Laurentian Bank reports net income of $19.1 million for the first quarter of 2008



    MONTREAL, Feb. 27 /CNW Telbec/ - Laurentian Bank of Canada reported net
income of $19.1 million, or $0.68 diluted per common share, for the first
quarter ended January 31, 2008, compared to net income of $20.6 million, or
$0.74 diluted per common share, for the first quarter of 2007. Return on
common shareholder's equity was 8.1% for this first quarter of 2008, compared
to 9.4% for the same period in 2007.
    Results for the first quarter of 2008 include an unfavourable tax
adjustment of $5.6 million ($0.23 diluted per common share), reflecting the
decrease in the Bank's future income tax assets as a result of further
reductions in federal income tax rates considered to be substantively enacted
in December 2007. Excluding this tax adjustment, net income would have stood
at $24.7 million, or $0.91 diluted per common share, and return on common
shareholders' equity would have been 10.9%. Results for the first quarter of
2007 included a $0.9-million favourable adjustment to income taxes ($0.04
diluted per common share); excluding this adjustment, net income would have
stood at $19.7 million, or $0.70 diluted per common share. Excluding these tax
adjustments, net income improved by $5.0 million or 25% compared to the first
quarter of 2007 and diluted net income per common share rose by $0.21 or 30%.
    Commenting on first-quarter results, Réjean Robitaille, President and
Chief Executive Officer, mentioned: "Results for the first quarter are very
satisfactory considering the prevailing financial market conditions and the
uncertain economic environment. The continued growth in loan and deposit
volumes, as well as effective cost control, enabled us to maintain strong core
results."
    Mr. Robitaille added: "Operational efficiency improvements and the
development of our human resources will continue to be our main corporate
drivers for improving our profitability through 2008 and ensuring the Bank's
long-term development."

    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 January 31, 2008, and of how it performed during the three-month period
then ended. This MD&A, dated February 26, 2008, should be read in conjunction
with the unaudited interim consolidated financial statements for the first
quarter of 2008. Additional 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

    The following presents management's objectives for 2008. The objectives
below are solely intended to provide the reader with information about how
management measures its performance. It is not intended to disclose the Bank's
expectations for future financial results.

    -------------------------------------------------------------------------
    Performance indicator       2008 objective     First quarter 2008 actual
    ------------------------ -------------------- ---------------------------
    Return on common
    shareholders' equity        9.5% to 10.5%               8.1%
    Diluted net income
    per share                  $3.30 to $3.60              $0.68
    Total revenue            + 5% ($615 million)    + 7% ($151.1 million)
    Efficiency ratio              74% to 72%                71.9%
    Tier 1 capital ratio        Minimum of 9.5%             10.3%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Highlights

    This section presents highlights regarding the activities of the first
    quarter ended January 31, 2008 and details significant items affecting
    results, compared to the first quarter of 2007.
    -------------------------------------------------------------------------
    - Net income stood at $19.1 million ($0.68 diluted per common share) for
    the first quarter of 2008, including an unfavourable a $5.6-million
    adjustment ($0.23 diluted per common share) to future income tax assets
    resulting from further reductions in the federal income tax rates.
    Net income for the first quarter of 2007 stood at $20.6 million
    ($0.74 diluted per common share), including the favourable effect of a
    $0.9-million adjustment ($0.04 diluted per common share) resulting from
    amendments to the federal minimum tax on financial institutions.

    - Total revenue increased 7% to $151.1 million for the first quarter of
    2008, compared with $141.6 million for the first quarter of 2007,
    mainly as a result of the improvement in net interest income,
    associated with loan and deposit volume growth, and securitization
    revenues.

    - Net interest income increased 5% to $99.5 million for the first quarter
    of 2008, compared with $95.2 million for the first quarter of 2007. Net
    interest margins remained strong at 2.27% for both quarters.

    - Non-interest expenses increased 4% to $108.6 million in 2008, compared
    to $104.3 million for the first quarter of 2007, essentially as a
    result of higher salaries and employee benefits, and information
    technology expenses.

    - The provision for credit losses stood at $9.5 million for the first
    quarter of 2008 compared to $10 million for the first quarter of 2007.
    -------------------------------------------------------------------------

    Analysis of consolidated results

    Summary results

    Net income was $19.1 million, or $0.68 diluted per common share, for the
first quarter ended January 31, 2008, compared to $20.6 million, or
$0.74 diluted per common share, for the first quarter of 2007. Results for the
first quarter of 2008 included an unfavourable tax adjustment of $5.6 million
($0.23 diluted per common share), resulting from the decrease to the Bank's
future income tax assets as a result of new reductions in federal income tax
rates adopted in December 2007. Net income for the first quarter of 2007
included a favourable adjustment of $0.9 million ($0.04 diluted per common
share) resulting from amendments to the federal minimum tax on financial
institutions. Excluding these tax adjustments, net income for the first
quarter of 2008 increased by 25% to $24.7 million ($0.91 diluted per common
share), from $19.7 million ($0.70 diluted per common share) in the first
quarter of 2007.
    Compared to the fourth quarter ended October 31, 2007, the Bank's overall
performance improved significantly, mainly as a result of higher net interest
income and securitization revenues, while salaries and employee benefits
increased by $2.0 million and other expenses remained relatively unchanged.
Income from continuing operations for the fourth quarter of 2007 stood at
$25.7 million ($0.95 diluted per common share) and included the following
items: a $4.0-million gain ($3.4 million net of income taxes or $0.14 diluted
per common share) ensuing from the worldwide restructuring of Visa; a         
$2.9-million charge ($2.0 million net of income taxes or $0.09 diluted per
common share) related to the Bank's asset-backed securities portfolio; and a
$2.2-million favourable adjustment ($0.09 diluted per common share) following
the resolution of certain tax exposures. Net income for the fourth quarter of
2007 stood at $30.2 million ($1.14 diluted per common share) and included a
$5.2-million gain ($4.4 million net of income taxes or $0.19 diluted per
common share) from discontinued operations related to the sale of the
BLC-Edmond de Rothschild Asset Management Inc. joint venture.

    Total revenue was $151.1 million in the first quarter of 2008, compared
to $141.6 million in the first quarter of 2007.

    The Bank's net interest income increased by 5% to $99.5 million for the
first quarter of 2008, from $95.2 million in the first quarter of 2007, mainly
as a result of the strong loan and deposit growth year over year. Net interest
margin as a percentage of average assets remained unchanged at 2.27% for both
quarters, as the decrease in the prime-BA spread was offset by improvements in
asset mix, and by lower funding costs through personal deposits and
securitization. The prime-BA spread averaged 156 basis points during the first
quarter of 2008, compared to 167 basis points during the first quarter of 2007
and 142 basis points during the fourth quarter of 2007.
    Other income was $51.5 million during the first quarter of 2008, compared
to $46.4 million in the first quarter of 2007. The improvement mainly results
from the $5.3-million increase in revenues from securitization activities. In
order to fund its strong loan growth, the Bank securitized $399.4 million of
residential mortgages during the quarter, which generated a $6.0-million gain.
Servicing revenues amounting to $1.4 million for the quarter, as compared to
$0.7 million for the first quarter of 2007, also contributed to the increase.
These were partially offset by a $2.0-million charge on an economic hedge
related to a warehoused commercial mortgage loan portfolio as securitization
activities are disrupted by the prevailing financial market conditions. It
should be noted that the hedging strategy was modified at the beginning of
2008 such that any changes in fair value of both the loan portfolio and hedge
instruments will henceforth be reflected in the same periods. The improvement
in other income also resulted from stronger revenues from treasury and
financial market operations, as well as from increases in card service
revenues and deposit service charges associated with the overall increase in
business over the last twelve months. These increases were partially offset by
lower brokerage revenues and lower lending fees.
    The provision for credit losses remained relatively unchanged at
$9.5 million in the first quarter of 2008, compared to $10.0 million in the
first quarter of 2007. Net impaired loans stood at -$4.5 million at January
31, 2008 (representing -0.03% of total loans, bankers' acceptances and assets
purchased under reverse repurchase agreements), compared to -$11.4 million
(-0.08%) at October 31, 2007. Gross impaired loans stood at $106.7 million at
January 31, 2008, compared to $103.9 million at October 31, 2007. The
generally sound credit environment over recent months continued to contribute
to the Bank's performance. See Note 11 to the interim consolidated financial
statements for more details.
    Non-interest expenses increased to $108.6 million for the first quarter
of 2008, compared to $104.3 million for the first quarter of 2007. Salaries
and employee benefits increased by $2.0 million, resulting mainly from higher
salaries and the hiring of additional employees, essentially in the Retail &
SME Quebec segment. Performance-based compensation decreased by $0.6 million
year-over-year.
    Expenses for premises and technology also increased by $2.5 million due
to higher technology-related expenses, including depreciation. Other expenses
remained stable, as additional investments in business development initiatives
and training were offset by lower taxes and insurance expenses. As detailed
above and in accordance with the Bank's priorities, significant efforts were
made to allocate resources to improve efficiency and stimulate growth. The
efficiency ratio (non-interest expenses divided by total revenue) was 71.9% in
the first quarter of 2008 compared to 73.7% in the first quarter of 2007.
    For the quarter ended January 31, 2008, the income tax expense was
$13.9 million and the effective tax rate was 42.1%. This rate reflects the
$5.6-million decrease of the Bank's future income tax assets related to
further reductions in the federal income tax rates passed at third reading by
the House of Commons in December 2007. Excluding the effect of this
adjustment, the income tax expense would have been $8.3 million for the
quarter, for an effective tax rate of 25.2%. This rate mainly reflects the
favourable effect of holding investments in Canadian securities which generate
non-taxable income as well as the lower income taxes on foreign credit
insurance operations.
    For the quarter ended January 31, 2007, the income tax expense was
$6.7 million and the effective tax rate was 24.6%. This rate reflected the
favourable effect of a $0.9-million adjustment to future tax assets following
the adoption of Federal fiscal measures that are raising the threshold of the
federal minimum tax on financial institutions to $1 billion, as well as the
favourable effect of holding investments in Canadian securities which generate
non-taxable income and the lower income taxes on foreign credit insurance
operations.

