Laurentian Bank of Canada reports strong net income of $30.9 million for the third quarter of 2008 and announces a 6% dividend increase



    MONTREAL, Sept. 5 /CNW Telbec/ - Laurentian Bank of Canada today reported
net income of $30.9 million, or $1.17 diluted per common share, for the third
quarter ended July 31, 2008, compared to $23.2 million, or $0.85 diluted per
common share, for the same period in 2007. Return on common shareholders'
equity was 13.4% for the quarter, up from 10.5% for the same period in 2007.
    Results for the third quarter of 2008 include a net gain on sale of
securities of $7.6 million ($7.4 million net of income taxes; $0.31 diluted
per common share), stemming from a $12.9 million gain on the sale of Montreal
Exchange shares, partially offset by losses of $5.3 million on the sale of
other securities. The provision for credit losses includes an $8.0 million
increase in the general allowance for loan losses ($5.5 million net of income
taxes; $0.23 diluted per common share), as explained further on page 4.
Excluding the significant items above, net income for the third quarter of
2008 improved $5.8 million, or 25%, and diluted net income per common share
rose by $0.24, or 28%, compared to results achieved in the third quarter of
2007, which included no significant item.
    For the nine-month period ended July 31, 2008, net income totalled
$75.2 million, or $2.78 diluted per common share, compared to $64.4 million,
or $2.34 diluted per common share, in 2007. Return on common shareholders'
equity was 10.9% over nine months, compared to 9.9% for the same period in
2007.
    Results for the nine-month period of 2008 include the items mentioned
above as well as an unfavorable tax adjustment of $5.6 million ($0.23 diluted
per common share) recorded during the first quarter. Results for the
nine-month period in 2007 included the favorable effect of certain tax
adjustments of $2.5 million ($0.10 diluted per common share) recorded during
the first six months of the fiscal year. Excluding the significant items
above, net income for the nine-month period of 2008 improved by $17.0 million,
or 27%, and diluted net income per common share rose by $0.70, or 31%,
compared to the corresponding nine-month period of 2007.
    Réjean Robitaille, President and Chief Executive Officer, commented on
the results of operations: "We are pleased with the strong results for this
quarter which benefited from excellent loan and deposit growth and a
relatively high mortgage securitization gain. Furthermore, all our business
segments improved their performance year-over-year and contributed to our
growth. However, the recent slowdown of the Canadian economy combined with our
strong loan growth have led us to prudently increase our general provision for
loan losses."
    "In view of our solid financial condition, added Mr. Robitaille, and of
our confidence in our ability to pursue the Bank's development, the Board of
Directors decided to increase our dividend on common shares by $0.02 per
quarter."

    OVERVIEW OF BUSINESS AND CORPORATE DEVELOPMENT ACTIVITIES

    The Bank's profitability improvement priority is focused primarily on
accelerating growth in its business volumes. In keeping with this priority,
the Bank took additional steps to further its business development initiatives
during the quarter in order to continue to increase its presence in its chosen
markets and develop their full potential.
    Indeed, given today's uncertain economic context, the Bank is favouring
highly targeted development within familiar markets that do not pose a level
of risk beyond its comfort zone. It is important to note that the Bank is
benefiting from increasingly efficient tools, such as customer relationship
management systems, to optimize customer service. Loan growth reached 12% or
$1.7 billion (excluding securitization) over the last twelve months, with
mortgage loans up 11%, or $830 million, personal loans up 10%, or $476 million
and commercial loans up 17%, or $389 million.
    On a segmented basis, compared to last year, the Real Estate & Commercial
segment continues to perform well with an improvement of 42% in its net
income, while Retail & SME Quebec improved its profitability by 11%, B2B Trust
by 14% and Laurentian Bank Securities by 91%.
    The SME Quebec business has been doing well since the beginning of the
year, by focusing on well-known sectors while maintaining rigorous
underwriting criteria. This growth particularly results from initiatives taken
to free account directors from administrative duties so that they can focus on
their portfolios.
    B2B Trust continued to show good volume growth in deposits, mortgages and
investment loans in spite of the slowdown in the mutual fund market that
impeded investment lending growth. B2B Trust added business development
personnel to increase its presence among the 15,000 independent financial
advisors and brokers who sell its financial products. Moreover, it increased
its marketing complement to further product development.
    Finally, Laurentian Bank Securities (LBS) continued to strengthen its
positioning in each of its divisions, powered mainly by the fixed-income
division. The institutional equity group, launched just two years ago and
leveraging on the long-standing reputation of LBS' fixed-income services among
institutional clients, has moved ahead quickly and is progressing according to
plan. Again, the decision to focus on a very specific market, small-cap
companies, is proving to be sound.

    MANAGEMENT'S DISCUSSION AND ANALYSIS

    This Management's Discussion and Analysis (MD&A) is a narrative
explanation, through the eyes of management, of the Bank's financial condition
as at July 31, 2008, and of how it performed during the three-month and
nine-month periods then ended. This MD&A should be read in conjunction with
the unaudited interim consolidated financial statements for the third quarter
of 2008. This MD&A is dated September 4, 2008.
    Supplemental information on subjects such as risk management, accounting
policies and off-balance sheet arrangements is also provided in the Bank's
2007 Annual Report.

    PERFORMANCE AND FINANCIAL OBJECTIVES

    Laurentian Bank publishes its financial objectives at the beginning of
each fiscal year and then reports actual results quarterly. The Bank's
practice is not to provide interim guidance. The following table presents a
comparison of the Bank's actual performance with the objectives set by
management for 2008 and is strictly for information purposes.

    
    Performance indicators
    -------------------------------------------------------------------------
                                                    Nine-month period ended
                                   2008 Objectives    July 31, 2008 (Actual)
    -------------------------------------------------------------------------
    Return on common
     shareholders' equity             9.5% to 10.5%                    10.9%
    Diluted net income
     per share                      $3.30 to $3.60                    $2.78
    Total revenue               + 5% ($615 million)    + 9% ($477.7 million)
    Efficiency ratio                     74% to 72%                    69.7%
    Tier 1 Capital ratio            Minimum of 9.5%                    10.1%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    HIGHLIGHTS OF THE THIRD QUARTER

    - Net income improved 33% and stood at $30.9 million ($1.17 diluted per
      common share) for the third quarter of 2008, compared to $23.2 million
      ($0.85 diluted per common share) for the third quarter of 2007.
    - Results include a net gain on sale of securities of $7.6 million
      ($7.4 million net of income taxes; $0.31 diluted per common share)
      stemming from a $12.9 million gain on the sale of Montreal Exchange
      shares, partially offset by losses of $5.3 million on the sale of other
      securities.
    - The provision for credit losses stood at $18.5 million, including an
      $8.0 million increase in the general allowance for loan losses
      ($5.5 million net of income taxes; $0.23 diluted per common share).
    - Loan growth during the third quarter, including securitized mortgage
      loans, reached $570 million, compared to $814 million for the
      corresponding quarter of 2007. Personal deposit growth reached
      $198 million over the same period, compared to $229 million for the
      corresponding quarter of 2007.
    - Total revenue stood at $171.1 million for the third quarter of 2008,
      compared to $151.0 million for the third quarter of 2007. The 13%
      increase results mainly from the net gain on sale of securities, as
      noted above, and higher securitization revenues. Excluding the impact
      of the net gain on sale of securities, total revenue increased by 8%
      year-over-year. Net interest margin decreased to 2.20% in the third
      quarter of 2008, compared to 2.39% for the corresponding quarter of
      2007.
    - Non-interest expenses increased by 5% to $113.5 million for the third
      quarter of 2008, from $108.4 million for the third quarter of 2007,
      mainly as a result of higher salaries, employee benefits and technology
      costs.
    -------------------------------------------------------------------------
    

    ANALYSIS OF CONSOLIDATED RESULTS

    Summary results

    Net income was $30.9 million or $1.17 diluted per common share for the
third quarter ended July 31, 2008, compared to $23.2 million, or $0.85 diluted
per common share, for the corresponding period in 2007. Results for the third
quarter of 2008 include a net gain on sale of securities of $7.6 million
($7.4 million net of income taxes; $0.31 diluted per common share) comprising
a $12.9 million gain on the sale of Montreal Exchange shares, partially offset
by losses of $5.3 million on the sale of other securities. The provisions for
credit losses include an $8.0 million increase in the general allowance for
loan losses ($5.5 million net of income taxes; $0.23 diluted per common
share), as further explained on page 4.
    Total revenue increased by $20.1 million, or 13%, to $171.1 million for
the third quarter of 2008, compared to $151.0 million for the third quarter of
2007, mainly as a result of higher other income, as detailed below.
    Net interest income improved by $1.6 million year-over-year mainly as a
result of higher loan volumes. Net interest margins stood at 2.20% in the
third quarter of 2008, compared to 2.39% in the third quarter of 2007. During
the quarter, margin pressure on the personal term deposit portfolio, caused by
strong competition and general market conditions, higher levels of liquid
assets, and, to a lesser extent, changes in our loan portfolio mix have
reduced net interest margins and growth in net interest income.
    Other income improved by $18.4 million during the third quarter of 2008,
compared to the third quarter of 2007. Securitization revenues stood at
$9.9 million for the third quarter of 2008, up $8.7 million from a year
earlier. During the quarter, the Bank securitized $264 million of residential
mortgages and recorded gains on sale of $8.2 million, reflecting prevailing
market conditions for mortgage lending in Canada. Moreover, servicing revenues
increased to $1.7 million for the third quarter of 2008, compared to
$0.9 million for the third quarter of 2007, as a result of the higher volume
of mortgage loans under management. Treasury and financial market revenues
improved by $6.6 million to reach $13.2 million for the third quarter of 2008,
essentially as a result of the net gain on sale of securities of $7.6 million
noted above. To a lesser extent, insurance income and income from brokerage
operations also contributed to the strong quarter.
    Compared to the second quarter of 2008, net interest income increased by
$4.4 million. This quarter-over-quarter improvement is mainly attributable to
the two additional days in the quarter and to growth in loan and deposit
volumes. Other income increased by $11.2 million over the second quarter of
2008, mainly as a result of the net gain on sale of securities, as noted
above, and higher revenues from brokerage operations.
    For the nine-month period ended July 31, 2008, total revenue was
$477.7 million, up $39.4 million, or 9%, from the same period in 2007. Net
interest income improved by $9.5 million mainly as a result of increases in
loans and deposits. Other income also improved by $29.9 million, as a result
of higher securitization revenues and a better performance from Treasury and
financial operations, including the net gain on sale of securities.
    The provision for credit losses stood at $18.5 million for the third
quarter of 2008, including an $8.0 million increase in the general allowance
for loan losses. The provision for loan losses stood at $10.0 million for the
third quarter of 2007. Over the last nine months, lower loan losses resulting
from the sale of a B2B Trust line of credit portfolio have offset increases in
loan losses of other retail portfolios, thus enabling the Bank to maintain its
loan losses approximately unchanged from a year ago. However, the increase in
loan portfolios, combined with the recent deterioration in employment data and
the economic slowdown, particularly in Quebec and Ontario, led the Bank to
record an additional general provision for loan losses of $8.0 million during
the third quarter of 2008.
    For the nine-month period ended July 31, 2008, the provision for credit
losses was $38.0 million, compared to $30.0 million for the corresponding
period in 2007. The higher losses result essentially from the increase in the
general allowance for loan losses, as noted above.
    Net impaired loans improved to -$12.8 million (representing -0.09% of
total loans, bankers' acceptances and assets purchased under reverse
repurchase agreements), whereas they stood at -$2.3 million (-0.02%) as at
April 30, 2008 and -$11.4 million (-0.08%) as at October 31, 2007. Gross
impaired loans stood at $102.7 million as at July 31, 2008, compared to
$103.9 million as at October 31, 2007.
    Non-interest expenses increased 5% to $113.5 million for the third
quarter of 2008, up from $108.4 million for the third quarter of 2007.
Salaries and employee benefits stood at $60.7 million during the third quarter
of 2008, up $2.1 million compared to the corresponding quarter a year ago.
Salary increases, higher performance-based compensation, and an increase in
the number of employees, particularly in the Retail & SME Quebec business
segment, account for most of the variation. Premises and technology costs were
$29.9 million for the third quarter of 2008, compared to $27.8 million for the
third quarter of 2007. The increase essentially results from higher technology
costs. Other expenses for the third quarter of 2008 remained relatively
unchanged from those of the third quarter of 2007.
    The Bank continued to limit its overall level of expenses while
specifically devoting additional resources to increase revenues, mainly within
business lines and in communication and business development activities. The
efficiency ratio improved to 66.4% for the third quarter of 2008 (69.4%
excluding the net gain on sale of securities), from 71.8% for the third
quarter of 2007, partly as a result of stringent cost control and the higher
level of other income.
    For the nine-month period ended July 31, 2008, non-interest expenses
increased by $11.3 million, mainly as a result of higher salaries and higher
technology costs.
    The income tax expense was $8.1 million (20.8% effective tax rate) for
the third quarter of 2008, compared to $9.5 million (29.1% effective tax rate)
for the third quarter of 2007. The lower tax rate for 2008 mainly resulted
from the lower taxation of the gain on sale of Montreal Exchange shares. The
favorable effect of holding investments in Canadian securities that generate
non-taxable income and the lower taxation level on revenues from credit
insurance operations have also contributed to lowering the effective tax rate
for both periods.
    For the nine-month period ended July 31, 2008, the income tax expense was
$31.5 million (29.5% effective tax rate), compared to $22.3 million (25.7%
effective tax rate) for the corresponding period in 2007. The lower tax rate
for 2008, compared to the statutory tax rate, resulted from the items
discussed above, partially offset by the $5.7 million decrease in the Bank's
future income tax assets related to further reductions in the federal income
tax rates recorded during the first quarter. For the nine-month period ended
July 31, 2007, the lower effective tax rate resulted from the items discussed
above, as well as from other favorable adjustments during the first and second
quarters amounting to $2.5 million.

