Financial Results Highlights:

　　First Quarter 2015 Compared with First Quarter 2014:

　　- Net income of $1.0 billion, down 6%; adjusted net income(1) of $1,041 million, down 4%

　　- EPS(2) of $1.46, down 8%; adjusted EPS(1,2) of $1.53, down 5%

　　- ROE of 11.8%, compared with 14.2%; adjusted ROE(1) of 12.3%, compared with 14.5%

　　- Provisions for credit losses of $163 million, compared with $99 million

　　- Basel III Common Equity Tier 1 Ratio of 10.1%

　　TORONTO, ONTARIO--(Marketwired - Feb 24, 2015) - For the first quarter ended January 31, 2015, BMO Financial Group reported net income of $1.0 billion or $1.46 per share on a reported basis and net income of $1,041 million or $1.53 per share on an adjusted basis.

　　"BMO's first quarter results reflect the impact of an unsettled environment in which we saw significant movements in oil prices, long-term interest rates and the Canadian dollar. Against this backdrop, underlying business performance was solid, with combined Personal and Commercial Banking adjusted earnings of $708 million, up 6% year over year, reflecting the benefits of our diversified and growing customer base. We also had good results in our Traditional Wealth businesses, with adjusted earnings up 28% from last year," said Bill Downe, Chief Executive Officer, BMO Financial Group.

　　"Credit performance continued to be good with higher provisions for credit losses reflecting lower recoveries compared to last year.

　　"Our capital position remains strong with a Common Equity Tier 1 Ratio of 10.1%. In addition, book value per share increased by 10% from the prior quarter.

　　"Looking ahead, each of our operating businesses is well positioned to realize on the investments we have made over the past few years," concluded Mr. Downe.

　　Concurrent with the release of results, BMO announced a second quarter 2015 dividend of $0.80 per common share, unchanged from the preceding quarter and up $0.04 per share or 5% from a year ago, equivalent to an annual dividend of $3.20 per common share.

　　Our complete First Quarter 2015 Report to Shareholders, including our unaudited interim consolidated financial statements for the period ended January 31, 2015, is available online atwww.bmo.com/investorrelations and at www.sedar.com.

　　(1) Results and measures in this document are presented on a GAAP basis.

　　They are also presented on an adjusted basis that excludes the impact

　　of certain items. Adjusted results and measures are non-GAAP and are

　　detailed for all reported periods in the Non-GAAP Measures section,

　　where such non-GAAP measures and their closest GAAP counterparts are

　　disclosed.

　　(2) All Earnings per Share (EPS) measures in this document refer to diluted

　　EPS unless specified otherwise. EPS is calculated using net income

　　after deductions for net income attributable to non-controlling

　　interest in subsidiaries and preferred share dividends.

　　Note: All ratios and percentage changes in this document are based on unrounded numbers.

　　Total Bank Overview

　　Net income was $1.0 billion for the first quarter of 2015, down $61 million or 6% from the prior year and adjusted net income was $1,041 million, down $42 million or 4% largely due to the impact of declining long-term interest rates on our insurance business. Net income was up in Canadian P&C, U.S. P&C and Traditional Wealth. There was lower income in BMO Capital Markets as good trading revenue was more than offset by credit and funding valuation adjustments and lower Investment and Corporate Banking revenue, and in Corporate Services due to lower benefits from purchased loans. On a basis that excludes the impacts of long-term interest rates in insurance and purchased loans in Corporate Services, adjusted net income increased 5%.

　　The Basel III Common Equity Tier 1 Ratio remains strong at 10.1%.

　　Operating Segment Overview

　　Canadian P&C

　　Net income was $502 million, up $17 million or 4% from a year ago. Adjusted net income was $503 million, up $17 million or 4% from the prior year, largely driven by higher revenue and lower provisions for credit losses, partially offset by higher expenses. Revenue was up $50 million or 3% year over year driven by higher balance and fee volumes across most products, partially offset by lower net interest margin. Year-over-year loan growth was 4% and deposit growth was 7%. Expenses increased $45 million or 6% reflecting continued investment in the business, including the impact of costs associated with a changing business and regulatory environment.

