EXECUTIVE OFFICERS

MEMBERS OF THE Yassir Berbiche Michel Gendron Marlène Otis MANAGEMENT COMMITTEE Vice-President and Vice-President, Corporate Vice-President, Assistant Treasurer Banking, Quebec Commercial Financing Raymond McManus President and Luc Bernard Luc Gingras Marc Paradis Chief Executive Officer Senior Vice-President, Vice-President, Senior Vice-President, Chairman of the Board, Marketing Retail Financial Services, Strategic Planning and Control B2B Trust Indirect Sales Network Louise Bourassa Yves Ruest (guest) Robert Cardinal Senior Vice-President, Ronald Hodges (guest) Vice-President, Senior Executive Vice-President, Administrative Services Vice-President, Finance and Administration Finance, Administration Product Management and and Chief Financial Officer, and Strategic Development Denise Brisebois Client Services, B2B Trust Laurentian Bank Securities Inc. and Chief Financial Officer Vice-President, Human Resources Paul Hurtubise Claude Sasseville Bernard Piché Senior Vice-President, Vice-President, Senior Executive Vice-President François Desjardins Real Estate Financing Retail Financial Services, and Treasurer, Treasury, President and Chief East Montreal and South Shore Capital Markets, Wealth Executive Officer, Michel Lafontaine Management and Brokerage B2B Trust Vice-President, Capital Markets Al Spadaro (guest) Vice-President, Business Lorraine Pilon Jean-François Doyon Rick C. Lane Development, B2B Trust Executive Vice-President, Vice-President, Vice-President, Real Estate Corporate Affairs Internal Audit Financing, Ontario Michel C. Trudeau (guest) and Secretary President and Chief Philippe Duby Chantal Lauzon Executive Officer, Laurentian Réjean Robitaille Senior Vice-President, Vice-President, Bank Securities Inc. Executive Vice-President, Real Estate Management Taxation Retail Financial Services and Chief Information Officer Alicia Zemanek André Lopresti Senior Vice-President, Investor André Scott Richard Fabre Vice-President Relations and Integrated Executive Vice-President, Vice-President, and Chief Accountant Risk Management Commercial Financial Services Retail Financial Services and Private Banking, North Shore, Jacques Lussier MEMBERS OF THE Downtown Montreal and Vice-President, PLANNING COMMITTEE Western Quebec Retail Financial Services Marcel Beaulieu Quebec, Eastern Quebec Vice-President, William Galbraith and Mauricie Product Management Vice-President, Commercial Banking Louis Marquis Chantal Bélanger Senior Vice-President, Credit Ombudsman, Laurentian Bank Mario Galella and subsidiaries Vice-President, Pierre Minville Retail Financial Services, Vice-President, North and West Montreal Mergers and Acquisitions

