           Prices
             stabilized.1
                                                                                20
                                                                                                                                      Canada

                                                                                10




                                                                                 0

                                                                                                                                                US

                                                                                -10




  1Case-Shiller: December 2009                                                  -20
   Source: Canadian Real Estate Association, National Association of Realtors      2000     2001   2002    2004    2005     2006    2008       2009
  *As of March 10, 2010


                                                                                               Institutional Investor Presentation • Q1 2010          8
Soft Recovery in a Low Interest Rate Environment
      Real GDP
      (Q/Q % change: annualized rate)
                                                       09          10            11


 8
                                          Canada      (2.6)        3.0       3.2
                                                                                                 Recession Over, Moderate
                                          US          (2.4)        3.0       3.1
 6                                                                                               Recovery Beginning
 4
                                                                                  US

 2
                                                                            Canada

 0

 -2
                                                                                       Canadian Interest Rates
 -4                                                                                    (%: as of March 10, 2010)
 -6                                                                                                                                                     Forecast
                                                                                         6
                                                               Forecast
 -8
      2005     2006     2007       2008        2009         2010          2011           5                  10-year
                                                                                                             Bond

                                                                                         4
                                                                                                         Overnight                              3.26%
                                                                                                           Rate
             Subdued inflation will                                                      3

             support a low interest-rate                                                 2

             environment for some time
                                                                                         1
                                                                                                                                                0.25%
                                                                                         0
                                                                                          2005       2006          2007      2008        2009           2010       2011

 Source: Statistics Canada, US Bureau of Economic Analysis, Bank of Canada, US Federal Reserve
 *As of March 10, 2010


                                                                                                               Institutional Investor Presentation • Q1 2010              9
Economic Outlook
Canada
           The economy is turning up after a three-quarter recession, with modest growth in 2009Q3 and
           strong growth in Q4. Record-low interest rates and unprecedented fiscal stimulus are fostering the
           recovery. We expect the expansion to gain traction in the year ahead.

           The housing market continues to strengthen due to record-low mortgage rates and improving
           consumer confidence, and should remain healthy this year amid low interest rates.

           Consumer spending is strengthening, though business investment is lagging the recovery.

           The Bank of Canada is expected to keep interest rates near zero until July 2010 because of low
           inflation and relatively high unemployment.

           The Canadian dollar is expected to strengthen towards parity with the U.S. dollar in coming
           months as a result of firmer commodity prices and superior Canadian fiscal finances.
   U.S.
           The economy is growing after the worst recession in seven decades, supported by aggressive
           monetary policy and fiscal stimulus programs. The recovery is expected to continue in 2010, albeit
           at a moderate rate of about 3% as consumers rebuild savings.

           The housing market is recovering and prices are stabilizing after a three-year slump. Though
           weakening recently, existing home sales have generally trended higher in response to very good
           affordability and the first-time home buyer tax credit.

           The Fed is expected to keep rates near zero until September to encourage a durable recovery.
 * Outlook as at March 10, 2010


                                                                          Institutional Investor Presentation • Q1 2010   10
Economy … Recession Over

                                                   Canada                   United States                       Eurozone

 Economic Indicators (%)                   2009    2010E    2011E   2009       2010E      2011E        2009        2010E       2011E

 GDP Growth                                (2.6)    3.0      3.2    (2.4)        3.0        3.1         (4.0)        1.3            2.4

 Inflation                                 0.3      2.1      1.8    (0.3)        2.3        1.8          0.3         1.4            2.1

 Private Consumption Growth                0.2      3.2      3.5    (0.6)        2.2        2.9         (1.0)

 Interest Rate (3mth Tbills)1              0.3      0.6      2.5    0.2          0.3        2.1          1.2         0.9            2.4

 Unemployment Rate                         8.3      8.2      7.9    9.3          9.6        8.6          9.4        10.3            9.8

 Current Account Balance / GDP             (2.7)    (2.5)   (2.5)   (3.0)       (3.3)       (3.2)

 Budget Surplus / GDP                      (3.5)    (3.1)   (1.6)   (9.9)       (9.2)       (6.5)




 Sources: BMO Economics, Haver Analytics
 1Annual average
 *Forecasts as of March 10, 2010


                                                                                    Institutional Investor Presentation • Q1 2010         11
BMO’s Strategic Priorities

         Maximize earnings growth across all North American personal
    1    and commercial banking businesses, focusing on industry-
         leading customer experience and sales force productivity.

