LBC Legislative Covered Bond Programme Monthly Investor Report
Calculation Date: 9/29/2026
This report contains information regarding the Cover Pool as of the indicated Calculation Date, relating to the Covered Bonds issued by Laurentian Bank of Canada ("LBC") under its Legislative Covered Bond Programme. The composition of the Cover Pool willchange as Loans (and their Related Security) are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans (and their Related Security) in the Cover Pool will vary over time.This material is for distribution only under such circumstances as may be permitted by applicable law. This material is published solely for informational purposes and this report does not constitute an invitation or recommendation to invest or otherwise dealin, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.The information set forth in this report has been obtained from, and is based upon, sources believed by LBC to be accurate, however, LBC makes no representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of theinformation contained herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. LBC assumes no liability for any errors orany reliance you place on the information provided herein.THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADIAN MORTGAGE HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DISCLOSURE DOCUMENT. THESE COVEREDBONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.As of the Calculation Date, the Guarantor employs the methodology set out below to determine the indexed valuations for Properties relating to the Loans in the Covered Bond Portfolio (the "Indexation Methodology") for purposes of the Asset Coverage Test,the Amortization Test, the Valuation Calculation and in calculating the value of the covered bond collateral held as Contingent Collateral. To account for subsequent price developments, the Guarantor has chosen to adjust the original market values of theProperties securing the Loans in the Covered Bond Portfolio by using the Teranet - National Bank House Price Index™ available by subscription at www.housepriceindex.ca. LBC does not endorse or accept any responsibility for such site or its content, privacypolicy or security standards.As per the CMHC Guide (June 23, 2017) and pursuant to the definition of Indexation Methodology in the Master Definitions and Construction Agreement, notice of any change in the Indexation Methodology must be provided to CMHC and will be reflected inthe then-current Investor Report. Changes to the Indexation Methodology may only be made: (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto; (ii) if such change constitutes a material change, subject tosatisfaction of the Rating Agency Condition; and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to the consent of the Bond Trustee. The Indexation Methodology must at all times comply with the requirements of the CMHCGuide.The Cover Pool is owned by LBC Covered Bond Guarantor Limited Partnership (Guarantor LP), which has no liabilities or claims outstanding against it other than those relating to the LBC Covered Bond Programme.In this report, currency amounts are stated in Canadian dollars ("$"), unless otherwise specified.Supplementary InformationParties to Covered Bond ProgrammeIssuer Laurentian Bank of CanadaGuarantor Entity LBC Covered Bond (Legislative) Guarantor Limited PartnershipServicer & Cash Manager Laurentian Bank of CanadaSwap Provider Royal Bank of CanadaCovered Bond Trustee & Custodian Computershare Trust Company of CanadaAsset Monitor Ernst & Young LLPAccount Bank & GIC Provider Royal Bank of Canada (RBC)Standby Account Bank & Standby GIC Provider Royal Bank of CanadaPaying Agent Laurentian Bank of CanadaProgramme InformationOutstanding Covered BondsSeries ISIN Initial Principal Amount Currency Translation Rate CAD Equivalent Expected Maturity Legal Final Maturity Coupon Rate Rate Type Maturity TypeCBL2 CA51925DCD62 $260,010,000 CAD N/A $260,010,000 04/20/2027 04/20/2028 + 3.545% Fixed Soft BulletTotal$260,010,000OSFI Programme LimitOSFI Covered Bond Ratio: 0.55% ¹ OSFI Covered Bond Ratio Limit: 5.50%1. Per OSFI's letter dated May 23, 2019, the OSFI Covered Bond Ratio refers to total assets pledged for covered bonds relative to total on-balance sheet assets. Total on-balance sheet assets are as at Aug 31, 2026.Series Ratings DBRSCBL2 AA (high)Laurentian Bank of Canada's RatingsDBRSSenior Debt BBBSubordinated Debt BBShort-Term R-2 (High)Rating Outlook StableWeighted average maturity of Outstanding Covered Bonds (months)6.67Weighted average remaining term of Loans in Cover Pool (months)29.07Page 1 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Applicable Ratings of Standby Account Bank, Standby GIC Provider and Swap Provider (RBC)DBRS FitchLong Term AA (high) AAShortTerm R-1 (High) F1+Description of Ratings Triggers³A. Party ReplacementIf the rating(s) of the Party falls below the level stipulated below, such party is required to be replaced or in the case of the Swap Provider:(i) transfer credit support; and(ii) replace itself or obtain a guarantee for its obligations.Role DBRS FitchAccount Bank & GIC Provider (LBC) A & R-1 (low)Standby Account Bank & Standby GIC Provider (RBC) A & R-1 (low)Cash Manager (LBC) BBB (low)Servicer (LBC) BBB (low)Interest Rate Swap Provider (RBC) BBB & R-2 (middle) F3 (dcr) & BBB- (dcr) ¹Covered Bond Swap Provider (RBC) BBB & R-2 (middle) F3 (dcr) & BBB- (dcr) ¹Title Holder on Mortgages for LBC and B2B Bank BBB (low)B. Specified Rating Related Actioni. The following actions are required if the rating of the Cash Managerfalls below the stipulated rating:DBRS(a) Amounts received by the Servicer are to be deposited directly to theGIC Account and not provided to the Cash Manager BBB (low)(b) Amounts held by the Cash Manager belonging to the Guarantor are to bedeposited to the Transaction Account or the GIC Account, as applicable within 5 business days BBB (low)ii. The following actions are required if the rating of the Servicer falls below the stipulated rating:DBRS(a) Servicer is required to transfer amounts belonging to the Guarantor to the Cash Manageror the GIC Account, as applicable, within 2 business days BBB (low)iii. The following actions are required if the rating of the Issuer falls below the stipulated rating:DBRS(a) Establishment of the Reserve Fund R-1 (low) & A (low)(b) Fund Pre-Maturity Liquidity Required Amount on Hard Bullet Covered Bonds A (low) ²(c) Repayment of Demand Loan n/aiv. The Covered Bond Swap will become effective per Covered Bond Swap agreementv. Each Swap Provider is required to transfer credit support, replace itself or obtain a guarantee of its obligations if the rating of such Swap Provider falls below the specified rating:DBRS Fitch(a) Interest Rate Swap Provider R-1 (low) & A F1 (dcr) & A- (dcr) ¹(b) Covered Bond Swap Provider R-1 (low) & A F1 (dcr) & A- (dcr) ¹Events of Default & TriggersIssuer Event of Default NoGuarantor LP Event of Default No¹ These ratings are in respect of Derivative Counterparty Ratings from Fitch and include the (dcr) reference following Fitch having assigned Derivative Counterparty Ratings to the relevant party.²If the Final Maturity is within six months of the Pre-Maturity Test: A (high).³Where both a short-term and long-term rating are noted for a particular rating agency, both such triggers must be breached before the consequences applyPage 2 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Asset Coverage TestOutstanding Covered Bonds$260,010,000A = Lesser of (i) LTV Adjusted Loan Balance ¹ and $317,173,279 A (i) $331,864,592(ii) Asset Percentage Adjusted Loan Balance ¹ A(ii): $317,173,279B = Principal Receipts up to Calculation Date not otherwise applied $0 Actual Asset Percentage: 95.2%C = Cash Capital Contributions ³ $0 Maximum Asset Percentage: 97.0%D = Substitute Assets $0 Minimum Asset Percentage: 80.0%E = Reserve Fund Balance $5,279,640 Regulatory OC Minimum: 105.0%Y = Contingent Collateral Amount $0 Level of Overcollateralization ² ̕ ³ 105.0%Z = Negative Carry Factor Calculation $0Adjusted Aggregate Asset Amount(Total: A + B + C + D + E - Y - Z) $322,452,919Asset Coverage Test PASS1. LTV Adjusted Loan Balance and Asset Percentage Adjusted Loan Balance are calculated per the Indexation Methodology based on the most recent property appraisal value.2. Per Section 4.3.8 of the CMHC Guide, (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B)the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.3. Under the Guarantor Agreement section, the Cash Capital Contributions exclude cash in the Yield Supplement Fund.Valuation CalculationTrading Value of Covered Bonds $264,844,619A = LTV Adjusted Loan Present Value ¹ $330,895,375 Weighted Average Effective Yieldof Performing Eligible Loans: 4.24%B = Principal Receipts up to Calculation Date not otherwise applied $0C = Cash Capital Contributions ² $0D = Trading Value of Substitute Assets $0E = Reserve Fund Balance $5,279,640F = Trading Value of Swap Collateral $0Present Value Adjusted Aggregate Asset Amount(Total: A + B + C + D + E + F) $336,175,015Valuation Calculation $71,330,3961. LTV Adjusted Loan Present Value is calculated per the Indexation Methodology based on the most recent property appraisal value2. Under the Guarantor Agreement section, the Cash Capital Contributions exclude cash in the Yield Supplement Fund.Intercompany Loan BalanceGuarantee Loan $272,905,097Demand Loan $47,604,573Total $320,509,671Cover Pool LossesPeriod End Write-off Amounts Loss