    Analysis of financial condition

    Balance sheet assets stood at $18.3 billion at January 31, 2008, compared
to $17.8 billion at October 31, 2007.
    Liquidities, including cash resources, securities and assets purchased
under reverse repurchase agreements, increased by $459.4 million, mainly as a
result of strong deposit growth, securitization activities and normal
investment strategies.
    The portfolio of loans and bankers' acceptances stood at $13.6 billion at
January 31, 2008, compared to $13.5 billion at October 31, 2007. The Bank had
another solid quarter, with significant new loan volumes. Residential
mortgages increased by more than $150 million, which contributed to the
securitization of $399.4 million in residential mortgages for funding purposes
during the quarter. Commercial mortgages and commercial loans increased by
more than $100 million and $50 million respectively, as the Bank was well
positioned to benefit from opportunities in the Canadian market. Personal
loans increased by $107 million, mainly as a result of continued efforts with
regards to investment loans. During the quarter, in an effort to improve the
credit quality of its loan portfolio, the Bank also sold a $30.1-million line
of credit portfolio, which generated a $0.4-million loss during the quarter.
    Total personal deposits grew significantly by $408.3 million during the
quarter to $12.0 billion at January 31, 2008. These deposits are a very stable
and efficient funding source. As such, the Bank continued to deploy numerous
strategies in its Retail & SME Quebec and B2B Trust segments to build
clientele and attract new deposits. The level of business and other deposits
decreased by $81.7 million, mainly in treasury deposits, as other funding
sources proved to be more attractive. At January 31, 2008, personal deposits
accounted for 84% of total deposits of $14.2 billion.
    Shareholders' equity stood at $1,033 million as at January 31, 2008,
compared to $1,005 million at October 31, 2007. The increase in shareholders'
equity results from the net income accumulated during the first quarter of
2008 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 $33.69 as at January 31, 2008, compared to $33.34 as
at October 31, 2007. There were 23,829,845 common shares and 145,195 share
purchase options outstanding as at February 21, 2008.
    The total capital of the Bank, comprising shareholders' equity and
debentures, was $1,182 million at January 31, 2008, compared to $1,154 million
at October 31, 2007. The $28-million increase essentially results from the
increase in shareholders' equity. The BIS Tier 1 and Total capital ratios
stood at 10.3% and 12.5%, respectively, at January 31, 2008, compared to 9.8%
and 11.6% at October 31, 2007. The improvement results mainly from the
adoption of the new Basel II regulatory framework as of November 1, 2007 and
to a lesser extent, to capital management measures. With regards to Basel II,
the Bank has decided to use the Standard Approach for the credit risk and the
Basic Indicator Approach for operational risk.
    At its meeting on February 27, 2008, the Board of Directors declared
regular dividends on the various series of preferred shares to shareholders of
record on March 10, 2008, as well as a dividend of $0.32 per common share,
payable on May 1, 2008, to shareholders of record on April 1, 2008.
    Assets under administration stood at $15.3 billion at January 31, 2008,
compared to $15.6 billion at October 31, 2007, and $14.9 billion at
January 31, 2007. The decrease, compared to last year-end is essentially
attributable to the decline in market value of the assets under
administration, mainly with regard to self-directed RRSPs, client brokerage
assets and mutual funds. Mortgage loans under management increased as a result
of the securitization transaction that occurred during the quarter.

    Segmented information

    The positive trend achieved in 2006 and 2007 continued during the first
quarter of 2008, as total revenue improved for all business segments. Results
for the Other segment reflects the effect of various items, as detailed below.
    Since November 1, 2007, activities related to commercial lending to
small-medium enterprises in Quebec are now grouped with those of retail
financial services 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 and Commercial, includes real
estate financing throughout Canada, commercial financing in Ontario and
national accounts.

    Net income contributions
    Lauren-
    Real                tian
    Retail  Estate &                Bank
    (in millions     & SME    Commer-     B2B     Securi-
    of $)          Quebec      cial    Trust       ties     Other     Total
    -------------------------------------------------------------------------
    (note 1)
    Q1-2008            9.1       6.8      9.4        0.5      (6.6)     19.1
    35%       26%      37%         2%      n/a       100%
    -------------------------------------------------------------------------
    Q4-2007           20.1       4.4      7.9        0.2      (2.5)     30.2
    (15.7                                             (25.7
    from                                              from
    cont.                                             cont.
    opera-                                            opera-
    tions)                                            tions)

    62%       13%       24%        1%      n/a       100%
    -------------------------------------------------------------------------
    Q1-2007           10.0       5.6       7.4       1.0      (3.5)     20.6
    42%       23%       31%        4%      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 was
$9.1 million for the first quarter of 2008, compared to $10.0 million for the
first quarter of 2007.
    Revenues increased by $4.0 million, from $96.3 million in the first
quarter of 2007 to $100.4 million in the first quarter of 2008, mainly as a
result of higher loan and deposit volumes. Average loans and deposits stood at
$9.6 billion and $7.2 billion during the first quarter of 2008, compared to
$9.1 billion and $6.9 billion for the first quarter of 2007, reflecting
increases of 5% and 4% respectively. Loan losses were slightly higher, at
$7.8 million in the first quarter of 2008, compared to $7.2 million in the
first quarter of 2008, mainly as a result of increases in the SME portfolio.
Non-interest expenses increased by $4.5 million, from $75.9 million in the
first quarter of 2007 to $80.4 million in the first quarter of 2008, mainly as
a result of increases in salaries and employee benefits, designed to support
growth initiatives.
    During the first quarter of 2008, the modernization of the Bank's ATM
network was completed in order to better meet the needs of its clients.
Improving operational efficiency being one of the Bank's top priorities, the
business segment is presently conducting a series of revisions of in-branch
business processes. Employees should consequently be free to devote more time
to better serve clients, offering them the Bank's products and services. The
SME group, now an integral part of Retail & SME Quebec segment, hired new
account managers in order to further its business development initiatives.

    Real Estate & Commercial

    The Real Estate & Commercial segment's contribution to net income was
$6.8 million for the first quarter of 2008, compared to $5.6 million for the
first quarter of 2007.
    Revenues increased by $1.1 million from $16.0 million in the first
quarter of 2007 to $17.1 million in the first quarter of 2008, mainly as a
result of higher loan volumes, and despite lower lending fees. Average loans
increased by $340 million or 22% to $1.9 billion during the first quarter of
2008, compared to $1.6 billion for the first quarter of 2007. Loan losses, at
$1.5 million for the first quarter of 2008, compared to $1.8 million for the
first quarter of 2007 improved slightly and remained well within expectations.
Non-interest expenses remained relatively unchanged at $5.5 million in the
first quarter of 2008, compared to $5.7 million in the first quarter of 2007.
    The Real Estate & Commercial segment continued to distinguish itself with
innovative products and services. During the quarter, a new affinity card was
launched in collaboration with an important commercial client. This initiative
is part of the Bank's strategy to develop personalized co-brand card products.