         Accelerate the growth in our wealth management business by
   2     providing our clients with exceptional advice, emphasizing
         retirement and financial planning.

         Deliver strong, stable returns in our capital markets business
    3    by providing highly targeted solutions to our core clients,
         everywhere we compete, from a single integrated platform.


    4    Grow our business in select global markets to meet our
         customers’ expanding needs.



    5    Sustain a culture that focuses on customers, high performance
         and our people.


                                                   Institutional Investor Presentation • Q1 2010   12
U.S. Growth Potential

   Chicago is the hub of Midwest region
       Population base of 60 million people, almost      Minnesota
       double that of Canada’s population
                                                                     Wisconsin
       GDP of $2.6 trillion U.S.
                                                                                    Michigan

   Harris is a well known brand in the attractive U.S.
                                                            Iowa
   Midwest market                                                                               Ohio
                                                                           Illinois Indiana
   Uniquely positioned between smaller community
   banks and larger network banks
                                                                Missouri

   New opportunities for organic growth due to the
   erosion of big network banks in the Midwest

   Current market conditions may provide
   opportunities




                                                         Institutional Investor Presentation • Q1 2010   13
Acquisition History

 Harris Bank
                                                                                                             Amount
       Recognized and respected bank, in        U.S. Retail Acquisitions                        Year
                                                                                                            (US $MM)
       business for 126 years
                                                Harris Bank                                    1984            547
       Established strengths in both personal
                                                Barrington                                     1985                32
       and commercial businesses, serving
       over 1 million customers                 St. Charles & Batavia                          1988                26
                                                Libertyville                                   1990                6
 Distribution network
                                                Frankfort                                      1990                17
       279 branches
                                                Suburban Bancorp                               1994            222
           188 in Illinois
           39 in Wisconsin                      Household Int’l                                1996            277
           52 in Indiana                        Joliet                                         2001            221
       634 ATM’s                                Lakeland                                       2004                37

       Internet & telephone banking             New Lenox State Bank (NLSB)                    2004            235
                                                Mercantile                                     2004            161
 Chicago
                                                Edville (Villa Park)                           2005                66
       Solid growth in population and median
       household incomes                        First National Bank and Trust                   2006               290
                                                Merchants & Manufacturers                      2008            135
       Highly diversified economy
                                                Ozaukee                                        2008            180
       Banking industry still fragmented
                                                Total                                                         2,452




                                                                   Institutional Investor Presentation • Q1 2010         14
Long-Term Financial Trends

           BMO has delivered positive financial results over the last ten years, with compounded
           annual Net Income growth of 5.8%1


                               Revenue ($B)                                         Net Income ($B) & Return on Equity (%)

                                                                                                                   19.4   18.8    19.2
                                                                                    18.0
                              4.2% CAGR1                              11.6                                 16.4
                                                                                                                                         14.4
                                                                             14.1                                                               13.0
                                                        10.3   10.6
                                           9.8   10.0                                      13.8     13.4                                               9.9
                                     9.3                              11.1                                    5.8%   CAGR1
                  8.6   8.6    9.0                             10.2
            8.4                                         9.3                                                                       2.7    2.8
     7.7
                                                                                                                          2.4                   2.4
                                                                                                                    2.3                                2.3
                                                                                    1.8                     1.8
                                                                                           1.4      1.4                                  2.1    2.0
                                                                             1.3                                                                       1.8



     99     00    01    02     03    04    05    06     07     08     09     99     00      01       02     03       04   05      06     07     08      09

                   As reported                    Items of Note                     As reported                   Items of Note                    ROE
                                                                                                                                                (as reported)




 1   Excluding items of note
     As reported results:
         Revenue CAGR of 3.7%
         Net Income CAGR of 3.3%


                                                                                                  Institutional Investor Presentation • Q1 2010                 15
Fiscal 2009 Financial Highlights
                                                                                                                                   Net Income ($B)