LAURENTIAN BANK 104 BRANCHES

BY TOWN OR BOROUGH

Alma Joliette 8930, boul. Saint-Michel 2600, boul. Laurier 500, rue Sacré-Cœur O. 373, rue Notre-Dame 2490, rue de Salaberry 2700, boul. Laurier Amos Jonquière 1805, rue Sauvé O. Sainte-Marie de Beauce 1, 1ère Avenue O. 3460, boul. Saint-François 801, rue Sherbrooke E. 16, rue Notre-Dame N. 6615, rue Sherbrooke E. Anjou La Baie 12050, rue Sherbrooke E. Sainte-Thérèse 7050, rue Jarry E. 1220, av. du Port 5651, rue Sherbrooke O. 95, boul. Labelle 6651, boul. Joseph-Renaud Lachine 6640 av. Somerled 81, rue Turgeon Baie Comeau 1675, rue Notre-Dame 4790, av. Van Horne Saint-Eustache 600, boul. Laflèche Lachute Montréal Nord 250, boul. Arthur-Sauvé Beauport 470, rue Principale O. 4135, rue D’Amiens Saint-Georges 3333, boul. du Carrefour Lasalle 5501, boul. Henri-Bourassa E. 11400, 1ère Avenue 6525, boul. Léger Belœil 8262, boul. Champlain Saint-Hubert 706, boul. Laurier 8787, boul. Newman Murdochville e 5925, boul. Payer 1291, boul. Shevchenko 601, 5 rue Blainville 6250, boul. Cousineau Laval New Carlisle 1356, boul. Curé-Labelle Saint-Hyacinthe 9, boul. de la Seigneurie 928, Autoroute Chomedey O. 168, boul. Gérard-D.-Lévesque 5915, rue Martineau Boucherville 233, boul. Curé-Labelle New Richmond Saint-Jean-sur-Richelieu 999, boul. Montarville 3387, boul. Dagenais O. 228, boul. Perron 510, boul. des Laurentides 605, Pierre-Caisse Brossard Nicolet 750, rue Montrose 92, place 21 mars Saint-Jérome 1635, boul. Rome 3870, boul. Notre-Dame Ottawa / Vanier 900, boul. Grignon Campbell’s Bay 1899, boul. René-Laennec 1237 Donald Street Saint-Lambert 148, rue Front 1995, boul. Saint-Martin O. 400, av. Victoria Charlesbourg 4600, boul. Samson Outremont 1447, av. Van Horne Saint-Laurent 8000, boul. Henri-Bourassa Longueuil 865, boul. Décarie Chateauguay 2836, chemin Chambly Paspébiac 1430, rue Poirier 111, boul. Saint-Jean Baptiste 4, rue Saint-Charles E. 120, boul. Gérard-D.-Lévesque e Saint-Léonard 530, 3 rue Maniwaki Port Daniel 5900, rue Bélanger E. Chicoutimi 111, boul. Desjardins 10, route 132 4725, rue Jarry E. 1611, boul. Talbot Mascouche Québec 5355, rue Jean-Talon E. Côte Saint-Luc 848, montée Masson 510, boul. Charest E. 5401, boul. des Galeries 8410, boul. Langelier 5479, av. Westminster Mont Laurier 580, Grande Allée E. 8945, boul. Viau 476, rue de la Madone Dolbeau 1275, Chemin Sainte-Foy Saint-Raymond 1372, boul. Wallberg Montréal 3930, boul. Wilfrid-Hamel O. 300, rue Saint-Joseph 4945, rue Beaubien E. Dollard-des-Ormeaux Repentigny Sept-Îles 6593, rue Beaubien E. 3500, boul. des Sources 150, boul. Iberville 4155, rue Bélanger E. 770, boul. Laure 4057, montée Saint-Jean 910A, boul. Iberville 290, rue Chabanel O. Sherbrooke Dorval 6225, av. Darlington Rimouski 2637, rue King O. 325, av. Dorval 320, rue Saint-Germain E. 5159, boul. Décarie Terrebonne Drummondville 885, rue Fleury E. Rivière des Prairies 1035, boul. des Seigneurs 571, boul. Saint-Joseph 2200, rue Fleury E. 8646, boul. Maurice-Duplessis Thetford Mines Fort Coulonge 8595, rue Hochelaga Roberval 222, boul. Frontenac O. 532, rue Baume 790, rue Jarry O. 773, boul. Saint-Joseph 10, rue Jean-Talon E. Tracy Gatineau Rock Forest 555, rue Jean-Talon O. 831, route Marie-Victorin 139, boul. de l’Hôpital 4857, boul. Bourque 9095, rue Lajeunesse Trois-Rivières 75, du Plateau Rosemère 770, boul. Saint-Joseph 6500, av. de Lorimier 425, rue des Forges 2937, rue Masson 401, boul. Labelle Granby 4450, boul. des Forges 6270, boul. Monk Rouyn Noranda Val d’Or 40, rue Évangéline 1981, av. McGill College 24, rue Perreault E. 872, 3e Avenue Grand-Mère 1100, av. du Mont Royal E. Roxboro e 531, 6 Avenue 3720, rue Ontario E. 10451, boul. Gouin O. Valleyfield 7705, av. Papineau 187, Victoria Greenfield Park Saint-Bruno 5059, av. du Parc 3700, boul. Taschereau 690, montée Montarville Verdun 1100, boul. René-Lévesque O. Grenville 335, boul. des Promenades 5501, av. Verdun 936, rue Sainte-Catherine E. 240, rue Principale 4214, rue Wellington 8090, rue Saint-Denis Saint-Constant Île Bizard 391, rue Saint-Jacques 400, route 132 Victoriaville 136, boul. Jacques-Bizard 4080, rue Saint-Jacques Sainte-Foy 403, boul. Jutras E. Île Perrot 3730, boul. Saint-Laurent 999, rue de Bourgogne Westmount 88, boul. Don Quichotte 7192, boul. Saint-Michel 1221, Charles-Albanel 4848, rue Sherbrooke O.

