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BMO Financial Group Reports Record Earnings for its Fourth Quarter and Fiscal 2005

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Strength in Personal and Commercial Banking and Wealth Management Drive Record Performance. Fourth Quarter Earnings Increase 20% From a Year Ago and 22% From The Third Quarter.

Year-over-Year Operating Highlights for the Quarter:

Net income of $657 million, up $106 million or 20%
EPS¹ of $1.27 and cash EPS² of $1.31, up 20% and 19%, respectively
ROE of 19.8%, compared with 17.8%
Revenue² growth of 16.3% (18.6% excluding the impact of the weaker U.S. dollar)
Expense growth of 9.6% (11.8% excluding the impact of the weaker U.S. dollar)
Productivity ratio² improves 376 basis points to 61.7% and cash productivity ratio² improves 350 basis points to 60.9%
A $57 million specific provision for credit losses and no reduction in the general allowance, compared with a net $13 million recovery of credit losses a year ago, comprised of $37 million of specific provisions and a $50 million reduction in the general allowance
The sale of Harrisdirect, completed on October 6, 2005, results in a $49 million ($18 million after tax) gain
Operating Group Net Income
- Personal and Commercial Client Group up $38 million or 14% to $305 million
- Private Client Group up $54 million or 103% to $107 million
- Investment Banking Group up $34 million or 18% to $225 million
- Corporate Support down $20 million to $20 million

¹ All Earnings per Share (EPS) measures in this release refer to diluted EPS unless specified otherwise.

² The adjustments that change results under generally accepted accounting principles (GAAP) to cash results and GAAP revenue and income taxes to a taxable equivalent basis (teb) are outlined in the Non-GAAP Measures section in the Financial Performance Review, where all non-GAAP measures and their closest GAAP counterparts are outlined. Revenues and income taxes in the financial statements are stated in accordance with GAAP. Otherwise, all revenues and income taxes and measures that include revenues or income taxes in this document are stated on a taxable equivalent basis.

References to retail and business banking refer to Personal and Commercial Client Group activities and references to wealth management refer to Private Client Group activities.

® Registered trade-mark of Bank of Montreal.

Fiscal 2005 Year-over-Year Operating Highlights:

Record net income of $2,400 million in 2005, up $94 million or 4.1%
Achieved or exceeded four of our five financial targets
EPS of $4.64, up 5.0%, and cash EPS of $4.79, up 4.8%
ROE of 18.8%, down from 19.4%
Productivity ratio improves 136 basis points to 63.5% and cash productivity ratio improves 120 basis points to 62.6%
Revenue increases 5.0% (7.2% excluding the impact of the weaker U.S. dollar), while expenses rise 2.8% (5.1% excluding the impact of the weaker U.S. dollar)
A $179 million provision for credit losses, comprised of $219 million of specific provisions and a $40 million reduction in the general allowance, compared with a $103 million net recovery of credit losses, comprised of $67 million of specific provisions and a $170 million reduction in the general allowance in 2004
Strong Tier 1 Capital Ratio of 10.25%, up from 9.39% in the third quarter and 9.81% a year ago
Dividends declared in 2005 rise 16% from 2004 to $1.85 per share. Quarterly dividend increases twice in 2005 and rises 11% from the fourth quarter of 2004 to $0.49 per share
Operating Group Net Income
- Personal and Commercial Client Group (P&C) up $217 million or 22% to $1,199 million
- Private Client Group (PCG) up $93 million or 41% to $320 million
- Investment Banking Group (IBG) up $20 million or 3% to $852 million
- Corporate Support down $236 million to $29 million due to higher specific provisions for credit losses and a lower reduction in the general allowance

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

FOURTH QUARTER 2005 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)
This fourth quarter MD&A commentary is as of November 29, 2005. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from financial statements prepared in accordance with Canadian generally accepted accounting principles (GAAP).

Summary Data

(1) These are non-GAAP amounts or non-GAAP measures. Please see footnote 2 to the preceding Operating Highlights and the Non-GAAP Measures section in the Financial Performance Review, which outline the use of non-GAAP measures in this document.

Toronto, November 29, 2005 — BMO Financial Group reported record net income for its fourth quarter of $657 million, up 20% from the fourth quarter a year ago and 22% from the third quarter of 2005. Net income for its 2005 fiscal year was a record $2,400 million, up $94 million or 4.1% from fiscal 2004.

PERFORMANCE OVERVIEW
"Operating results in the fourth quarter were up strongly from a year ago, notwithstanding higher provisions for credit losses and even after excluding certain significant items that increased earnings,” said Tony Comper, President and Chief Executive Officer, BMO Financial Group. “Each of our client operating groups enjoyed solid increases in net income, with business volumes up year-over-year.”