                                                                                                                                             2.77
                                                                                                                                  2.66
                                                                                                                        2.40                          2.40
                                                                                                                                                                  2.26
          Net Income $1.8 billion, ROE 9.9% (as reported)
                                                                                                                                             2.13
                                                                                                                                                      1.98
          Excluding items of note1                                                                                                                                1.79

                  Net Income $2.3 billion
                  ROE 12.7%                                                                                            2005       2006       2007     2008        2009

          Results reflect strength and diversity of core
          business in challenging market                                                                                                 ROE (%)

                                                                                                                       18.8      19.2        18.8
                                                                                                                                                      16.0

                                                                                                                                            14.4                  12.7
                                                                                                                                                      13.0
                                                                                                                                                                  9.9




 1   Items of note include:
                                                                                                                       2005      2006       2007      2008        2009
         F2007: Commodities losses, capital markets environment charges, increase to the general allowance, and
                  restructuring charges                                                                                        As reported             Items of Note
         F2008: Capital markets environment charges and increase to the general allowance
         F2009: Capital markets environment charges, severance costs and increase to the general allowance


                                                                                                                  Institutional Investor Presentation • Q1 2010          16
Operating Groups
                                                                                                                     F2009 Revenue by Operating Group
Personal & Commercial Banking (P&C)                                                                                             (C$MM)
       Over 8 million customers across Canada & the U.S.
                                                                                                                                PCG
       Almost 1,200 branches in Canada & the U.S.                                                                              $2,012
                                                                                                                                17%
       Access to over 2,600 automated banking machines                                                                                                P&C
       in Canada and the U.S.                                                                                            BMO CM          Total
                                                                                                                                                     $6,420
                                                                                                                          $3,466        $11,898       54%
                                                                                                                           29%                                       Revenues
Private Client Group (PCG)                                                                                                                                       Excluding Items of
                                                                                                                                                                   Note ($MM)1
       Full-service and direct investing, private banking,                                                                                                      P&C     : $ 6,420
       investment products                                                                                                                                      PCG     : $ 2,012
                                                                                                                                                                CM      : $ 3,987
       BMO Life Insurance                                                                                                                                       Corp    : $ (834)


                                                                                                              F2009 Net Income by Operating Group
BMO Capital Markets (BMO CM)                                                                                                (C$MM)
       Bulge bracket firm in Canada, mid-market niche
       player in the U.S.                                                                                                         PCG
                                                                                                                                $359, 12%
       Capital raising, M&A and restructuring advisory
                                                                                                                                                        P&C
       services
                                                                                                                                         Total         $1,518
                                                                                                                         BMO CM
       Industry leading research, sales and trading                                                                                     $2,933          52%
                                                                                                                          $1,056
       capability                                                                                                          36%                                      Net Income
                                                                                                                                                                 Excluding Items of
                                                                                                                                                                    Note ($MM)1
 1 Items of note include capital markets environment charges in BMO CM, as well as a severance costs and
   increase to the general allowance in the corporate segment                                                                                                    P&C : $1,518
 * BMO employs a methodology for segmented reporting purposes whereby expected credit losses are charged to                                                      PCG : $ 359
   the operating groups quarterly based on their share of expected credit losses. The difference between quarterly                                               CM : $ 1,411
   charges based on expected losses and required quarterly provisions based on actual losses, as well as                                                         Corp : $ (1,027)
   changes in the general allowance are charged (or credited) to Corporate Services.


                                                                                                                        Institutional Investor Presentation • Q1 2010          17
Highlights of BMO in Canada
                                                                                                                       F2009 Non-U.S. Operating
                                                                                                                        Group Revenue (C$MM)
        Large, full service universal bank
        BMO continues to rank 2nd in business banking                                                                          PCG
                                                                                                                              $1,771
        market share for business loans $5MM and below                                                                         20%

        Strong performance in combined Personal &                                                                                                   P&C
                                                                                                                                        Total
                                                                                                                       BMO CM                      $5,287
        Commercial (P&C) / Private Client Group (PCG)                                                                   $1,700         $8,758       60%
        businesses                                                                                                       20%                                      Revenues
                                                                                                                                                              Excluding Items of
        BMO Capital Markets (BMO CM) Ranked Top                                                                                                                 Note ($MM)1
                                                                                                                                                               P&C : $ 5,287
        Overall Equity Research Team in Canada for the                                                                                                         PCG : $ 1,771
        29th consecutive year                                                                                                                                  CM : $ 2,221
                                                                                                                                                               Corp : $ (514)
        BMO InvestorLine was recognized as Canada’s
        best of the bank-owned brokerages by The Globe                                                                  F2009 Non-U.S. Operating
        and Mail in 2009                                                                                                Group Net Income (C$MM)