105 LAURENTIAN BANK OFFICES

AGRICULTURAL Kitchener Longueuil MICRO-BUSINESS FINANCING 10 Duke Street W. 370, chemin Chambly Alma Drummondville Markham Montréal 500, rue Sacré-Cœur O. 1240, boul. Saint-Joseph 11 Allstate Parkway 1981, avenue McGill College Suite 430 Montréal Granby Bureau 100 425, boul. de Maisonneuve O. 40, rue Évangéline Mississauga Québec (Sainte-Foy) Bureau 105 Lachute 989 Derry Road E. 470, rue Principale Suite 303 2600, boul. Laurier Québec (Sainte-Foy) Bureau 2280 2600, boul. Laurier Saint-Hyacinthe Montréal Bureau 25 5915, rue Martineau 255, boul. Crémazie E. Saint-Jean-sur-Richelieu Bureau 1100 Saint-Jean-sur-Richelieu 100, rue Richelieu PRIVATE BANKING 605, boul. Pierre-Caisse Montréal – Major accounts Bureau 150 1981 McGill College avenue Montréal Sainte-Marie Suite 1670 Toronto 1981, avenue McGill College 16, rue Notre-Dame N. Québec (Sainte-Foy) 130 Adelaide Street W. Mezzanine 255 Victoriaville 2700, boul. Laurier LAURENTIAN TRUST REAL ESTATE FINANCING 403, boul. Jutras E. Bureau 2287 OF CANADA INC. Calgary B2B TRUST Sherbrooke Montréal 1122 – 4 Street SW Toronto – Head Office 2637, rue King O. 425, boul. de Maisonneuve O. Suite 450 130 Adelaide Street W. INTERNATIONAL SERVICES Kitchener 2nd Floor LBC CAPITAL II INC. Montréal 10 Duke Street W. BROME FINANCIAL 1981, avenue McGill College Montréal Suite 100 CORPORATION INC. Bureau 1750 1981, avenue McGill College Montréal Montréal Toronto 20e étage 500, rue Sherbrooke O. 130 Adelaide Street W. 1981, McGill College Bureau 400 LBC FINANCIAL Mezzanine LAURENTIAN BANK SERVICES INC. Ottawa COMMERCIAL SECURITIES INC. FINANCING Montréal 1420 Blair Place Drummondville Suite 603 Chicoutimi 645, boul. Saint-Joseph 425, boul. de Maisonneuve O. 1611, boul. Talbot Bureau 100 Bureau 105 Toronto Bureau 100 Granby 130 Adelaide Street W. LBC TRUST Drummondville 20, Place du Lac 2nd Floor 1240, boul. Saint-Joseph Laval Montréal Vancouver Hull 2525, boul. Daniel-Johnson 1981, avenue McGill College 700 West Georgia Street 770, boul. Saint-Joseph Bureau 500 20e étage Suite 603

SUBSIDIARIES AND AFFILIATED COMPANIES

CARRYING VALUE PERCENTAGE OF VOTING SHARES OF VOTING SHARES AS AT OCTOBER 31, 2004 PRINCIPAL OWNED BY THE BANK 1 OWNED BY NAME OFFICE ADDRESS ($000) THE BANK //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

B2BTrust 2 Toronto, Canada $ 209,063 100% Laurentian Trust of Canada Inc. Montréal, Canada $ 125,832 100% LBC Trust Toronto, Canada $ 48,668 100% Laurentian Bank Securities Inc. Montréal, Canada $ 47,616 100% LBC Financial Services Inc. Montréal, Canada $ 1,821 100% LBC Capital II Inc. Montréal, Canada $ 8,160 100% BLC-Edmond de Rothschild Asset Management Inc. 3 Montréal, Canada $ 14,573 50.1% Brome Financial Corporation Inc. Montréal, Canada $ 7,897 51% //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

1 The carrying value of voting shares is stated at the Bank’s net equity in these investments. 2 B2B Trust was a public company from June 27, 2001 to June 8, 2004. 3 BLC-Edmond de Rothschild Asset Management Inc. is a joint venture.