    ANALYSIS OF FINANCIAL CONDITION

    Balance sheet assets stood at $19.3 billion at July 31, 2008, compared to
$17.8 billion at October 31, 2007.
    As at July 31, 2008, liquid assets, including cash resources, securities
and assets purchased under reverse repurchase agreements, were $0.9 billion
higher than as at October 31, 2007, as cash generated by securitization
activities and growth in deposit portfolios exceeded net loan disbursements
and other net cash flows. This higher level of liquid assets has slightly
affected net interest margins over the last nine months; however, it has also
improved the Bank's flexibility, which has contributed to stimulating loan
growth.
    The loans and bankers' acceptances portfolio increased by $553 million or
4% since the beginning of the year to $14.1 billion at July 31, 2008 compared
to $13.5 billion as at October 31, 2007. Personal loans increased by
$307 million for the nine-month period ended July 31, 2008. The increase is
mainly attributable to growth in home equity lines of credit and B2B Trust's
investment loan portfolio.
    The $123 million decrease in the residential mortgage portfolio for the
nine-month period ended July 31, 2008 essentially results from securitization
activities. Overall, considering both on- and off-balance sheet loans, the
residential mortgage portfolio has increased by $621 million over the last
nine months, as detailed in the following table.

    
    Residential mortgage portfolio       July 31,   October 31,          Net
    (millions of $)                         2008          2007        growth
    -------------------------------------------------------------------------
    On-balance sheet mortgage loans       $6,110        $6,233         $(123)
    Securitized loans (off-
     balance sheet)                        2,306         1,562           744
    -------------------------------------------------------------------------
                                          $8,416        $7,795          $621
    -------------------------------------------------------------------------
    

    Commercial mortgages increased by $199 million during the nine-month
period ended July 31, 2008, while commercial loans, including bankers'
acceptances, increased by $170 million.
    Personal deposits increased by $901 million for the nine-month period
ended July 31, 2008, to $12.5 billion. At July 31, 2008, personal deposits
accounted for 82% of total deposits of $15.2 billion. These deposits
constitute the preferred funding source of the Bank because of their relative
stability, as well as their lower marginal cost compared to wholesale
deposits, despite the strong market rate competition. Business and other
deposits increased by $374 million during the nine-month period ended July 31,
2008.
    Shareholders' equity stood at $1,060.8 million as at July 31, 2008,
compared to $1,004.7 million at October 31, 2007. The increase in
shareholders' equity results mainly from net income accumulated over the last
nine months, net of dividends paid, and from the increase in the value of
derivatives designated as cash flow hedges recorded in other comprehensive
income. The Bank's book value per common share, excluding accumulated other
comprehensive income, was $35.15 as at July 31, 2008, compared to $33.34 as at
October 31, 2007. There were 23,844,050 common shares and 130,990 share
purchase options outstanding as at July 31, 2008 and August 26, 2008.
    The regulatory Tier I capital of the Bank, as detailed in Note 5 to the
unaudited interim consolidated financial statements, reached $956.7 million at
July 31, 2008 (based on the Basel II framework) compared to $950.0 million at
October 31, 2007 (based on the Basel I framework). The BIS Tier 1 and Total
capital ratios stood at 10.1% and 12.1%, respectively, at July 31, 2008 (based
on the Basel II framework), compared to 9.8% and 11.6% at October 31, 2007
(based on the Basel I framework). As of November 1, 2007, the Bank adopted the
new Basel II regulatory framework. In this regard, the Bank has decided to use
the Standard Approach for credit risk and the Basic Indicator Approach for
operational risk.
    At its meeting on September 5, 2008, the Board of Directors approved a
$0.02, or 6%, increase in the quarterly dividend to $0.34 per common share.
This increase reflects the continued improvement in earnings as well as
Management and Board confidence in the Bank's future performance. The dividend
will be payable on November 1, 2008, to shareholders of record on October 1,
2008. As well, at its meeting on August 27, 2008, the Board of Directors
declared regular dividends on the various series of preferred shares to
shareholders of record on September 9, 2008.
    Assets under administration stood at $15.5 billion at July 31, 2008,
compared to $15.6 billion at October 31, 2007, and $15.3 billion at July 31,
2007. Over the last twelve months, decreases in assets under administration,
mainly attributable to market revaluation, were offset by the higher level of
mortgage loans under management resulting from securitization activities.

    SEGMENTED INFORMATION

    Since November 1, 2007, activities related to commercial lending to small
and medium enterprises in Quebec have been grouped with retail financial
services activities in the new Retail & SME Quebec segment. These commercial
loan activities were previously included in the Commercial Financial Services
segment. This segment, now known as Real Estate & Commercial, includes real
estate financing throughout Canada, commercial financing in Ontario and
national accounts.
    Compared to the third quarter of 2007, all business segments improved
their contribution to net income, benefiting mainly from increases in total
revenue. Results for the Other segment include gains from securitization, a
net gain on the sale of securities, and the effect of additional general
provision for loan losses as discussed above.
    Compared to the second quarter of 2008, the contribution of the business
segments also improved, mainly due to higher loan and deposit volumes and to
the two additional days in the third quarter.

    
    Net income contributions
    -------------------------------------------------------------------------
                                                   Lauren-
                                    Real              tian
                       Retail &   Estate              Bank
    (in millions           SME   & Comm-      B2B    Secu-
     of $)               Quebec   ercial    Trust   rities    Other    Total
    -------------------------------------------------------------------------
                                                                     (note 1)

    Q3-2008 Net income     11.6      7.7      9.2      1.1      1.3     30.9
                             39%      26%      31%       4%     n/a      100%

    Q2-2008 Net income      8.6      7.4      9.2      0.4     (0.4)    25.1
                             34%      29%      36%       2%     n/a      100%

    Q3-2007 Net income     10.4      5.4      8.1      0.6     (1.4)    23.2
                             42%      22%      33%       3%     n/a      100%
    -------------------------------------------------------------------------
    Note 1: Percentage of net income contribution from the four business
            segments, excluding the Other segment.
    

    Retail & SME Quebec

    The Retail & SME Quebec business segment's contribution to net income
improved by 11%, reaching $11.6 million for the third quarter of 2008,
compared to $10.4 million for the third quarter of 2007.
    Revenues increased by $6.9 million, from $100.6 million for the third
quarter of 2007 to $107.5 million for the third quarter of 2008, mainly as a
result of higher revenues stemming from the growth in loans and deposits.
Credit insurance revenues also increased by $1.5 million, from the combined
result of higher business volumes and fewer claims. Loan losses were
$9.3 million, up $2.2 million compared to the third quarter of 2007,
reflecting slight deteriorations in point-of-sale financing, as well as
overall increases in portfolios. Non-interest expenses increased by
$3.8 million, from $78.9 million for the third quarter of 2007 to
$82.8 million for the third quarter of 2008. The increase is due mainly to
higher salary charges resulting from the expansion in retail banking
operations combined with regular salary increases and higher technology costs.

    Real Estate & Commercial

    The Real Estate & Commercial business segment's contribution to net
income improved 42% to reach $7.7 million for the third quarter of 2008,
compared to $5.4 million for the third quarter of 2007.
    Revenues increased by $2.9 million, from $15.4 million for the third
quarter of 2007 to $18.3 million for the third quarter of 2008, mainly as a
result of higher net interest income, due to higher loan volumes. Loan losses
improved to $1.0 million for the third quarter of 2008, compared with
$1.7 million for the third quarter of 2007. Non-interest expenses increased
slightly by $0.3 million to $5.8 million for the third quarter of 2008, from
$5.5 million for the third quarter of 2007.

    B2B Trust

    The B2B Trust business segment's contribution to net income improved 14%,
reaching $9.2 million for the third quarter of 2008, compared with
$8.1 million for the third quarter of 2007.
    Revenues increased by $0.9 million, from $23.9 million for the third
quarter of 2007 to $24.7 million for the third quarter of 2008. Higher net
interest income continued to be the key driver during the quarter, influenced
positively by volume growth and dampened by margin reductions. On this note,
B2B Trust was particularly hit by the higher funding costs of personal term
deposits. Loan losses were lower, at $0.2 million for the third quarter of
2008, compared with $1.2 million for the third quarter of 2007, mainly as a
result of the sale of a line-of-credit portfolio during the first quarter of
2008. Non-interest expenses remained relatively unchanged at $10.6 million for
the third quarter of 2008, compared with $10.5 million for the third quarter
of 2007.

    Laurentian Bank Securities

    The Laurentian Bank Securities (LBS) business segment's contribution to
net income improved 91%, reaching $1.1 million for the third quarter of 2008,
compared with $0.6 million for the third quarter of 2007. Results for the
third quarter of 2008 were significantly better as a result of a very strong
performance of the institutional fixed income division. Results for the third
quarter include a further $1.5 million reduction in value of securities issued
by conduits covered by the Montréal Accord, reflecting concerns regarding the
time required to implement the Accord and the deterioration in market
conditions of certain underlying assets.
    Non-interest expenses increased to $8.3 million for the third quarter of
2008, from $7.8 million for the corresponding quarter of 2007, mainly as a
result of higher variable compensation costs.

    Other sector

    The Other sector contribution to net income was $1.3 million for the
third quarter of 2008, compared with a negative contribution of $1.4 million
for the third quarter of 2007.
    The increase in earnings for the third quarter of 2008 is partly
attributable to higher overall securitization revenues which stood at
$5.6 million, compared to -$0.5 million for the third quarter of 2007. For the
third quarter of 2008, the Other segment's results include gain on sales of
$8.2 million and other revenues related to the securitization operations of
$2.6 million, including servicing revenues, as well as net offsetting entries
to net interest income of -$5.2 million related to the securitized mortgage
loan portfolio. Results for the third quarter of 2007 included other revenues
related to the securitization operations of $1.2 million and net offsetting
entries to net interest income of -$1.7 million. Based on the Bank's
management reporting framework, securitized residential mortgages normally
remain assets of the business segment that initially originated the loans
(Retail & SME Quebec or B2B Trust segments) as if they had never been
securitized. Consequently, offsetting adjustments are recorded in the Other
segment to derecognize the mortgage loans, to recognize assets received and
liabilities assumed at the time of sale, and to adjust net interest income and
other income accounts.
    The decrease in net interest income in the third quarter of 2008,
compared with the third quarter of 2007, is due to the higher level of
securitized loans, as noted above, as well as to higher funding costs
associated with asset-liability management.
    Other income also improved as a result of a strong performance by the
Treasury and Financial Market group, including a net gain on sale of
securities of $7.6 million ($7.4 million net of income taxes) resulting from
the $12.9 million gain on the sale of Montreal Exchange shares, partially
offset by losses of $5.3 million on the sale of other securities.
    The additional general provision for loan losses of $8.0 million was also
recorded in the Other segment as this corresponds to internal management
reporting.

    ADDITIONAL DISCLOSURE - FINANCIAL STABILITY FORUM

    In April 2008, the Financial Stability Forum (FSF), comprised of senior
representatives of international financial authorities, including central
banks and supervisory authorities and international financial institutions,
issued recommendations to enhance transparency regarding certain exposures in
the wake of recent events affecting global markets. This section provides
information for the Bank, as applicable.

    Special purpose entities

    The Bank uses multi-seller conduits, which are special purpose entities,
to securitize mortgage loans. The Bank's involvement with such entities is
detailed on pages 41 and 76 of the Bank's 2007 Annual Report, as well as in
Note 4 to the unaudited Interim Consolidated Financial Statements. The Bank
does not act as an agent for clients in this type of activity and has no
significant involvement, such as liquidity and credit enhancement facilities,
with any securitization conduit.

    Investments in asset-backed securities

    The Bank holds investments in asset-backed securities in its investment
and trading portfolios, as detailed below.

    
    As at July 31, 2008                          Term notes
    (at market value,                     ------------------------
     in thousands
     of dollars)              ABCP          CMBS     Other ABS(1)      Total
    -------------------------------------------------------------------------
    Securities issued by
     conduits covered by
     the Montreal Accord     6,987             0         7,946        14,933
    Other securities            91         2,245        25,776        28,112
    -------------------------------------------------------------------------
    Total - Asset-backed
     securities              7,078         2,245        33,722        43,045
    -------------------------------------------------------------------------
    (1) Excluding mortgage-backed securities, which are fully guaranteed by
        the Canada Mortgage and Housing Corporation under the National
        Housing Act (NHA).

    ABCP - Asset-backed commercial paper
    CMBS - Commercial mortgage-backed securities
    ABS - Asset-backed securities
    

    Cumulatively, reductions in values of securities issued by conduits
covered by the Montreal Accord amount to $4.3 million, or 22%.

    Subprime and Alt-A exposure

    The Bank does not market any specific financing products to subprime
clients. Subprime loans are generally defined as loans granted to borrowers
with a higher credit risk profile than prime borrowers, and the Bank does not
grant this type of loan. The Bank occasionally markets Alt-A loans, which are
generally defined as loans granted to borrowers who provide limited or no
income information. The Bank's Alt-A loan volume was $109 million as at
July 31, 2008. Approximately $60 million of these loans are insured by the
Canada Mortgage and Housing Corporation.

    Other

    As at July 31, 2008, the Bank's exposure to highly leveraged loans, to
collateralized debt obligations (CDO) or to monoline insurers was nominal.

    
    ADDITIONAL FINANCIAL INFORMATION - QUARTERLY RESULTS

    in
     millions
     of dollars,
     except
     per share
     amounts     2008                    2007                           2006
     (unaudited)  Q3      Q2      Q1      Q4      Q3      Q2      Q1      Q4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
     revenue  $171.1  $155.5  $151.1  $145.6  $151.0  $145.7  $141.6  $137.1
    Income
     from
     conti-
     nuing
     opera-
     tions      30.9    25.1    19.1    25.7    23.2    20.7    20.6    18.1
    Net
     income     30.9    25.1    19.1    30.2    23.2    20.7    20.6    22.6
    Income
     per
     common
     share
     from
     conti-
     nuing
     opera-
     tions
      Basic     1.17    0.93    0.68    0.96    0.85    0.75    0.74    0.65
      Diluted   1.17    0.93    0.68    0.95    0.85    0.75    0.74    0.65
    Net income
     per common
     share
      Basic     1.17    0.93    0.68    1.14    0.85    0.75    0.74    0.84
      Diluted   1.17    0.93    0.68    1.14    0.85    0.75    0.74    0.84
    Return on
     common
     share-
     holders'
     equity     13.4%   11.2%    8.1%   13.8%   10.5%    9.7%    9.4%   10.8%
    Balance
     sheet
     assets   19,301  18,383  18,270  17,787  18,011  17,809  17,177  17,296
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    NEW ACCOUNTING STANDARDS

    On December 1, 2006, the Canadian Institute of Chartered Accountants
(CICA) issued three new accounting standards: Section 1535, Capital
Disclosures, Section 3862, Financial Instruments - Disclosures, and Section
3863, Financial Instruments - Presentation. The Bank adopted these reporting
standards on November 1, 2007. These new accounting standards had no impact on
accounting or measurement of financial instruments or capital. The new
disclosure requirements were initially included in the Bank's unaudited
interim consolidated financial statements for the first quarter of 2008.
Certain relevant items of information related to these new requirements are
also included in the annual consolidated financial statements as at
October 31, 2007, which are available on the Bank's website, at
www.laurentianbank.ca or on SEDAR, at www.sedar.com.