Percentage (Annualized)9/29/2026 0.00%Reserve FundAmountReserve Fund Balance $5,279,639.91Page 3 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Guarantor Cover Pool Flow of FundsCash Inflows (Received by Guarantor) 29-Sep-26 31-Aug-26Principal Receipts 7,295,938 ¹ 10,097,750 ¹Proceeds for sale of Loans 0 ⁴ 0 ⁴Draw on Intercompany Loan 0 0Revenue Receipts 1,024,396 1,187,792Swap Receipts 1,117,050 ² 1,228,245 ³Swap Breakage Fee 0 0Cash Capital Contribution 0 0Cash Outflows (Paid by Guarantor)Swap payment(1,024,244)²(1,126,969)³Intercompany Loan interest(1,117,202)²(1,289,068)³Intercompany Loan principal(7,488,054)¹ ̕ ²(10,239,116)¹ ̕ ³Purchase of Loans 0 ⁴ 0Net inflows/(outflows)(192,117) (141,366)1. Includes Captialized Interest on Loans. Amounts drawn by Guarantor LP on the Intercompany Loan in respect of Captialized Interest are included on a net basis in the Intercompany Loan principal.2. Cash settlement to occur on October 19, 2026.3. Cash settlement occurred on September 17, 2026.4. No new sale of loans.Yield Supplement Flow of FundsBeginning Balance of Yield Supplement Ledger 1,000,000Deposit to Yield Supplement Ledger ¹ 0Withdraw from Yield Supplement Ledger 0End Balance of the Yield Supplement Ledger 1,000,000Yield Supplement Required Amount ² 169,051End Balance = Yield Supplement Required Amount. In Compliance (Yes/No) Yes1. Source of fund for the Yield Supplement Ledger includes: Available Revenue Receipts, Cash Capital Contribution, and Intercompany Loan (Demand Loan).2. The Interest Swap Calculation Agent is to prepare a Yield Supplement Schedule and calculate the Yield Supplement Required Amount as required by the Interest Rate Swap confirmations.Page 4 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Cover Pool Delinquency DistributionAging Summary Number of Loans Percentage Principal Balance PercentageCurrent and less than 30 days past due 844 98.94% $330,136,092 98.73%30 to 59 days past due 4 0.47% $2,106,416 0.63%60 to 89 days past due 1 0.12% $922,701 0.28%90 or more days past due 4 0.47% $1,218,203 0.36%Total853 100.00% $334,383,412 100.00%Cover Pool Provincial DistributionProvince Number of Loans Percentage Principal Balance PercentageBritish Columbia 35 4.10% $15,192,138 4.54%Prairies 90 10.55% $29,368,347 8.78%Ontario 609 71.40% $256,619,695 76.74%Quebec 119 13.95% $33,203,233 9.93%Atlantic 0 0.00% $0 0.00%Other 0 0.00% $0 0.00%Total853 100.00% $334,383,412 100.00%Cover Pool Interest Rate Type DistributionInterest Rate Type Number of Loans Percentage Principal Balance PercentageFixed 539 63.19% $186,801,700 55.86%Variable 314 36.81% $147,581,712 44.14%Total853 100.00% $334,383,412 100.00%Cover Pool Occupancy Type DistributionOccupancy Type Number of Loans Percentage Principal Balance PercentageOwner Occupied 664 77.84% $271,688,335 81.25%Cover Pool Summary StatisticsPrevious Month Ending Balance $341,679,350Current Month Ending Balance $334,383,412Number of Mortgages in Pool 853Average Mortgage Size $392,009Number of Properties 853Number of Borrowers 853Weighted Average Original LTV ¹ 69.28%Weighted Average Current LTV ² 61.94%Weighted Average Indexed Current LTV ² ̕ ³ 61.50%Weighted Average Authorized LTV ⁴ 69.22%Weighted Average Indexed Authorized LTV ³ ̓ ⁴ 68.44%Weighted Average Mortgage Rate 4.23%Weighted Average Seasoning (Months) 22.976Weighted Average Original Term (Months) 52.0434Weighted Average Remaining Term (Months) 29.06741. For multi-product mortgage loans this is calculated based on all loans secured by the same property within the Cover Pool. If there is an additional advance against the property outside of the Cover Pool the value the Weighted Average Original LTV isrecalculated at the time the new tranche is sold into the Cover Pool based on the balances of the loans at the time of the new advance.2. For multi-product mortgage loans this is calculated based on all loans secured by the same property within the Cover Pool.3. Indexed LTV's are calculated per the Indexation Methodology based on the most recent property appraisal value.4. For multi-product loans this is calculated based on loans which are drawn or available to be drawn secured by the same property including those components held outside the Cover Pool.Page 5 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Cover Pool Occupancy Type DistributionOccupancy Type Number of Loans Percentage Principal Balance PercentageNon-Owner Occupied 189 22.16% $62,695,078 18.75%Total853 100.00% $334,383,412 100.00%Mortgage Asset Type DistributionAsset Type Number of Loans Percentage Principal Balance PercentageConventional Mortgage Loans¹ 815 95.55% $323,548,907 96.76%Multiproduct Mortgage Loans 38 4.45% $10,834,505 3.24%Total853 100.00% $334,383,412 100.00%1.Non-Amortizing loans represents less