2017 Annual Management Report of Fund Performance

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1 (the Fund ) For the 12-month period ended September 30, 2017 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) 2017 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the Fund. If the annual financial statements of the Fund do not accompany the mailing of this report, you may obtain a copy of the annual financial statements at your request, and at no cost, by calling and , by writing to us at BMO Investments Inc., First Canadian Place, 100 King Street West, 43rd Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at and or SEDAR at You may also contact us using one of these methods to request a copy of the Fund s proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure. MANAGEMENT DISCUSSION OF FUND PERFORMANCE Investment Objective and Strategies The Fund s objective is to provide long-term growth of capital by investing in a globally diversified portfolio of issuers and excludes investments that are primarily involved in the development and infrastructure of fossil fuels. The portfolio manager invests primarily in a globally diversified portfolio of equity securities, but excludes securities of issuers that explore for, process, refine and/or distribute coal, oil and/or gas. The portfolio manager also excludes securities of issuers that produce and/or transmit electricity derived from fossil fuels or transmit natural gas. The portfolio manager uses a proprietary model based on fundamental equity analysis to identify and select equities that trade below their intrinsic value, demonstrate superior earnings growth and positive price momentum. Risk No changes affecting the overall level of risk associated with investing in the Fund were made during the Period. The risks of the Fund remain as discussed in the Fund s most recent simplified prospectus or any amendments and fund facts. Results of Operations During the Period, the Fund s total net asset value changed from approximately $4 million to approximately $10 million. Series A units of the Fund returned 11.91% versus the Fund s benchmark, the MSCI World Index (C$), return of 13.01%. Please see the Past Performance section for information on the performance returns of the Fund s other series. During the Period, Donald Trump won the U.S. presidential election. The new administration s pro-growth, pro-business, anti-tax stance increased growth and inflation expectations in the U.S. and globally. Crude oil prices were volatile but rebounded nearly 8% in the fourth quarter of 2016 following the Organization of the Petroleum Exporting Countries announcement of production cuts. Oil prices fell in early March, but rebounded from its lowest level in more than a year to close the third quarter of 2017 just under US$52 per barrel. After falling during the fourth quarter of 2016, gold prices rallied more than 8% in the first quarter of 2017, but weakened to below US$1,300 per ounce at the end of the Period. Base metals performed well, posting double-digit returns in some cases, on continued strengthening in global economic growth. In late 2016, European markets were positive, but in the low single digits except for Italy, which rebounded sharply following the failure of the referendum on constitutional reform in early December. Emerging markets, particularly in Asia, were significantly weaker than their developed market counterparts as the new U.S. administration appeared more domestically focused. South Korean equities and currency fell sharply after its president was impeached on issues surrounding potential abuses of influence. During the first quarter of 2017, the NASDAQ Composite Index rose more than as U.S. large-capitalization growth securities were particularly strong while smallcapitalization value stocks had a negative return. European

