An anonymous director reports

LAURENTIAN BANK BUSINESS UPDATE

Laurentian Bank of Canada's board of directors and management team are conducting a review of strategic options to maximize shareholder and stakeholder value.

Over the past 2-1/2 years, the bank's renewed senior leadership team and board have been focused on building up Laurentian Bank for sustained growth and profitability and executing on its three-year strategic plan that it launched at its December, 2021, investor day. Since the launch of the plan, the bank has been exceeding all of its financial targets, even against a backdrop of an increasingly challenging macroeconomic environment and market volatility. It has also been delivering on key milestones as set out in its plan, including closing its customers' top-five pain points with the launch of its mobile app and digital account opening solution, rolling out a reimagined Visa experience and expanding commercial banking with a focus on its areas of specialization. Guided by a new purpose and core values, the bank's culture has been renewed, and it has made significant progress on its environmental, social and governance journey.

Laurentian Bank has a strong capital and liquidity position as reflected in its most recent quarterly results, and its financing and deposit base are strong, stable and diversified.

While the review is under way, the management team remains committed to executing on the bank's strategy and fiscal 2023 priorities of delivering excellent customer service, a focus on deposits and optimizing its financing structure, and driving efficiencies through simplification, with the full support and confidence of the board.

The bank does not intend to disclose further developments until the review is concluded.

About Laurentian Bank of Canada

At Laurentian Bank, it believes it can change banking for the better by seeing beyond numbers.

Founded in Montreal in 1846, Laurentian Bank helps families, businesses and communities thrive. Today, it has approximately 3,000 employees working together as one team to provide a broad range of financial services and advice-based solutions for customers across Canada and the United States. It protects, manages and expands $50.7-billion in balance sheet assets and $27.7-billion in assets under administration.

It drives results by placing its customers first, making the better choice, acting courageously and believing everyone belongs.