than $5 millions of the Principal Balance.Cover Pool Interest Rate DistributionInterest Rate (%) Number of Loans Percentage Principal Balance PercentageLess than 2.000 1 0.12% $452,007 0.14%2.000 - 2.999 48 5.63% $14,031,139 4.20%3.000 - 3.999 260 30.48% $126,071,572 37.70%4.000 - 4.999 451 52.87% $162,886,967 48.71%5.000 - 5.999 68 7.97% $23,131,274 6.92%6.000 - 6.999 17 1.99% $5,459,291 1.63%7.000 - 7.999 0 0.00% $0 0.00%8.000 or Greater 8 0.94% $2,351,163 0.70%Total853 100.00% $334,383,412 100.00%Cover Pool Remaining BalanceRemaining Principal Balance ($) Number of Loans Percentage Principal Balance Percentage99,999 and below 35 4.10% $2,400,110 0.72%100,000 - 149,999 35 4.10% $4,452,793 1.33%150,000 - 199,999 73 8.56% $12,748,818 3.81%200,000 - 249,999 85 9.96% $19,242,461 5.75%250,000 - 299,999 95 11.14% $26,321,686 7.87%300,000 - 349,999 94 11.02% $30,621,644 9.16%350,000 - 399,999 91 10.67% $34,151,040 10.21%400,000 - 449,999 69 8.09% $29,058,201 8.69%450,000 - 499,999 69 8.09% $32,499,267 9.72%500,000 - 549,999 41 4.81% $21,456,304 6.42%550,000 - 599,999 38 4.45% $21,853,841 6.54%600,000 - 649,999 32 3.75% $20,029,546 5.99%650,000 - 699,999 15 1.76% $10,072,927 3.01%700,000 - 749,999 20 2.34% $14,510,120 4.34%750,000 - 799,999 20 2.34% $15,408,651 4.61%800,000 - 849,999 12 1.41% $9,860,147 2.95%850,000 - 899,999 4 0.47% $3,534,500 1.06%900,000 - 949,999 8 0.94% $7,365,681 2.20%950,000 - 999,999 4 0.47% $3,842,428 1.15%1,000,000 and above 13 1.52% $14,953,245 4.47%Total853 100.00% $334,383,412 100.00%Page 6 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Cover Pool Months to Maturity DistributionMonths to Maturity Number of Loans Percentage Principal Balance Percentage5 or Less 120 14.07% $49,282,854 14.74%6 - 11 72 8.44% $32,784,973 9.80%12 - 23 179 20.98% $64,166,296 19.19%24 - 35 103 12.08% $37,579,894 11.24%36 - 47 226 26.49% $83,528,289 24.98%48 - 59 144 16.88% $61,737,422 18.46%60 - 71 9 1.06% $5,303,685 1.59%72 or greater 0 0.00% $0 0.00%Total853 100.00% $334,383,412 100.00%Cover Pool Property Type DistributionProperty Type Number of Loans Percentage Principal Balance PercentageSingle Family 688 80.66% $279,446,978 83.57%Apartment (Condominium) 125 14.65% $37,989,611 11.36%Semi-detached 0 0.00% $0 0.00%Duplex 24 2.81% $9,083,641 2.72%Tri-plex 7 0.82% $4,075,728 1.22%Fourplex 7 0.82% $3,029,776 0.91%Row 0 0.00% $0 0.00%Other 2 0.23% $757,679 0.23%Total853 100.00% $334,383,412 100.00%Cover Pool Indexed LTV - Authorized Distribution ¹Indexed LTV (%) Number of Loans Percentage Principal Balance Percentage20.00 and below 14 1.64% $1,708,949 0.51%20.01 - 25.00 9 1.06% $1,344,304 0.40%25.01 - 30.00 10 1.17% $1,530,778 0.46%30.01 - 35.00 23 2.70% $4,581,327 1.37%35.01 - 40.00 26 3.05% $7,362,905 2.20%40.01 - 45.00 35 4.10% $9,718,081 2.91%45.01 - 50.00 42 4.92% $11,695,727 3.50%50.01 - 55.00 73 8.56% $23,163,765 6.93%55.01 - 60.00 69 8.09% $27,441,480 8.21%60.01 - 65.00 87 10.20% $32,697,650 9.78%65.01 - 70.00 77 9.03% $32,546,073 9.73%70.01 - 75.00 133 15.59% $60,238,021 18.01%75.01 - 80.00 183 21.45% $74,271,524 22.21%Greater than 80.00 72 8.44% $46,082,829 13.78%Total853 100.00% $334,383,412 100.00%1. Indexed Authorized LTV is calculated per the Indexation Methodology based on the most recent property appraisal valueCover Pool Indexed LTV - Current Distribution ¹Indexed LTV (%) Number of Loans Percentage Principal Balance Percentage20.00 and below 32 3.75% $3,308,233 0.99%20.01 - 25.00 13 1.52% $2,209,679 0.66%25.01 - 30.00 24 2.81% $6,127,340 1.83%30.01 - 35.00 29 3.40% $7,829,040 2.34%35.01 - 40.00 40 4.69% $11,140,812 3.33%40.01 - 45.00 58 6.80% $16,862,222 5.04%Page 7 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Cover Pool Indexed LTV - Current Distribution ¹Indexed LTV (%) Number of Loans Percentage Principal Balance Percentage45.01 - 50.00 76 8.91% $26,693,671 7.98%50.01 - 55.00 74 8.68% $30,159,676 9.02%55.01 - 60.00 84 9.85% $34,135,357 10.21%60.01 - 65.00 110 12.90% $43,953,810 13.14%65.01 - 70.00 114 13.36% $48,772,599 14.59%70.01 - 75.00 94 11.02% $45,874,295 13.72%75.01 - 80.00 74 8.68% $36,093,969 10.79%Greater than 80.00 31 3.63% $21,222,710 6.35%Total853 100.00% $334,383,412 100.00%1. Indexed Current LTV is calculated per the Indexation Methodology based on the most recent property appraisal valueDays DelinquentCurrent-<30LTV British Columbia Alberta Quebec Ontario Other Total<20.00 $54,334 $157,265 $153,807 $2,850,113 - $3,215,51920.01 - 25.00 - $180,750 $566,348 $1,462,580 - $2,209,67925.01 - 30.00 $133,731 $124,042 $514,544 $5,355,024 - $6,127,34030.01 - 35.00 $336,893 $419,570 $129,986 $6,942,591 - $7,829,04035.01 - 40.00 $990,950 $126,188 $1,287,631 $8,736,043 - $11,140,81240.01 - 45.00 $331,593 $1,791,765 $2,818,587 $11,152,497 - $16,094,44245.01 - 50.00 $796,717 $2,704,414 $2,717,348 $20,475,192 - $26,693,67150.01 - 55.00 $2,193,934 $2,212,481 $1,792,675 $23,960,585 - $30,159,67655.01 - 60.00 $2,382,118 $1,936,025 $2,028,116 $27,382,252 - $33,728,51060.01 - 65.00 $620,987 $3,235,554 $5,355,882 $34,741,386 - $43,953,81065.01 - 70.00 $922,642 $4,678,129 $4,454,596 $38,318,094 - $48,373,46070.01 - 75.00 $1,649,174 $4,328,292 $7,800,728 $30,866,447 - $44,644,64275.01 - 80.00 $3,343,521 $7,473,870 $3,155,160 $21,161,473 - $35,134,024>80.00 $1,435,544 - - $19,395,924 - $20,831,469Total $15,192,138 $29,368,347 $32,775,409 $252,800,199 - $330,136,092Days Delinquent30-<60LTV British Columbia Alberta Quebec Ontario Other Total<20.00 - - - - - -20.01 - 25.00 - - - - - -25.01 - 30.00 - - - - - -30.01 - 35.00 - - - - - -35.01 - 40.00 - - - - - -40.01 - 45.00 - - - $432,671 - $432,67145.01 - 50.00 - - - - - -50.01 - 55.00 - - - - - -55.01 - 60.00 - - - $406,847 - $406,84760.01 - 65.00 - - - - - -65.01 - 70.00 - - - - - -70.01 - 75.00 - - - $306,952 - $306,95275.01 - 80.00 - - - $959,945 - $959,945>80.00 - - - - - -Total - - - $2,106,416 - $2,106,416Provincial Distribution by Indexed Current LTV and Aging SummaryPage 8 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Days Delinquent60-<90LTV British Columbia Alberta Quebec Ontario Other Total<20.00 - - - - - -20.01 - 25.00 - - - - - -25.01 - 30.00 - - - - - -30.01 - 35.00 - - - - - -35.01 - 40.00 - - - - - -40.01 - 45.00 - - - - - -45.01 - 50.00 - - - - - -50.01 - 55.00 - - - - - -55.01 - 60.00 - - - - - -60.01 - 65.00 - - - - - -65.01 - 70.00 - - - - - -70.01 - 75.00 - - - $922,701 - $922,70175.01 - 80.00 - - - - - ->80.00 - - - - - -Total - - - $922,701 - $922,701Days Delinquent90+LTV British Columbia Alberta Quebec Ontario Other Total<20.00 - - $92,715 - - $92,71520.01 - 25.00 - - - - - -25.01 - 30.00 - - - - - -30.01 - 35.00 - - - - - -35.01 - 40.00 - - - - - -40.01 - 45.00 - - $335,109 - - $335,10945.01 - 50.00 - - - - - -50.01 - 55.00 - - - - - -55.01 - 60.00 - - - - - -60.01 - 65.00 - - - - - -65.01 - 70.00 - - - $399,138 - $399,13870.01 - 75.00 - - - - - -75.01 - 80.00 - - - - - ->80.00 - - - $391,241 - $391,241Total - - $427,824 $790,379 - $1,218,203Total $15,192,138 $29,368,347 $33,203,233 $256,619,695 - $334,383,412Cover Pool Indexed Current LTV¹by Credit Bureau ScoreIndexed LTV (%) Score Unavailable <600 600 - 650 651 - 700 701 - 750 751 - 800 >800 Total20.00 and below - - $82,711 $400,484 $405,419 $1,179,531 $1,240,088 $3,308,23320.01 - 25.00 - - $88,364 $86,030 $618,329 $46,864 $1,370,091 $2,209,67925.01 - 30.00 - - $820,197 $548,952 $1,112,150 $288,020 $3,358,021 $6,127,34030.01 - 35.00 - - $102,878 $1,284,888 $1,085,344 $2,171,192 $3,184,738 $7,829,04035.01 - 40.00 - - $695,864 $1,766,412 $2,464,048 $2,473,852 $3,740,635 $11,140,81240.01 - 45.00 - - $1,278,097 $3,412,189 $4,219,080 $2,794,753 $5,158,103 $16,862,22245.01 - 50.00 - - $1,955,108 $2,229,237 $8,454,728 $2,118,128 $11,936,470 $26,693,67150.01 - 55.00 - - $1,942,742 $3,747,139 $6,357,545 $5,302,145 $12,810,105 $30,159,67655.01 - 60.00 - - $1,580,588 $5,584,074 $8,447,374 $7,014,960 $11,508,362 $34,135,35760.01 - 65.00 - - $3,808,924 $6,442,563 $10,838,940 $9,102,535 $13,760,847 $43,953,810Page 9 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
AppendixLaurentian Bank has entered into agreements with Fairstone Bank and National Bank. Visit the following URL for more information: https://www.laurentianbank.ca/en/help-and-faq/acquisition.To access all other documents referenced in this Appendix, please visit the following URL: https://www.banquelaurentienne.ca/en/about-us/investor-relations/covered-bonds.Indexation and Valuation MethodologiesThe Teranet-National Bank House Price Index™ (the "House Price Index") is an independent representation of the rate of change of Canadian single-family home prices. The measurements are based on the propertyrecords of public land registries, where sale price is available. The Teranet-National Bank House Price Index™ Composite 11 (the "Composite 11 House Price Index") is an independently developed representation ofmonthly average home price changes in the following eleven Canadian metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec and Halifax. Thesemetropolitan areas are combined to form the Composite 11 House Price Index, which is the weighted average of these eleven metropolitan areas.The Indexation Methodology to be employed by the Guarantor will be based on: (a) with respect to Properties located within the cities of Vancouver, Victoria, Calgary, Edmonton, Winnipeg, Ottawa-Gatineau,Hamilton, Toronto, Montreal, Quebec City and Halifax, data provided by Teranet through the House Price Index; and (b) for Properties located in all other areas of Canada, a property value