Laurentian Bank of Canada : May 2025 report (monthly investor report)

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 will change 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 deal in, 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 the information 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 or any 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 COVERED BONDS 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 the Properties securing the Loans in the Covered Bond Portfolio by using the Teranet - National Bank House Price Index™ available by subscription at https://www.housepriceindex.ca. LBC does not endorse or accept any responsibility for such site or its content, privacy policy 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 in the 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 to satisfaction 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 CMHC Guide.

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.

Programme Information
Outstanding Covered Bonds
Series	ISIN	Initial Principal Amount	Currency		Translation Rate	CAD Equivalent	Expected Maturity	Legal Final Maturity	Coupon Rate	Rate Type	Maturity Type
CBL1	CA51925DCA24	$250,000,000	CAD		N/A	$250,000,000	05/06/2026	05/06/2027	+ 1.603%	Fixed	Soft Bullet
CBL2	CA51925DCD62	$260,010,000	CAD		N/A	$260,010,000	04/20/2027	04/20/2028	+ 3.545%	Fixed	Soft Bullet
Total						$510,010,000
OSFI Programme Limit
OSFI Covered Bond Ratio:		1.19%		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 Apr 30, 2025.

Weighted average maturity of Outstanding Covered Bonds (months) 17.06 Weighted average remaining term of Loans in Cover Pool (months) 18.18 Series Ratings DBRS

CBL1 AA (high)

CBL2 AA (high)

Supplementary Information

Parties to Covered Bond Programme

Issuer Laurentian Bank of Canada

Guarantor Entity LBC Covered Bond (Legislative) Guarantor Limited Partnership

Servicer & Cash Manager Laurentian Bank of Canada

Swap Provider Royal Bank of Canada

Covered Bond Trustee & Custodian Computershare Trust Company of Canada

Asset Monitor Ernst & Young LLP

Account Bank & GIC Provider Royal Bank of Canada (RBC)

Standby Account Bank & Standby GIC Provider Royal Bank of Canada

Paying Agent Laurentian Bank of Canada

Laurentian Bank of Canada's Ratings

DBRS

Senior Debt BBB

Subordinated Debt BB

Short-Term R-2 (High)

Rating Outlook Stable

Applicable Ratings of Standby Account Bank, Standby GIC Provider and Swap Provider (RBC)
Long Term	DBRS AA (high)	Fitch AA-
Short Term	R-1 (High)	F1+

Description of Ratings Triggers³

A. Party Replacement

If 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:

1. transfer credit support; and

2. replace itself or obtain a guarantee for its obligations.

   Role	DBRS	Fitch
   Account 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) ¹
   Covered Bond Swap Provider (RBC)	BBB & R-2 (middle)	F3 (dcr) & BBB- (dcr) ¹
   Title Holder on Mortgages for LBC and B2B Bank	BBB (low)
   B. Specified Rating Related Action
   i. The following actions are required if the rating of the Cash Manager falls below the stipulated rating:	DBRS

   1. Amounts received by the Servicer are to be deposited directly to the

      GIC Account and not provided to the Cash Manager BBB (low)

   2. Amounts held by the Cash Manager belonging to the Guarantor are to be

deposited to the Transaction Account or the GIC Account, as applicable within 5 business days BBB (low)

1. The following actions are required if the rating of the Servicer falls below the stipulated rating:

   (a) Servicer is required to transfer amounts belonging to the Guarantor to the Cash Manager or the GIC Account, as applicable, within 2 business days

2. The following actions are required if the rating of the Issuer falls below the stipulated rating:

   DBRS

   BBB (low)

   DBRS

   1. Establishment of the Reserve Fund R-1 (low) & A (low)

   2. Fund Pre-Maturity Liquidity Required Amount on Hard Bullet Covered Bonds A (low) ²

   3. Repayment of Demand Loan n/a

3. The Covered Bond Swap will become effective per Covered Bond Swap agreement

4. 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) ¹
   Events of Default & Triggers Issuer Event of Default	No
   Guarantor LP Event of Default	No

   ¹ 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 apply

   Asset Coverage Test
   Outstanding Covered Bonds	$510,010,000
   A = Lesser of (i) LTV Adjusted Loan Balance ¹ and	$544,428,996	A (i) $630,953,633
   (ii) Asset Percentage Adjusted Loan Balance ¹		A(ii): $544,428,996
   B = Principal Receipts up to Calculation Date not otherwise applied	$0	Actual Asset Percentage: 86.21%
   C = Cash Capital Contributions ³	$0	Maximum Asset Percentage: 97.00%
   D = Substitute Assets	$0	Minimum Asset Percentage: 80.00%
   E = Reserve Fund Balance	$700,096	Regulatory OC Minimum: 103.00%
   Y = Contingent Collateral Amount	$0	Level of Overcollateralization ² ̕ ³ 116.00%
   Z = Negative Carry Factor Calculation	$0

