BMO Annual Report 2004

For the year ended October 31	2004 Target	2004	2003	2002

Income Statement Highlights (Canadian $ in millions)
Total revenue (teb) (a) (c)		9,612	9,271	8,859
Provision for (recovery of) credit losses		(103)	455	820
Non-interest expense		6,157	6,087	6,030
Net income		2,351	1,825	1,417

Common Share Data ($) (b)
Earnings per share		4.42	3.44	2.68
Diluted cash earnings per share (c)		4.57	3.59	2.83

Key Financial Measures (%)
Five-year average annual total shareholder return		18.9	12.9	7.9
Earnings per share growth (b)	10%-15%	29	28	1
Return on equity	16%-18%	19.4	16.4	13.4
Revenue growth (teb) (c)		3.7	4.7	–
Cash productivity ratio (teb) (c)	150 to 200 bps lower	63.0	64.5	67.1
Provision for credit losses as a % of average net loans and acceptances	≤ 0.32*	(0.07)	0.30	0.56
Tier 1 Capital Ratio	≥ 8%	9.81	9.55	8.80

All ratios in this report are based on unrounded numbers. (a) All revenues in this report, except in the Consolidated Financial Statements, are reported on a taxable equivalent basis (teb). See Revenue section of the MD&A (b) All earnings per share (EPS) measures in this report refer to diluted EPS, unless otherwise specified. (c) This is a non-GAAP measure. See Non-GAAP Measure section of the MD&A. * Represents $500 million of specific provisions.

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