that is adjusted using theComposite 11 House Price Index™, which is calculated as a weighted average of the data for the eleven metropolitan cities included in the House Price Index. The data derived by the House Price Index is based on arepeat sales method, which measures the change in price of certain residential properties within the related area based on at least two sales of each such property over time. Such price change data is then used toformulate the House Price Index for the related area. Details of the House Price Index and the Composite 11 House Price Index may be found at: www.housepriceindex.ca.A three-step process is used to determine the Market Value for each Property subject to the Related Security in respect of a Loan. First, a code (the Forward Sortation Area (FSA)) which identifies the location of theProperty is compared to corresponding codes maintained by Teranet to confirm whether the property is located within any of the 11 Canadian metropolitan areas covered by the Index. Second, to the extent an FSAmatch is not found, the name of the city in which such Property is located is used to confirm whether such city matches any of the Canadian metropolitan areas covered by the Index. The Market Value is thendetermined by adjusting the Latest Valuation for such Property, at least quarterly, by the rate of change for the corresponding Canadian metropolitan area, and where there is no corresponding Canadian metropolitanarea, the rate of change indicated in the Index, from the date of the Latest Valuation to the date on which the Latest Valuation is being adjusted for purposes of determining the Market Value for such Property. Wherethe Latest Valuation in respect of such Property pre-dates the first available date for the relevant rate of change in the Index, the first available date for such rate of change is used to determine the rate of change toapply to adjust the Latest Valuation for purposes of determining the Market Value for such Property. Such adjusted Market Value is the adjusted Original Market Value referred to in the Monthly Investor Report.65.01 - 70.00 - - $3,547,142 $5,961,238 $11,187,270 $10,693,944 $17,383,005 $48,772,59970.01 - 75.00 - - $2,516,062 $8,990,986 $4,418,980 $9,564,305 $20,383,962 $45,874,29575.01 - 80.00 - - $1,767,501 $5,304,318 $4,158,992 $9,977,682 $14,885,476 $36,093,96980.00 and Above - - $953,507 $2,148,324 $2,595,461 $5,833,738 $9,691,680 $21,222,710Total - - $21,139,684 $47,906,834 $66,363,662 $68,561,651 $130,411,582 $334,383,412The Issuer and the Guarantor LP may from time to time determine to use a different index or indices or a different indexation methodology to adjust the Latest Valuation for subsequent price developments todetermine Market Value for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe willproduce better or more reliable results or that is more cost effective.The LBC Legislative Covered Bond Programme is not endorsed, sold or promoted by Teranet Inc. ("Teranet") or National Bank of Canada ("NBC") or any of their third-party licensors. None of Teranet, NBC or theirthird-party licensors make any representation or warranty, express or implied, to the parties to the LBC Legislative Covered Bond Programme or any member of the public regarding the advisability or recommendationof investing in the LBC Legislative Covered Bond Programme particularly or concerning the results to be obtained from the House Price Index and the Composite 11 House Price Index and its ability to track theperformance of the residential real estate and housing markets or concerning the extent to which the capital value or income return of the LBC Legislative Covered Bond Programme matches or will match theperformance of the Index or the levels at which Index may stand at a particular date.The Teranet-National Bank House Price Index™, the Teranet-National Bank Composite 11 House Price Index™, and the logo are trademarks of Teranet Inc. and National Bank of Canada and are being used with theirpermission. Teranet, NBC, their affiliates and their suppliers (collectively the "HPI Group"): (a) do not endorse nor make any warranties about the contents of this work, and expressly disclaim all warranties with respectto the contents of this work; and (b) have provided the Teranet-National Bank House Price Index™ and the data or statistics therein on an "as is" basis and will not, for any reason, be liable for any damages or liabilitiesrelated to the Teranet-National Bank House Price Index™ and the data or statistics therein.No website referred to herein forms part of the Investor Report, nor have the contents of any such website been approved by or submitted to CMHC or any other governmental, securities or other regulatory authority.For more details