    B2B Trust

    The B2B Trust segment's contribution to net income was $9.4 million for
the first quarter of 2008, compared to $7.4 million for the first quarter of
2007.
    Revenues increased by $2.1 million, from $22.6 million in the first
quarter of 2007 to $24.7 million in the first quarter of 2008, mainly as a
result of the significant increase in loan volumes which stood at $3.7 billion
at January 31, 2008, compared to $2.8 billion at the end of January 2007. Loan
losses, were $0.2 million for the first quarter of 2008, compared to
$1.0 million for the first quarter of 2007, both the mortgage and line of
credit portfolios showing improvements. Non-interest expenses remained well
under control at $10.3 million for the first quarter of 2008, compared to
$10.4 million for the same period a year-ago.
    During the quarter, B2B Trust also contributed strongly to the Bank's
funding, as its personal deposits portfolio increased by more than
$240 million since year-end 2007.
    In January 2008, adding to its already important list of partnerships,
B2B Trust signed new investment loan and RRSP loan distribution agreements
with AIM Trimark Investments, one of Canada's foremost assets management
company.
    During the first quarter of 2008, B2B Trust carried through its
initiatives designed to reduce its exposure to the credit risk relating to the
personal lines of credit portfolio. This business segment is now exclusively
dedicated to serving the Canadian financial intermediaries market.

    Laurentian Bank Securities

    The Laurentian Bank Securities business segment's contribution to net
income was $0.5 million for the first quarter of 2008, compared to
$1.0 million for the first quarter of 2007.
    Revenues decreased by $0.7 million, mainly as a result of reduced level
of activity in the Retail division, while revenues in its institutional equity
and fixed income divisions remained unchanged compared to the first quarter of
2007. LBS remains well positioned to benefit from a recovery of the financial
markets. Non-interest expenses remained well under control at $7.6 million for
the first quarter of 2008, the same level as for the same period a year-ago.

    Other

    The contribution to net income for the Other segment was $-6.6 million
for the first quarter of 2008, compared to $-3.5 million for the first quarter
of 2007.
    Revenues improved by $2.9 million, to $0.6 million for the first quarter
of 2008, from $-2.3 million for the first quarter of 2007, mainly as a result
of securitization activities. Net interest income decreased by $3.8 million,
as a result of the higher level of securitized mortgages, which increased from
$966 million as at the end of the first quarter of 2007 to $1,883 million as
at the end of the first quarter of 2008. Other income increased by
$6.7 million during the quarter, mainly as a result of the $6.0 million gain
on securitization and higher servicing revenues, amounting to $1.4 million for
the first quarter of 2008, as compared to $0.7 million for the first quarter
of 2007. These were partially offset by a $2.0 million charge related to an
economic hedge on a warehoused commercial mortgage loan portfolio. Income from
treasury and financial market operations also improved by $2.1 million for the
first quarter of 2008, compared to the first quarter of 2007.
    Non-interest expenses remained relatively unchanged at $4.7 million for
the first quarter of 2008 and 2007.
    The income tax expense for the first quarter of 2008 include the
unfavorable effect of a $5.6 million adjustment to future tax assets related
to further reductions to the federal income tax rates which passed the third
reading at the House of Common in December 2007. For the quarter ended
January 31, 2007, the income tax expense included the favorable effect of a
$0.9 million adjustment to future tax assets following the adoption of Federal
fiscal measures which provided for raising the threshold of the federal
minimum tax on financial institutions to $1 billion.

    Additional financial information - Quarterly results

    2008                            2007                    2006
    in
    millions
    of
    dollars,
    except
    per-share
    amounts
    (unau-
    dited)       Q1      Q4      Q3      Q2      Q1      Q4      Q3      Q2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total
    revenue  $151.1  $145.6  $151.0  $145.7  $141.6  $137.1  $138.0  $131.0
    Income
    from
    conti-
    nuing
    opera-
    tions      19.1    25.7    23.2    20.7    20.6    18.1     6.2    24.6
    Net
    income     19.1    30.2    23.2    20.7    20.6    22.6     6.2    24.6
    Income
    per
    common
    share
    from
    conti-
    nuing
    opera-
    tions
    Basic     0.68    0.96    0.85    0.75    0.74    0.65    0.13    0.92
    Diluted   0.68    0.95    0.85    0.75    0.74    0.65    0.13    0.91
    Net
    income
    per
    common
    share
    Basic     0.68    1.14    0.85    0.75    0.74    0.84    0.13    0.92
    Diluted   0.68    1.14    0.85    0.75    0.74    0.84    0.13    0.91
    Return on
    common
    share-
    holders'
    equity      8.1%   13.8%   10.5%    9.7%    9.4%   10.8%    1.7%   12.5%
    Balance
    sheet
    assets   18,270  17,787  18,011  17,809  17,177  17,296  17,062  17,307
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    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 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.banquelaurentienne.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 assuring that Laurentian Bank's interim consolidated financial
statements are fairly presented.
    During the last quarter ended January 31, 2008, there have been 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 and efficiency ratios. 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 perform a
better analysis of the Bank's growth and profitability potential.

    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 (the "Bank")
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 appreciably 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 simplicity and
proximity, 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, as well as 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. Elsewhere throughout Canada, it
operates in specific market segments where it holds an enviable position.
Laurentian Bank of Canada has more than $18 billion in balance sheet assets
and more than $15 billion in assets under administration. Founded in 1846, the
Bank employs close to 3,400 people.

    Conference call

    Laurentian Bank invites media representatives and the public to listen to
the conference call with financial analysts to be held at 2 p.m. Eastern
Standard Time on Wednesday, February 27, 2008. The live, listen-only,
toll-free, call-in number is 1-866-225-0198.
    You can listen to the call on a delayed basis at any time from 6:00 p.m.
on Wednesday, February 27 until midnight on March 19, 2008, by dialling the
following playback number: 1-800-408-3053 Code 3247597 #. The conference call
can also be heard through the Investors' Relations section of the Bank's Web
site at www.laurentianbank.ca. The Bank's Website also offers additional
financial information.


    
    FINANCIAL
    HIGHLIGHTS
                                          FOR THE THREE-MONTH
    IN MILLIONS OF DOLLARS,                     PERIODS ENDED
    UNLESS OTHERWISE INDICATED       JANUARY 31    JANUARY 31
    (UNAUDITED)                            2008          2007     VARIATION
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings
    Net income                     $       19.1  $       20.6            (7)%
    Income from continuing
     operations                    $       19.1  $       20.6            (7)%
    Net income available to
     common shareholders           $       16.2  $       17.6            (8)%
    Return on common
     shareholders' equity                   8.1 %         9.4 %

    Per common share
    Diluted net income             $       0.68  $       0.74            (8)%
    Diluted income from
     continuing operations         $       0.68  $       0.74            (8)%
    Dividends                      $       0.32  $       0.29            10 %
    Book value                     $      33.69  $      31.49             7 %
    Share price - close            $      35.87  $      30.60            17 %

    Financial position
    Balance sheet assets           $     18,270  $     17,177             6 %
    Assets under administration    $     15,320  $     14,911             3 %
    Loans, bankers' acceptances
     and assets purchased under
     reverse repurchase
     agreements, net               $     13,884  $     13,102             6 %
    Personal deposits              $     11,973  $     11,099             8 %
    Shareholders' equity
     and debentures                $      1,183  $      1,085             9 %
    Number of common shares
     (in thousands)                      23,830        23,633             1 %
    Net impaired loans as a
     % of loans, bankers'
     acceptances and assets
     purchased under reverse
     repurchase agreements                    - %           - %
    Risk-weighted assets           $      8,928  $      8,816             1 %

    Capital ratios
    Tier I BIS capital ratio               10.3 %        10.2 %
    Total BIS capital ratio                12.5 %        12.3 %
    Assets to capital multiple             16.4 x        15.9 x
    Tangible common equity
     as a percentage of
     risk-weighted assets                   8.2 %         7.7 %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    FINANCIAL RATIOS

    Per common share
    Price / earnings ratio
     (trailing four quarters)              10.5 x        11.6 x
    Market to book value                    106 %          97 %
    Dividend yield                         3.57 %        3.79 %
    Dividend payout ratio                  47.1 %        39.0 %

    As a percentage of average assets
    Net interest income                    2.27 %        2.27 %
    Provision for credit losses            0.22 %        0.24 %
    Net income                             0.43 %        0.49 %
    Net income available to
     common shareholders                   0.37 %        0.42 %

    Profitability
    Other income
     (as a % of total revenue)             34.1 %        32.8 %
    Efficiency ratio
     (non-interest expenses
     as a % of total revenue)              71.9 %        73.7 %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    OTHER INFORMATION

    Number of full-time
     equivalent employees                 3,389         3,326
    Number of branches                      156           158
    Number of automated
     banking machines                       336           334
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED
    BALANCE SHEET