                                                                                                                              PCG
                                                                                                                            $365, 16%

                                                                                                                      BMO CM         Total           P&C
                                                                                                                       $509         $2,289          $1,415
                                                                                                                       22%                           62%         Net Income
                                                                                                                                                              Excluding Items of
                                                                                                                                                                Note ($MM)1
 1 Items of note include capital markets environment charges in BMO CM, as well as a severance costs and
   increase to the general allowance in the corporate segment                                                                                                   P&C    : $ 1,415
 * BMO employs a methodology for segmented reporting purposes whereby expected credit losses are charged to                                                     PCG    : $ 365
   the operating groups quarterly based on their share of expected credit losses. The difference between quarterly                                              CM     : $ 864
   charges based on expected losses and required quarterly provisions based on actual losses, as well as                                                        Corp   : $ (317)
   changes in the general allowance are charged (or credited) to Corporate Services.


                                                                                                                     Institutional Investor Presentation • Q1 2010          18
Our Presence in the U.S.
                                                                                                                        F2009 U.S. Operating
                                                                                                                      Group Revenue (US$MM)

Personal & Commercial (P&C)                                    Private Client Group (PCG)                                          PCG
     Brand image and reputation                                     Industry-recognized leadership in                            $208, 8%
                                                                                                                                                    P&C
     Well-positioned branch distribution                            client service
                                                                                                                                                    $973
     and access                                                     High retention, strong product                     BMO CM        Total          36%
     Strong sales management &                                      offering                                            $1,505      $2,686
     marketing capabilities                                         Strategic presence in select high-                   56%
                                                                                                                                                                 Revenues
     Superior risk management capabilities                          growth wealth management                                                                 Excluding Items of
                                                                                                                                                              Note ($US MM)1
     Strong customer orientation and                                markets
                                                                                                                                                               P&C : $ 973
     culture                                                        Harris distribution and brand                                                              PCG : $ 208
                                                                                                                                                               CM : $ 1,505
                                                                                                                                                               Corp : $ (265)


                                                                                                                        F2009 U.S. Operating
BMO Capital Markets (BMO CM)                                                                                         Group Net Income2 (US$MM)
     Attractive client base, strong long-term relationships
     Primary focus on mid-market
     Full service, integrated investment & corporate bank
     Cross-border capabilities                                                                                                                        P&C
                                                                                                                      BMO CM         Total             $88
     Sector specialties                                                                                                $460          $548             16%
     Top-tier equity research capabilities                                                                             84%                                      Net Income
     Strong position in the municipal bond market                                                                                                            Excluding Items of
                                                                                                                                                              Note ($US MM)1
 1 Items of note includes severance costs and increase to the general allowance in the corporate segment
 2 PCG had a net loss of US$4MM as reported for F2009                                                                                                           P&C    : $ 88
 * BMO employs a methodology for segmented reporting purposes whereby expected credit losses are charged to                                                     PCG    : $ (4)
   the operating groups quarterly based on their share of expected credit losses. The difference between quarterly                                              CM     : $ 460
   charges based on expected losses and required quarterly provisions based on actual losses, as well as                                                        Corp   : $ (604)
   changes in the general allowance are charged (or credited) to Corporate Services.


