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## BANK OWNED CORPORATIONS 

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The above is a list of all our directly held corporations, as well as their directly held corporations, and thereby includes all of our major operating companies. The book values of the corporations shown represent the total common and preferred equity value of our holdings. 

We own 100% of the outstanding non-voting shares of subsid- iaries except for Bank of Montreal Securities Canada Limited, of which we own 95.35% of the outstanding non-voting shares. 