regarding the Valuation Methodology, refer to the LOAN ORIGINATION AND LENDING CRITERIA - Valuations, Appraisals, Assessments and Credit Strategy section of the Offering Memorandum datedApril 7, 2022 (p. 126-127).1. Indexed Current LTV is calculated per the Indexation Methodology based on the most recent propertyappraisal valueRisk Factors relating to the Indexation MethodologyThe Issuer and the Guarantor LP believe that the following factors, although not exhaustive, could be material for the purpose of assessing risks associated with the use of the Index.No recourse for errors in the data in the IndexThe Issuer and the Guarantor LP have received written permission from the Index providers to use the Index. The data in the Index is provided on an "as is" basis and without any warranty as to the accuracy,completeness, non-infringement, originality, timeliness or any other characteristic of the data and the Index providers disclaim any and all liability with respect to such data. Neither the Issuer nor the Guarantor LPmakes any representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information or assumes any liability for any errors or reliance placed on such information. As aresult, there will not be any recourse for investors, the Issuer or the Guarantor LP for any errors in the data in the Index relied upon to determine the Market Value in respect of any Property subject to the RelatedSecurity in respect of a Loan.Page 10 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
The actual rate of change in the value of a Property may differ from the rate of change used to adjust the Latest Valuation for such Property in determining its Market ValueThe Index does not include a representation of changes in average home prices outside of the Canadian metropolitan areas that it covers and was developed as a representation of monthly average home pricechanges in the Canadian metropolitan areas that it does cover. While the Index uses data from single family properties, including detached, semi-detached, townhouse/row homes and condominium properties, it isbeing used to determine the Market Value of all Properties included as Related Security for Loans in the Covered Bond Portfolio, which may not correspond in every case to the categories included in the Index. Theactual value of a Property subject to the Related Security in respect of each Loan may change at a rate that is greater than or less than the rate of change used to determine the Market Value for such Property. Thisdiscrepancy may be magnified when the Index is used to determine the Market Value for a Property outside of the Canadian metropolitan areas covered by the Index given factors that affect housing prices may varysignificantly regionally from a national average or where the Index is used to determine Market Value for a Property in a category not covered by the Index and whose value is affected by factors that are different fromthose that affect the value of properties in the categories used by the Index. In addition, the methodology applied to produce the Index makes certain fundamental assumptions that impose difficulties in selecting orfiltering the properties that are used to produce the Index due to a lack of information about the properties, which may result in such properties being excluded and may impact the accuracy of the representation ofthe rate of change in the Index.The Index may not always be available in its current form or a different Index may be used to determine Market Value for a Property subject to Related Security in respect of a LoanThe Index providers may make a change to the method used to calculate the Index, the frequency with which the Index is published may change (such that the Index no longer meets the requirements in the Guide), orthe Index may cease to be available to the Issuer and the Guarantor LP for determining the Market Value of the Property subject to Related Security in respect of a Loan. In such circumstances, the Issuer and theGuarantor LP may or will need to select one or more new indices for determining Market Value of the Property subject to Related Security in respect of a Loan. The Issuer and the Guarantor LP may also determine atany time to use a different index or indices to adjust the Latest Valuation of the Property subject to Related Security in respect of a Loan for subsequent price developments to determine the Market Value of suchProperty, for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe will produce betteror more reliable Market Value results or that is more cost effective. The use of any such new indices to adjust Latest Valuation could result in a significant change in the Market Value of the real property subject to theRelated Security in respect of each