Fourth quarter net income of $657 million increased $106 million or 20% from the fourth quarter of 2004. EPS of $1.27 increased $0.21 or 20%, and cash EPS of $1.31 increased $0.21 or 19%.

Net income in the fourth quarter of 2005 was increased by the $43 million after-tax net impact of the following significant items:

A $49 million ($18 million after tax) gain on the sale of Harrisdirect recorded in other income in the U.S. business of Private Client Group;
A $50 million ($32 million after tax) gain on the sale of common shares of the TSX, split equally between Private Client Group and Investment Banking Group;
A $29 million ($19 million after tax) gain on the sale of our Calgary office tower recorded in other income of Corporate Support; and
A $40 million ($26 million after tax) adjustment that decreased Personal and Commercial Client Group’s card fees revenue as a result of further refinements made to the methodology used to determine the liability associated with our customer loyalty rewards program.

Net income in the fourth quarter of 2004 was increased by the $24 million after-tax net impact of:

A $50 million ($33 million after tax) reduction in the general allowance for credit losses reflected in Corporate Support; and
A $14 million ($9 million after tax) adjustment that decreased Personal and Commercial Client Group’s card fees revenue because of rising reward redemption rates associated with our customer loyalty rewards program.

Personal and Commercial Client Group net income in the fourth quarter rose $38 million or 14% from a year ago, driven by higher volumes in both Canada and the United States, stable margins in Canada and a lower effective tax rate. These factors were partially offset by lower card fees as a result of the foregoing loyalty rewards program adjustments. In the United States, higher volumes were attributable to acquisitions and to loan growth. Private Client Group (PCG) earnings increased $54 million or 103%, of which approximately $20 million or 38% was due to business growth and the benefit of ongoing expense management. There were gains on sale of Harrisdirect and PCG’s investment in TSX common shares in 2005. Investment Banking Group net income increased $34 million or 18%, in large part due to increased capital markets activities and a gain on its sale of TSX common shares. The weaker U.S. dollar lowered BMO’s earnings by $5 million relative to a year ago.

Revenue¹ for the quarter increased $371 million or 16% from a year ago to $2,650 million. Adjusted for the impact of the weaker U.S. dollar, revenue increased $423 million or 19%. Personal and Commercial Client Group revenue increased $73 million due to higher volumes, partially offset by lower card fees and lower net interest margin in the United States. Acquired businesses in the United States contributed $13 million to revenue growth. Private Client Group revenue increased $128 million on growth in operating revenues across all of the Group’s lines of business, together with the gain of $74 million on the asset sales previously discussed. Revenue increased $103 million or 17% in Investment Banking Group due to increases in trading revenues, merger and acquisition fees and securities trading commissions. There were also increases in corporate loan volumes and investment securities gains, due to the $25 million gain on sale of TSX common shares.

Relative to the third quarter, fourth quarter net income increased $116 million or 22%, of which $43 million related to the foregoing significant items. EPS increased $0.22 or 21%, and cash EPS increased $0.23 or 21%.

Personal and Commercial Client Group net income declined $2 million or 1.1% from the third quarter. Continued growth in most personal and commercial products and a lower effective tax rate were offset by the card fees adjustment and higher expenses in Canada. Private Client Group net income increased $44 million or 70%. Higher operating earnings contributed $10 million or 16 percentage points of the increase and the balance was attributable to the gains on sale discussed previously. Investment Banking Group net income increased $41 million or 22% as revenues increased, in part due to higher trading revenues and the sale of TSX common shares.

Corporate Support net income improved due to a $29 million ($19 million after tax) gain on sale of our Calgary office tower and a reduced provision for credit losses.

Revenue increased $209 million or 8.7% from the third quarter, in part due to the $88 million of significant items previously discussed. There were higher full-service investing and mutual fund fees in Private Client Group, improved capital markets activities in Investment Banking Group and volume growth in personal and commercial banking in Canada.

Net interest margin¹ was 1.58% in the fourth quarter of 2005, down 24 basis points from a year ago and 7 basis points from the third quarter. In both periods, net interest margin rose modestly in Canadian personal and commercial banking but was lower in the United States and in Investment Banking Group. Net interest margin in Investment Banking Group declined due to lower trading net interest income and rising short-term interest rates in the United States that compressed spreads in our interest-rate-sensitive businesses. Net interest margins are detailed in the Revenue section of the Financial Performance Review.

