Mr. Frederique Lavoie-Gamache reports

FINAL KEY REGULATORY APPROVALS RECEIVED FOR THE TRANSACTIONS INVOLVING LAURENTIAN BANK

The Canadian Investment Regulatory Organization and the relevant securities regulatory authorities have approved the previously announced acquisition by Fairstone Bank of Canada of all of the issued and outstanding common shares of Laurentian Bank of Canada and acquisition by National Bank of Canada (directly or through one or more affiliates) (NBC) of Laurentian Bank's retail and SME banking portfolios. These regulatory approvals conclude the key regulatory approval process required to proceed with the closing of the transactions.

The federal Minister of Finance has previously approved the acquisition transaction, and the transactions have also received the necessary approvals from the Superintendent of Financial Institutions. The Competition Act approval condition to closing for both transactions has been satisfied, provided that there is no change in circumstances relating to the Competition Bureau.

The parties expect the transactions to close on Nov. 1, 2026, subject to the satisfaction or waiver of the remaining closing conditions and the completion, prior to closing, of certain integration activities. Assuming closing occurs on Nov. 1, 2026, it is expected that Laurentian Bank's retail and SME products and services will be migrated to NBC by late 2026.

Laurentian Bank, Fairstone Bank and NBC will work closely together to ensure a smooth transition for customers. Laurentian Bank's retail and SME customers whose products and services will migrate to NBC following closing of the retail/SME transaction will receive clear communications outlining what the migration means for their products and services.

Laurentian Bank's decision to focus on its core commercial specialization represents an opportunity to build on the strength of a long-established Quebec institution. As part of the integration, Fairstone Bank will combine its commercial lending operations with Laurentian Bank's commercial specialization, leveraging the expertise of both organizations to strengthen capabilities and expand market presence.

About Laurentian Bank of Canada

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

About Fairstone Bank of Canada

Fairstone Bank and its subsidiaries, including Fairstone Financial Inc. and Home Trust Company, deliver innovative, accessible and reliable financial solutions that enable Canadians to reach their financial goals. Collectively, the bank offers residential and commercial mortgages, consumer deposits and GICs (guaranteed investment certificates), retail and automobile financing, credit cards and digital lending, in addition to unsecured and secured personal loans on-line, and at more than 260 branches coast to coast. With a long-established history, the company is proud to be Canada's leading alternative lending bank.

About National Bank of Canada

With $618-billion in assets as at April 30, 2026, National Bank of Canada ("NBC") is one of Canada's six systemically important banks. NBC has more than 35,000 employees in knowledge-intensive positions and operates three business segments in Canada: personal and commercial banking, wealth management, and capital markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA).

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