    IN THOUSANDS
    OF DOLLARS                       JANUARY 31    OCTOBER 31    JANUARY 31
    (UNAUDITED)             NOTES          2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ASSETS
    Cash and non-interest-
     bearing deposits
     with other banks              $     59,361  $     65,245  $     79,340
                                  -------------------------------------------
    Interest-bearing
     deposits with
     other banks                        407,571       283,255       252,252
                                  -------------------------------------------
    Securities accounts
      Available-for-sale              1,085,517       917,676       877,806
      Held-for-trading                1,286,399     1,086,958     1,582,524
      Designated as
       held-for-trading                 741,317       669,745       507,706
                                  -------------------------------------------
                                      3,113,233     2,674,379     2,968,036
                                  -------------------------------------------
    Assets purchased
     under reverse
     repurchase
     agreements                         442,378       540,304       586,967
                                  -------------------------------------------
    Loans                 3 and 4
      Personal                        5,034,829     4,958,176     4,182,644
      Residential mortgage            6,004,342     6,232,778     6,157,936
      Commercial mortgage               794,199       684,625       707,710
      Commercial and other            1,614,224     1,556,831     1,434,427
                                  -------------------------------------------
                                     13,447,594    13,432,410    12,482,717
    Allowance for loan losses          (111,198)     (115,322)     (125,286)
                                  -------------------------------------------
                                     13,336,396    13,317,088    12,357,431
                                  -------------------------------------------
    Other
      Customers'
       liabilities under
       acceptances                      105,033       111,891       157,876
      Property, plant
       and equipment                    136,200       137,691       117,003
      Derivative
       financial
       instruments                       96,441        62,745        78,030
      Future tax assets         8        64,665        86,534       106,355
      Goodwill                           53,790        53,790        53,790
      Other intangible
       assets                            13,810        14,114        15,028
      Other assets                      440,885       439,810       404,688
                                  -------------------------------------------
                                        910,824       906,575       932,770
                                  -------------------------------------------
                                   $ 18,269,763  $ 17,786,846  $ 17,176,796
                                  -------------------------------------------
                                  -------------------------------------------
    LIABILITIES AND
     SHAREHOLDERS' EQUITY
    Deposits
      Personal                     $ 11,972,781  $ 11,564,530  $ 11,098,987
      Business, banks
       and other                      2,232,459     2,314,178     2,069,123
                                  -------------------------------------------
                                     14,205,240    13,878,708    13,168,110
                                  -------------------------------------------
    Other
      Obligations
       related to
       assets sold
       short                          1,246,688       868,675     1,358,414
      Obligations
       related to
       assets sold
       under repur-
       chase agreements                 708,767       928,987       589,567
      Acceptances                       105,033       111,891       157,876
      Derivative
       financial
       instruments                       67,495        70,851        86,349
      Other liabilities                 753,959       773,053       731,257
                                  -------------------------------------------
                                      2,881,942     2,753,457     2,923,463
                                  -------------------------------------------
    Subordinated
     debentures                         150,000       150,000       150,000
                                  -------------------------------------------
    Shareholders' equity
      Preferred shares          5       210,000       210,000       210,000
      Common shares             5       256,966       256,445       251,430
      Contributed surplus                   127           105            16
      Retained earnings                 545,810       537,254       492,867
    Accumulated other
     comprehensive income      10        19,678           877       (19,090)
                                  -------------------------------------------
                                      1,032,581     1,004,681       935,223
                                  -------------------------------------------
                                   $ 18,269,763  $ 17,786,846  $ 17,176,796
                                  -------------------------------------------
                                  -------------------------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.


    CONSOLIDATED STATEMENT
    OF INCOME


    IN THOUSANDS OF DOLLARS,              FOR THE THREE-MONTH PERIODS ENDED
    EXCEPT PER SHARE AMOUNTS         JANUARY 31    OCTOBER 31    JANUARY 31
    (UNAUDITED)             NOTES          2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest income
      Loans                        $    220,718  $    222,042  $    201,690
      Securities                         13,406        13,004        16,142
      Deposits with
       other banks                        7,420         5,117         1,885
                                  -------------------------------------------
                                        241,544       240,163       219,717
                                  -------------------------------------------
    Interest expense
      Deposits                          126,720       125,297       112,388
      Other liabilities                  13,340        15,186        10,181
      Subordinated
       debentures                         1,948         1,950         1,951
                                  -------------------------------------------
                                        142,008       142,433       124,520
                                  -------------------------------------------
    Net interest
     income                              99,536        97,730        95,197
                                  -------------------------------------------
    Other income
     Fees and commissions
      on loans and deposits              21,580        22,320        21,570
     Income from brokerage
      operations                          7,392         6,454         8,548
     Income from treasury
      and financial
      market operations                   6,653         3,912         4,584
     Income from sales of
      mutual funds                        3,442         3,493         3,074
     Credit insurance
      income                              3,056         3,492         3,582
     Income from
      registered
      self-directed
      plans                               2,180         2,231         2,359
     Securitization income                5,841         1,407           560
     Gain on change in
      ownership interest        2             -         4,000             -
     Other                                1,390           583         2,117
                                  -------------------------------------------
                                         51,534        47,892        46,394
                                  -------------------------------------------
    Total revenue                       151,070       145,622       141,591
                                  -------------------------------------------
    Provision for
     credit losses              3         9,500        10,000        10,000
                                  -------------------------------------------
    Non-interest expenses
      Salaries and
       employee benefits                 58,267        56,302        56,266
      Premises and technology            29,230        28,477        26,756
      Other                              21,057        20,978        21,307
                                  -------------------------------------------
                                        108,554       105,757       104,329
                                  -------------------------------------------
    Income from
     continuing operations
     before income taxes                 33,016        29,865        27,262
    Income taxes                8        13,904         4,130         6,706
                                  -------------------------------------------
    Income from
     continuing operations               19,112        25,735        20,556
    Income from
     discontinued operations,
     net of income taxes        2             -         4,423             -
                                  -------------------------------------------
    Net income                     $     19,112  $     30,158  $     20,556
                                  -------------------------------------------
                                  -------------------------------------------
    Preferred share
     dividends, including
     applicable taxes                     2,930         2,996         2,990
                                  -------------------------------------------
    Net income available
     to common shareholders        $     16,182  $     27,162  $     17,566
                                  -------------------------------------------
                                  -------------------------------------------
    Average number of
     common shares
     outstanding
     (in thousands)
      Basic                              23,824        23,783        23,627
      Diluted                            23,862        23,843        23,656
                                  -------------------------------------------
    Income per common share
     from continuing operations
      Basic                        $       0.68  $       0.96  $       0.74
      Diluted                      $       0.68  $       0.95  $       0.74
                                  -------------------------------------------
    Net income per common share
      Basic                        $       0.68  $       1.14  $       0.74
      Diluted                      $       0.68  $       1.14  $       0.74
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.


    CONSOLIDATED STATEMENT
    OF COMPREHENSIVE INCOME


    IN THOUSANDS                          FOR THE THREE-MONTH PERIODS ENDED
      OF DOLLARS                     JANUARY 31    OCTOBER 31    JANUARY 31
      (UNAUDITED)           NOTES          2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net income                     $     19,112  $     30,158  $     20,556
                                  -------------------------------------------

    Other comprehensive
     income (loss),
     net of income taxes       10
      Net change in
       unrealized gains
       (losses) on available-
       for-sale securities               (2,197)       (1,143)         (427)
      Reclassification of
       realized gains and
       losses on available-
       for-sale securities
       to net income                     (1,734)          209           247
      Net change in gains
       (losses) on derivative
       instruments designated
       as cashflow hedges                22,732        11,760          (358)
                                  -------------------------------------------
                                         18,801        10,826          (538)
                                  -------------------------------------------
    Comprehensive income           $     37,913  $     40,984  $     20,018
                                  -------------------------------------------
                                  -------------------------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The accompanying notes are an integral part of the interim consolidated
    financial statements.