                                                                                                                     Institutional Investor Presentation • Q1 2010          19
Financial Highlights


                                                                           Cash                              Tier 1
                 Net                    Cash                 Cash                            Total           Capital
                             EPS                  ROE                    Operating
               Income                   EPS               Productivity                       PCL              Ratio
                                                                         Leverage                             (Basel II)


  Q1 10        $657MM       $1.12       $1.13    14.3%        60.5%        23.9%          $333MM             12.53%




          Very good first quarter results
          Strong net income with fourth consecutive quarter of higher revenues
          Continuing commitment to expense control in all operating groups
          P&C Canada continues to achieve high year-over-year growth in revenue and net income
          Improved ROE while capital levels remain elevated
          Tier 1 capital ratio remains strong




                                                                         Institutional Investor Presentation • Q1 2010     20
Operating Group Performance
Over 70% of revenues from retail businesses in Canada and the US (P&C and PCG)




           Q1 10 Revenue by Operating                                                    Q1 10 Net Income by Operating
                  Group (C$MM)                                                                   Group (C$MM)

    P&C                                                                            P&C
 (Personal &                                                                    (Personal &
                         Canada -    Canada -
 Commercial)                                                                    Commercial)
                        Commercial     Cards
     53%                                                                            54%       P&C Canada
                           403          335
                                                P&C US                                           403
                                                 256
                                                                                                                        P&C US
                Canada -                                                                                                  17
                                                                                                                                           PCG
               Personal &
                 Other
                                 Total                                                                   Total             PCG            (Wealth
                                                   PCG                                                                     113          Management)
                  673          3,137MM             550
                                                                                                        781MM
                                                               PCG                                                                          14%
                                                              (Wealth
                      Inv & Corp                            Management)
                     Banking and      Trading                   18%
                        Other        Products                                                              BMO CM,
                         411            509                                                                  248


                                                         * Corporate Services                                                     * Corporate Services
                                                           revenue $(112MM)                                                         net income $(124MM)
                                  BMO CM                                                                 BMO CM
                            (Investment Banking)                                                   (Investment Banking)
                                    29%                                                                    32%




                                                                                               Institutional Investor Presentation • Q1 2010       21
Group Performance
                                                                            Revenue                                                       Net Income
          As Reported                                                                            F09/F08                                                          F09/F08
                                                         F2008                F2009                                       F2008                F2009
          ($MM)                                                                                     B/(W)                                                            B/(W)

           P&C Canada                                     4,794                5,287                10%                    1,153                1,415                 23%
           P&C U.S.                                         990                1,133                14%                      96                  103                   7%
                 Total P&C                                5,784                6,420                11%                    1,249                1,518                 21%
           PCG                                            2,146                2,012                (6)%                    426                  359                (16)%
           BMO Capital Markets                            2,440                3,466                42%                     714                 1,056                 48%
           Corporate Services                             (165)                (834)             (+100)%                   (411)              (1,146)             (+100)%
           Total Bank                                    10,205               11,064                 8%                    1,978                1,787               (10)%

                                                                           Revenue                                                        Net Income
          Excl. Notable Items                                                                    F09/F08                                                          F09/F08
                                                         F2008                F2009                                       F2008                F2009
          ($MM)                                                                                     B/(W)                                                            B/(W)

           P&C Canada                                     4,794                5,287                10%                    1,153                1,415                23%
           P&C U.S.                                        990                 1,133                14%                      96                  103                  7%
                 Total P&C                                5,784                6,420                11%                    1,249                1,518                21%
           PCG                                            2,146                2,012                (6)%                    426                  359                (16)%
           BMO Capital Markets                            2,828                3,987                41%                     974                 1,411                45%
           Corporate Services                             (165)                (834)             (+100)%                   (245)              (1,027)             (+100)%
           Total Bank                                    10,593               11,585                 9%                    2,404                2,261                (6)%

* BMO employs a methodology for segmented reporting purposes whereby expected credit losses are charged to the operating groups quarterly based on their share of expected credit losses. The difference between
  quarterly charges based on expected losses and required quarterly provisions based on actual losses, as well as changes in the general allowance are charged (or credited) to Corporate Services.


                                                                                                                                       Institutional Investor Presentation • Q1 2010                       22
Group Net Income
As Reported                                                                                                                                                               Q/Q                    Y/Y
                                                            Q1 09                 Q2 09                 Q3 09                Q4 09                 Q1 10                  B/(W)                 B/(W)
($MM)

 P&C Canada                                                   315                   340                   362                  398                   403                   1%                   28%
 P&C U.S.                                                      34                    22                    24                   23                    17                 (26)%                 (50)%
       Total P&C                                              349                   362                   386                  421                   420                    -%                  20%
 PCG                                                           68                    72                   113                  106                   113                   7%                   66%
 BMO Capital Markets                                          177                   247                   344                  288                   248                 (14)%                  40%
 Corporate Services                                          (369)                 (323)                (286)                 (168)                 (124)                 26%                   66%
 Total Bank                                                   225                   358                   557                  647                   657                   1%                 +100%