The non-interest expense-to-revenue ratio¹ (productivity ratio) was 61.7% in the fourth quarter, compared with 65.5% a year ago and 64.7% in the third quarter. The cash productivity ratio¹ of 60.9% in the quarter improved 350 basis points from a year ago and 285 basis points from the third quarter. The improvements were attributable to strong revenue growth. Non-interest expense in the fourth quarter of 2005 was $1,636 million, a $143 million or 9.6% increase from a year ago, primarily due to higher performance-based compensation costs, in keeping with improved performance. Expenses increased $57 million from the third quarter, due primarily to severance costs. Acquired businesses in U.S. retail and business banking contributed $9 million to year-over-year expense growth.

The provision for credit losses totalled $57 million in the fourth quarter, compared with $73 million in the third quarter of 2005 and a $13 million net recovery of credit losses in the fourth quarter a year ago. The net recovery of a year ago consisted of specific provisions of $37 million and a $50 million reduction in the general allowance. There was no reduction in the general allowance in the third and fourth quarters of 2005.

Net income from U.S.-based businesses totalled $102 million or 15.5% of BMO’s net income in the quarter, compared with $61 million and 11.2% a year ago and $85 million or 15.7% in the third quarter of 2005.

Net income for fiscal 2005 of $2,400 million increased $94 million or 4.1% from 2004. The increase was attributable to the $155 million (6.8%) impact of business growth and the $122 million (5.3%) impact of a lower effective tax rate, offset in part by the $183 million (-8.0%) impact of a $282 million increase in provisions for credit losses.

“Each of our client operating groups delivered record results in fiscal 2005, as BMO again earned record net income,” added Mr. Comper. “Our personal and commercial banking and wealth management businesses performed particularly well. Enterprise-wide, growth was reduced somewhat by weaker results in Investment Banking Group’s interest-rate-sensitive businesses and by higher provisions for credit losses, as 2004 benefited from particularly favourable credit performance due to high levels of recoveries and reversals.”

EPS was $4.64, up $0.22 or 5.0%, and cash EPS was $4.79, up $0.22 or 4.8%. BMO targeted 3% to 8% EPS growth in 2005 from a base of $4.21, excluding changes in the general allowance for credit losses. Excluding the $40 million reduction in the general allowance in 2005 and the $170 million reduction in 2004, EPS increased 9.0% to $4.59, exceeding our target.

Strong revenue growth and effective cost management in Personal and Commercial Client Group and Private Client Group translated into much higher earnings in 2005. Investment Banking Group’s earnings were up modestly due in part to certain significant items, a reduced provision for credit losses and a lower effective tax rate. Earnings in Corporate Support were significantly lower due largely to higher provisions for credit losses, related in part to a greater reduction in the general allowance in 2004. The weaker U.S. dollar lowered BMO’s earnings for 2005 by $42 million relative to a year ago.

Fiscal 2005 revenue rose $470 million or 5.0% to $9,958 million. Adjusted for the impact of the weaker U.S. dollar, revenue increased $683 million or 7.2%. There was strong growth in Personal and Commercial Client Group, driven by higher personal and commercial product volumes, and higher insurance and card fee revenues. There was also growth in Private Client Group full-service investing, mutual fund and term investment product revenues, which more than offset lower direct investing revenues. Investment Banking Group revenues declined as increased trading revenues and advisory fees were more than offset by reduced revenue from interest-rate-sensitive businesses. Those businesses were adversely affected by rising short-term interest rates and the resulting flatter yield curve and by competitive market conditions. Corporate Support revenues also declined, due primarily to lower net investment securities gains.

“We surpassed four of the five financial targets we set for the year, including targets for earnings growth and return on equity, after having achieved or surpassed all five of our financial targets in both 2003 and 2004,” added Mr. Comper. “We again improved our productivity, building on the significant 420 basis point improvement of the last two years, but we fell short of our targeted improvement in enterprise-wide productivity as we continued to invest in our businesses to achieve future earnings growth.”

BMO’s fiscal 2005 cash productivity ratio was 62.6%, a 120 basis points improvement from 2004. Our target was to improve the cash productivity ratio by 150 to 200 basis points in 2005. Both Personal and Commercial Client Group and Private Client Group made significant improvements in productivity; the shortfall was primarily attributable to below-target performance in Investment Banking Group, although that Group’s productivity ratio was the second best of its peer group through the first nine months of 2005.

Fiscal 2005 non-interest expense rose $170 million or 2.8% to $6,327 million. Adjusted for the impact of the weaker U.S. dollar, expenses increased $315 million or 5.1%. The increase was attributable to acquired businesses, higher performance-based compensation costs and other costs of growing our businesses.

