Mr. Frederique Lavoie-Gamache reports

MINISTER OF FINANCE APPROVES THE ACQUISITION OF LAURENTIAN BANK SHARES

Laurentian Bank of Canada has received approval from the federal Minister of Finance for the previously announced acquisition by Fairstone Bank of Canada of all of the issued and outstanding common shares of Laurentian Bank. This important milestone advances Laurentian Bank's strategic transformation to sharpen its focus as a leading specialty commercial bank.

The completion of the acquisition transaction is subject to the satisfaction of other closing conditions, including the closing of the acquisition by National Bank of Canada (directly or through one or more affiliates) (NBC) of Laurentian Bank's retail and small and medium enterprise (SME) banking portfolios. The transactions have also received the necessary approvals from the Superintendent of Financial Institutions, and the Competition Act approval condition to closing for both transactions has been satisfied, provided that there is no change in circumstances relating to the Competition Bureau. Each of the transactions also requires approval by the Canadian Investment Regulatory Organization and the relevant securities regulatory authorities.

The parties expect the transactions to be completed by late 2026. Until the transactions close, Laurentian Bank has established several measures to ensure continuity of service. Its daily operations will continue as usual, and stakeholders are not expected to see any immediate changes. Laurentian Bank, Fairstone Bank and NBC will work closely together to ensure a smooth transition for customers. Customers will receive clear communications outlining what the transition means for their products and services.

Laurentian Bank's decision to focus on its core commercial specialization, in combination with Fairstone Bank, represents an opportunity to build on the strength of a long-established Quebec institution while further evolving it into a North American commercial lending platform headquartered in Montreal. As part of the integration, Fairstone Bank will combine its commercial lending operations with Laurentian Bank's commercial specialization, leveraging the expertise of both organizations to strengthen capabilities and expand market presence.

About Laurentian Bank

Founded in Montreal in 1846, Laurentian Bank is committed to serving its customers and fostering deep relationships with specialized groups. Laurentian Bank runs operations across Canada -- primarily in Quebec and Ontario -- as well as in the United States and competes where it sees market opportunity and has an edge, while harnessing the power of partnerships and collaboration.

About Fairstone Bank

Fairstone Bank of Canada and its subsidiaries, including Fairstone Financial Inc. and Home Trust Company, deliver innovative, accessible and reliable financial solutions that enable Canadians to reach their financial goals.

About National Bank of Canada

With $618-billion in assets as at April 30, 2026, National Bank of Canada is one of Canada's six systemically important banks.

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