    CONSOLIDATED STATEMENT OF CHANGES
    IN SHAREHOLDERS' EQUITY
                                                        FOR THE THREE-MONTH
    IN THOUSANDS                                              PERIODS ENDED
    OF DOLLARS                                     JANUARY 31    JANUARY 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                            521           272
                                                 ----------------------------
      Balance at end of period                        256,966       251,430
                                                 ----------------------------
    Contributed surplus
      Balance at beginning of period                      105           518
      Shares awarded under the
       performance-based share plan           6             -          (590)
      Stock-based compensation                6            22            88
                                                 ----------------------------
      Balance at end of period                            127            16
                                                 ----------------------------
    Retained earnings
      Balance at beginning of period                  537,254       482,149
      Net income                                       19,112        20,556
      Dividends
        Preferred shares, including
         applicable taxes                              (2,930)       (2,990)
        Common shares                                  (7,626)       (6,848)
                                                 ----------------------------
      Balance at end of period                        545,810       492,867
                                                 ----------------------------
    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                             18,801          (538)
                                                 ----------------------------
      Balance at end of period                         19,678       (19,090)
                                                 ----------------------------
    Shareholders' equity                         $  1,032,581  $    935,223
                                                 ----------------------------
                                                 ----------------------------
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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                  JANUARY 31    OCTOBER 31    JANUARY 31
    DOLLARS (UNAUDITED)     NOTES          2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash flows relating
     to operating
     activities
    Net income                     $     19,112  $     30,158  $     20,556
    Adjustments to
     determine net cash
     flows relating to
     operating activities:
      Provision for
       credit losses                      9,500        10,000        10,000
      Gains on
       securitization
       operations               4        (6,022)       (3,003)            -
      Net gain from
       discontinued
       operations               2             -        (5,185)            -
      Gain on change
       in ownership
       interest                 2             -        (4,000)            -
      Net loss (gain)
       on disposal of
       non-trading
       securities                        (2,687)         (559)       (1,304)
      Future income taxes                11,981         4,976         5,687
      Depreciation and
       amortization                       7,673         7,432         6,874
      Net change in
       held-for-trading
       securities                      (199,441)      138,614      (257,353)
      Change in accrued
       interest receivable                2,331        (4,319)       11,067
      Change in assets
       relating to
       derivative financial
       instruments                      (33,696)        9,960        18,950
      Change in accrued
       interest payable                   1,380        32,919        14,151
      Change in liabilities
       relating to
       derivative financial
       instruments                       (3,356)      (35,879)        4,542
      Other, net                          4,046        51,944       (30,196)
                                   ------------------------------------------
                                       (189,179)      233,058      (197,026)
                                   ------------------------------------------
    Cash flows relating to
     financing activities
      Net change in
       deposits                         326,532        11,342        73,609
      Change in obligations
       related to assets
       sold short                       378,013       (65,414)      281,405
      Change in obligations
       related to assets
       sold under repurchase
       agreements                      (220,220)     (212,433)     (510,818)
      Issuance of common
       shares                               521         3,205           272
      Dividends, including
       applicable taxes                 (10,556)       (9,900)       (9,838)
                                   ------------------------------------------
                                        474,290      (273,200)     (165,370)
                                   ------------------------------------------
    Cash flows relating to
     investing activities
      Change in securities
       available-for-sale
       and designated as
       held-for-trading
        Acquisitions                   (788,820)     (434,686)   (1,735,019)
        Proceeds on sale
         and at maturity                557,822       426,213     2,258,763
      Change in loans                  (458,303)     (504,632)     (202,911)
      Change in assets
       purchased under
       reverse repurchase
       agreements                        97,926       215,542       215,579
      Proceeds from
       mortgage loan
       securitizations                  401,049       403,274             -
      Additions to property,
       plant and equipment               (6,069)      (18,289)      (12,876)
      Proceeds from disposal
       of property, plant
       and equipment                         84            45           823
      Net change in
       interest-bearing
       deposits with other
       banks                           (124,316)      (51,474)     (153,530)
      Net cash flows from
       the sale of a loan
       portfolio                2        29,632             -             -
                                   ------------------------------------------
                                       (290,995)       35,993       370,829
                                   ------------------------------------------
    Net change in cash and
     non-interest-bearing
     deposits with other
     banks during the
     period                              (5,884)       (4,149)        8,433
    Cash and non-interest-
     bearing deposits with
     other banks at
     beginning of period                 65,245        69,394        70,907
                                   ------------------------------------------
    Cash and non-interest-
     bearing deposits with
     other banks at
     end of period                 $     59,361  $     65,245  $     79,340
                                   ------------------------------------------
                                   ------------------------------------------
    Supplemental
     disclosure relating
     to cash flows:
        Interest paid
         during the period         $    146,209  $    109,069  $    107,120
        Income taxes paid
         during the period         $     (3,991) $     (8,214) $      8,096
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    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 judgement 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) an 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
place increased emphasis on disclosures 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 lines of credit portfolio

    During the first quarter of 2008, the Bank sold a personal lines of credit
portfolio of $30,058,000, generating a $426,000 loss. The Bank has not
retained any rights and obligations in respect of these loans.

    Sale of the joint-venture BLC-Edmond de Rothschild Asset Management Inc.

    On December 31, 2004, the Bank completed the sale of the BLC-Edmond de
Rothschild Asset Management Inc. joint-venture (BLCER) to Industrial Alliance
Insurance and Financial Services Inc. (Industrial Alliance).
    During the fourth quarter ended October 31, 2007, the Bank recognized the
sale proceeds of $5,185,000 ($4,423,000 net of income taxes) related to net
annual sales threshold of mutual funds. This gain was attributed to the
Retail & SME Quebec segment.

    Income per common share from discontinued operations

                                          FOR THE THREE-MONTH PERIODS ENDED
                                     JANUARY 31    OCTOBER 31    JANUARY 31
    IN DOLLARS                             2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic                          $          -  $       0.18  $          -
    Diluted                        $          -  $       0.19  $          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    3. LOANS

    LOANS AND IMPAIRED LOANS
                                                     AS AT JANUARY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     GROSS
                          GROSS  AMOUNT OF
    IN THOUSANDS         AMOUNT   IMPAIRED   SPECIFIC    GENERAL      TOTAL
     OF DOLLARS        OF LOANS      LOANS ALLOWANCES ALLOWANCES ALLOWANCES
    -------------------------------------------------------------------------
    Personal
     loans         $  5,034,829  $  17,498  $   6,014  $  29,342  $  35,356
    Residential
     mortgages        6,004,342     14,061        945      2,983      3,928
    Commercial
     mortgages          794,199      4,294      1,777      3,926      5,703
    Commercial
     and other
     loans            1,614,224     70,851     37,212     28,999     66,211
                   ----------------------------------------------------------
                   $ 13,447,594  $ 106,704  $  45,948  $  65,250  $ 111,198
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                     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 JANUARY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     GROSS
                          GROSS  AMOUNT OF
    IN THOUSANDS         AMOUNT   IMPAIRED   SPECIFIC    GENERAL      TOTAL
     OF DOLLARS        OF LOANS      LOANS ALLOWANCES ALLOWANCES ALLOWANCES
    -------------------------------------------------------------------------
    Personal
     loans         $  4,182,644  $  18,795  $   6,406  $  27,153  $  33,559
    Residential
     mortgages        6,157,936     19,271      2,499      4,583      7,082
    Commercial
     mortgages          707,710      7,967      3,394      4,202      7,596
    Commercial
     and other
     loans            1,434,427     76,460     47,737     29,312     77,049
                   ----------------------------------------------------------
                   $ 12,482,717  $ 122,493  $  60,036  $  65,250  $ 125,286
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    SPECIFIC ALLOWANCES FOR LOAN LOSSES
                                                        FOR THE THREE-MONTH
                                                   PERIODS ENDED JANUARY 31
                                                             2008      2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                 COMMER-
                                                   CIAL     TOTAL     TOTAL
    IN                      RESIDEN-   COMMER-      AND  SPECIFIC  SPECIFIC
     THOUSANDS   PERSONAL      TIAL      CIAL     OTHER   ALLOWAN-  ALLOWAN-
     OF DOLLARS     LOANS MORTGAGES MORTGAGES     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 consoli-
     dated
     statement
     of income      6,319      (381)      245     3,317     9,500    10,000
    Write-offs     (7,423)     (103)        -    (7,300)  (14,826)  (10,853)
    Recoveries      1,079        10         -       113     1,202       986
                 ------------------------------------------------------------
    Balance at
     end of
     period      $  6,014  $    945  $  1,777  $ 37,212  $ 45,948  $ 60,036
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    GENERAL ALLOWANCES FOR LOAN LOSSES
                                                        FOR THE THREE-MONTH
                                                   PERIODS ENDED JANUARY 31
                                                             2008      2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                 COMMER-
                                                   CIAL     TOTAL     TOTAL
    IN                      RESIDEN-   COMMER-      AND   GENERAL   GENERAL
     THOUSANDS   PERSONAL      TIAL      CIAL     OTHER   ALLOWAN-  ALLOWAN-
     OF DOLLARS     LOANS MORTGAGES MORTGAGES     LOANS       CES       CES
    -------------------------------------------------------------------------
    Balance at
     beginning
     of period   $ 28,446  $  5,144  $  4,144  $ 27,516  $ 65,250  $ 65,250
    Change
     during the
     period           896    (2,161)     (218)    1,483         -         -
                 ------------------------------------------------------------
    Balance at
     end of
     period      $ 29,342  $  2,983  $  3,926  $ 28,999  $ 65,250  $ 65,250
    -------------------------------------------------------------------------


    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 insured residential mortgage loan
securitization transactions carried out by the Bank:

                                          FOR THE THREE-MONTH PERIODS ENDED
                                     JANUARY 31    OCTOBER 31    JANUARY 31
    IN THOUSANDS OF DOLLARS                2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash proceeds, net of
     transaction related costs        $ 401,049     $ 403,274     $       -
    Rights to future excess interest     13,109        13,313             -
    Servicing liability                  (3,366)       (3,326)            -
    Other                                (5,333)       (4,890)            -
                                      ---------------------------------------
                                        405,459       408,371             -
    Residential mortgages
     securitized and sold               399,437       405,368             -
                                      ---------------------------------------
    Gains before income taxes, net
     of transaction related costs     $   6,022     $   3,003     $       -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    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:
                                                                 JANUARY 31
                                                                       2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Rate of prepayment                                                 25.5 %
    Discount rate                                                      4.58 %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    No loss is expected on insured residential mortgages.