The provision for credit losses, while favourable on a historical basis, increased $282 million in fiscal 2005. The provision in 2005 was $179 million, consisting of $219 million of specific provisions and a $40 million reduction in the general allowance for credit losses. In 2004, there was a net recovery of credit losses of $103 million, consisting of $67 million of specific provisions and a $170 million reduction in the general allowance. Higher specific provisions in 2005 related to lower reversals and recoveries, but the $219 million of specific provisions recorded was lower than our $400 million target that was established at the beginning of the year and below the $275 million updated estimate established following the second quarter.

In 2005, net income from U.S.-based businesses totalled $472 million or 19.6% of BMO’s net income, compared with $430 million and 18.7% in 2004.

The Tier 1 capital ratio was 10.25% at the end of 2005, compared with 9.39% at the end of the third quarter and 9.81% at the end of 2004. The increase from the third quarter was due to the lower deduction for goodwill as a result of the sale of Harrisdirect, to the issuance of $450 million of innovative Tier 1 capital and to higher retained earnings. The increase from a year ago was primarily attributable to those same factors, partially offset by higher risk-weighted assets, associated with loan growth in Personal and Commercial Client Group and loan and commitment growth in Investment Banking Group.

On September 1, 2005, we announced a normal-course issuer bid, commencing September 7, 2005, to repurchase for cancellation up to 15 million Bank of Montreal common shares, representing approximately 3% of BMO’s public float. The bid expires on September 5, 2006. During the quarter, we repurchased 816,000 Bank of Montreal common shares under the bid at an average cost of $57.71 per share for total consideration of $47 million. Our previous 12-month normal-course issuer bid expired on August 6 and 7,521,000 shares were repurchased under that program at an average cost of $55.51 for total consideration of $418 million. In 2005, we repurchased 6,958,000 shares under our repurchase programs at a cost of $390 million. The repurchases offset the 6,280,000 shares that were issued during 2005 due to the exercise of stock options, exchangeable shares, and the dividend reinvestment plan.

On October 6, 2005, BMO announced that it had completed the sale of its interest in its U.S. direct-investing operation, Harrisdirect, to E*TRADE Financial Corporation. There was a $49 million ($18 million after tax) gain on sale included in other revenue of Private Client Group’s U.S. business. Included in the gain was a US$25 million cost for the estimated reimbursement by Harrisdirect of mutual fund program fees related to our Harris Insight Funds. Income taxes associated with the sale were affected by tax elections. Harrisdirect’s activities in PCG’s results included (in U.S. dollars): $82 million of revenue, $51 million of non-interest expense, $10 million of net income and $16 million of cash net income in the fourth quarter; and, $209 million of revenue, $200 million of non-interest expense, $4 million of net loss and $23 million of cash net income in fiscal 2005. The foregoing results include the US$41 million (US$15 million after tax) gain on sale.

BMO’s dividend payout ratio for the year was 39.0%. On August 23, 2005, BMO announced an increase in quarterly common share dividends, raising the quarterly payment for the second time this year, by 6.5% from $0.46 to $0.49. The increase is reflective of BMO’s policy of having a 35% to 45% dividend payout ratio over time. BMO’s stated quarterly common share dividend at the end of 2005 was up 11% from the end of 2004 to $0.49 per share and dividends declared in 2005 were up 16% to $1.85 per share.

¹ On a taxable equivalent basis - see the GAAP and Related Non-GAAP Measures section.

Annual Targets for 2005

2006 Economic Outlook
The Canadian economy is expected to grow more strongly in 2006 as the negative impact of the strong Canadian dollar dissipates. Personal spending should continue to benefit from low, albeit rising interest rates, while business investment should remain strong amid increased confidence in the economy’s expansion. The Bank of Canada is expected to continue its recent practice of gradually raising interest rates to more normal levels. An expected moderation in commodity prices should prevent the Canadian dollar from rising further against the U.S. dollar. A more robust economic expansion in 2006 should support further growth in residential mortgages, personal loans and business lending, though higher interest rates will temper the gains. The improved economic climate should also underpin fee-based investment banking activities.

The U.S. economy is expected to again grow at a solid pace in 2006, fuelled in part by rebuilding activities along the Gulf Coast in the wake of the particularly severe hurricanes of 2005. Nationwide, business investment in productivity-enhancing capital equipment should stay strong, supporting further growth in business loans. Interest rates are forecast to rise modestly in 2006, reducing housing affordability and thereby lessening housing market activity and residential mortgage demand.