　　In personal banking, loans grew 3%, while deposit growth was 8%. Our annual Investment Campaign is well underway, and the early results have been positive. We've continued to see success from our digital investment with over 4 million downloads of our market-leading mobile banking application. In the quarter, we also launched our new BMO Banking and InvestorLine iPad application, becoming the first major Canadian bank to have an integrated application which provides customers access to both personal banking and self-directed investment accounts, as well as a personal finance management tool, all in one place.

　　In commercial banking, loan and deposit growth remained strong with both growing 7% year over year. During the quarter, the commercial banking business reinforced its commitment to small business owners with our successful launch of BMO DepositEdge™ which provides businesses with the ability to deposit cheques remotely.

　　U.S. P&C

　　Net income of $192 million increased $25 million or 15%. Adjusted net income of $205 million increased $25 million or 14%. All amounts in the remainder of this section are on a U.S. dollar basis.

　　Net income of $161 million increased $7 million or 5% from a year ago. Adjusted net income of $172 million increased $6 million or 3%, driven by a 6% increase in pre-provision pre-tax income, partially offset by higher provisions for credit losses. Revenue increased $6 million or 1% from the prior year reflecting higher volume growth, partially offset by lower net interest margin and fee revenue. Adjusted non-interest expense decreased $9 million or 2% to $456 million due to disciplined expense management.

　　Year-over-year loan growth was 10%, led by continued strong growth in the core commercial and industrial (C&I) loan portfolio.

　　Wealth Management

　　Net income was $159 million. Adjusted net income was $186 million compared to $182 million a year ago. Adjusted net income in traditional wealth of $155 million increased $33 million or 28%, with good organic growth as well as growth from the acquired F&C business. Adjusted net income in insurance was $31 million, down $29 million from a year ago primarily due to a $41 million after-tax charge from unfavourable movements in long-term interest rates in the current quarter relative to a $7 million after-tax charge a year ago.

　　Assets under management and administration grew by $254 billion or 43% from a year ago to $852 billion, with the acquired F&C business contributing $148 billion to the increase. Excluding F&C, assets under management and administration grew by 18%, driven by the stronger U.S. dollar, market appreciation and growth in new client assets.

　　In November 2014, BMO InvestorLine was named the Best Online Brokerage for the second year in a row at the 20th annual Morningstar Awards and was also named the top banked-owned online brokerage firm in Canada for the fourth consecutive year in the 16th annual Globe and Mail ranking of online brokers.

　　BMO Funds was rated second among U.S. mutual fund families by the annual Barron's/Lipper Fund Family Ranking(1), recognizing top-performing investment advisory services provided by BMO Global Asset Management.

　　(1) Barron's "The Best Mutual Fund Families," published February 9, 2015. Barron's is a registered trade mark of Dow Jones & Company. All rights reserved.

　　BMO Capital Markets

　　Net income of $221 million decreased $55 million or 20% from a year ago. Revenue decreased 5% year over year as good trading revenue was more than offset by credit and funding valuation adjustments and lower Investment and Corporate Banking revenue, in part due to lower securities gains. Credit and funding valuation adjustments reduced revenue by $41 million and net income by $31 million in the quarter. Excluding the impact of the stronger U.S. dollar, non-interest expenses were down $10 million or 2% due to lower employee-related expenses.

　　In the quarter, we were recognized for several different industry awards which reflect our continued focus on meeting our core clients' needs. We were named U.S. Mid-Market Equity House of the Year by the International Financing Review magazine. In addition, we were selected as Top Global Equity Brokerage firm for Execution Quality and ranked first among all full service brokers according to a survey by Institutional lnvestor.

　　BMO Capital Markets participated in 327 new global issues in the quarter, comprised of 144 corporate debt deals, 123 government debt deals and 60 equity transactions, raising $838 billion.

　　Corporate Services

　　Corporate Services net loss for the first quarter of 2015 was $74 million, compared with a net loss of $41 million a year ago.

　　Adjusted results in these Total Bank Overview and Operating Segment Overview sections are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.