    The total principal amount of securitized residential mortgages
outstanding amounted to $1,883,424,000 as at January 31, 2008 ($1,561,901,000
as at October 31, 2007).

    In order to mitigate interest rate risk related to a commercial mortgage
loans 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 relationship
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 which was
recognized in other income, under securitization income.

    5. CAPITAL STOCK

    Issuance of common shares

    During the quarter, 19,032 common shares were issued under the employee
share purchase option plan for the management of the Bank for a cash
consideration of $521,000.


    ISSUED AND
     OUTSTANDING         AS AT JANUARY 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      23,829,845     $ 256,966    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
key sectors 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 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). 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. During the first quarter of 2008, the Bank has complied with
these requirements.
    A capital plan prepared annually specifies the target capital ratios by
taking into account the 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 is detailed as follows:

                                                        AS AT         AS AT
                                                   JANUARY 31    OCTOBER 31
    IN THOUSANDS OF DOLLARS                              2008        2007(*)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Tier 1 capital
      Common shares                               $   256,966   $   256,445
      Contributed surplus                                 127           105
      Retained earnings                               545,810       537,254
      Non-cumulative preferred shares                 210,000       210,000
      Less: goodwill, securitization and other        (89,495)      (53,790)
                                                  ---------------------------
    Total - Tier 1 capital                            923,408       950,014
                                                  ---------------------------

    Tier 2 capital
      Subordinated debentures                         150,000       150,000
      General allowances                               65,250        65,250
      Less : securitization and other                 (23,670)      (33,827)
                                                  ---------------------------
    Total - Tier 2 capital                            191,580       181,423
                                                  ---------------------------
    Total - capital                               $ 1,114,988   $ 1,131,437
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Information based on capital adequacy requirements in force
        at that date.


    6. STOCK-BASED COMPENSATION

    Restricted Share Unit Program

    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.

    Stock option purchase plan

    There were no new grants in 2008. Information on outstanding number of
options is as follows:

                                                        AS AT         AS AT
                                                   JANUARY 31,   OCTOBER 31,
                                                         2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                       NUMBER        NUMBER
    -------------------------------------------------------------------------
    Share purchase options
      Outstanding at end of period                    145,195       170,027
      Exercisable at end of period                    107,695       120,027
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    During the first quarter of 2008, the Bank recognized a charge of $22,000
($16,000 for the first quarter of 2007) related to stock options granted in
2007.

    Performance-based share agreement

    In accordance with the 2005 performance-based share agreement, all rights
to the 20,000 common shares granted vested in January 2007, as objectives were
met. Consequently, the shares were issued to the employee. A $72,000 charge to
salaries and employee benefits was recorded for the first quarter of 2007 with
regards to this grant.

    Performance-based share units program

    During the first quarter of 2008, as per 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.

    Charge related to stock-based compensation plans

    During the first quarter, a net charge of $1,526,000 ($1,005,000 in the
first quarter of 2007) was recorded with regards to the Bank's stock-based
compensation plans. The net charge resulted from a $4,113,000 gain (a charge
of $1,005,000 during the first quarter of 2007) on the various plans rights,
which was more than offset by the effect of hedges amounting to $5,639,000
(nil during the first quarter of 2007).

    7. EMPLOYEE FUTURE BENEFITS

                                          FOR THE THREE-MONTH PERIODS ENDED
                                     JANUARY 31    OCTOBER 31    JANUARY 31
    IN THOUSANDS OF DOLLARS                2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Defined benefit pension
     plans expense                 $      2,640  $      3,714  $      4,337
    Defined contribution pension
     plan expense                           816           767           695
    Other plans expense                     830           784           807
                                   ------------------------------------------
    Total                          $      4,286  $      5,265  $      5,839
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    8. INCOME TAXES

    For the quarter ended January 31, 2008, the income tax expense was
$13,904,000 and the effective tax rate was 42.1%. This rate reflects the
decrease to the Bank's future income tax asset of $5,657,000 related to the
new reductions to the federal income tax rates adopted in the third reading at
the House of Common in December 2007. Excluding the effect of this adjustment,
the income tax expense would have been $8,247,000 for the quarter, for an
effective tax rate of 25.0%. This rate mainly reflects the favorable effect of
holding investments in Canadian securities which generate non-taxable income,
as well as the effect of not recording income taxes on foreign credit
insurance operations.
    For the quarter ended October 31, 2007, the income tax expense was
$4,130,000 and the effective tax rate was 13.8%. This rate mainly reflects the
effect of a $2,200,000 recovery related to the resolution of various income
tax exposures, as well as lower taxation of the gain resulting from the
worldwide reorganisation of Visa.
    For the quarter ended January 31, 2007, the income tax expense was
$6,706,000 and the effective tax rate was 24.6%. A $900,000 adjustment was
recorded 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.

    9. WEIGHTED AVERAGE NUMBER OF OUTSTANDING COMMON SHARES

                                          FOR THE THREE-MONTH PERIODS ENDED
                                     JANUARY 31    OCTOBER 31    JANUARY 31
                                           2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Average number of outstanding
     common shares                   23,824,005    23,782,786    23,627,126
    Dilutive share purchase options      37,992        59,747        28,788
                                     ----------------------------------------
    Weighted average number of
     outstanding common shares       23,861,997    23,842,533    23,655,914
                                     ----------------------------------------
                                     ----------------------------------------
    Average number of share
     purchase options not taken
     into account in the
     calculation of diluted
     net income per common share(1)           -             -        89,467
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (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 share during these periods.


    10. SUPPLEMENTAL INFORMATION ON OTHER COMPREHENSIVE INCOME

    Other comprehensive income

                          FOR THE THREE-MONTH PERIOD ENDED JANUARY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                     AMOUNT
                                        AMOUNTS                      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           $     (3,205) $      1,008  $     (2,197)
      Less : reclassification to
       income of realized (gains)
       and losses during the period      (2,013)          279        (1,734)
                                   ------------------------------------------
    Unrealized gains and (losses)
     on available-for-sale
     securities                          (5,218)        1,287        (3,931)

    Gains and (losses) on
     derivatives designated as cash
     flow hedges                         33,590       (10,858)       22,732
                                   ------------------------------------------
    Other comprehensive income     $     28,372  $     (9,571) $     18,801
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                         FOR THE THREE-MONTH  PERIOD ENDED OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                     AMOUNT
                                        AMOUNTS                      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           $     (1,692) $        549  $     (1,143)
      Less : reclassification to
       income of realized gains and
       losses during the period             312          (103)          209
                                   ------------------------------------------
    Unrealized gains and losses on
     available-for-sale securities       (1,380)          446          (934)

    Gains and losses on derivatives
     designated as cash flow hedges      17,818        (6,058)       11,760
                                   ------------------------------------------
    Other comprehensive income     $     16,438  $     (5,612) $     10,826
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                          FOR THE THREE-MONTH PERIOD ENDED JANUARY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                     AMOUNT
                                        AMOUNTS                      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           $       (642) $        215  $       (427)
      Less : reclassification to
       income of realized gains and
       losses during the period             367          (120)          247
                                   ------------------------------------------
    Unrealized gains and losses on
     available-for-sale securities         (275)           95          (180)

    Gains and losses on derivatives
     designated as cash flow hedges        (573)          215          (358)
                                   ------------------------------------------
    Other comprehensive income     $       (848) $        310  $       (538)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Accumulated other comprehensive income

                                                     AS AT JANUARY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                ACCUMULATED
                                           CASH     AVAILABLE-        OTHER
                                           FLOW      FOR-SALE COMPREHENSIVE
    IN THOUSANDS OF DOLLARS             HEDGING    SECURITIES        INCOME
    -------------------------------------------------------------------------

    Balance at beginning of period $    (10,255) $     11,132  $        877
    Change during the three-month
     period ended January 31, 2008       22,732        (3,931)       18,801
                                   ------------------------------------------
    Balance at end of period       $     12,477  $      7,201  $     19,678
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                     AS AT OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                ACCUMULATED
                                           CASH     AVAILABLE-        OTHER
                                           FLOW      FOR-SALE COMPREHENSIVE
    IN THOUSANDS OF DOLLARS             HEDGING    SECURITIES        INCOME
    -------------------------------------------------------------------------
    Balance at beginning of year   $          -  $          -  $          -
    Impact of adopting the new
     accounting policy, net of
     income taxes                       (15,932)       (2,620)      (18,552)
    Change during the three-month
     period ended January 31, 2007         (358)         (180)         (538)
                                   ------------------------------------------
    Balance as at January 31, 2007      (16,290)       (2,800)      (19,090)
    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)
    Change during the three-month
     period ended October 31, 2007       11,760          (934)       10,826
                                      ---------------------------------------
    Balance at end of year         $    (10,255) $     11,132  $        877
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    11. SUPPLEMENTAL INFORMATION ON HEDGING RELATIONSHIPS AND
        FINANCIAL INSTRUMENTS

    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, securities and derivative
financial instrument portfolios, controls have been implemented, such as risk
management policies and various risk limits. These measures aim to optimize
the return/risk ratio in all operating segments. The main risks to which the
Bank is exposed are set out below.