    CORPORATE GOVERNANCE AND CHANGES IN INTERNAL CONTROL OVER
    FINANCIAL REPORTING

    The Board of Directors and the Audit Committee of Laurentian Bank
reviewed this press release prior to its release today. The disclosure
controls and procedures support the ability of the President and Chief
Executive Officer and the Senior Executive Vice-President and Chief Financial
Officer in ensuring that Laurentian Bank's unaudited interim consolidated
financial statements are fairly presented.
    During the last quarter ended July 31, 2008, there were no changes in the
Bank's policies or procedures and other processes that comprise its internal
control over financial reporting, which have materially affected, or are
reasonably likely to materially affect, the Bank's internal control over
financial reporting.

    NON-GAAP FINANCIAL MEASURES

    The Bank uses both generally accepted accounting principles ("GAAP") and
certain non-GAAP measures to assess performance, such as return on common
shareholders' equity, net interest margin and efficiency ratios. In addition,
net income excluding significant items has been presented at certain points in
the document. Non-GAAP measures do not have any standardized meaning
prescribed by GAAP and are unlikely to be comparable to any similar measures
presented by other companies. The Bank believes that these non-GAAP financial
measures provide investors and analysts with useful information so that they
can better understand financial results and analyze the Bank's growth and
profitability potential more effectively.

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS

    In this document and in other documents filed with Canadian regulatory
authorities or in other communications, Laurentian Bank of Canada may from
time to time make written or oral forward-looking statements within the
meaning of applicable securities legislation, including statements regarding
the Bank's business plan and financial objectives. These statements typically
use the conditional, as well as words such as prospects, believe, estimate,
forecast, project, expect, anticipate, plan, may, should, could and would, or
the negative of these terms, variations thereof or similar terminology.
    By their very nature, forward-looking statements are based on assumptions
and involve inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the forecasts, projections and other
forward-looking statements will not be achieved or will prove inaccurate.
Although the Bank believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance that these
expectations will prove to have been correct.
    The Bank cautions readers against placing undue reliance on
forward-looking statements when making decisions, as the actual results could
differ considerably from the opinions, plans, objectives, expectations,
forecasts, estimates and intentions expressed in such forward-looking
statements due to various material factors. Among other things, these factors
include capital market activity, changes in government monetary, fiscal and
economic policies, changes in interest rates, inflation levels and general
economic conditions, legislative and regulatory developments, competition,
credit ratings, scarcity of human resources and technological environment. The
Bank cautions that the foregoing list of factors is not exhaustive. For more
information on the risks, uncertainties and assumptions that would cause the
Bank's actual results to differ from current expectations, please also refer
to the Bank's public filings available at www.sedar.com.
    The Bank does not undertake to update any forward-looking statements,
whether oral or written, made by itself or on its behalf, except to the extent
required by securities regulations.

    ABOUT LAURENTIAN BANK

    Laurentian Bank of Canada is a banking institution operating across
Canada and offering its clients diversified financial services. Distinguishing
itself through excellence in service, as well as through its accessibility,
the Bank serves individual consumers and small and medium-sized businesses.
The Bank also offers its products to a wide network of independent financial
intermediaries through B2B Trust and provides full-service brokerage solutions
through Laurentian Bank Securities.
    Laurentian Bank is well established in the Province of Quebec, operating
the third-largest retail branch network there. Elsewhere in Canada, it
operates in specific market segments, where it holds an enviable position.
Laurentian Bank of Canada has more than $19 billion in balance sheet assets
and more than $15 billion in assets under administration. Founded in 1846, the
Bank employs nearly 3,400 people.

    CONFERENCE CALL

    Laurentian Bank invites media representatives and the public to listen to
the financial analysts' conference call to be held Friday, September 5, 2008,
at 2 p.m. eastern daylight-saving time. The live, listen-only, toll-free
call-in number is 1-866-225-0198.
    You may listen to a playback of the call at any time from 6:00 p.m.,
Friday, September 5, 2008, to midnight, Friday, September 26, 2008, by
dialling the following number: 1-800-408-3053 Code 3247668#.
    The conference call can also be heard through the Investor Relations
section of the Laurentian Bank website at www.laurentianbank.ca. The website
also offers additional financial information.

    
    FINANCIAL HIGHLIGHTS

    IN MILLIONS
     OF DOLLARS,                                FOR THE NINE-MONTH
     UNLESS                                        PERIODS ENDED
     OTHERWISE                                ---------------------
     INDICATED                       VARIA-    JULY 31     JULY 31   VARIA-
    (UNAUDITED)     Q3-08     Q3-07   TION        2008        2007    TION
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings
    Net income     $ 30.9    $ 23.2     33 %  $   75.2    $   64.4      17  %
    Net income
     available
     to common
     share-
     holders       $ 28.0    $ 20.2     39 %  $   66.3    $   55.4      20  %
    Return on
     common
     share-
     holders'
     equity          13.4 %    10.5 %             10.9 %      9.9  %
    Per common
     share
    Diluted
     net income    $ 1.17    $ 0.85     38 %  $   2.78    $   2.34      19  %
    Dividends
     declared      $ 0.32    $ 0.29     10 %  $   0.96    $   0.87      10  %
    Book value                                $  35.15    $  32.50       8  %
    Share price -
     close                                    $  42.00    $  38.00      11  %
    Financial
     position
    Balance sheet
     assets                                   $ 19,301    $ 18,011       7  %
    Assets under
     administration                           $ 15,490    $ 15,339       1  %
    Loans, bankers'
     acceptances
     and assets
     purchased
     under reverse
     repurchase
     agreements,
     net                                      $ 14,825    $ 14,111       5  %
    Personal
     deposits                                 $ 12,466    $ 11,480       9  %
    Shareholders'
     equity and
     debentures                               $  1,211    $  1,120       8  %
    Number of
     common shares
     (in thousands)                             23,844      23,700       1  %
    Net impaired
     loans as a %
     of loans,
     bankers'
     acceptances
     and assets
     purchased
     under reverse
     repurchase
     agreements                                   (0.1) %     (0.1) %
    Risk-weighted
     assets                                   $  9,505     $ 9,575      (1) %
    Capital ratios
    Tier I BIS
     capital ratio                                10.1  %      9.7  %
    Total BIS
     capital ratio                                12.1  %     11.6  %
    Assets to
     capital
     multiple                                     16.9  x     16.3  x
    Tangible common
     equity as a
     percentage of
     risk-weighted
     assets                                        8.1  %      7.3  %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    FINANCIAL RATIOS
    Per common share
    Price /
     earnings
     ratio
     (trailing
     four
     quarters)                                    10.7  x     11.9  x
    Market to
     book value                                    119  %      117  %
    Dividend yield   3.05 %    3.05 %             3.05  %     3.05  %
    Dividend payout
     ratio           27.3 %    34.0 %             34.5  %     37.1  %
    As a percentage
     of average
     assets
    Net interest
     income          2.20 %    2.39 %             2.23  %     2.33  %
    Provision for
     credit losses   0.39 %    0.23 %             0.28  %     0.24  %
    Net income       0.66 %    0.54 %             0.56  %     0.51  %
    Net income
     available to
     common
     shareholders    0.59 %    0.47 %             0.49  %     0.44  %
    Profitability
    Other income
     (as a % of
     total revenue)  39.6 %    32.6 %             36.8  %     33.3  %
    Efficiency
     ratio (non-
     interest
     expenses as a
     % of total
     revenue)        66.4 %    71.8 %             69.7  %     73.4  %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    OTHER
     INFORMATION
    Number of
     full-time
     equivalent
     employees                                   3,521       3,400
    Number of
     branches                                      156         158
    Number of
     automated
     banking
     machines                                      340         340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED
    BALANCE SHEET

    IN THOUSANDS
     OF DOLLARS                          JULY 31    OCTOBER 31       JULY 31
     (UNAUDITED)             NOTES          2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ASSETS
    Cash and non-
     interest-bearing
     deposits with
     other banks                    $     63,756  $     65,245  $     69,394
                                    -----------------------------------------
    Interest-bearing
     deposits with
     other banks                         292,085       283,255       231,781
                                    -----------------------------------------
    Securities accounts
      Available-for-sale               1,111,747       917,676     1,067,569
      Held-for-trading                 1,129,552     1,086,958     1,225,572
      Designated as
       held-for-trading                1,018,698       669,745       504,402
                                    -----------------------------------------
                                       3,259,997     2,674,379     2,797,543
                                    -----------------------------------------
    Assets purchased under
     reverse repurchase
     agreements                          843,068       540,304       755,846
                                    -----------------------------------------
    Loans                  3 and 4
      Personal                         5,265,562     4,958,176     4,789,477
      Residential
       mortgage                        6,109,648     6,232,778     6,349,418
      Commercial
       mortgage                          883,401       684,625       670,918
      Commercial
       and other                       1,727,105     1,556,831     1,533,864
                                    -----------------------------------------
                                      13,985,716    13,432,410    13,343,677
    Allowance for
     loan losses                        (115,504)     (115,322)     (116,915)
                                    -----------------------------------------
                                      13,870,212    13,317,088    13,226,762
                                    -----------------------------------------
    Other
      Customers'
       liabilities
       under acceptances                 111,966       111,891       128,234
      Property, plant
       and equipment                     138,000       137,691       126,556
      Derivative financial
       instruments                       110,370        62,745        72,705
      Future tax assets          8        50,045        86,534        96,258
      Goodwill                            53,790        53,790        53,790
      Other intangible
       assets                             13,201        14,114        14,419
      Other assets                       494,494       439,810       437,895
                                    -----------------------------------------
                                         971,866       906,575       929,857
                                    -----------------------------------------
                                    $ 19,300,984  $ 17,786,846  $ 18,011,183
                                    -----------------------------------------
                                    -----------------------------------------

    LIABILITIES AND
     SHAREHOLDERS' EQUITY
    Deposits
      Personal                      $ 12,465,740  $ 11,564,530  $ 11,480,114
      Business,
       banks and other                 2,688,225     2,314,178     2,387,252
                                    -----------------------------------------
                                      15,153,965    13,878,708    13,867,366
                                    -----------------------------------------
    Other
      Obligations related
       to assets sold short              933,839       868,675       934,089
      Obligations related
       to assets sold under
       repurchase agreements           1,013,995       928,987     1,141,420
      Acceptances                        111,966       111,891       128,234
      Derivative financial
       instruments                        70,981        70,851       106,730
      Other liabilities                  805,422       773,053       712,982
                                    -----------------------------------------
                                       2,936,203     2,753,457     3,023,455
                                    -----------------------------------------
    Subordinated debentures              150,000       150,000       150,000
                                    -----------------------------------------

    Shareholders' equity
      Preferred shares           5       210,000       210,000       210,000
      Common shares              5       257,360       256,445       253,240
      Contributed surplus                    158           105            75
      Retained earnings                  580,703       537,254       516,996
      Accumulated other
       comprehensive
       income (loss)            10        12,595           877        (9,949)
                                    -----------------------------------------
                                       1,060,816     1,004,681       970,362
                                    -----------------------------------------
                                    $ 19,300,984  $ 17,786,846  $ 18,011,183
                                    -----------------------------------------
                                    -----------------------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.



    CONSOLIDATED STATEMENT
     OF INCOME
                                                FOR THE THREE-MONTH
                                                   PERIODS ENDED
                                     ----------------------------------------
    IN THOUSANDS OF
     DOLLARS, EXCEPT PER
     SHARE AMOUNTS                       JULY 31      APRIL 30       JULY 31
     (UNAUDITED)             NOTES          2008          2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Interest income
      Loans                            $ 204,237     $ 206,420     $ 214,778
      Securities                          16,161        14,831        13,386
      Deposits with other
       banks                               6,815         6,952         3,453
      Other                               13,148         4,391             -
                                     ----------------------------------------
                                         240,361       232,594       231,617
                                     ----------------------------------------
    Interest expense
      Deposits                           128,264       125,249       118,675
      Other liabilities                    6,739         6,421         9,225
      Subordinated
       debentures                          1,945         1,903         1,950
                                     ----------------------------------------
                                         136,948       133,573       129,850
                                     ----------------------------------------
    Net interest income                  103,413        99,021       101,767
                                     ----------------------------------------
    Other income
      Fees and commissions
       on loans and deposits              23,660        22,535        23,206
      Income from brokerage
       operations                          8,973         6,965         7,664
      Income from treasury and
       financial market
       operations                         13,159         6,482         6,516
      Income from sales of
       mutual funds                        3,943         3,456         3,521
      Credit insurance income              3,957         3,217         2,453
      Income from registered
       self-directed plans                 2,249         2,368         2,490
      Securitization income      4         9,933         9,304         1,236
      Other                                1,808         2,157         2,189
                                     ----------------------------------------
                                          67,682        56,484        49,275
                                     ----------------------------------------
    Total revenue                        171,095       155,505       151,042
                                     ----------------------------------------
    Provision for credit losses  3        18,500        10,000        10,000
                                     ----------------------------------------
    Non-interest expenses
      Salaries and employee
       benefits                           60,668        58,798        58,602
      Premises and technology             29,937        29,154        27,758
      Other                               22,942        22,898        22,013
                                     ----------------------------------------
                                         113,547       110,850       108,373
                                     ----------------------------------------
    Income before income taxes            39,048        34,655        32,669
    Income taxes                 8         8,111         9,506         9,491
                                     ----------------------------------------
    Net income                         $  30,937     $  25,149     $  23,178
                                     ----------------------------------------
                                     ----------------------------------------
    Preferred share dividends,
     including applicable taxes            2,967         2,967         2,990
                                     ----------------------------------------
    Net income available to
     common shareholders               $  27,970     $  22,182     $  20,188
                                     ----------------------------------------
                                     ----------------------------------------
    Average number of common
     shares outstanding
     (in thousands)
      Basic                               23,842        23,837        23,662
      Diluted                             23,888        23,882        23,728
                                     ----------------------------------------
    Net income per common
     share
      Basic                            $    1.17     $    0.93     $    0.85
      Diluted                          $    1.17     $    0.93     $    0.85
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.