2 markets rose on improved macroeconomic data. In particular, Spain saw a rebound in economic strength, which resulted in a rise of nearly 13% for the quarter. South Korean equities rebounded after weakness in the prior quarter as the result of a robust export market. The rest of Asia, excluding Japan, which tends to be cyclical in nature, rose more than as investors branched out of U.S. equities and put capital to work in the region. In the U.K., Prime Minister Theresa May formally invoked Article 50 at March month-end to initiate its departure from the European Union ( EU ). During the last half of the Period, global equity markets continued to move higher. Even with a Republican majority in the U.S. Congress, it proved unable to enact policy or tax reform. Despite this, the U.S. economy continued to improve as large-capitalization equities, particularly in the Information Technology sector, posted higher returns. Led by the Information Technology sector, growth-style stocks significantly outperformed value-based stocks. The U.K. market lagged the rest of Europe after Prime Minister May called a snap election, but failed to increase support for her party, leading to some concern over how the country s withdrawal from the EU would progress. During the third quarter of 2017, European markets were particularly strong as global economic data continued to improve, and political risk subsided following the French and German elections. Emerging markets returns were driven higher as global growth expectations improved. Stock selections in Japan, the U.K. and the Nordic region contributed to performance, as did selections in the Health Care and Consumer Discretionary sectors. The Fund s position in Best Buy Co. Inc. contributed to its performance as the company reports consistently positive earnings. Other individual contributors included Actelion Ltd., which benefited from the announcement that Johnson & Johnson would buy the company. North American stock selection and an underweight exposure to the Financials sector detracted from the Fund s performance. On a relative basis, individual detractors included a lack of allocation, or an underweight allocation, to Apple Inc. and Microsoft Corp., as well as Bank of America Corp. The portfolio manager added a new position in Lloyd s Banking Group PLC on the basis of an improving European Financials sector, and surprisingly good U.K. economic data. Existing holdings of Gilead Sciences Inc. were increased in the Fund for the company s attractive valuation and improving conditions. The Manager confirms that the Fund did not borrow money during the Period. For information on the Fund s performance and composition, please refer to the Past Performance section and Summary of Investment Portfolio section of this report. Recent Developments The portfolio manager expects continued strength from global equity markets, particularly in the U.S. However, short-term markets are likely to stay at current levels given their large performance moves late in The Fund is well positioned for further cyclical recovery in global growth. RELATED PARTY TRANSACTIONS BMO Investments Inc., an indirect, wholly-owned subsidiary of Bank of Montreal ( BMO ), is the Manager of the Fund. From time to time, the Manager may, on behalf of the Fund, enter into transactions or arrangements with or involving other members of BMO Financial Group, or certain other persons or companies that are related or connected to the Manager (each a Related Party ). The purpose of this section is to provide a brief description of any transaction involving the Fund and a Related Party. Portfolio Manager The Fund s portfolio manager is BMO Asset Management Inc. ( BMOAM ), an affiliate of the Manager. BMOAM provides portfolio management services to the Fund. BMOAM receives from the Fund a management fee based on assets under management, calculated daily and payable monthly. Operating Expenses The Fund pays all of its operating expenses directly. These operating expenses include Administration Expenses and Fund Expenses. These operating expenses are allocated proportionately among the relevant series. Operating expenses that are specific to a series are allocated to that series. Operating expenses, include expenses incurred in respect of preparing and distributing fund facts, interest or other borrowing expenses, all reasonable costs and expenses incurred in relation to compliance with NI , including compensation and expenses payable to the Fund s Independent Review Committee ( IRC ) members, taxes to which the Fund is or might be subject, and costs associated with compliance with any new governmental or regulatory requirement introduced after December 1, The Manager may, at their discretion, absorb all or a portion of the operating expenses at any given time. Separate fees

3 and expenses are negotiated and paid by each Series I investor. Further details about the Fund s operating expenses can be found in the Fund s most recent simplified prospectus at and or The expenses charged to the Fund in respect of such charges during the period amount to $3,084. Buying and Selling Securities Investments in Bank of Montreal Common Shares or Preferred Shares During the Period, the Manager relied on an approval and standing instruction provided by the Fund s IRC with respect to investments in common shares or preferred shares of Bank of Montreal ( BMO ), an affiliate of the Manager (each, a Related Party Transaction ). In accordance with the IRC s approval and standing instruction, in making a decision to cause the Fund to make a Related Party Transaction, the Manager and portfolio manager of the Fund, are required to comply with the Manager s written policies and procedures governing the Related Party Transaction and report periodically to the IRC, describing each instance that the Manager relied on the approval and standing instruction and its compliance or non-compliance with the governing policies and procedures. The governing policies and procedures are designed to ensure the Related Party Transaction (i) is made free from any influence of BMO, BMO Nesbitt Burns Inc. or an associate or affiliate of BMO and/or BMO Nesbitt Burns Inc. and without taking into account any considerations relevant to BMO, BMO Nesbitt Burns Inc. or an associate or affiliate of BMO and/or BMO Nesbitt Burns Inc., (ii) represents the business judgment of the Manager, uninfluenced by considerations other than the best interests of the Fund, and (iii) achieves a fair and reasonable result for the Fund. Distribution Services The Manager markets and distributes the Fund through Bank of Montreal branches and/or (depending on the series) through registered dealers and brokers, including BMO InvestorLine Inc. and BMO Nesbitt Burns Inc., both affiliates of the Manager. The Manager pays to these affiliates a service fee called a trailing commission based on the average daily value of the units and/or shares that are held in investor accounts. This service fee is paid monthly or quarterly and varies by purchase option and by series. Management Fees The Manager is responsible for the day-to-day management of the business and operations of the Fund. The Manager monitors and evaluates the Fund s performance, pays for the investment advice provided by the Fund s portfolio manager and provides certain administrative services required by the Fund. As compensation for its services, the Manager is entitled to receive a management fee payable monthly, calculated based on the daily net asset value of each series of the Fund at the maximum annual rate set out in the table below. As a Percentage of Management Fees General Maximum Annual Administration, Management Dealer Investment Fee Rate* Compensation Advice and Profit % % % Series A Units Advisor Series Units Series F Units Series D Units Series I Units * For Series I Units, separate Series I fees are negotiated and paid by each Series I investor. Since the Manager pays no distribution, service or trailing fees on Series I Units, the management fees for Series I Units will not exceed the management fee charged for Advisor Series or Series A Units. FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the periods indicated. The Fund s Net Assets per Unit (1) Series A Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ 0.00 From capital gains $ 0.06 Return of capital $ 0.00 Total Annual Distributions (4) $ 0.06 Net assets, end of period $