Excluding Items of Note                                                                                                                                                   Q/Q                    Y/Y
                                                            Q1 09                 Q2 09                 Q3 09                Q4 09                 Q1 10                  B/(W)                 B/(W)
($MM)

 P&C Canada                                                   315                   340                   362                  398                   403                   1%                   28%
 P&C U.S.                                                      34                    22                    24                   23                    17                 (26)%                 (50)%
       Total P&C                                              349                   362                   386                  421                   420                    -%                  20%
 PCG                                                           68                    72                   113                  106                   113                   7%                   66%
 BMO Capital Markets                                          346                   394                   349                  322                   248                 (23)%                 (28)%
 Corporate Services                                          (369)                 (243)                (247)                 (168)                 (124)                 26%                  (66)%
 Total Bank                                                   394                   585                   601                  681                   657                  (4)%                  67%
  nm – not meaningful

* BMO employs a methodology for segmented reporting purposes whereby expected credit losses are charged to the operating groups quarterly based on their share of expected credit losses. The difference between
  quarterly charges based on expected losses and required quarterly provisions based on actual losses, as well as changes in the general allowance are charged (or credited) to Corporate Services.


                                                                                                                                        Institutional Investor Presentation • Q1 2010                      23
Credit Performance Measure
Historical Specific PCL average

                                                                                                                                             Canadian
                                                                                                                                 BMO
                                                                                                                                            Competitors
                   Specific PCL as a % of Average Net Loans and
                                                                                                       F2010 YTD                 0.79             0.66
                                     Acceptances
                                      (excluding Reverse Repos)                                        F2009                     0.85             0.72

          1.8                                                                                          Historical
                          High 1.69%                                                                                             0.43             0.61
                                                                                                       avg.*
          1.6             Low 1.16%
                                                                                                       * Historical avg.: 1991 to 2009
          1.4
                                                                               High 1.24%
          1.2                                                                  Low 0.64%
Percent




          1.0

          0.8                                                                                                 0.79%
                                                                                                              0.66%
          0.6                                                                                                 0.61%

          0.4                                                                                                 0.43%

          0.2

          0.0
                91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
                                                                                                         YTD
                     B MO                                               Cdn Competitors Weighted Average
                     Historical Average (B MO)*                         Historical Cdn Competitors' Average
                  BMO’s Canadian competitors include: BNS, CM, NA, RY, TD
                  Competitor average excludes the impact of TD’s sectoral provisions



                                                                                                        Institutional Investor Presentation • Q1 2010    24
Loan Portfolio Distribution

                 Total Gross Loans and Acceptances                         Commercial and Corporate
                           As at January 31, 2010                   Gross Loans and Acceptances by Industry ($B)
                                                                                    As at January 31, 2010

($B)                     Canada    U.S.      Other   Total

Consumer
  Residential Mortgage     38        6         -      44     25%
  Consumer Loans           37       11         -      48     28%
  Cards                    3         -         -      3      2%
Total Consumer             78       17         -      95     55%
Commercial                 37        8         -      45     26%
Corporate                  9        13         10     32     19%
Total                     124       38         10    172     100%       Commercial Mortgages              Commercial Real Estate
                                                                        Construction                      Retail Trade
                                                                        Wholesale Trade                   Agriculture
                                                                        Communications                    Manufacturing
                                                                        Mining                            Oil & Gas
                                                                        Transportation                    Utilities
                                                                        Forest Products                   Service Industries
                                                                        Financial Services                Government
                                                                        Other




