Mr. Eric Provost reports

LAURENTIAN BANK RELEASES ITS 2023 ESG REPORT

Laurentian Bank of Canada has published its 2023 environmental, social and governance (ESG) report. The report showcases the bank's continuing progress in supporting sustainable environmental, social and economic change by focusing on initiatives that make a meaningful impact within its communities, establish trust with its customers, inspire pride among its employees and drive value for its shareholders.

Over the past year, the bank has delivered on a number of notable accomplishments as part of its ESG strategy.

Environment

As part of the bank's commitment to climate action, it reduced its Scope 1 and Scope 2 GHG (greenhouse gas) emissions by 30 per cent. This marks significant progress against its target of a 35-per-cent reduction by 2030, from a 2022 base year.

As part of the bank's commitment to understanding and reporting on the GHG impact of its lending activities, in this year's report the bank has calculated and is disclosing an estimate of its residential mortgages financed emissions using the Partnership for Carbon Accounting Financials (PCAF) methodology. This is in addition to its estimated corporate real estate Scope 3 financed emissions, which it is disclosing for the second consecutive year.

Employee experience

Laurentian Bank continues its focus on enhancing the employee experience by building up and fostering equity, diversity and inclusion within its workplace and investing in new and enhanced initiatives, including the launch of its fourth employee resource group, supporting newcomers to Canada and their allies.

The bank was proud to sign the Women in Capital Markets Parental Leave Pledge, allowing fathers, same-sex partners and parents adopting a child under one year of age to benefit from a top-up of their salaries paid by the bank during their leave.

Community and economic impact

As part of the bank's commitment to supporting the long-term and sustainable growth of its commercial customers, the bank continues to partner with Quebec Net Positive as part of its SMEs in Transition initiative, assisting small and medium-sized enterprises (SMEs) in the manufacturing sector and the supporting business ecosystem in accelerating their transition to a low-carbon and net-positive economy.

Through its Giving Beyond Numbers corporate philanthropy program, the bank awarded almost $800,000 through charitable donations and employee giving to community-based, national and international non-profit organizations and charities.

"We are proud to present Laurentian Bank's 2023 ESG report, which outlines the progress we have made on our ESG journey," said Eric Provost, president and chief executive officer. "I look forward to continuing the momentum we have established as we deliver on our ESG strategy and build up an inclusive and sustainable future at Laurentian Bank."

The 2023 ESG report is now available on Laurentian Bank's website.

About Laurentian Bank of Canada

At Laurentian Bank, the 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, the bank 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 $48.1-billion in balance sheet assets and $26.5-billion in assets under administration.

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