4 Advisor Series Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ 0.00 From capital gains $ 0.03 Return of capital $ 0.00 Total Annual Distributions (4) $ 0.03 Net assets, end of period $ Series F Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ 0.03 From capital gains $ 0.03 Return of capital $ 0.00 Total Annual Distributions (4) $ 0.06 Net assets, end of period $ Series D Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ 0.03 From capital gains $ 0.05 Return of capital $ 0.00 Total Annual Distributions (4) $ 0.08 Net assets, end of period $ Series I Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ 0.00 From dividends $ 0.13 From capital gains $ 0.08 Return of capital $ Total Annual Distributions (4) $ 0.21 Net assets, end of period $ * Initial net assets. (1) This information is derived from the Fund s audited financial statements. (2) Includes commissions and other portfolio transaction costs and withholding taxes. (3) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. (4) Distributions were either paid in cash or reinvested in additional units of the Fund, or both. The allocation of the distributions from each of income, dividends, capital gains and return of capital is based on the Manager s estimate as at September 30 of the period shown, which is the Fund s financial year-end. However, the actual allocation of distributions is determined as at December 15, the Fund s tax year-end. Accordingly, the actual allocation among income, dividends, capital gains and return of capital may differ from these estimates. The information shown in this column is for the period beginning April 19, 2016 (the series inception date) and ending September 30, 2016.

5 Ratios and Supplemental Data Series A Units Total net asset value (000 s) (1) $ 7,756 2,981 outstanding (000 s) (1) (2) % before waivers or absorptions % Net asset value per unit $ Advisor Series Units Total net asset value (000 s) (1) $ outstanding (000 s) (1) (2) % before waivers or absorptions % Net asset value per unit $ Series F Units Total net asset value (000 s) (1) $ 1, outstanding (000 s) (1) (2) % before waivers or absorptions % Net asset value per unit $ Series D Units Total net asset value (000 s) (1) $ outstanding (000 s) (1) 15 1 (2) % before waivers or absorptions % Net asset value per unit $ Series I Units Total net asset value (000 s) (1) $ 0 0 outstanding (000 s) (1) % before waivers or absorptions + % Net asset value per unit $ Operating expenses are paid by BMOII and management fees are paid directly to BMOII as negotiated with the investor. (1) This information is provided as at September 30 of the period shown. (2) is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (4) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio manager manages its portfolio investments. A portfolio turnover rate of 10 is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. The information shown in this column is for the period beginning April 19, 2016 (the series inception date) and ending September 30, PAST PERFORMANCE The Fund s performance information assumes that all distributions made by the Fund in the periods shown were used to purchase additional securities of the Fund and is based on the net asset value of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that, if applicable, would have reduced returns or performance. Please remember that how the Fund has performed in the past does not indicate how it will perform in the future. The returns of each series may differ from one another for a number of reasons, including if the series was not issued and outstanding for the entire reporting period and because of the different levels of management fees and expenses allocated and payable by each series.