Management's Responsibility for Financial Information
A rigorous and comprehensive financial governance framework is in place at BMO and its subsidiaries at both the management and board levels. Each year, BMO’s Annual Report contains a statement signed by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) outlining management’s responsibility for financial information contained in the report. BMO will file certifications, signed by the CEO and CFO, with the Canadian Securities Administrators and the SEC in the United States in December 2005 when we file our Annual Report and other annual disclosure documents. In those filings, BMO’s CEO and CFO will certify, as required by Canadian securities legislation and the United States Sarbanes Oxley Act, the appropriateness of BMO’s financial disclosures in our regulatory filings and the effectiveness of controls and procedures over those disclosures. BMO’s CEO and CFO have also certified the appropriateness of our financial disclosures in BMO’s interim filings with securities regulators in 2005.

As in prior quarters, BMO’s audit committee reviewed this document, including the attached unaudited interim consolidated financial statements, and BMO’s Board of Directors approved the document prior to its release.

A comprehensive discussion of our businesses, strategies and objectives can be found in Management’s Discussion and Analysis in BMO’s Annual Report, which can be accessed on our web site at www.bmo.com/investorrelations. Readers are also encouraged to visit the site to view other quarterly financial information. BMO’s audited consolidated financial statements for the year ended October 31, 2005 and Management’s Discussion and Analysis for 2005 will be available on the web site on or about December 19, 2005.

Regulatory Filings
Our continuous disclosure materials, including our interim filings, annual MD&A and audited consolidated financial statements, our Annual Information Form and the Notice of Annual Meeting of Shareholders and Proxy Circular are available on our web site at www.bmo.com/investorrelations, on the Canadian Securities Administrators’ web site at www.sedar.com,and on the EDGAR section of the SEC’s web site at www.sec.gov.

To view the rest of this news release consisting of:

Financial Highlights
Financial Performance Review
Unaudited Financial 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 harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and of any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2006 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of our 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 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, and disruptions to public infrastructure, such as transportation, communications, power or water supply disruptions; and technological changes.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors could adversely affect our 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.

Assumptions on how the Canadian and U.S. economies will perform in 2006 and how that impacts our businesses, are material factors we consider when setting our strategic priorities and objectives, and in determining our financial targets, including provision for credit losses. Key assumptions include our assumption that Canadian and U.S. economies will expand at a healthy pace in 2006 and that inflation will remain low. We also have assumed that interest rates will increase gradually in both countries in 2006 and the Canadian dollar will hold onto its recent gains. 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. Tax laws in the countries in which we operate, primarily Canada and the United States, are material factors we consider when determining our sustainable effective tax rate.

INVESTOR AND MEDIA PRESENTATION

Investor Presentation Materials
Interested parties are invited to visit our web site at www.bmo.com/investorrelations to review this quarterly news release, presentation materials and a supplementary financial information package online. Copies of these documents are also available at BMO Financial Group’s offices at 100 King Street West, 18^th Floor, 1 First Canadian Place, Toronto, Ontario, M5X 1A1.

Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly conference call on Tuesday, November 29, 2005 at 1:30 p.m. (EST). At that time, senior BMO executives will comment on results for the quarter and respond to questions from the investor community. The call may be accessed by telephone at 416-695-9753 (from within Toronto) or 1-888-789-0089 (toll-free outside Toronto). A replay of the conference call can be accessed until Tuesday, December 13, 2005 by calling 416-695-5292 (from within Toronto) or 1-888-742-2491 (toll-free outside Toronto) and entering passcode 1165.

A live webcast of the quarterly conference call can be accessed on our web site at www.bmo.com/investorrelations. A replay can be accessed on the site until Monday, February 27, 2006.

Media Relations Contacts
Ralph Marranca, Toronto, ralph.marranca@bmo.com, 416-867-3996
Ronald Monet, Montreal, ronald.monet@bmo.com, 514-877-1101

Investor Relations Contacts
Susan Payne, Senior Vice-President, Investor Relations, susan.payne@bmo.com, 416-867-6656
Steven Bonin, Director, Investor Relations, steven.bonin@bmo.com, 416-867-5452
Krista White, Senior Manager, Investor Relations, krista.white@bmo.com, 416-867-7019

Chief Financial Officer
Karen Maidment, Senior Executive Vice-President and Chief Financial Officer, karen.maidment@bmo.com, 416-867-6776

Corporate Secretary
Robert Horte, Vice-President and Corporate Secretary, Corporate and Legal Affairs, corp.secretary@bmo.com, 416-867-6785