    Market risk

    Market risk corresponds to the financial losses that the Bank could incur
because of unfavourable 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 policies and
limits implemented are designed to mitigate exposure to market risk arising
from trading, investment, financing and asset and liability management
activities.

    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
appropriate risk assessment. 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 rigorous and
systematic follow-up of its financial instrument accounts in terms of both
quality and quantity through mechanisms and policies related to the systematic
review of various types of files and risk rating updating systems, and pricing
analysis.
    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 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 of 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.
    The amount that best represents the maximum exposure to credit risk of the
Bank as at January 31, 2008, without taking account of any collateral held or
other credit enhancements, corresponds to the sum of financial assets on the
consolidated financial statement to which are added credit-related commitments
amounting to $3,760,000,000 as of that date, including $1,880,000,000 related
to personal credit facilities and credit card lines.

    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, liquidities 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 makes sure the liquidity
indicators are in compliance with limits established in the policies set by
the Bank. 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 prudent reserve of unencumbered liquid assets
that are readily available to face any 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, along
with 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 ensure the Bank can fulfill
its obligations in the event of high demand for liquid assets.

    Derivative financial instruments

    Ineffectiveness related to hedging relationships

    During the quarter ended January 31, 2008, the ineffective portion of
accumulated changes in the fair value of hedging instruments recognized in the
income statement amounted to $256,000 ($32,000 for the quarter ended January
31, 2007) as it relates to cash flow hedging relationships and $100,000     
(-$7,000 for the quarter ended January 31, 2007) as it relates to fair value
hedging relationships.

    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, in shareholders' equity.

                                     JANUARY 31                  OCTOBER 31
                                           2008                        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS          NOMINAL    FAIR VALUE       NOMINAL    FAIR VALUE
     OF DOLLARS            AMOUNT    NET AMOUNT        AMOUNT    NET AMOUNT
    -------------------------------------------------------------------------
    Contracts
     designated
     as hedging
     instruments
      Interest rate
       swap contracts
        Swaps used
         for cash
         flow hedging $ 3,205,000   $    27,966   $ 3,891,000   $    (4,748)
        Swaps used
         for fair
         value
         hedging        2,761,000        22,979     2,436,000          (784)
                      -------------------------------------------------------
                      $ 5,966,000   $    50,945   $ 6,327,000   $    (5,532)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Other information on hedging relationships

    Of the amount of net deferred gain included in accumulated other
comprehensive income as at January 31, 2008, the Bank expects to transfer
$5,790,000 into net income over the next twelve months.
    The maximum term of cash flow hedging relationships was 5 years as at
January 31, 2008.

    Financial instruments

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

                                JANUARY 31                       OCTOBER 31
                                      2008                             2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                   FAVOURABLE                    FAVOURABLE
                                     (UNFAVOU-                     (UNFAVOU-
    IN MILLIONS      BOOK      FAIR     RABLE)     BOOK      FAIR     RABLE)
     OF DOLLARS     VALUE     VALUE  VARIANCE     VALUE     VALUE  VARIANCE
    -------------------------------------------------------------------------

    Assets
      Loans      $ 13,336  $ 13,377  $     41  $ 13,317  $ 13,316  $     (1)

    Liabilities
      Deposits     14,205    14,285       (80)   13,879    13,901       (22)
      Subordina-
       ted deben-
       tures     $    150  $    152  $     (2) $    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 January 31, 2008, a gain of $15,011,000
(a loss of $1,550,000 for the three-month period ended January 31, 2007) was
recognized in trading income for financial instruments designated as
held-for-trading under the fair value option.
    The Bank designated certain deposits for a nominal amount of $84,315,000
($65,060,000 as at January 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 $84,449,000
($64,630,000, as at January 31, 2007), is -$134,000 ($429,620, as at
January 31, 2007).

    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
                                                           JANUARY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS                        R & SME
     OF DOLLARS                          Quebec          RE&C           B2B
    -------------------------------------------------------------------------

    Net interest income            $     72,984  $     13,633  $     22,004
    Other income                         27,379         3,513         2,661
                                   ------------------------------------------
    Total revenue                       100,363        17,146        24,665
    Provision for credit losses           7,838         1,497           165
    Non-interest expenses                80,391         5,538        10,344
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                 12,134        10,111        14,156
    Income taxes
     (recovered)                          3,056         3,335         4,772
                                   ------------------------------------------
    Income (loss) from
     continuing operations                9,078         6,776         9,384
    Income from discontinued
     operations, net of
     income taxes                             -             -             -
                                   ------------------------------------------
    Net income                     $      9,078  $      6,776  $      9,384
                                   ------------------------------------------
                                   ------------------------------------------
    Average assets(1)              $  9,786,171  $  2,094,553  $  3,679,876
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                           FOR THE THREE-MONTH PERIOD ENDED
                                                           JANUARY 31, 2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS
     OF DOLLARS                             LBS         OTHER         TOTAL
    -------------------------------------------------------------------------

    Net interest income            $        734  $     (9,819) $     99,536
    Other income                          7,550        10,431        51,534
                                   ------------------------------------------
    Total revenue                         8,284           612       151,070
    Provision for credit losses               -             -         9,500
    Non-interest expenses                 7,618         4,663       108,554
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                    666        (4,051)       33,016
    Income taxes
     (recovered)                            198         2,543        13,904
                                   ------------------------------------------
    Income (loss) from
     continuing operations                  468        (6,594)       19,112
    Income from discontinued
     operations, net of
     income taxes                             -             -             -
                                   ------------------------------------------
    Net income                     $        468  $     (6,594) $     19,112
                                   ------------------------------------------
                                   ------------------------------------------

    Average assets(1)              $  1,423,406  $    497,596  $ 17,481,602
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                           FOR THE THREE-MONTH PERIOD ENDED
                                                           OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS                        R & SME
     OF DOLLARS                          Quebec          RE&C           B2B
    -------------------------------------------------------------------------

    Net interest income            $     73,418  $     11,555  $     20,807
    Other income                         32,553         3,221         2,704
                                   ------------------------------------------
    Total revenue                       105,971        14,776        23,511
    Provision for credit losses           6,735         2,427           838
    Non-interest expenses                77,468         5,773        10,709
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                 21,768         6,576        11,964
    Income taxes
     (recovered)                          6,042         2,203         4,048
                                   ------------------------------------------
    Income (loss) from
     continuing operations               15,726         4,373         7,916
    Income from discontinued
     operations, net of
     income taxes                         4,423             -             -
                                   ------------------------------------------
    Net income                     $     20,149  $      4,373  $      7,916
                                   ------------------------------------------
                                   ------------------------------------------

    Average assets(1)              $  9,644,837  $  1,980,586  $  3,505,124
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                           FOR THE THREE-MONTH PERIOD ENDED
                                                           OCTOBER 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS
     OF DOLLARS                             LBS         OTHER         TOTAL
    -------------------------------------------------------------------------

    Net interest income            $        722  $     (8,772) $     97,730
    Other income                          6,686         2,728        47,892
                                   ------------------------------------------
    Total revenue                         7,408        (6,044)      145,622
    Provision for credit losses               -             -        10,000
    Non-interest expenses                 7,234         4,573       105,757
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                    174       (10,617)       29,865
    Income taxes
     (recovered)                            (54)       (8,109)        4,130
                                   ------------------------------------------
    Income (loss) from
     continuing operations                  228        (2,508)       25,735
    Income from discontinued
     operations, net of
     income taxes                             -             -         4,423
                                   ------------------------------------------
    Net income                     $        228  $     (2,508) $     30,158
                                   ------------------------------------------
                                   ------------------------------------------