                                                         FOR THE NINE-MONTH
                                                            PERIODS ENDED
                                                   --------------------------
    IN THOUSANDS OF
     DOLLARS, EXCEPT PER
     SHARE AMOUNTS                                     JULY 31       JULY 31
     (UNAUDITED)             NOTES                        2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Interest income
      Loans                                          $ 631,375     $ 615,050
      Securities                                        44,398        44,996
      Deposits with other
       banks                                            21,187         8,685
      Other                                             17,539             -
                                                   --------------------------
                                                       714,499       668,731
                                                   --------------------------
    Interest expense
      Deposits                                         380,233       341,570
      Other liabilities                                 26,500        28,903
      Subordinated
       debentures                                        5,796         5,788
                                                   --------------------------
                                                       412,529       376,261
                                                   --------------------------
    Net interest income                                301,970       292,470
                                                   --------------------------
    Other income
      Fees and commissions
       on loans and deposits                            67,775        66,383
      Income from brokerage
       operations                                       23,330        25,905
      Income from treasury and
       financial market
       operations                                       26,294        15,374
      Income from sales of
       mutual funds                                     10,841         9,913
      Credit insurance income                           10,230         9,065
      Income from registered
       self-directed plans                               6,797         7,421
      Securitization income      4                      25,078         5,011
      Other                                              5,355         6,762
                                                   --------------------------
                                                       175,700       145,834
                                                   --------------------------
    Total revenue                                      477,670       438,304
                                                   --------------------------
    Provision for credit losses  3                      38,000        30,000
                                                   --------------------------
    Non-interest expenses
      Salaries and employee
       benefits                                        177,733       172,988
      Premises and technology                           88,321        83,082
      Other                                             66,897        65,583
                                                   --------------------------
                                                       332,951       321,653
                                                   --------------------------
    Income before income taxes                         106,719        86,651
    Income taxes                 8                      31,521        22,264
                                                   --------------------------
    Net income                                       $  75,198     $  64,387
                                                   --------------------------
                                                   --------------------------
    Preferred share dividends,
     including applicable taxes                          8,864         8,970
                                                   --------------------------
    Net income available to
     common shareholders                             $  66,334     $  55,417
                                                   --------------------------
                                                   --------------------------
    Average number of common
     shares outstanding
     (in thousands)
      Basic                                             23,834        23,642
      Diluted                                           23,877        23,690
                                                   --------------------------
    Net income per common
     share
      Basic                                            $  2.78       $  2.34
      Diluted                                          $  2.78       $  2.34
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.



    CONSOLIDATED STATEMENT
    OF COMPREHENSIVE INCOME

                                 FOR THE THREE-MONTH     FOR THE NINE-MONTH
                                    PERIODS ENDED           PERIODS ENDED
    IN THOUSANDS             ----------------------- ------------------------
     OF DOLLARS                  JULY 31     JULY 31     JULY 31     JULY 31
     (UNAUDITED)       NOTES        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net income                 $  30,937   $  23,178   $  75,198   $  64,387
                             ------------------------------------------------
    Other compre-
     hensive
     income, net
     of income
     taxes                10
    Net change in
     unrealized
     gains (losses)
     on available-
     for-sale
     securities                   (2,851)     (2,816)     (5,583)     16,476
    Reclassifi-
     cation of
     realized
     (gains) and
     losses on
     available-
     for-sale
     securities
     to net
     income                       (7,938)       (336)    (10,068)     (1,790)
    Net change in
     gains (losses)
     on derivative
     instruments
     designated
     as cashflow
     hedges                         (641)     (4,686)     27,369      (6,083)
                             ------------------------------------------------
                                 (11,430)     (7,838)     11,718       8,603
                             ------------------------------------------------
    Comprehensive
     income                    $  19,507   $  15,340   $  86,916   $  72,990
                             ------------------------------------------------
                             ------------------------------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.



    CONSOLIDATED STATEMENT OF CHANGES
    IN SHAREHOLDERS' EQUITY
                                                        FOR THE NINE-MONTH
                                                           PERIODS ENDED
    IN THOUSANDS                                   --------------------------
     OF DOLLARS                                        JULY 31       JULY 31
     (UNAUDITED)                           NOTES          2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Preferred shares
      Balance at beginning and
       end of period                               $   210,000   $   210,000
                                                   --------------------------
    Common shares                              5
      Balance at beginning of period                   256,445       251,158
      Issued during the period under
       the stock option purchase plan          6           915         2,082
                                                   --------------------------
      Balance at end of period                         257,360       253,240
                                                   --------------------------
    Contributed surplus
      Balance at beginning of period                       105           518
      Shares awarded under the
       performance-based share plan            6             -          (590)
      Stock-based compensation                 6            53           147
                                                   --------------------------
      Balance at end of period                             158            75
                                                   --------------------------
    Retained earnings
      Balance at beginning of period                   537,254       482,149
      Net income                                        75,198        64,387
      Dividends
        Preferred shares, including
         applicable taxes                               (8,864)       (8,970)
        Common shares                                  (22,885)      (20,570)
                                                   --------------------------
      Balance at end of period                         580,703       516,996
                                                   --------------------------
    Treasury shares
      Balance at beginning of period                         -          (590)
      Shares granted                           6             -           590
                                                   --------------------------
      Balance at end of period                               -             -
                                                   --------------------------
    Accumulated other comprehensive income    10
      Balance at beginning of period                       877             -
      Effect of adopting the new accounting
       policy on financial instruments,
       net of income taxes                                   -       (18,552)
      Other comprehensive income, net of
       income taxes                                     11,718         8,603
                                                   --------------------------
      Balance at end of period                          12,595        (9,949)
                                                   --------------------------
    Shareholders' equity                           $ 1,060,816   $   970,362
                                                   --------------------------
                                                   --------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.



    CONSOLIDATED STATEMENT
    OF CASH FLOWS

                                                  FOR THE THREE-MONTH
                                                     PERIODS ENDED
    IN THOUSANDS OF                  ----------------------------------------
     DOLLARS                             JULY 31      APRIL 30       JULY 31
     (UNAUDITED)             NOTES          2008          2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash flows relating
     to operating
     activities
    Net income                         $  30,937     $  25,149     $  23,178
    Adjustments to
     determine net
     cash flows relating
     to operating
     activities:
      Provision for
       credit losses                      18,500        10,000        10,000
      Gains on
       securitization
       operations                4        (8,208)       (9,163)       (1,055)
      Net loss (gain)
       on disposal of
       non-trading
       securities                        (11,637)       (1,016)         (711)
      Future income taxes                  6,505         8,169         8,943
      Depreciation and
       amortization                        7,708         7,667         7,187
      Net change in
       held-for-trading
       securities                          1,597       155,250      (100,836)
      Change in accrued
       interest receivable                 8,592        (9,093)       11,914
      Change in assets
       relating to
       derivative
       financial
       instruments                        14,987       (28,916)      (18,981)
      Change in accrued
       interest payable                   (8,783)       (6,886)      (21,213)
      Change in liabilities
       relating to derivative
       financial instruments             (10,886)       14,372        39,159
      Other, net                           5,574        35,415        40,750
                                     ----------------------------------------
                                          54,886       200,948        (1,665)
                                     ----------------------------------------
    Cash flows relating to
     financing activities
      Net change in deposits             712,043       236,682       371,471
      Change in obligations
       related to assets
       sold short                        (11,916)     (300,933)       26,091
      Change in obligations
       related to assets
       sold under repurchase
       agreements                        126,272       178,956      (165,752)
      Issuance of common shares               82           312         1,573
      Dividends, including
       applicable taxes                  (10,599)      (10,595)       (9,856)
                                     ----------------------------------------
                                         815,882       104,422       223,527
                           	      ----------------------------------------
    Cash flows relating to
     investing activities
      Change in securities
       available-for-sale
       and designated as
       held-for-trading
        Acquisitions                  (1,113,345)     (424,575)   (2,015,904)
        Proceeds on sale and
         at maturity                   1,058,878       173,038     2,221,718
      Change in loans                   (722,644)     (509,506)     (963,207)
      Change in assets
       purchased under
       reverse repurchase
       agreements                       (363,748)      (36,942)      255,362
      Proceeds from mortgage
       loan securitizations              262,707       405,200       310,904
      Additions to property,
       plant and equipment                (8,725)       (7,586)      (14,257)
      Proceeds from disposal
       of property, plant
       and equipment                           -            19             1
      Net change in
       interest-bearing
       deposits with other
       banks                              14,567       100,919       (13,596)
      Net cash flows from
       the sale of a loan
       portfolio                  2            -             -             -
                                     ----------------------------------------
                                        (872,310)     (299,433)     (218,979)
                           	      ----------------------------------------
    Net change in cash and
     non-interest-bearing
     deposits with other
     banks during the period              (1,542)        5,937         2,883
    Cash and non-interest-
     bearing deposits with
     other banks at
     beginning of period                  65,298        59,361        66,511
                           	      ----------------------------------------
    Cash and non-interest-
     bearing deposits with
     other banks at end of
     period                            $  63,756     $  65,298     $  69,394
                                     ----------------------------------------
                                     ----------------------------------------
    Supplemental disclosure
     relating to cash flows:
      Interest paid during
       the period                      $ 140,480     $ 141,444     $ 150,074
      Income taxes paid
       (recovered) during
       the period                      $  (4,568)    $   5,089     $   5,895
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.

                                                       FOR THE NINE-MONTH
                                                         PERIODS ENDED
    IN THOUSANDS OF                       	    --------------------------
     DOLLARS                                           JULY 31       JULY 31
     (UNAUDITED)             NOTES                        2008          2007
    -------------------------------------------------------------------------
    Cash flows relating
     to operating
     activities
    Net income                                       $  75,198     $  64,387
    Adjustments to
     determine net
     cash flows relating
     to operating
     activities:
      Provision for
       credit losses                                     38,000       30,000
      Gains on
       securitization
       operations                4                      (23,393)      (3,680)
      Net loss (gain)
       on disposal of
       non-trading
       securities                                       (15,340)       2,371
      Future income taxes                                26,655       18,983
      Depreciation and
       amortization                                      23,048       21,180
      Net change in
       held-for-trading
       securities                                       (42,594)      99,599
      Change in accrued
       interest receivable                                1,830       15,132
      Change in assets
       relating to
       derivative
       financial
       instruments                                      (47,625)      24,275
      Change in accrued
       interest payable                                 (14,289)     (26,171)
      Change in liabilities
       relating to derivative
       financial instruments                                130       24,923
      Other, net                                         45,035      (36,714)
                                                   --------------------------
                                                         66,655      234,285
                                                   --------------------------
    Cash flows relating to
     financing activities
      Net change in deposits                          1,275,257      772,865
      Change in obligations
       related to assets
       sold short                                        65,164     (142,920)
      Change in obligations
       related to assets
       sold under repurchase
       agreements                                        85,008       41,035
      Issuance of common shares                             915        2,082
      Dividends, including
       applicable taxes                                 (31,750)     (29,540)
                                                   --------------------------
                                                      1,394,594      643,522
                                                   --------------------------
    Cash flows relating to
     investing activities
      Change in securities
       available-for-sale
       and designated as
       held-for-trading
        Acquisitions                                (2,326,740)   (6,454,221)
        Proceeds on sale and
         at maturity                                 1,789,738     6,798,377
      Change in loans                               (1,690,453)   (1,590,911)
      Change in assets
       purchased under
       reverse repurchase
       agreements                                     (302,764)       46,700
      Proceeds from mortgage
       loan securitizations                          1,068,956       488,761
      Additions to property,
       plant and equipment                             (22,380)      (36,192)
      Proceeds from disposal
       of property, plant
       and equipment                                       103         1,225
      Net change in
       interest-bearing
       deposits with other
       banks                                            (8,830)     (133,059)
      Net cash flows from
       the sale of a loan
       portfolio                 2                      29,632             -
                                                   --------------------------
                                                    (1,462,738)     (879,320)
                                                   --------------------------
    Net change in cash and
     non-interest-bearing
     deposits with other
     banks during the period                            (1,489)       (1,513)
    Cash and non-interest-
     bearing deposits with
     other banks at
     beginning of period                                65,245        70,907
                                                   --------------------------
    Cash and non-interest-
     bearing deposits with
     other banks at end of
     period                                          $  63,756     $  69,394
                                                   --------------------------
                                                   --------------------------
    Supplemental disclosure
     relating to cash flows:
      Interest paid during
       the period                                    $ 428,133     $ 409,387
      Income taxes paid
       (recovered) during
       the period                                    $  (3,470)    $  15,085
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.



    NOTES TO CONSOLIDATED
    FINANCIAL STATEMENTS
    (UNAUDITED)

    1. ACCOUNTING POLICIES

    The unaudited interim consolidated financial statements of Laurentian Bank
have been prepared by management who is responsible for the integrity and
fairness of the financial information presented. These interim consolidated
financial statements have been prepared in accordance with Canadian generally
accepted accounting principles "GAAP" for interim financial statements. The
significant accounting policies used in the preparation of these interim
consolidated financial statements, except for changes to accounting policies
stated below, are the same as those in the Bank's annual consolidated audited
financial statements as at October 31, 2007. These accounting policies conform
to GAAP. However, these interim consolidated financial statements do not
reflect all of the information and disclosures required by GAAP for complete
financial statements. Accordingly, these interim consolidated financial
statements should be read in conjunction with the annual consolidated audited
financial statements as at October 31, 2007. These interim consolidated
financial statements reflect amounts which are based on the best estimates and
judgment of management. Actual results may differ from these estimates.
Certain comparative figures have been reclassified to conform to the current
period presentation.

    Changes to accounting policies

    Capital Disclosures and Financial Instruments - Disclosures and
    Presentation

    On December 1, 2006, the CICA issued three new accounting standards:
Section 1535, Capital Disclosures, Section 3862, Financial Instruments -
Disclosures, and Section 3863, Financial Instruments - Presentation. The Bank
adopted these reporting standards on November 1, 2007. The adoption of these
new accounting standards had no impact on accounting or measurement of
financial instruments or capital.
      Section 1535 specifies the disclosure of (i) the entity's objectives,
policies and processes for managing capital; (ii) quantitative data about what
the entity regards as capital; (iii) and whether the entity has complied with
any capital requirements and the consequences of non-compliance with such
requirements. Note 5 to the consolidated interim financial statements includes
the information related to this new standard.
      Sections 3862 and 3863 replace Section 3861, Financial Instruments -
Disclosure and Presentation, detailing all the disclosure requirements and
presentation rules applicable to financial instruments. These new sections
require additional disclosure about the nature and extent of risks arising
from financial instruments to which the Bank is exposed and how it manages
those risks. These consolidated interim financial statements, notably note 11,
include information related to these new standards. Moreover, certain relevant
information related to these new requirements are included in the annual
consolidated financial statement as at October 31, 2007.