                                                                             Institutional Investor Presentation • Q1 2010         25
Credit Protection Vehicle & Structured Investment Vehicle Update
 Credit Protection Vehicle                                                    Structured Investment Vehicles
   Risk of realized loss is considered remote.                                  Book Value of Subordinated Capital Notes exceeds
                                                                                future expected losses.
   The vehicle has 12 tranches of diversified credit pools, each with first
   loss protection in place.                                                    Senior ranked BMO liquidity facility provided to facilitate an orderly
                                                                                windup of each vehicle. It is well protected – has benefit of asset
   Hedges result in BMO’s residual risk of loss being modest:                   quality and significant subordinated capital beneath it. Links has
        During Q3 ‘09 we entered into a transaction that hedges the first       $757MM (11% of asset book value) subordinated capital; this
        $515MM of losses on our committed exposure under the senior             percentage is higher for Parkland.
        funding facility.
        During Q4 ‘09 we entered into a transaction that hedges our             Strategy to sell assets in an “orderly” manner unchanged.
        exposure to $815MM of Notes.
                                                                                Asset quality remains strong – 90%/91% of Links assets (by market
   Cumulative default rate would need to exceed ~20% for BMO to have            value) are investment grade by Moody’s/S&P; 50% rated Aa3 or
   realized loss given hedges.                                                  better by Moody’s, 44% rated AA- or better by S&P. Parkland has a
                                                                                greater percentage of highly rated assets. Portfolio mix largely
   The likelihood of losses exceeding the level of protection provided by       unchanged in quarter.
   the hedges is considered remote given the level of first-loss protection
   on the tranches and the strength of the underlying credits with ~70%         Senior Ranked Liquidity Facility stands at US$5.8B (US$5.6B
   rated investment grade.                                                      funded), and €617MM (€587MM funded) for Links and Parkland
   Significant first loss protection on all but two tranches (with hedges       respectively. Fair value of assets is US$5.5B for Links and €634MM
   BMO has essentially no exposure to credit losses in these tranches).         for Parkland.

   The attachment point on the weakest tranche of $875MM is 3.2%; the           Assuming no asset sales and that assets are repaid as anticipated
   second weakest tranche of $342MM has an attachment point of                  the Liquidity Facility drawn amount is forecast to be US$5.0B and
   10.0%. BMO’s ~$450MM exposure to these tranches is effectively               €537MM as at 31/10/10 and US$1.5B and €96MM by 31/10/13.
   fully hedged. Approximately $8B in 7 tranches have first loss
   protection of between 13% and 15%; the remaining $12B in 3                   Sales and asset maturities generated book value reductions in Q1 ‘10
   tranches have greater than 23%.                                              of:
                                                                                Links – US$72MM sales, US$137MM maturities
                                                                                Parkland - €3MM sales, €13MM maturities




                                                                                                  Institutional Investor Presentation • Q1 2010          26
Liquidity and Funding Strategy
   BMO’s large base of core and customer deposits, along with our strong capital base, reduces reliance on wholesale funding.
   Our wholesale funding principles seek to match the term of assets with the term of funding (e.g. to fund loans with longer
   term funds). In addition, we diversify our sources of funding by market, instrument and term.



                    Liquidity Ratio (%)                                                 Core Deposits (in billions)




                                                    33.9                                                                  27.7      32.0
                          33.1             31.9                                                                 32.8
                                  29.1                                                                25.1
           26.5   27.2                                                 23.4      22.6       22.4
  26.0


                                                                                                                          95.4      95.5
                                                                                                      75.9      85.8
                                                                       73.4      72.3       73.3



  2004     2005   2006    2007    2008     2009     2010               2004      2005      2006       2007     2008      2009      2010
                                                     YTD                                                                            YTD

                                                                                Canadian $               US$ and other currency in US$

 BMO's has access to diversified funding sources, including:
Programs:                                         Current program size:
                                                                    Additional Sources:
                                                                              Securitization: Mortgages (Canada Mortgage Bond
         European Note Issuance Program:          US $20bn                    participation and MBS) and Credit Card ABS ($3bn
         Canadian MTN Program:                       $8bn                     shelf)
         Covered Bond Program:                       €7bn                     Canadian & US Senior (unsecured) deposits
         US MTN Program:                             US$6bn


                                                                                        Institutional Investor Presentation • Q1 2010      27
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 the difference provided by longer-term wholesale funding.
    BMO has a well diversified wholesale funding platform across markets, products, terms, currencies and maturities.
    BMO has largely prefunded its fiscal 2010 term-funding requirements.
    BMO's liquidity position remains sound as reflected by our cash and securities to total asset ratio and level of core deposits.