Loan. See "Housing Price Index Methodology - Indexation Methodology".Market RiskRefer to the Risk Factors section of the Offering Memorandum dated April 7, 2022 (p. 11-12).Interest Rate Swap AgreementTo provide the Guarantor with a hedge against possible variances in the rates of interest payable on the Portfolio Assets (which may, for instance, include variable rates of interest or fixed rates of interest) and theinterest amounts payable under the Intercompany Loan and, following the Covered Bond Guarantee Activation Event, the Covered Bond Swap Agreement, the Guarantor has entered into the Interest Rate SwapAgreement with the Royal Bank of Canada as Interest Rate Swap Provider. The Interest Rate Swap Agreement is effective and cashflows are required to be exchanged in accordance with the fixed and floating interestrate swap confirmations entered pursuant thereto. The Interest Rate Swap Provider may be required to post collateral to secure its obligations under the Interest Rate Swap Agreement upon activation of ratingtriggers. The Guarantor has established the Yield Supplement Fund to be utilized by the Guarantor to make payments under the Interest Rate Swap Agreement.Rating Triggers: Part 5. Other Provisions (j) Additional termination provisions of the ISDA Schedule to the Interest Rate 2002 Master Agreement (p. 40-42)Amended and restated fixed and floating swap confirmations:Amended and Restated Interest Rate Swap Confirmation - Fixed RateAmended and Restated Interest Rate Swap Confirmation - Floating RateFor more information, please refer to the Interest Rate Swap Agreement section of the Offering Memorandum dated April 7, 2022 (p. 172-175).Covered Bond Swap AgreementsTo provide a hedge against interest rate [and other] risk, (i) to the Issuer prior to the occurrence of a Covered Bond Guarantee Activation Event, in respect of amounts payable in respect of obligations of the Issuerunder the Covered Bonds and (ii) to the Guarantor following the occurrence of the Covered Bond Guarantee Activation Event, in respect of amounts payable in respect of obligations of the Guarantor under theCovered Bond Guarantee, the Issuer has entered into an Issuer Swap Transaction in respect of each Series of Covered Bonds with the Royal Bank of Canada as Covered Bond Swap Provider. Pursuant to NovationAgreements between the Issuer, the Covered Bond Swap Provider and the Guarantor, the Issuer Swap Transactions will automatically be novated by the Issuer to the Guarantor upon occurrence of a Covered BondGuarantee Activation Event. The Issuer Swap Transactions are effective and cashflows are required to be exchanged by the Issuer and Covered Bond Swap Provider in accordance with the Covered Bond SwapConfirmations. The Covered Bond Swap Provider may be required to post collateral to secure its obligations under the Covered Bond Swap Agreements upon activation of rating triggers.CBL1Rating Triggers: Part 5. Other Provisions (j) Additional termination provisions of the ISDA Schedule to the Covered Bond 2002 Master Agreement (CBL1) (p. 40-43)CBL1 - Novation AgreementCBL2Rating Triggers: Part 5. Other Provisions (j) Additional termination provisions of the ISDA Schedule to the Covered Bond 2002 Master Agreement (CBL2) (p. 40-43)CBL2 - Novation AgreementFor more information, please refer to the Covered Bond Swap Agreement section of the Offering Memorandum dated April 7, 2022 (p. 175-179).Page 11 of 12LBC Legislative Covered Bond Programme Monthly Investor ReportCalculation Date: 9/29/2026
Interest rate riskRefer to the Risk Factors section of the Offering Memorandum dated April 7, 2022 (p. 12-13).Currency riskRefer to the Risk Factors section of the Offering Memorandum dated April 7, 2022 (p. 14).Credit riskRefer to the Risk Factors section of the Offering Memorandum dated April 7, 2022 (p. 9-11).Liquidity riskRefer to the Risk Factors section of the Offering Memorandum dated April 7, 2022 (p. 14-15).Maturity Structure, Extension Triggers and Extended Due DatesAll issuances are soft bullet maturities and have a twelve-month extension period.An Extended Due for Payment Date twelve-months after the Final Maturity Date has been specified in the Final Terms for each Series. The Interest Basis specified in this report in respect of each Series applies until theFinal Maturity Date for the relevant Series following which the floating rate of interest specified in the Final Terms of each Series is payable monthly in arrears from the Final Maturity Date to but excluding theExtended Due for Payment Date. For further details, see Final Terms for each Series and the OVERVIEW OF THE PROGRAMME - Extendable obligations under the Covered Bond Guarantee section of the OfferingMemorandum dated April 7, 2022 (p. 66-67).Page 12 of 12