   Adjusted Aggregate Asset Amount (Total: A + B + C + D + E - Y - Z) $545,129,091 Asset Coverage Test PASS

   1. 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 Calculation
Trading Value of Covered Bonds	$510,973,820
A = LTV Adjusted Loan Present Value ¹	$626,412,306	Weighted Average Effective Yield of Performing Eligible Loans:	3.77%
B = Principal Receipts up to Calculation Date not otherwise applied	$0
C = Cash Capital Contributions ²	$0
D = Trading Value of Substitute Assets	$0
E = Reserve Fund Balance	$700,096
F = Trading Value of Swap Collateral	$0
Present Value Adjusted Aggregate Asset Amount (Total: A + B + C + D + E + F)	$627,112,401
Valuation Calculation	$116,138,581
LTV Adjusted Loan Present Value is calculated per the Indexation Methodology based on the most recent property appraisal value Under the Guarantor Agreement section, the Cash Capital Contributions exclude cash in the Yield Supplement Fund.
Intercompany Loan Balance
Guarantee Loan		$591,506,092
Demand Loan		$42,475,843
Total		$633,981,935
Cover Pool Losses
Period End	Write-off Amounts		Loss Percentage (Annualized)
5/30/2025			0.00%
Reserve Fund
		Amount
Reserve Fund Balance		$700,095.64

Cover Pool Flow of Funds
Cash Inflows	30-May-25		30-Apr-25
Principal Receipts	13,267,565	¹	12,171,758 ¹
Proceeds for sale of Loans	0	⁴	0 ⁴
Draw on Intercompany Loan	0		0
Revenue Receipts	1,837,330		2,081,263
Swap Receipts	2,437,889	²	2,488,474 ³
Swap Breakage Fee	0		0
Cash Capital Contribution	0		0

Cash Outflows
Swap payment	(2,070,335)	²	(2,106,754) ³
Intercompany Loan interest	(2,204,884)	²	(2,462,982) ³
Intercompany Loan principal	(15,537,627)	¹ ̕ ²	(16,942,347) ¹ ̕ ³
Purchase of Loans	0	⁴	0

Net inflows/(outflows) (2,270,062) (4,770,590)

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 June 17, 2025.

3. Cash settlement occurred on May 19, 2025.

4. No new sale of loans.

Yield Supplement Flow of Funds
Beginning Balance of Yield Supplement Ledger	1,000,000
Deposit to Yield Supplement Ledger ¹	0
Withdraw from Yield Supplement Ledger	0
End Balance of the Yield Supplement Ledger	1,000,000
Yield Supplement Required Amount ²	356,280
End Balance = Yield Supplement Required Amount. In Compliance (Yes/No)	Yes

1. 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.

Cover Pool Summary Statistics
Previous Month Ending Balance	$647,377,905
Current Month Ending Balance	$634,110,340
Number of Mortgages in Pool	1,993
Average Mortgage Size	$318,169
Number of Properties	1,869
Number of Borrowers	1,869
Weighted Average Original LTV ¹	68.38%
Weighted Average Current LTV ²	61.90%
Weighted Average Indexed Current LTV ² ̕ ³	57.14%
Weighted Average Authorized LTV ⁴	68.95%
Weighted Average Indexed Authorized LTV ³ ̓ ⁴	63.39%
Weighted Average Mortgage Rate	3.77%
Weighted Average Seasoning (Months)	37.4784
Weighted Average Original Term (Months)	55.6587
Weighted Average Remaining Term (Months)	18.1803

1. 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 is recalculated 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.

Cover Pool Delinquency Distribution
Aging Summary	Number of Loans	Percentage	Principal Balance	Percentage
Current and less than 30 days past due	1,982	99.45%	$627,162,357	98.90%
30 to 59 days past due	7	0.35%	$3,274,787	0.52%
60 to 89 days past due	2	0.10%	$1,099,734	0.17%
90 or more days past due	2	0.10%	$2,573,463	0.41%
Total	1,993	100.00%	$634,110,340	100.00%
Cover Pool Provincial Distribution
Province	Number of Loans	Percentage	Principal Balance	Percentage
British Columbia	68	3.41%	$29,115,187	4.59%
Prairies	82	4.11%	$26,016,325	4.10%
Ontario	1,064	53.39%	$454,836,292	71.73%
Quebec	779	39.09%	$124,142,535	19.58%
Atlantic	0	0.00%	$0	0.00%
Other	0	0.00%	$0	0.00%
Total	1,993	100.00%	$634,110,340	100.00%
Cover Pool Interest Rate Type Distribution
Interest Rate Type	Number of Loans	Percentage	Principal Balance	Percentage
Fixed	1,486	74.56%	$400,075,240	63.09%
Variable	507	25.44%	$234,035,099	36.91%
Total	1,993	100.00%	$634,110,340	100.00%
Cover Pool Occupancy Type Distribution
Occupancy Type	Number of Loans	Percentage	Principal Balance	Percentage
Owner Occupied	1,610	80.78%	$512,028,853	80.75%