                   Wholesale Capital Market                                                    Wholesale Capital Market
                  Term Funding Composition                                                   Term Funding Maturity Profile
                        (Total $59.5B)                                                              (Total $59.5B)
                       As at Jan 31, 2010                                                       As at January 31, 2010
              Euro Senior
                 Debt                    US $ Senior Debt                   12
                  5%                    (Issued in Euro &
                                           U.S. Markets)
 C$ Senior                                                                  10
                                                17%
   Debt
    13%
                                                       Tier 1                8
                                                       Capital



                                                                 CDE ($B)
                                                                 Issuance
                                                        9%
                                                                             6
                                                       Tier 2
                                                       Capital               4
                                                         7%
                                                                             2

                                            Euro Covered
C$ Mortgage & Credit                            Bond
                                                                             0
 Card Securitization                             2%                               2010 2011 2012 2013 2014 2015 2016 2017 2018 >2018
        47%                                                                       Q2–Q4

                                                                                 Term Debt    Tier 1 Capital     Tier 2 Capital      Securitization



                                                                                              Institutional Investor Presentation • Q1 2010       28
Corporate Governance

   Comprehensive code of business conduct and ethics provides a framework for
   directors, officers and employees on the conduct and ethical decision-making
   integral to their work

   Governance practices are consistent with, and in many cases exceed, requirements
   of the TSX and NYSE. The Bank is also in compliance with applicable rules adopted
   by the Canadian Securities Administrators (CSA) and the U.S. Securities and
   Exchange Commission (SEC) to give effect to the provisions of the Sarbanes-Oxley
   Act.

   To ensure non-employee directors’ compensation is aligned with shareholder
   interests, at least 50% of the annual retainer must be paid in Common Shares of the
   Bank or Deferred Share Units

   The Globe and Mail’s Board Games 2009 annual review of corporate governance
   practices ranked BMO 3rd overall among 180 Canadian reporting issuers




                                                           Institutional Investor Presentation • Q1 2010   29
Recent Sustainability Initiatives

What is BMO doing?
Integrating respect for the environment into our
business growth strategies and practices by:

    Implementing our Clear Blue Skies™ Initiative, which includes our BMO ECO5 Strategy, designed to
    manage the environmental impact of our operations.

    Committing to achieve carbon neutrality for energy consumption and transportation emissions across
    our enterprise in 2010. By making operational improvements, retrofitting buildings, using technology
    to reduce travel and raising employee awareness we are working towards this goal.

    Being a leader in reducing our non-renewable energy consumption.
      BMO purchases over 23,800 megawatt hours of emission-free
      electricity annually from Bullfrog Power, a green electricity
      retailer that markets energy from clean, renewable sources
      like wind power and low-impact water power.

    Investing $10 million in the new Greening Canada Fund, which provides direct access to credits that
    offset greenhouse gas emissions.

    Introducing two environmentally responsible investment funds; BMO Sustainable Climate Class and
    BMO Sustainable Opportunities Class.

                                                                      Institutional Investor Presentation • Q1 2010   30
Ongoing Stakeholder Engagement
   BMO supports various international environmental
   initiatives:
           Signatory to the United Nations’ UNEP
           Statement by Financial Institutions on the
           Environment & Sustainable Development, the
           Carbon Disclosure Project and The Equator
           Principles

   External recognition for our sustainability efforts:
        Included in indices that recognize the
        sustainability performance of companies across
        economic, social and environmental dimensions
        (e.g. FTSE4Good Index, Dow Jones
        Sustainability North America Index and Jantzi
        Social Index)
        Named as one of the highest scoring
        companies in the world and the only Canadian
        bank in the Global 500 Carbon Disclosure
        Leadership Index for 2009.




                                                          Institutional Investor Presentation • Q1 2010   31
                                                 Investor Relations
                                               Contact Information
                                                  www.bmo.com/investorrelations
                                                E-mail: investor.relations@bmo.com
                                                               Fax: 416.867.3367




VIKI LAZARIS            STEVEN BONIN                      ANDREW CHIN
Senior Vice President   Director                          Senior Manager
416.867.6656            416.867.5452                      416.867.7019
viki.lazaris@bmo.com    steven.bonin@bmo.com              andrew.chin@bmo.com

								
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