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In the fourth quarter of 2012, adjusting items decreased net income by $43 million after-tax, comprised of a $35 million after-tax net benefit of credit-related items in respect of the acquired M&I performing loan portfolio (including $185 million in net interest income, net of a $128 million provision for credit losses and related income taxes of $22 million); costs of $153 million ($95 million after tax) for the integration of the acquired business; a $34 million ($24 million after tax) charge for amortization of acquisition-related intangible assets on all acquisitions; an increase in the collective allowance for credit losses of $49 million ($27 million after tax); the benefit from run-off structured credit activities of $67 million before and after tax; and a restructuring charge of $74 million ($53 million after tax). Adjusting items were included in Corporate Services with the exception of the amortization of acquisition-related intangible assets, which was charged to the operating groups as follows: P&C Canada $3 million ($2 million after tax); P&C U.S. $24 million ($16 million after tax); and Private Client Group $7 million ($6 million after tax).

In the first quarter of 2012, adjusting items increased reported net income by $137 million after tax, comprised of a $114 million after-tax net benefit of credit-related items in respect of the M&I purchased performing loan portfolio (including $234 million in net interest income, net of a $50 million provision for credit losses and related income taxes of $70 million); costs of $70 million ($43 million after tax) for the integration of the acquired business; a $34 million ($24 million after tax) charge for amortization of acquisition-related intangible assets on all acquisitions; a benefit of $136 million before and after tax from the results of run-off structured credit activities, primarily included in trading revenue; and a restructuring charge of $68 million ($46 million after tax). Adjusting items were charged to Corporate Services with the exception of the amortization of acquisition-related intangible assets, which was charged to the operating groups as follows: P&C Canada $3 million ($2 million after tax); P&C U.S. $24 million ($17 million after tax); and Private Client Group $7 million ($5 million after tax).

Our complete First Quarter 2013 Report to Shareholders, including our unaudited interim consolidated financial statements for the period ended January 31, 2013, is available online at www.bmo.com/investorrelations and at www.sedar.com.

INVESTOR AND MEDIA PRESENTATION

Investor Presentation Materials

Interested parties are invited to visit our website at www.bmo.com/investorrelations to review our 2012 annual report, this quarterly news release, presentation materials and a supplementary financial information package online.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Tuesday, February 26, 2013, at 2:00 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, May 28, 2013, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering passcode 1254867.