    2. DISPOSALS

    Sale of a personal line of credit portfolio

    During the first quarter of 2008, the Bank sold a personal line of credit
portfolio of $30,058,000, generating a $426,000 loss which was recognized in
other income. The Bank has not retained any rights or obligations in respect
of these loans.

    3. LOANS

    Loans and impaired loans
                                                         AS AT JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                   GROSS
                       GROSS   AMOUNT OF
    IN THOUSANDS      AMOUNT    IMPAIRED    SPECIFIC     GENERAL       TOTAL
     OF DOLLARS     OF LOANS       LOANS  ALLOWANCES  ALLOWANCES  ALLOWANCES
    -------------------------------------------------------------------------
    Personal
     loans       $ 5,265,562 $    18,973 $     6,431 $    32,289 $    38,720
    Residential
     mortgages     6,109,648      21,033       1,625       4,433       6,058
    Commercial
     mortgages       883,401       4,029       1,657       4,716       6,373
    Commercial
     and other
     loans         1,727,105      58,639      32,541      31,812      64,353
                 ------------------------------------------------------------
                 $13,985,716 $   102,674 $    42,254 $    73,250 $   115,504
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                      AS AT OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                   GROSS
                       GROSS   AMOUNT OF
    IN THOUSANDS      AMOUNT    IMPAIRED    SPECIFIC     GENERAL       TOTAL
     OF DOLLARS     OF LOANS       LOANS  ALLOWANCES  ALLOWANCES  ALLOWANCES
    -------------------------------------------------------------------------
    Personal
     loans       $ 4,958,176 $    16,237 $     6,039 $    28,446 $    34,485
    Residential
     mortgages     6,232,778      20,395       1,419       5,144       6,563
    Commercial
     mortgages       684,625       4,342       1,532       4,144       5,676
    Commercial
     and other
     loans         1,556,831      62,964      41,082      27,516      68,598
                 ------------------------------------------------------------
                 $13,432,410 $   103,938 $    50,072 $    65,250 $   115,322
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                         AS AT JULY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                   GROSS
                       GROSS   AMOUNT OF
    IN THOUSANDS      AMOUNT    IMPAIRED    SPECIFIC     GENERAL       TOTAL
     OF DOLLARS     OF LOANS       LOANS  ALLOWANCES  ALLOWANCES  ALLOWANCES
    -------------------------------------------------------------------------
    Personal
     loans       $ 4,789,477 $    18,627 $     7,167 $    26,663 $    33,830
    Residential
     mortgages     6,349,418      20,288       1,850       4,404       6,254
    Commercial
     mortgages       670,918       4,855       1,563       3,811       5,374
    Commercial
     and other
     loans         1,533,864      65,516      41,085      30,372      71,457
                 ------------------------------------------------------------
                 $13,343,677 $   109,286 $    51,665 $    65,250 $   116,915
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Specific allowances for loan losses

                                    FOR THE NINE-MONTH PERIODS ENDED JULY 31
                                                              2008      2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                  COMMER-
                             RESIDEN-   COMMER-     CIAL     TOTAL     TOTAL
    IN                          TIAL      CIAL       AND  SPECIFIC  SPECIFIC
     THOUSANDS    PERSONAL      MORT-     MORT-    OTHER   ALLOWAN-  ALLOWAN-
     OF DOLLARS      LOANS     GAGES     GAGES     LOANS       CES       CES
    -------------------------------------------------------------------------
    Balance at
     beginning
     of period    $  6,039  $  1,419  $  1,532  $ 41,082  $ 50,072  $ 59,903
    Provision
     for credit
     losses
     recorded in
     the conso-
     lidated
     statement
     of income      21,464       619       284     7,633    30,000    30,000
    Write-offs     (24,749)     (458)     (159)  (16,576)  (41,942)  (41,813)
    Recoveries       3,677        45         -       402     4,124     3,575
                  -----------------------------------------------------------
    Balance at
     end of
     period       $  6,431   $ 1,625   $ 1,657  $ 32,541  $ 42,254  $ 51,665
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    General allowances for loan losses
                                                  FOR THE NINE-MONTH PERIODS
                                                               ENDED JULY 31
                                                              2008      2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                  COMMER-
                             RESIDEN-   COMMER-     CIAL     TOTAL     TOTAL
    IN                          TIAL      CIAL       AND   GENERAL   GENERAL
     THOUSANDS    PERSONAL      MORT-     MORT-    OTHER   ALLOWAN-  ALLOWAN-
     OF DOLLARS      LOANS     GAGES     GAGES     LOANS       CES       CES
    -------------------------------------------------------------------------
    Balance at
     beginning
     of period   $  28,446  $  5,144  $  4,144  $ 27,516  $ 65,250  $ 65,250
    Provision
     for credit
     losses
     recorded in
     the conso-
     lidated
     statement
     of income       3,843      (711)      572     4,296     8,000         -
                  -----------------------------------------------------------
    Balance at
     end of
     period      $  32,289   $ 4,433   $ 4,716  $ 31,812  $ 73,250  $ 65,250
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Loans past due but not impaired

    Personal and residential mortgage loans shown in the table below are not
classified as impaired because they are less than 90 days past due or they are
secured in order to reasonably expect full repayment. Commercial loans past
due but not impaired are not significant.

                                                         AS AT JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                           32 TO          OVER
    IN THOUSANDS OF DOLLARS              90 DAYS       90 DAYS         TOTAL
    -------------------------------------------------------------------------
    Personal loans                     $  19,471     $   5,883     $  25,354
    Residential mortgages                 29,578        10,868        40,446
                                       --------------------------------------
                                       $  49,049     $  16,751     $  65,800
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    4. LOAN SECURITIZATION

    The Bank securitizes residential mortgage loans insured by the Canadian
Mortgage and Housing Corporation, as well as conventional mortgages. The gains
before income taxes, net of transaction related costs, are recognized in
securitization income.
    The following table summarizes the residential mortgage loan
securitization transactions carried out by the Bank:


                         FOR THE THREE-MONTH            FOR THE NINE-MONTH
                             PERIODS ENDED                 PERIODS ENDED
                  ----------------------------------- -----------------------
    IN THOUSANDS     JULY 31    APRIL 30     JULY 31     JULY 31     JULY 31
     OF DOLLARS         2008        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash
     proceeds,
     net of
     transaction
     related
     costs       $   262,707 $   405,200 $   310,904 $ 1,068,956 $   447,681
    Rights to
     future
     excess
     interest         14,353      21,516       8,504      48,978      13,234
    Servicing
     liability        (2,225)     (3,284)     (2,123)     (8,875)     (3,214)
    Cash reserve
     accounts              -           -       7,419           -       8,495
    Other             (3,039)     (8,023)     (4,514)    (16,395)     (5,671)
                  -----------------------------------------------------------
                     271,796     415,409     320,190   1,092,664     460,525
    Residential
     mortgages
     securitized
     and sold        263,588     406,246     319,135   1,069,271     457,269
                  -----------------------------------------------------------
    Gains before
     income
     taxes,
     net of
     transaction
     related
     costs       $     8,208 $     9,163 $     1,055 $    23,393 $     3,256
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    With regard to the transfer of residential mortgages, the key assumptions
used to determine the initial fair value of retained interests at the
securitization date for transactions carried out during the quarter are
summarized as follows:


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Rate of prepayment                                                 26.7 %
    Discount rate                                                       4.0 %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    No loss is expected on insured residential mortgages.


    As at July 31, 2008, the Bank held rights to future excess interest of
$66,612,000 (of which $58,108,000 related to insured mortgages) and cash
reserve accounts of $17,124,000.
    The total principal amount of securitized residential mortgages
outstanding amounted to $2,306,163,000 as at July 31, 2008 ($1,561,901,000 as
at October 31, 2007).
    In order to mitigate interest rate risk related to a commercial mortgage
loan portfolio to be disposed by way of a securitization transaction, the Bank
entered into certain hedging transactions. As securitization activities were
disrupted by unfavorable market conditions and the hedging transactions did
not meet GAAP requirements for hedge accounting, changes in the fair value of
the hedging instruments resulted in a loss of $1,971,000 during the first
quarter of 2008. This loss was recognized in other income, under
securitization income.
    During the quarter ended April 30, 2008, the Bank recorded a $1,200,000
downward adjustment in the value of interest rate swaps contracted in
connection with the securitization of residential mortgage loans, subsequent
to the liquidity and credit crisis affecting asset backed commercial paper.
This adjustment was charged against securitization income.

    5. CAPITAL STOCK

    Issuance of common shares

    During the quarter, 4,205 common shares (33,237 common shares during the
nine-month period ended July 31, 2008) were issued under the employee share
purchase option plan for the management of the Bank for a cash consideration
of $82,000 ($915,000 during the nine-month period ended July 31, 2008).


    ISSUED AND
     OUTSTANDING             AS AT JULY 31, 2008      AS AT OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS, EXCEPT        NUMBER                      NUMBER
     NUMBER OF SHARES    OF SHARES        AMOUNT     OF SHARES        AMOUNT
    -------------------------------------------------------------------------
    Class A Preferred
     Shares(1)
      Series 9           4,000,000 $     100,000     4,000,000 $     100,000
      Series 10          4,400,000       110,000     4,400,000       110,000
                        -----------------------------------------------------
    Total preferred
     shares              8,400,000 $     210,000     8,400,000 $     210,000
                        -----------------------------------------------------
                        -----------------------------------------------------
    Common shares       23,844,050 $     257,360    23,810,813 $     256,445
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) The preferred shares are convertible into common shares at the Bank's
        option. However, the number of shares issuable on conversion is not
        determinable until the date of conversion.


    Capital management

    Common shareholders' equity

    Common shareholders' equity consists of common shares, retained earnings,
contributed surplus and accumulated other comprehensive income. Capital
management contributes to the Bank's profitability, as capital is allocated to
business segments based on profitability objectives and criteria. The Bank
maintains capital to support its activities while generating a return for its
shareholders, in relation to industry standards and the Bank's risk profile.

    Regulatory capital

    The Bank's regulatory capital consists primarily of common shareholders'
equity, preferred shares and subordinated debentures. Regulatory capital is a
factor which allows management to assess the Bank's stability and security in
relation to the overall risks inherent in its activities. The Bank's policy is
to maintain its regulatory capital ratios consistent with regulatory
requirements as defined by the Office of the Superintendent of Financial
Institutions Canada (OSFI). Regulatory guidelines issued by OSFI require banks
to maintain a minimum Tier 1 capital ratio of at least 7% and a total capital
ratio of at least 10%. As of November 1, 2007, the Bank is now monitoring its
regulatory capital based on the Bank for International Settlements (BIS)
regulatory risk-based capital framework (Basel II). The Bank has decided to
use the Standard Approach for the credit risk and the Basic Indicator Approach
for operational risk. Since November 1, 2007, the Bank has complied with these
requirements.
    A capital plan prepared annually specifies target capital ratios by taking
into account projected risk weighted asset levels and expected capital
management initiatives. Regulatory capital ratios are reported monthly to
management. Regulatory capital ratio monitoring reports are provided on a
quarterly basis to the Board of Directors' Risk Management Committee.


    Regulatory capital(1)
                                           AS AT         AS AT         AS AT
                                         JULY 31    OCTOBER 31       JULY 31
    IN THOUSANDS OF DOLLARS                 2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Tier 1 capital
      Common shares                   $  257,360   $   256,445   $   253,240
      Contributed surplus                    158           105            75
      Retained earnings                  580,703       537,254       516,996
      Non-cumulative preferred
       shares                            210,000       210,000       210,000
      Less: goodwill,
       securitization and other          (91,498)      (53,790)      (53,790)
                                   ------------------------------------------
    Total - Tier 1 capital               956,723       950,014       926,521
                                   ------------------------------------------

    Tier 2 capital
      Subordinated debentures            150,000       150,000       150,000
      General allowances                  73,250        65,250        65,250
      Less : securitization
       and other                         (31,447)      (33,827)      (31,895)
                                   ------------------------------------------
    Total - Tier 2 capital               191,803       181,423       183,355
                                   ------------------------------------------
    Total - capital                  $ 1,148,526   $ 1,131,437   $ 1,109,876
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Regulatory capital as of November 1, 2007 is based on capital
        adequacy requirements under Basel II. Prior year's figures are based
        on the previous Basel I framework.


    6. STOCK-BASED COMPENSATION

    Stock Option Purchase Plan

    There were no new grants during the first nine months of 2008. Information
on outstanding number of options is as follows:


                                                         AS AT         AS AT
                                                       JULY 31,   OCTOBER 31,
                                                          2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                        NUMBER        NUMBER
    -------------------------------------------------------------------------

    Share purchase options
      Outstanding at end of period                     130,990       170,027
      Exercisable at end of period                      93,490       120,027
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Restricted Share Unit Program

    During the first quarter of 2008, under the restricted share unit program,
annual bonuses for certain employees amounting to $1,486,000 were converted
into 45,786 entirely vested restricted share units during the first quarter of
2008. The Bank also granted 27,472 additional restricted share units which
will vest in December 2010.

    Performance-based share units program

    During the first quarter of 2008, under the performance-based share units
program, the Bank granted 35,816 performance-based share units valued at
$40.07 each. Rights to 37.5% of these units will vest after 3 years. The
rights to the remaining units will vest after 3 years, upon meeting certain
financial objectives.

    Stock appreciation rights plan

    During the third quarter of 2008, under the stock appreciation rights
plan, the Bank granted 135,600 rights with an exercise price of $41.02. There
were no grants during the first six months of 2008.

    Performance-based share agreement

    In accordance with the 2005 performance-based share agreement, all rights
to the 20,000 common shares initially granted vested in January 2007, as
objectives were met. Consequently, the shares were issued to the employee.

    Charge related to stock-based compensation plans

    The following table presents the charge related to all stock-based
compensation plans, net of the effect of the related hedging transactions.


