Mr. Eric Provost reports

LAURENTIAN BANK APPOINTS ERIC PROVOST AS PRESIDENT AND CHIEF EXECUTIVE OFFICER AND MICHAEL BOYCHUK AS CHAIR

Laurentian Bank of Canada has appointed Eric Provost as president, chief executive officer and a member of the board of directors, while Michael Boychuk has been appointed to the role of chair of the board. Both appointments are with immediate effect.

Mr. Provost has been at the bank for over a decade and has deep roots in banking as well as in the Quebec business and financial communities. Most recently, he served as group head of personal and commercial banking.

Mr. Boychuk is an experienced executive, investment professional and board member who was most recently chair of the audit committee for Laurentian Bank.

"Eric is the right executive to lead the bank at this critical point in its evolution," said Mr. Boychuk. "We have experienced challenges recently and the board is confident that Eric will successfully focus the organization on our customer experience and operational effectiveness. Eric's appointment as CEO follows his exceptional performance leading our commercial banking business and was part of our formal succession planning process.

"I want to thank Mike Mueller for his many years of dedicated service as both a board member and chair. I would also like to thank Rania Llewellyn for her hard work and contributions."

Mr. Provost's immediate priority as the bank's new president and CEO will be to rebuild trust with the bank's customers and address the impacts of a mainframe outage that occurred last week. The outage occurred during a planned information technology maintenance update. At all times customer data and financial information remained secure. Mr. Provost will implement a three-part action plan to: (i) ensure that the bank fully resolves any outstanding issues related to the outage as soon as possible; (ii) significantly enhance communications with customers to ensure they are provided with timely updates on the full restoration of the bank's services; and (iii) launch a comprehensive review of the factors that led to the outage.

Mr. Provost holds a master's degree in finance from the Universite du Quebec a Montreal. Prior to joining Laurentian Bank in 2012, he held various senior management positions over a 12-year period at a leading commercial lender, including vice-president, commercial manufacturing sector for Eastern Canada, as well as vice-president, commercial excellence.

"I am honoured to assume the role of CEO at Laurentian Bank. I believe that the trust of our customers, our people and our shareholders are paramount," stated Mr. Provost. "Once the issues related to the outage are fully behind us, we will develop a new plan to ensure the sustained success of our bank. We will focus our efforts on renewing the trust of loyal customers while continuing our efforts to drive greater operational efficiency and growth in all our business lines."

Separately, regarding the outage, the bank announced yesterday that as an initial first step, it will reverse all monthly service fees for the month of September as soon as possible. Customers will see a credit in their accounts in the coming days. Additionally, though today is a statutory federal holiday, a number of Laurentian Bank branches will be open to serve clients. The bank will also have extended branch hours for the remainder of this week. Details will be available on the bank's website today.

About Laurentian Bank of Canada

Laurentian Bank 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. The bank protects, manages and grows $50.7-billion in balance sheet assets and $27.7-billion in assets under administration.

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

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