LAURENTIAN BANK 106 8 MESSAGE FROM THE PRESIDENT 16 BOARD OF DIRECTORS 105 BRANCHES AND CHIEF EXECUTIVE OFFICER 18 REVIEW OF OPERATIONS 106 OFFICES 11 MESSAGE FROM THE CHAIRMAN 27 MANAGEMENT’S DISCUSSION AND 106 SUBSIDIARIES AND OF THE BOARD ANALYSIS OF RESULTS OF OPERATIONS AFFILIATED COMPANIES SHAREHOLDER 12 FINANCIAL HIGHLIGHTS AND FINANCIAL CONDITION 107 SHAREHOLDER INFORMATION 14 MANAGEMENT COMMITTEE 67 CONSOLIDATED FINANCIAL STATEMENTS 15 CORPORATE GOVERNANCE 104 EXECUTIVE OFFICERS INFORMATION

Head office Valuation day price Change of address Direct deposit service Tour Banque Laurentienne For capital gains purposes, and inquiries Shareholders of the Bank may, 1981 McGill College Avenue the market value of Laurentian Shareholders should notify the by advising the Transfer Agent Montreal, Quebec H3A 3K3 Bank common shares on Transfer Agent of a change of in writing, have their dividends Tel.: (514) 284-4500 ext. 5996 Valuation day, December 22, address. Inquiries or requests deposited directly into an Fax: (514) 284-3396 1971, adjusted for the stock may be directed to the account held at any financial splits of July 1983 and January Secretary’s Office at institution member of the Telebanking Centre, 1987, was $3.72. Head Office or by calling Canadian Payments Association. Automated Banking (514) 284-4500 ext. 7545. and customer service: Transfer agent and Registrar This Annual Report was (514) 522-1846 Computershare Trust Investors and analysts produced by the Public Affairs (Montreal region) Company of Canada Investors and analysts may and Communications No charge dial: 1500 University Street contact the Investors Relations Department of Laurentian Bank. 1-800-522-1846 Suite 700 Department at Head Office by Website: Montreal, Quebec H3A 3S8 calling (514) 284-4500 Vous pouvez recevoir un www.laurentianbank.com ext. 5916. exemplaire français de ce Telex: 145069 Ombudsman’s office rapport annuel en faisant Swift Code: BLCM CA MM Laurentian Bank of Canada Media parvenir votre demande par Tour Banque Laurentienne Journalists may contact écrit à : Banque Laurentienne Annual meeting 1981 McGill College Avenue the Public Affairs and Tour Banque Laurentienne The Annual Meeting of 14th Floor Communications Department 1981, avenue McGill College, the Shareholders of the Montreal, Quebec H3A 3K3 at Head Office by calling 20e étage Bank will be held Wenesday, (514) 284-7192 (514) 284-4500 ext. 7511. Montréal (Québec) H3A 3K3 March 16, 2005, at 9:00 a.m., 1-800-473-4782 at Le Windsor, 1170, rue Peel, Montréal (Québec) H3B 4P2. Printed in Canada

STOCK SYMBOL AND DIVIDEND PAYMENT

THE COMMON AND PREFERRED SHARES INDICATED BELOW STOCK SYMBOL DIVIDEND DIVIDEND ARE LISTED ON THE TORONTO STOCK EXCHANGE. CODE CUSIP RECORD DATE* PAYMENT DATE* ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Common shares 51925D 10 6 LB First business First business day of: day of: January February April May ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// July August CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS October November From time to time, the Bank makes written and oral forward-looking statements, included in this Annual Report, in other filings with Canadian Preferred shares regulators, in reports to shareholders and in other communications. These forward looking-statements include, among others, statements regarding Series 9 51925D 87 4 LB.PR.D ** March 15 the business and objectives for the coming years, and medium- and long-term strategies to achieve these objectives, as well as statements with respect

PHOTOGRAPHS: STÉPHANE DUMAIS PRINTING: TRANSCONTINENTAL LITHO ACME Series 10 51925D 86 6 LB.PR.E ** June 15 to the Bank’s beliefs, plans, expectations, anticipations, estimates and intentions. This Annual Report contains such forward-looking statements. These September 15 statements are subject to a number of risks and uncertainties, several of which are independent of the Bank’s will, and can have an impact on the Bank’s operations, performance and results. These factors may affect actual results, which could differ from results contemplated by the forward- December 15 ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// looking statements. Such differences may be caused by factors which include, among others, global capital market activity, changes in government monetary and economic policies, changes in interest rates, inflation levels and general economic conditions, legislative and regulatory developments, WWW.NOLIN.CA * Subject to the approval of the Board of Directors. competition and technological change, along with the Bank’s success at increasing revenues and managing costs related to executing its business ** On such day (which shall not be more than 30 days preceding the date fixed for payment plan. The Bank cautions that the foregoing list of factors is not exhaustive. When relying on forward-looking statements to make decisions, investors DESIGN: of such dividend) as may be determined from time to time by the Board of Directors of the Bank. and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Bank does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

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