                           FOR THE THREE-MONTH           FOR THE NINE-MONTH
                              PERIODS ENDED                 PERIODS ENDED
                 ------------------------------------ -----------------------
    IN THOUSANDS     JULY 31    APRIL 30     JULY 31     JULY 31     JULY 31
     OF DOLLARS         2008        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Charge
     related
     to stock-
     based
     compensa-
     tion
     plans       $       595 $     4,319 $     4,158 $       801 $     6,398
    Effect of
     hedges              121      (4,386)     (3,199)      1,374      (2,947)
                 ------------------------------------------------------------
    Total        $       716 $       (67)$       959 $     2,175 $     3,451
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    7. EMPLOYEE FUTURE BENEFITS

                           FOR THE THREE-MONTH           FOR THE NINE-MONTH
                              PERIODS ENDED                 PERIODS ENDED
                 ------------------------------------ -----------------------
    IN THOUSANDS     JULY 31    APRIL 30     JULY 31     JULY 31     JULY 31
     OF DOLLARS         2008        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Defined
     benefit
     pension
     plans
     expense     $     2,659 $     2,583 $     4,158 $     7,882 $    12,517
    Defined
     contribution
     pension
     plans
     expense           1,000         929         771       2,745       2,201
    Other plans
     expense             830         812         807       2,472       2,394
                 ------------------------------------------------------------
    Total        $     4,489 $     4,324 $     5,736 $    13,099 $    17,112
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    8. INCOME TAXES

    For the quarter ended July 31, 2008, the income tax expense was $8,111,000
and the effective tax rate was 20.8%. This lower tax rate, compared to the
statutory tax rate of 31.6%, mainly results from the lower taxation of the
gain on sale of the Montreal Exchange shares, as well as from the favorable
effect of holding investments in Canadian securities which generate
non-taxable income and the lower taxation level on revenues from credit
insurance operations.
    For the quarter ended April 30, 2008, the income tax expense was
$9,506,000 and the effective tax rate was 27.4%. This lower tax rate, compared
to the statutory tax rate of 31.6%, mainly reflects the favorable effect of
holding investments in Canadian securities which generate non-taxable income,
as well as the lower taxation level on revenues from credit insurance
operations.
    For the quarter ended July 31, 2007, the income tax expense was $9,491,000
and the effective tax rate was 29.1%. This lower tax rate, compared to the
statutory tax rate of approximately 33%, results from investments in Canadian
securities that generate tax-exempt dividend income, as well as the lower
taxation level on revenues from credit insurance operations.
    For the nine-month period ended July 31, 2008, the income tax expense was
$31,521,000 and the effective tax rate was 29.5%. This lower tax rate for this
nine-month period, compared to the statutory tax rate of 31.6%, resulted from
the items discussed above, partially offset by the $5,657,000 decrease of the
Bank's future income tax assets related to further reductions in the federal
income tax rates recorded during the first quarter.
    For the nine-month period ended July 31, 2007, the income tax expense was
$22,264,000 and the effective tax rate was 25.7%. This lower tax rate for this
nine-month period, compared to the statutory tax rate of 33.0%, resulted from
the items discussed above during the third quarter, as well as to the
following items: during the first quarter, a $900,000 adjustment to reflect
the increase in value of the future tax assets following the adoption, in
December 2006, of Federal fiscal measures which provided for raising the
threshold of the federal minimum tax on financial institutions to $1 billion;
and favorable adjustments of $1,558,000, during the second quarter.


    9. WEIGHTED AVERAGE NUMBER OF OUTSTANDING COMMON SHARES


                         FOR THE THREE-MONTH            FOR THE NINE-MONTH
                             PERIODS ENDED                 PERIODS ENDED
                  ----------------------------------- -----------------------
                     JULY 31    APRIL 30     JULY 31     JULY 31     JULY 31
                        2008        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Average number
     of outstanding
     common
     shares       23,841,767  23,836,734  23,661,820  23,834,150  23,642,412
    Dilutive share
     purchase
     options          46,261      45,108      66,522      43,106      47,466
                  -----------------------------------------------------------
    Weighted
     average
     number of
     outstanding
     common
     shares       23,888,028  23,881,842  23,728,342  23,877,256  23,689,878
                  -----------------------------------------------------------
    Average number
     of share
     purchase
     options not
     taken into
     account in
     the calculation
     of diluted net
     income per
     common share(1)       -           -           -           -      30,150
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) The average number of share purchase options was not taken into
        account in the calculation of diluted net income per common share
        since the average exercise price of these options exceeded the
        average market price of the Bank's shares during these periods.


    10. SUPPLEMENTAL INFORMATION ON OTHER COMPREHENSIVE INCOME

       Other comprehensive income

                                            FOR THE THREE-MONTH PERIOD ENDED
                                      ---------------------------------------
                                                                     JULY 31,
                                                                        2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                      NET OF
                                   BEFORE INCOME        INCOME        INCOME
    IN THOUSANDS OF DOLLARS                TAXES         TAXES         TAXES
    -------------------------------------------------------------------------
    Unrealized gains and (losses)
     on available-for-sale
     securities
      Unrealized gains and (losses)
       during the period              $   (4,202)  $     1,351  $     (2,851)
      Less : reclassification to net
       income of realized (gains)
       and losses during the period       (8,325)          387        (7,938)
                                      ---------------------------------------
    Unrealized gains and (losses)
     on available-for-sale securities    (12,527)        1,738       (10,789)

    Gains and (losses) on derivatives
     designated as cash flow hedges         (894)          253          (641)
                                      ---------------------------------------
    Other comprehensive income        $  (13,421)  $     1,991  $    (11,430)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                            FOR THE THREE-MONTH PERIOD ENDED
                                      ---------------------------------------
                                                                     JULY 31,
                                                                        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                      NET OF
                                   BEFORE INCOME        INCOME        INCOME
    IN THOUSANDS OF DOLLARS                TAXES         TAXES         TAXES
    -------------------------------------------------------------------------
    Unrealized gains and (losses)
     on available-for-sale securities
      Unrealized gains and (losses)
       during the period              $   (4,134)  $     1,318   $    (2,816)
      Less : reclassification to net
       income of realized (gains)
       and losses during the period         (498)          162          (336)
                                      ---------------------------------------
    Unrealized gains and (losses)
     on available-for-sale securities     (4,632)        1,480        (3,152)
    Gains and (losses) on derivatives
     designated as cash flow hedges       (7,094)        2,408        (4,686)
                                      ---------------------------------------
    Other comprehensive income        $  (11,726)  $     3,888   $    (7,838)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             FOR THE NINE-MONTH PERIOD ENDED
                                      ---------------------------------------
                                                                     JULY 31,
                                                                        2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                      NET OF
                                   BEFORE INCOME        INCOME        INCOME
    IN THOUSANDS OF DOLLARS                TAXES         TAXES         TAXES
    -------------------------------------------------------------------------
    Unrealized gains and (losses)
     on available-for-sale
     securities
      Unrealized gains and (losses)
       during the period              $   (8,117)  $     2,534   $    (5,583)
      Less : reclassification to net
       income of realized (gains)
       and losses during the period      (10,850)          782       (10,068)
                                      ---------------------------------------
    Unrealized gains and (losses)
     on available-for-sale securities    (18,967)        3,316       (15,651)
    Gains and (losses) on derivatives
     designated as cash flow hedges       40,518       (13,149)       27,369
                                      ---------------------------------------
    Other comprehensive income        $   21,551   $    (9,833)  $    11,718
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                             FOR THE NINE-MONTH PERIOD ENDED
                                      ---------------------------------------
                                                                     JULY 31,
                                                                        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                      NET OF
                                   BEFORE INCOME        INCOME        INCOME
    IN THOUSANDS OF DOLLARS                TAXES         TAXES         TAXES
    -------------------------------------------------------------------------
    Unrealized gains and (losses)
     on available-for-sale
     securities
      Unrealized gains and (losses)
       during the period              $   19,200   $    (2,724)  $    16,476
      Less : reclassification to net
       income of realized (gains) and
       losses during the period           (1,561)         (229)       (1,790)
                                      ---------------------------------------
    Unrealized gains and (losses) on
     available-for-sale securities        17,639        (2,953)       14,686
    Gains and (losses) on derivatives
     designated as cash flow hedges       (9,232)        3,149        (6,083)
                                      ---------------------------------------
    Other comprehensive income        $    8,407   $       196   $     8,603
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Accumulated other comprehensive income (net of income taxes)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                 ACCUMULATED
                                            CASH     AVAILABLE-        OTHER
                                            FLOW      FOR-SALE COMPREHENSIVE
    IN THOUSANDS OF DOLLARS              HEDGING    SECURITIES        INCOME
    -------------------------------------------------------------------------
    Balance at October 31, 2007       $  (10,255)  $    11,132   $       877
    Change during the three-month
     period ended January 31, 2008        22,732        (3,931)       18,801
    Change during the three-month
     period ended April 30, 2008           5,278          (931)        4,347
    Change during the three-month
     period ended July 31, 2008             (641)      (10,789)      (11,430)
                                      ---------------------------------------
    Balance at July 31, 2008          $   17,114   $    (4,519)  $    12,595
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                 ACCUMULATED
                                            CASH     AVAILABLE-        OTHER
                                            FLOW      FOR-SALE COMPREHENSIVE
    IN THOUSANDS OF DOLLARS              HEDGING    SECURITIES        INCOME
    -------------------------------------------------------------------------
    Balance at October 31, 2006       $        -   $         -   $         -
      Impact of adopting the new
       accounting policy                 (15,932)       (2,620)      (18,552)
      Change during the three-month
       period ended January 31, 2007        (358)         (180)         (538)
      Change during the three-month
       period ended April 30, 2007        (1,039)       18,018        16,979
      Change during the three-month
       period ended July 31, 2007         (4,686)       (3,152)       (7,838)
                                      ---------------------------------------
    Balance at July 31, 2007             (22,015)       12,066        (9,949)
      Change during the three-month
       period ended October 31, 2007      11,760          (934)       10,826
                                      ---------------------------------------
    Balance at October 31, 2007       $  (10,255)  $    11,132   $       877
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    11. SUPPLEMENTAL INFORMATION ON FINANCIAL INSTRUMENTS AND HEDGING
        RELATIONSHIPS
    

    Risk management related to financial instruments

    The Bank is exposed to various types of risks owing to the nature of the
business activities it carries on, including those related to the use of
financial instruments. In order to manage the risks associated with using
financial instruments, including loan and deposit, security and derivative
financial instrument portfolios, controls such as risk management policies and
various risk limits have been implemented. These measures aim to optimize the
return/risk ratio in all operating segments. A corporate governance structure
was also designed to insure global risk tolerance is consistent with the
Bank's strategies and objectives. The main risks to which the Bank is exposed
are set out below.

    (a) Market risk

    Market risk corresponds to the financial losses that the Bank could incur
because of unfavorable fluctuations in the value of financial instruments,
following variations in the parameters underlying their evaluation, such as
interest rates, exchange rates or quoted stock market prices. The Bank has
implemented policies and limits designed to mitigate exposure to market risk
arising from trading, investment and asset and liability management
activities.
    Asset and liability management activities allow the oversight of
structural interest rate risk, which corresponds to the potential negative
impact of interest rate movements on the Bank's revenues and economic value.
This risk is mainly attributable to differences in maturity dates or
revaluation dates of balance sheet and off-balance sheet items along with the
options embedded in certain banking products, notably clauses on early loan
repayment, deposit redemption and mortgage commitments. The Bank periodically
measures the effect on the economic value of common shareholders' equity and
on its net interest income before taxes of a sudden and sustained 1% increase
in interest rates. As at July 31, 2008, a 1% increase in interest rate would
have triggered an increase of approximately $667,000 in net interest income
before taxes over the next 12 months and a $36,690,000 decrease in the
economic value of common shareholders' equity.
    With regard to trading and investment activities, the Bank mainly relies
on a combination of two groups of measures: i) value at risk (VAR) and the
application of stress tests; and ii) notional limits, which allow for the
management of the risks that are not captured by the VAR measures and stress
tests.
    The Bank has a limited exposure to exchange rate variations as a result
of the nature of its operations.

    (b) Credit risk

    The use of financial instruments, including derivatives, can result in
credit risk exposure representing the risk of financial loss arising from a
counterparty's inability or refusal to fully honour its contractual
obligations. The credit risk management policies adopted by the Bank provide
for an appropriate assessment of this risk. These policies cover the approval
of credit applications by the line of authority concerned, attribution of risk
ratings, management of impaired loans, establishment of provisions, and
pricing based on risk. With respect to diversification, the credit policy sets
the guidelines intended to limit credit concentration by counterparty and
sector of activity, and identifies sectors that are considered risky and
should thus be avoided. The policies are periodically reviewed and approved by
the Board of Directors' Risk Management Committee. The Bank ensures a follow-
up of its financial instrument accounts in terms of both quality and quantity
through mechanisms and policies related to the review of various types of
files and risk rating updating system, and pricing analysis. Note 3 to these
interim consolidated financial statements, provides additional information on
the Bank's loan portfolios.
    The majority of the Bank's credit concentration with respect to
derivative financial instruments is with financial institutions, primarily
Canadian banks. Credit risk in derivative transactions arises from a potential
default by a counterparty on its contractual obligations when one or more
transactions have a positive market replacement cost for the Bank. Replacement
cost represents what it would cost to replace transactions at prevailing
market rates in the event of a default. The credit equivalent amount arising
from a derivative financial instrument transaction is defined as the sum of
the replacement cost plus an estimated amount reflecting the potential change
in market value of the transaction through to maturity.
    Derivative-related credit risk is generally managed using the same credit
approval, limit and monitoring standards as those used for managing other
credit transactions. Moreover, the Bank negotiates derivative master netting
agreements with counterparties with which it contracts. These agreements
reduce credit risk exposure in the event of a default by providing for the
simultaneous netting of all transactions with a given counterparty.
    The amount that best represents the maximum exposure to credit risk of
the Bank as at July 31, 2008, without taking account of any collateral held or
other credit enhancements, essentially corresponds to the sum of financial
assets on the consolidated financial statement to which are added credit-
related commitments as set-out below.

    
    IN MILLIONS OF DOLLARS                               AS AT JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Financial assets, as reported on balance sheet              $     19,065
    Credit commitments and other off-balance sheet items(1)            4,148
                                                                -------------
    Total                                                       $     23,213
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) including $2,011,000,000 related to personal credit facilities and
        credit card lines.
    


