Bank of Montreal 2003 Annual Report Download - page 17

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BMO Financial Group 186th Annual Report 2003 13
BMO’s Chairman and Chief Executive Officer and Chief Finan-
cial Officer have signed a statement outlining management’s
responsibility for financial information in this Annual Report.
The statement, which can be found on page 69, also explains
the roles of the Audit Committee and Board of Directors in
respect of financial information in the Annual Report.
Management’s Discussion and Analysis of Operations and
Financial Condition (MD&A) comments on BMO’s operations
and financial condition for the years ended October 31, 2003
and 2002. The commentary is as of November 25, 2003, except
for peer group comparisons, which are as of December 4, 2003.
Management’s Discussion and Analysis
of Operations and Financial Condition
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 Annual
Report, and may be included in 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. Forward-looking
statements may involve, but are not limited to, comments with respect to our objectives for 2004 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 and other forward-looking statements will not prove to be accurate. 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: global capital market
activities; interest rate and currency value fluctuations; the effects of war or terrorist activities; the effects of disease or illness that impact on local, national
or international economies; the effects of disruptions to public infrastructure, such as transportation, communications, power or water supply disruptions;
industry and worldwide economic and political conditions; regulatory and statutory developments; the effects of competition in the geographic and business
areas in which we operate; management actions; and technological changes. We caution that the foregoing list of factors is not exhaustive and that 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.
10 Financial Performance and Condition at a Glance
13 Index
13 Caution Regarding Forward-Looking Statements
14 Financial Objectives, Targets and Measures
Value Measures
15 Total Shareholder Return
16 Earnings per Share Growth
17 Return on Equity
17 Net Economic Profit Growth
18 Enterprise-Wide Strategic Management
19 Economic and Financial Services Developments
Index
Financial Performance Review
20 Enterprise-Wide Review
Operating Group Review
27 Summary
28 Personal and Commercial Client Group
33 Private Client Group
36 Investment Banking Group
40 Corporate Support, including Technology and Solutions
Financial Condition Review
41 Balance Sheet
42 Off-Balance Sheet Arrangements
43 Enterprise-Wide Capital Management
44 Critical Accounting Policies
45 Enterprise-Wide Risk Management
53 Review of 2002 Financial Performance
54 Supplemental Information