6 Year-by-Year Returns The following bar charts show the performance of each series of the Fund for each of the financial years shown. The charts show in percentage terms how an investment made on the first day of each financial year would have increased or decreased by the last day of each financial year. Series I Units Series A Units (1) 2017 (1) For the period beginning with the performance launch date of April 28, 2016 to September 30, (1) 2017 Annual Compound Returns This table compares the historical annual compound returns of the Fund with its benchmark, the MSCI World Index (C$), a broad-based index. Advisor Series Units The MSCI World Index (C$) measures the total return of equity securities available in developed markets globally. Series A Units BMO Fossil Fuel Free Fund % (1) 2017 Series F Units (1) 2017 Series D Units (1) 2017 Advisor Series Units BMO Fossil Fuel Free Fund % Series F Units BMO Fossil Fuel Free Fund % Series D Units BMO Fossil Fuel Free Fund % Series I Units BMO Fossil Fuel Free Fund % (1) Return from the performance launch date of April 28, 2016 to September 30, A commentary on the market and/or information regarding the relative performance of the Fund as compared to its benchmark can be found under the Results of Operations section of this report.

7 SUMMARY OF INVESTMENT PORTFOLIO As at September 30, 2017 % of Net Portfolio Allocation Asset Value United States 54.8 Japan 11.2 United Kingdom 7.4 Sweden 6.3 Denmark 5.1 Germany 3.3 Cash/Receivables/Payables 3.0 France 2.3 Spain 2.1 Finland 1.5 Australia 1.3 Hong Kong 1.2 Switzerland 0.5 Total Portfolio Allocation Sector Allocation Consumer Discretionary 19.9 Financials 19.5 Information Technology 17.1 Health Care 14.6 Industrials 10.8 Real Estate 5.9 Consumer Staples 4.5 Cash/Receivables/Payables 3.0 Telecommunication Services 2.7 Materials 2.0 Total Sector Allocation % of Net Top 25 Holdings Asset Value Issuer Cash/Receivables/Payables 3.0 Persimmon PLC 2.5 Skandinaviska Enskilda Banken AB, A Shares 2.4 Cigna Corporation 2.4 Lear Corporation 2.3 Nippon Electric Glass Co., Ltd. 2.3 Peugeot S.A. 2.3 Boeing Company, The, 2.3 Danske Bank A/S 2.3 American Tower Corporation 2.3 Progressive Corporation, The, 2.3 Merck & Co., Inc. 2.3 Humana Inc. 2.3 Gilead Sciences, Inc. 2.2 Swedbank AB 2.2 Principal Financial Group, Inc. 2.2 Asahi Glass Co., Ltd. 2.2 Nippon Telegraph and Telephone Corporation 2.2 Amadeus IT Holding S.A., Class A 2.1 Lloyds Banking Group plc 2.1 Michael Kors Holdings Limited 2.0 Best Buy Co., Inc. 2.0 Vestas Wind Systems A/S 2.0 Gap, Inc., The, 1.9 Toppan Printing Co., Ltd. 1.8 Top Holdings as a Percentage of Total Net Asset Value 55.9 Total Net Asset Value $10,158,660 The summary of investment portfolio may change due to the Fund s ongoing portfolio transactions. Updates are available quarterly.

8 and BMO Investments Inc. First Canadian Place, 43rd Floor, 100 King Street West Toronto, ON M5X 1A1 For more information please call BMO Investment Centre at (investors who purchased BMO Mutual Funds through a BMO Bank of Montreal branch or BMO Online Banking) or call Client Services toll-free at (investors who purchased BMO Mutual Funds through a full-service or discount broker) or at (investors who purchased Series NBA and NBF through a full-service or discount broker). This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events. 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 or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the Fund may invest in and the risks detailed from time to time in BMO Mutual Funds simplified prospectus. 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 investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, BMO Investments Inc. does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. BMO (M-bar roundel symbol) registered trademark, and BMO (M-bar roundel symbol) Mutual Funds are owned by Bank of Montreal, used under license. BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal.

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