    (c) Liquidity risk

    Liquidity risk represents the possibility that the Bank may not be able
to gather sufficient cash resources, when required and under reasonable
conditions, to meet its financial obligations.
    The Bank's overall liquidity risk is managed by the Corporate Treasury
and supervised by the Asset and Liability Management Committee, in accordance
with the policies for management of collateral, liquidity and financing. The
main purpose of these policies is to ensure that the Bank has sufficient cash
resources to meet its current and future financial obligations, both under
normal and unusual conditions.
    The Bank monitors cash resources daily and ensures that liquidity
indicators are in compliance with limits established. Liquidity management
pays particular attention to deposit and loan maturities, as well as to
funding availability and demand when planning financing. The Bank maintains a
reserve of unencumbered liquid assets that are readily available to face
contingency. It defines its cash requirements based on scenarios evaluating
survival horizons that measure the period during which liquid assets could
cover the withdrawal of wholesale financing and deposits. The Bank strives to
maintain a stable volume of base deposits originating from its retail and
deposit brokerage clientele, as well as to ensure the diversification of its
financing sources. Financing strategies also include the securitization of
loans and the use of capital markets, either through the issuance of capital
stock or debt instruments. A financing and liquidity emergency plan provides
for measures to fulfill the Bank's obligations in the event of high demand for
liquid assets.

    Fair value of financial instruments

    The fair value of a financial instrument is defined as the amount of
consideration for a financial instrument that would be agreed upon in an arm's
length transaction between knowledgeable, willing parties who are under no
compulsion to act. Quoted market prices are not available for a significant
portion of the Bank's financial instruments. As a result, for these
instruments, the fair values presented are estimates derived using present
value or other valuation techniques and may not be indicative of the net
realizable value.
    When fair value is determined using valuation models, it may be necessary
to use assumptions as to the amount and timing of estimated future cash flows
and discount rates. These assumptions reflect the risks inherent in financial
instruments.

    As at July 31, 2008, the fair value of financial assets and liabilities
approximate their carrying amount, except for the assets and liabilities
presented below.

    
                                AS AT JULY 31,             AS AT OCTOBER 31,
                                         2008                          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                    FAVORABLE                     FAVORABLE
                                      (UNFAVO-                      (UNFAVO-
    IN MILLIONS      BOOK      FAIR     RABLE)     BOOK      FAIR     RABLE)
     OF DOLLARS     VALUE     VALUE  VARIANCE     VALUE     VALUE  VARIANCE
    -------------------------------------------------------------------------
    Assets
      Loans      $ 13,870  $ 13,941  $     71  $ 13,317  $ 13,316  $     (1)

    Liabilities
      Deposits     15,154    15,289      (135)   13,879    13,901       (22)
      Subordinated
       deben-
       tures     $    150  $    153  $     (3)  $   150  $    150  $      -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Methods and assumptions used in estimating the fair value of financial
    instruments

    Loans

    The fair value of loans is estimated by discounting cash flows adjusted
to reflect the prepayments, if any, at the prevailing interest rates in the
marketplace for new loans with substantially similar terms. For certain
variable rate loans subject to frequent rate revisions and loans with
indeterminate maturities, the fair value is deemed to represent the carrying
amount.

    Deposits

    The fair value of fixed rate deposits is estimated using discounted cash
flows based on current market interest rates for deposits with substantially
similar terms. The fair value of deposits without stated maturities or
variable rate deposits is deemed to represent their carrying amount.

    Subordinated debentures

    The fair value of subordinated debentures is estimated using discounted
cash flows based on current market interest rates for similar issues or rates
currently offered for debt securities with the same term to maturity.

    Financial instruments designated as held-for-trading

    For the three-month period ended July 31, 2008, a loss of $4,347,000 (a
loss of $4,777,000 for the three-month period ended July 31, 2007) was
recognized in income from treasury and financial market operations for
financial instruments designated as held-for-trading under the fair value
option. These financial instruments were used as part of the Bank's overall
interest rate risk management and provide for an economic hedge for other
financial instruments which are measured at fair value. In accordance with the
Bank's accounting policy, they were designated as held-for-trading in order to
significantly reduce a recognition inconsistency that would otherwise have
arisen from recognizing gains and losses on different basis. This loss was
therefore essentially offset by gains incurred on other financial instruments.
    The Bank designated certain deposits for a nominal amount of $68,560,000
($62,815,000 as at July 31, 2007) as held-for-trading. The difference between
the amount the Bank would be contractually required to pay at maturity to the
holder of the deposits and the carrying amount of $68,704,000 ($62,652,000, as
at July 31, 2007), is $144,000 ($163,000, as at July 31, 2007).

    
    Contractual maturities of financial liabilities

    The following table presents the principal obligations related to
financial liabilities by their contractual maturities.

                                                         AS AT JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                            Term
                             ----------------------------------
    IN THOUSANDS     Demand       Within         1 to     Over
     OF DOLLARS  and notice       1 year      5 years  5 years         TOTAL
    -------------------------------------------------------------------------

    Deposits    $ 2,984,544  $ 6,059,271  $ 6,105,200  $ 4,950  $ 15,153,965
    Obligations
     related to
     assets sold
     short                -      933,839            -        -       933,839
    Obligations
     related to
     assets sold
     under
     repurchase
     agreeements          -    1,013,995            -        -     1,013,995
    Subordinated
     debentures           -            -      150,000        -       150,000
                -------------------------------------------------------------
                $ 2,984,544  $ 8,007,105  $ 6,255,200  $ 4,950  $ 17,251,799
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Derivative financial instruments

    Ineffectiveness related to hedging relationships

    The following table presents the ineffective portion of accumulated
changes in the fair value of hedging instruments recognized in the
consolidated income statement.

                           FOR THE THREE-MONTH           FOR THE NINE-MONTH
                              PERIODS ENDED                 PERIODS ENDED
                ------------------------------------- -----------------------
    IN THOUSANDS     JULY 31    APRIL 30     JULY 31     JULY 31     JULY 31
     OF DOLLARS         2008        2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Favorable
     (unfavorable)
     ineffectiveness
     on cash flow
     hedging       $      12   $       7   $    (220)  $     275   $    (280)
    Favorable
     (unfavorable)
     ineffectiveness
     on fair value
     hedging            (317)       (352)        (47)       (569)        (76)
                  -----------------------------------------------------------
                   $    (305)  $    (345)  $    (267)  $    (294)  $    (356)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    


    Breakdown of swap contracts designated as hedging instruments, by
    category

    The following table presents the Bank's swap contracts between those
designated as cash flow hedging instruments and those designated as fair value
hedging instruments.
    The swap contracts designated as hedging instruments are used by the Bank
primarily for balance sheet matching purposes and to mitigate net interest
revenue volatility. The fair value of such swap contracts may vary
considerably. Accordingly, changes in the fair value of the swap contracts
designated as cash flow hedging instruments could result in significant
changes in accumulated other comprehensive income and in shareholders' equity.

    
                                  AS AT JULY 31,           AS AT OCTOBER 31,
                                           2008                        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS          NOMINAL    FAIR VALUE       NOMINAL    FAIR VALUE
     OF DOLLARS            AMOUNT    NET AMOUNT        AMOUNT    NET AMOUNT
    -------------------------------------------------------------------------
    Interest rate swap
     contracts designated
     as hedging instruments
      Swaps used for
       cash flow
       hedging        $ 2,653,000   $    28,580   $ 3,891,000   $    (4,748)
      Swaps used for
       fair value
       hedging          3,798,750        31,523     2,436,000          (784)
                      -------------------------------------------------------
                      $ 6,451,750   $    60,103   $ 6,327,000   $    (5,532)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    


    Other information on hedging relationships

    Net deferred losses of $1,396,000, included in accumulated other
comprehensive income as at July 31, 2008, are expected to be transferred into
net income over the next twelve months.
    The maximum term of cash flow hedging relationships was 5 years as at
July 31, 2008.


    12. SEGMENTED INFORMATION

    Since November 1, 2007, activities related to small-medium enterprises in
Quebec are now grouped with those of Retail Financial Services in the new
Retail & SME Quebec segment. These commercial activities were previously
included in the Commercial Financial Services segment. The latter now includes
real estate financing throughout Canada and commercial financing in Ontario,
as well as National accounts. The other business segments, B2B Trust and
Laurentian Bank Securities were not affected by this reorganization. 
Comparative figures were reclassified to conform to the current period
presentation.

    
                                            FOR THE THREE-MONTH PERIOD ENDED
                                                               JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF           R & SME
     DOLLARS                   Quebec         RE&C          B2B          LBS
    -------------------------------------------------------------------------
    Net interest income  $     77,033 $     14,256 $     21,992 $        709
    Other income(2)            30,467        4,044        2,740        9,203
                         ----------------------------------------------------
    Total revenue             107,500       18,300       24,732        9,912
    Provision for credit
     losses(3)                  9,343        1,003          154            -
    Non-interest expenses      82,789        5,786       10,628        8,346
                         ----------------------------------------------------
    Income (loss) before
     income taxes              15,368       11,511       13,950        1,566
    Income taxes
     (recovered)                3,812        3,808        4,710          458
                         ----------------------------------------------------
    Net Income                 11,556        7,703        9,240        1,108
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)    $ 10,250,590 $  2,117,407 $  3,966,095 $  1,587,308
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                            FOR THE THREE-MONTH PERIOD ENDED
                                                               JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS                                              OTHER        TOTAL
    -------------------------------------------------------------------------
    Net interest income                            $    (10,577)$    103,413
    Other income(2)                                      21,228       67,682
                         ----------------------------------------------------
    Total revenue                                        10,651      171,095
    Provision for credit
     losses(3)                                            8,000       18,500
    Non-interest expenses                                 5,998      113,547
                         ----------------------------------------------------
    Income (loss)
     before income taxes                                 (3,347)      39,048
    Income taxes
     (recovered)                                         (4,677)       8,111
                         ----------------------------------------------------
    Net Income                                            1,330       30,937
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)                              $    802,582 $ 18,723,982
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                            FOR THE THREE-MONTH PERIOD ENDED
                                                              APRIL 30, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF           R & SME
     DOLLARS                   Quebec         RE&C          B2B          LBS
    -------------------------------------------------------------------------
    Net interest income  $     72,690 $     13,692 $     22,297 $        703
    Other income               28,331        3,890        2,737        7,141
                         ----------------------------------------------------
    Total revenue             101,021       17,582       25,034        7,844
    Provision for credit
     losses                     8,545          997          458            -
    Non-interest expenses      81,182        5,526       10,651        7,322
                         ----------------------------------------------------
    Income (loss) before
     income taxes              11,294       11,059       13,925          522
    Income taxes
     (recovered)                2,728        3,672        4,700          141
                         ----------------------------------------------------
    Net income           $      8,566 $      7,387 $      9,225 $        381
                         ----------------------------------------------------
                         ----------------------------------------------------
    Average assets (1)   $  9,917,143 $  2,110,641 $  3,806,798 $  1,431,709
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                            FOR THE THREE-MONTH PERIOD ENDED
                                                              APRIL 30, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS                                              OTHER        TOTAL
    -------------------------------------------------------------------------
    Net interest income                            $    (10,361)$     99,021
    Other income                                         14,385       56,484
                         ----------------------------------------------------
    Total revenue                                         4,024      155,505
    Provision for credit
     losses                                                   -       10,000
    Non-interest expenses                                 6,169      110,850
                         ----------------------------------------------------
    Income (loss) before
     income taxes                                        (2,145)      34,655
    Income taxes
     (recovered)                                         (1,735)       9,506
                         ----------------------------------------------------
    Net income                                     $       (410)$     25,149
                         ----------------------------------------------------
                         ----------------------------------------------------
    Average assets (1)                             $    809,073 $ 18,075,364
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                            FOR THE THREE-MONTH PERIOD ENDED
                                                               JULY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF           R & SME
     DOLLARS                   Quebec         RE&C          B2B          LBS
    -------------------------------------------------------------------------
    Net interest income  $     72,827  $    11,532 $     20,863 $        570
    Other income               27,756        3,871        3,014        8,005
                         ----------------------------------------------------
    Total revenue             100,583       15,403       23,877        8,575
    Provision for credit
     losses                     7,143        1,701        1,156            -
    Non-interest expenses      78,946        5,527       10,497        7,826
                         ----------------------------------------------------
    Income (loss)
     before income taxes       14,494        8,175       12,224          749
    Income taxes                4,062        2,739        4,136          170
                         ----------------------------------------------------
    Net income           $     10,432 $      5,436 $      8,088 $        579
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)    $  9,411,440 $  1,867,297 $  3,213,020 $  1,479,992
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                            FOR THE THREE-MONTH PERIOD ENDED
                                                               JULY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS                                              OTHER        TOTAL
    -------------------------------------------------------------------------
    Net interest income                            $     (4,025)$    101,767
     Other income                                         6,629       49,275
                         ----------------------------------------------------
     Total revenue                                        2,604      151,042
     Provision for credit
      losses                                                  -       10,000
     Non-interest expenses                                5,577      108,373
                         ----------------------------------------------------
     Income (loss)
      before income taxes                                (2,973)      32,669
     Income taxes                                        (1,616)       9,491
                         ----------------------------------------------------
     Net income                                    $     (1,357)$     23,178
                         ----------------------------------------------------
                         ----------------------------------------------------