    Average assets(1)              $  1,397,161  $    642,616  $  17,170,324
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                           FOR THE THREE-MONTH PERIOD ENDED
                                                           JANUARY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS                        R & SME
     OF DOLLARS                          Quebec          RE&C           B2B
    -------------------------------------------------------------------------

    Net interest income            $     69,748  $     11,404  $     19,756
    Other income                         26,590         4,611         2,794
                                   ------------------------------------------
    Total revenue                        96,338        16,015        22,550
    Provision for credit losses           7,200         1,785         1,015
    Non-interest expenses                75,884         5,755        10,413
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                 13,254         8,475        11,122
    Income taxes                          3,218         2,838         3,770
                                   ------------------------------------------
    Income (loss) from
     continuing operations               10,036         5,637         7,352
    Income from discontinued
     operations, net of income
     taxes                                    -             -             -
                                   ------------------------------------------
    Net income                     $     10,036  $      5,637  $      7,352
                                   ------------------------------------------
                                   ------------------------------------------

    Average assets(1)              $  9,106,193  $  1,746,109  $  2,834,793
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                           FOR THE THREE-MONTH PERIOD ENDED
                                                           JANUARY 31, 2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    IN THOUSANDS
     OF DOLLARS                             LBS         OTHER         TOTAL
    -------------------------------------------------------------------------

    Net interest income            $        293  $     (6,004) $     95,197
    Other income                          8,712         3,687        46,394
                                   ------------------------------------------
    Total revenue                         9,005        (2,317)      141,591
    Provision for credit losses               -             -        10,000
    Non-interest expenses                 7,639         4,638       104,329
                                   ------------------------------------------
    Income (loss) from
     continuing operations
     before income taxes                  1,366        (6,955)       27,262
    Income taxes                            379        (3,499)        6,706
                                   ------------------------------------------
    Income (loss) from
     continuing operations                  987        (3,456)       20,556
    Income from discontinued
     operations, net of income
     taxes                                    -             -             -
                                   ------------------------------------------
    Net income                     $        987  $     (3,456) $     20,556
                                   ------------------------------------------
                                   ------------------------------------------

    Average assets(1)              $  1,639,013  $  1,283,531  $ 16,609,639
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    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.


    OTHER INCOME

    IN THOUSANDS
     OF DOLLARS                                                        2008
     (UNAUDITED)               Q4            Q3            Q2            Q1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Fees and
     commissions
     on loans and
     deposits
      Deposit
       service
       charges       $          -  $          -  $          -  $     12,562 $
      Lending fees              -             -             -         5,078
      Card service
       revenues                 -             -             -         3,940
                     --------------------------------------------------------
    Sub-total - fees
     and commissions
     on loans and
     deposits                   -             -             -        21,580
                     --------------------------------------------------------
    Other
      Income from
       brokerage
       operations               -             -             -         7,392
      Income from
       treasury and
       financial
       market
       operations               -             -             -         6,653
      Income from
       sales of
        mutual funds            -             -             -         3,442
      Credit
       insurance
       income                   -             -             -         3,056
      Income from
       registered
       self-directed
       plans                    -             -             -         2,180
      Securitization
       income                   -             -             -         5,841
      Other                     -             -             -         1,390
                     --------------------------------------------------------
    Sub-total - other           -             -             -        29,954
                     --------------------------------------------------------

    Total - other
     income          $          -  $          -  $          -  $     51,534 $
                     --------------------------------------------------------
                     --------------------------------------------------------

    As a % of
     average assets             - %           - %           - %        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
       disposal             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       $          -  $          -  $          -  $     39,165 $
      Employee
       benefits                 -             -             -        12,521
      Performance-
       based
       compensation             -             -             -         6,581
                     --------------------------------------------------------
    Sub-total -
     salaries and
     employee
     benefits                   -             -             -        58,267
                     --------------------------------------------------------

    Premises and
     technology
      Equipment and
       computer
       services                 -             -             -        11,175
      Rent and
       property taxes           -             -             -         8,768
      Depreciation              -             -             -         7,368
      Maintenance and
       repairs                  -             -             -         1,290
      Public
       utilities                -             -             -           310
      Other                     -             -             -           319
                     --------------------------------------------------------
    Sub-total -
     premises and
     technology                 -             -             -        29,230
                     --------------------------------------------------------

    Other
      Fees and
       commissions              -             -             -         3,607
      Taxes and
       insurance                -             -             -         4,466
      Communications
       and travelling
       expenses                 -             -             -         4,572
      Advertising
       and business
       development              -             -             -         3,912
      Stationery and
       publications             -             -             -         1,655
      Recruitment and
       training                 -             -             -         1,564
      Other                     -             -             -         1,281
                     --------------------------------------------------------
    Sub-total - other           -             -             -        21,057
                     --------------------------------------------------------

    Total -
     non-interest
     expenses        $          -  $          -  $          -  $    108,554 $
                     --------------------------------------------------------
                     --------------------------------------------------------

    As a % of
     average assets             - %           - %           - %        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
                                          AS AT         AS AT         AS AT
    IN THOUSANDS OF DOLLARS          JANUARY 31    OCTOBER 31    JANUARY 31
     (UNAUDITED)                           2008        2007(*)       2007(*)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Tier 1 capital
      Common shares                $    256,966  $    256,445  $    251,430
      Contributed surplus                   127           105            16
      Retained earnings                 545,810       537,254       492,867
      Unrealized losses on
       available for sale equity
       securities                             -             -        (1,077)
      Non-cumulative preferred
       shares                           210,000       210,000       210,000
      Less: goodwill,
       securitization and other         (89,495)      (53,790)      (53,790)
                                   ------------------------------------------
    Total - Tier 1 capital (A)          923,408       950,014       899,446
                                   ------------------------------------------
    Tier 2 capital
      Subordinated debentures           150,000       150,000       150,000
      General allowances                 65,250        65,250        65,250
      Less : securitization and
       other                            (23,670)      (33,827)      (27,989)
                                   ------------------------------------------
    Total - Tier 2 capital              191,580       181,423       187,261
                                   ------------------------------------------
    Total - capital (B)            $  1,114,988  $  1,131,437  $  1,086,707
                                   ------------------------------------------
    Total risk-weighted
     assets (C)                    $  8,928,372  $  9,723,950  $  8,815,925

    Tier I BIS capital ratio (A/C)         10.3 %         9.8 %        10.2 %
    Total BIS capital ratio (B/C)          12.5 %        11.6 %        12.3 %
    Assets to capital multiple             16.4 x        15.8 x        15.9 x
    Tangible common equity as a
     percentage of risk-weighted
     assets                                 8.2 %         7.5 %         7.7 %
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Information based on capital adaquacy requirements inforce at these
        dates.


    RISK-WEIGHTED ASSETS
                                          AS AT         AS AT         AS AT
    IN THOUSANDS OF DOLLARS          JANUARY 31    OCTOBER 31    JANUARY 31
     (UNAUDITED)                           2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Balance sheet items
      Cash resources               $     70,716  $     85,613  $     71,242
      Securities                        312,112       328,325       468,041
      Mortgage loans                  2,169,601     2,636,531     2,510,018
      Other loans and customers'
       liability under
       acceptances                    4,730,702     5,906,449     5,118,642
      Other assets                      414,575       476,308       478,512
      General allowances                   n.a.        65,250        65,250
                                   ------------------------------------------
    Total - balance sheet items       7,697,706     9,498,476     8,711,705

    Off-balance sheet items
      Derivative financial
       instruments                       35,439        28,647        29,806
      Credit-related commitments        174,052       196,827        74,414
                                   ------------------------------------------
                                        209,491       225,474       104,220
    Operational risk                  1,021,175          n.a.          n.a.
                                   ------------------------------------------
    Total - risk-weighted assets   $  8,928,372  $  9,723,950  $  8,815,925
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    ASSETS UNDER ADMINISTRATION
                                          AS AT         AS AT         AS AT
    IN THOUSANDS OF DOLLARS          JANUARY 31    OCTOBER 31    JANUARY 31
     (UNAUDITED)                           2008          2007          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Self-directed RRSPs and RRIFs  $  8,000,336  $  8,429,223  $  8,541,885
    Mortgage loans under
     management                       2,059,347     1,742,466     1,146,996
    Clients' brokerage assets         1,907,281     1,994,766     1,929,122
    Institutional                     1,819,563     1,823,965     1,765,677
    Mutual funds                      1,505,984     1,615,886     1,496,250
    Other - Personal                     27,913        29,988        31,271
                                   ------------------------------------------
    Total - assets under
     administration                $ 15,320,424  $ 15,636,294  $ 14,911,201
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    




For further information:

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

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Laurentian Bank of Canada

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