     Average assets(1)                             $    948,407 $ 16,920,156
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             FOR THE NINE-MONTH PERIOD ENDED
                                                               JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF           R & SME
     DOLLARS                   Quebec         RE&C          B2B          LBS
    -------------------------------------------------------------------------
    Net interest income  $    222,707 $     41,581 $     66,293 $      2,146
    Other income(2)            86,177       11,447        8,138       23,894
                         ----------------------------------------------------
    Total revenue             308,884       53,028       74,431       26,040
    Provision for credit
     losses(3)                 25,726        3,497          777            -
    Non-interest expenses     244,362       16,850       31,623       23,286
                         ----------------------------------------------------
    Income (loss)
     before income taxes       38,796       32,681       42,031        2,754
    Income taxes
     (recovered)(4)             9,596       10,815       14,182          797
                         ----------------------------------------------------
    Net income           $     29,200 $     21,866 $     27,849 $      1,957
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)    $  9,985,127 $  2,107,511 $  3,817,668 $  1,481,166
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                             FOR THE NINE-MONTH PERIOD ENDED
                                                               JULY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS                                              OTHER        TOTAL
    -------------------------------------------------------------------------
    Net interest income                            $    (30,757)$    301,970
    Other income(2)                                      46,044      175,700
                         ----------------------------------------------------
    Total revenue                                        15,287      477,670
    Provision for credit
     losses(3)                                            8,000       38,000
    Non-interest expenses                                16,830      332,951
                         ----------------------------------------------------
    Income (loss)
     before income taxes                                 (9,543)     106,719
    Income taxes
     (recovered)(4)                                      (3,869)      31,521
                         ----------------------------------------------------
    Net income                                     $     (5,674)$     75,198
                         ----------------------------------------------------
                         ----------------------------------------------------
    Average assets(1)                              $    702,311 $ 18,093,783
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             FOR THE NINE-MONTH PERIOD ENDED
                                                               JULY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF           R & SME
     DOLLARS                   Quebec         RE&C          B2B          LBS
    -------------------------------------------------------------------------
    Net interest income  $    210,830 $     34,318 $     60,170 $      1,239
    Other income(5)            81,134       12,935        8,806       30,931
                         ----------------------------------------------------
    Total revenue             291,964       47,253       68,976       32,170
    Provision for credit
     losses                    22,481        4,310        3,209            -
    Non-interest expenses     233,075       17,113       31,674       23,421
                         ----------------------------------------------------
    Income (loss)
     before income taxes       36,408       25,830       34,093        8,749
    Income taxes
     (recovered)                9,195        8,651       11,529        1,890
                         ----------------------------------------------------
    Net income           $     27,213 $     17,179 $     22,564 $      6,859
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)    $  9,231,019 $  1,809,575 $  2,994,672 $  1,539,471
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             FOR THE NINE-MONTH PERIOD ENDED
                                                               JULY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS OF
     DOLLARS                                              OTHER        TOTAL
    -------------------------------------------------------------------------
    Net interest income                            $    (14,087)$    292,470
    Other income(5)                                      12,028      145,834
                         ----------------------------------------------------
    Total revenue                                        (2,059)     438,304
    Provision for credit
     losses                                                   -       30,000
    Non-interest expenses                                16,370      321,653
                         ----------------------------------------------------
    Income (loss)
     before income taxes                                (18,429)      86,651
    Income taxes
     (recovered)                                         (9,001)      22,264
                         ----------------------------------------------------
    Net income                                     $     (9,428)$     64,387
                         ----------------------------------------------------
                         ----------------------------------------------------

    Average assets(1)                              $  1,180,157 $ 16,754,894
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    R & SME
     Quebec - The Retail & SME Quebec segment covers the full range of
              savings, investment, financing and transactional products and
              services offered through its direct distribution network, which
              includes branches, the electronic network and the call centre,
              as well as Point-of-Sale financing across Canada. This business
              segment also offers Visa credit card services, insurance
              products and trust services. As well, it offers all commercial
              financial services to the small and medium enterprises in
              Quebec.
    RE&C -    The Real Estate & Commercial segment handles real estate
              financing throughout Canada, commercial financing in Ontario
              and National accounts.
    B2B -     The B2B Trust business segment supplies generic and
              complementary banking and financial products to financial
              advisors and non-bank financial institutions across Canada.
              This business segment also consists of deposit brokerage
              operations.
    LBS -     LBS segment consists of the activities of the subsidiary
              Laurentian Bank Securities Inc.
    Other -   The category "Other" includes treasury and securitization
              activities and other activities of the Bank including revenues
              and expenses that are not attributable to the above-mentioned
              segments.
    (1)       Assets are disclosed on an average basis as this measure is
              most relevant to a financial institution.
    (2)       Other income in the other segment includes i) a $12.9 million
              ($11.1 million net of income taxes) gain on the sale of shares
              of the Montréal Exchange as a result of the business
              combination of the Montréal Exchange with the TSX Group; ii)
              losses of $5.3 million ($3.6 million net of income taxes)
              resulting from the sale of other securities.
    (3)       The provision for credit losses in the Other segment includes a
              $8.0 million ($5.5 million net of income taxes) charge
              resulting from an increase in the general allowance for loan
              losses.
    (4)       The other segment income taxes include a $5.6 million tax
              adjustment reflecting the decrease in the Bank's future income
              tax assets as a result of further reductions in federal income
              tax rates.
    (5)       Other income in the LBS segment included a $4.4 million
              ($3.7 million net of income taxes) gain on the sale of a
              portion of the holding of the Montréal Exchange shares held by
              the Bank. Other income for the other segment also included a
              $4.3 million loss ($3.0 million net of income taxes) on sale of
              securities.



    OTHER INCOME


    IN THOUSANDS OF DOLLARS                                             2008
     (UNAUDITED)                   Q4           Q3           Q2           Q1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Fees and commissions
     on loans and deposits
      Deposit service
       charges           $          - $     13,286 $     13,180 $     12,562
      Lending fees                  -        5,936        5,466        5,078
      Card service
       revenues                     -        4,438        3,889        3,940
                        -----------------------------------------------------
    Sub-total - fees and
     commissions on loans
     and deposits                   -       23,660       22,535       21,580
                        -----------------------------------------------------
    Other
      Income from
       brokerage operations         -        8,973        6,965        7,392
      Income from treasury
       and financial market
       operations                   -       13,159        6,482        6,653
      Income from sales
       of mutual funds              -        3,943        3,456        3,442
      Credit insurance
       income                       -        3,957        3,217        3,056
      Income from registered
       self-directed plans          -        2,249        2,368        2,180
      Securitization income         -        9,933        9,304        5,841
      Other                         -        1,808        2,157        1,390
                        -----------------------------------------------------
    Sub-total - other               -       44,022       33,949       29,954
                        -----------------------------------------------------

    Total - other income $          - $     67,682 $     56,484 $     51,534
                        -----------------------------------------------------
                        -----------------------------------------------------

    As a % of average
     assets                         -%        1.44%        1.27%        1.17%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    IN THOUSANDS OF DOLLARS                                             2007
     (UNAUDITED)                   Q4           Q3           Q2           Q1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Fees and commissions
     on loans and deposits
      Deposit service
       charges           $     12,675 $     13,083 $     12,599 $     12,291
      Lending fees              5,904        5,963        5,663        5,882
      Card service
       revenues                 3,741        4,160        3,345        3,397
                        -----------------------------------------------------
    Sub-total - fees and
     commissions on loans
     and deposits              22,320       23,206       21,607       21,570
                        -----------------------------------------------------
    Other
      Income from brokerage
       operations               6,454        7,664        9,693        8,548
      Income from treasury
       and financial market
       operations               3,912        6,516        4,274        4,584
      Income from sales
       of mutual funds          3,493        3,521        3,318        3,074
      Credit insurance
       income                   3,492        2,453        3,030        3,582
      Income from registered
       self-directed plans      2,231        2,490        2,572        2,359
      Securitization income     1,407        1,236        3,215          560
      Gain on change in
       ownership interest       4,000            -            -            -
      Other                       583        2,189        2,456        2,117
                        -----------------------------------------------------
    Sub-total - other          25,572       26,069       28,558       24,824
                        -----------------------------------------------------

    Total - other income $     47,892 $     49,275 $     50,165 $     46,394
                        -----------------------------------------------------
                        -----------------------------------------------------

    As a % of average
     assets                      1.11%        1.16%        1.23%        1.11%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    NON - INTEREST EXPENSES

    IN THOUSANDS OF DOLLARS                                             2008
     (UNAUDITED)                   Q4           Q3           Q2           Q1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Salaries and employee
     benefits
      Salaries           $          - $     39,270 $     38,515 $     39,165
      Employee benefits             -       12,825       12,762       12,521
      Performance-based
       compensation                 -        8,573        7,521        6,581
                        -----------------------------------------------------
    Sub-total - salaries
     and employee benefits          -       60,668       58,798       58,267
                        -----------------------------------------------------
    Premises and technology
      Equipment and
       computer services            -       12,304       11,173       11,175
      Rent and property
       taxes                        -        8,419        8,760        8,768
      Depreciation                  -        7,402        7,364        7,368
      Maintenance and
       repairs                      -        1,415        1,372        1,290
      Public utilities              -          293          385          310
      Other                         -          104          100          319
                        -----------------------------------------------------
    Sub-total - premises
     and technology                 -       29,937       29,154       29,230
                        -----------------------------------------------------
    Other
      Fees and commissions          -        5,384        5,088        3,607
      Taxes and insurance           -        4,432        4,587        4,466
      Communications and
       travelling expenses          -        5,083        4,686        4,572
      Advertising and
       business development         -        4,738        4,050        3,912
      Stationery and
       publications                 -        1,580        1,756        1,655
      Recruitment and
       training                     -          850          853        1,564
      Other                         -          875        1,878        1,281
                        -----------------------------------------------------
    Sub-total - other               -       22,942       22,898       21,057
                        -----------------------------------------------------
    Total - non-interest
     expenses            $          - $    113,547 $    110,850 $    108,554
                        -----------------------------------------------------
                        -----------------------------------------------------
    As a % of average
     assets                         -%        2.41%        2.49%        2.47%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    IN THOUSANDS OF DOLLARS                                             2007
     (UNAUDITED)                   Q4           Q3           Q2           Q1
    -------------------------------------------------------------------------
    Salaries and employee
     benefits
      Salaries           $     36,882 $     37,606 $     36,266 $     36,160
      Employee benefits        12,617       13,655       13,809       12,965
      Performance-based
       compensation             6,803        7,341        8,045        7,141
                        -----------------------------------------------------
    Sub-total - salaries
     and employee benefits     56,302       58,602       58,120       56,266
                        -----------------------------------------------------
    Premises and technology
      Equipment and computer
        services               10,655       10,402       11,291       10,103
      Rent and property
       taxes                    8,715        8,617        8,750        8,461
      Depreciation              7,127        6,883        6,814        6,569
      Maintenance and
       repairs                  1,595        1,424        1,208        1,200
      Public utilities            262          296          417          309
      Other                       123          136           88          114
                        -----------------------------------------------------
    Sub-total - premises
     and technology            28,477       27,758       28,568       26,756
                        -----------------------------------------------------
    Other
      Fees and commissions      5,251        5,208        4,845        3,649
      Taxes and insurance       4,094        4,431        4,590        5,641
      Communications and
       travelling expenses      4,634        4,631        4,677        4,373
      Advertising and
       business development     4,143        4,534        4,433        3,660
      Stationery and
       publications             1,420        1,418        1,691        1,705
      Recruitment and
       training                   419          684          708          982
      Other                     1,017        1,107        1,319        1,297
                        -----------------------------------------------------
    Sub-total - other          20,978       22,013       22,263       21,307
                        -----------------------------------------------------
    Total - non-interest
     expenses            $    105,757 $    108,373 $    108,951 $    104,329
                        -----------------------------------------------------
                        -----------------------------------------------------
    As a % of average
     assets                      2.44%        2.54%        2.67%        2.49%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    REGULATORY CAPITAL - BIS(1)

                                             AS AT        AS AT        AS AT
                                           JULY 31   OCTOBER 31      JULY 31
    IN THOUSANDS OF DOLLARS (UNAUDITED)       2008         2007         2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Tier 1 capital
      Common shares                   $    257,360 $    256,445 $    253,240
      Contributed surplus                      158          105           75
      Retained earnings                    580,703      537,254      516,996
      Non-cumulative preferred shares      210,000      210,000      210,000
      Less: goodwill, securitization
       and other                           (91,498)     (53,790)     (53,790)
                                     ----------------------------------------
    Total - Tier 1 capital (A)             956,723      950,014      926,521
                                     ----------------------------------------
    Tier 2 capital
      Subordinated debentures              150,000      150,000      150,000
      General allowances                    73,250       65,250       65,250
      Less : securitization and other      (31,447)     (33,827)     (31,895)
                                     ----------------------------------------
    Total - Tier 2 capital                 191,803      181,423      183,355
                                     ----------------------------------------
    Total - capital (B)               $  1,148,526 $  1,131,437 $  1,109,876
                                     ----------------------------------------
    Total risk-weighted assets (C)    $  9,504,518 $  9,723,950 $  9,574,613

    Tier I BIS capital ratio (A/C)            10.1%         9.8%         9.7%
    Total BIS capital ratio (B/C)             12.1%        11.6%        11.6%
    Assets to capital multiple                16.9x        15.8x        16.3x
    Tangible common equity as a
     percentage of risk-weighted
     assets                                    8.1%         7.5%         7.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Regulatory capital as of November 1, 2007 is now based on capital
        adequacy requirements under Basel II. Prior year figures are based on
        the previous Basel I framework.



    RISK-WEIGHTED ASSETS(1)

                                             AS AT        AS AT        AS AT
                                           JULY 31   OCTOBER 31      JULY 31
    IN THOUSANDS OF DOLLARS (UNAUDITED)       2008         2007         2007
    -------------------------------------------------------------------------
    Balance sheet items
      Cash resources                  $     53,319 $     85,613 $     58,449
      Securities                           359,413      328,325      466,062
      Mortgage loans                     2,357,319    2,636,531    2,507,632
      Other loans and customers'
       liability under acceptances       4,950,176    5,906,449    5,778,736
      Other assets                         431,210      476,308      463,945
      General allowances                      n.a.       65,250       65,250
                                     ----------------------------------------
    Total - balance sheet items          8,151,437    9,498,476    9,340,074

    Off-balance sheet items
      Derivative financial instruments      34,608       28,647       25,998
      Credit-related commitments           253,323      196,827      208,541
                                     ----------------------------------------
                                           287,931      225,474      234,539
    Operational risk                     1,065,150         n.a.         n.a.
                                     ----------------------------------------
    Total - risk-weighted assets      $  9,504,518 $  9,723,950 $  9,574,613
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Regulatory capital as of November 1, 2007 is now based on capital
        adequacy requirements under Basel II. Prior year figures are based on
        the previous Basel I framework.



    ASSETS UNDER ADMINISTRATION

                                             AS AT        AS AT        AS AT
                                           JULY 31   OCTOBER 31      JULY 31
    IN THOUSANDS OF DOLLARS (UNAUDITED)       2008         2007         2007
    -------------------------------------------------------------------------
    Self-directed RRSPs and RRIFs     $  7,852,656 $  8,429,223 $  8,458,832
    Mortgage loans under management      2,472,855    1,742,466    1,423,358
    Clients' brokerage assets            1,815,817    1,994,766    2,002,739
    Institutional                        1,765,541    1,823,965    1,814,975
    Mutual funds                         1,558,741    1,615,886    1,608,068
    Other - Personal                        24,672       29,988       30,823
                                     ----------------------------------------
    Total - assets under
     administration                   $ 15,490,282 $ 15,636,294 $ 15,338,795
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    




For further information:

For further information: Chief Financial Officer: Robert Cardinal, (514)
284-4500 #7535; Media and Investor Relations: Gladys Caron, (514) 284-4500
#7511, cell (514) 893-3963

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Laurentian Bank of Canada

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