#1Investor Presentation Third Quarter 2022 August 31, 2022#2Caution Regarding Forward-Looking Statements From time to time, Laurentian Bank of Canada (the "Bank") will make written or oral forward-looking statements within the meaning of applicable Canadian and United States (U.S.) securities legislation, including such as those contained in this document (and in the documents incorporated by reference herein), and in other documents filed with Canadian regulatory authorities or the U.S. Securities and Exchange Commission, in reports to shareholders, and in other written or oral communications. These forward- looking statements are made in accordance with the "safe harbor" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. They include, but are not limited to, statements regarding the Bank's vision, strategic goals, business plans and strategies, priorities and financial performance objectives; the economic and market review and outlook for Canadian, U.S., European, and global economies; the regulatory environment in which the Bank operates; the risk environment, including, credit risk, liquidity, and funding risks; the anticipated ongoing and potential impact of the coronavirus (COVID-19) pandemic on the Bank's operations, earnings, financial results and financial performance, condition, objectives, and on the global economy and financial markets conditions; the statements under the headings "Outlook", "Impact of COVID-19 Pandemic" and "Risk Appetite and Risk Management Framework" contained in the Bank's 2021 Annual Report for the year ended October 31, 2021 (the "2021 Annual Report"), including the Management's Discussion and Analysis for the fiscal year ended October 31, 2021; and other statements that are not historical facts. Forward-looking statements typically are identified with words or phrases such as "believe", "assume", "estimate", "forecast", "outlook", "project", "vision", "expect", "foresee", "anticipate", "intend", "plan", "goal", "aim", "target", and expressions of future or conditional verbs such as "may", "should", "could", "would", "will", "intend" or the negative of any of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, which give rise to the possibility that the Bank's predictions, forecasts, projections, expectations, or conclusions may prove to be inaccurate; that the Bank's assumptions may be incorrect (in whole or in part); and that the Bank's financial performance objectives, visions, and strategic goals may not be achieved. Forward-looking statements should not be read as guarantees of future performance or results, or indications of whether or not actual results will be achieved. Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2021 Annual Report under the heading "Outlook", which assumptions are incorporated by reference herein. The Bank cautions readers against placing undue reliance on forward-looking statements, as a number of risk factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict or measure, could influence, individually or collectively, the accuracy of the forward-looking statements and cause the Bank's actual future results to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These risk factors include, but are not limited to, risks relating to: credit; market; liquidity and funding; insurance; operational; regulatory compliance (which could lead to us being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties, and fines); strategic; reputation; legal and regulatory environment; competitive and systemic risks; supply chain disruptions; geopolitical events and uncertainties; government sanctions; conflict, war, or terrorism; and other significant risks discussed in the risk-related portions of the Bank's 2021 Annual Report, such as those related to: the ongoing and potential impacts of the COVID-19 pandemic on the Bank, the Bank's business, financial condition and prospects; Canadian and global economic conditions (including the risk of higher inflation); geopolitical issues; Canadian housing and household indebtedness; technology, information systems and cybersecurity; technological disruption, privacy, data and third-party related risks; competition and the Bank's ability to execute on its strategic objectives; the economic climate in the U.S. and Canada; digital disruption and innovation (including, emerging fintech competitors); Interbank offered rate (IBOR) transition; changes in currency and interest rates; accounting policies, estimates and developments; legal and regulatory compliance changes; changes in government fiscal, monetary and other policies; tax risk and transparency; modernization of Canadian payment systems; fraud and criminal activity; human capital; insurance; business continuity; business infrastructure; emergence of widespread health emergencies or public health crises; emergence of COVID-19 variants; development and use of 'vaccine passports'; environmental and social risk; and climate change; and the Bank's ability to manage, measure or model operational, regulatory, legal, strategic or reputational risks, all of which are described in more detail in the section titled "Risk Appetite and Risk Management Framework" beginning on page 50 of the 2021 Annual Report, including the Management's Discussion and Analysis for the fiscal year ended October 31, 2021 which information is incorporated by reference herein. The Bank further cautions that the foregoing list of factors is not exhaustive. Additional risks, events, and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on the Bank's financial position, financial performance, cash flows, business or reputation. When relying on the Bank's forward-looking statements to make decisions involving the Bank, investors and others should carefully consider the foregoing factors, uncertainties, and current and potential events. The forward-looking information contained or incorporated by reference in this document is presented for the purpose of assisting investors, financial analysts, and others in understanding the Bank's financial position and the results of the Bank's operations as at, and for the period ended on, the date presented, as well as the Bank's financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Any forward-looking statements contained or incorporated by reference in this document represent the views of management only as at the date such statements were or are made, are presented for the purposes of assisting investors and others in understanding certain key elements of the Bank's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Bank's business and anticipated operating environment and may not be appropriate for other purposes. The Bank does not undertake any obligation to update any forward-looking statements made by the Bank or on its behalf whether as a result of new information, future events or otherwise, except to the extent required by applicable securities regulations. Additional information relating to the Bank can be located on the SEDAR website at www.sedar.com. Seeing beyond numbers." Voir au-delà des chiffres." 2#3Non-GAAP financial and other measures In addition to financial measures based on generally accepted accounting principles (GAAP), management uses non-GAAP financial measures to assess the Bank's underlying ongoing business performance. Non-GAAP financial measures presented throughout this document are referred to as "adjusted" measures and exclude amounts designated as adjusting items. Adjusting items include the amortization of acquisition-related intangible assets, and certain items of significance that arise from time to time which management believes are not reflective of underlying business performance. Non-GAAP financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Bank and might not be comparable to similar financial measures disclosed by other issuers. The Bank believes non-GAAP financial measures are useful to readers in obtaining a better understanding of how management assesses the Bank's performance and in analyzing trends. Non-GAAP ratios are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Bank to which the non-GAAP ratios relate and might not be comparable to similar financial measures disclosed by other issuers. Ratios are considered non-GAAP ratios if adjusted measures are used as components, refer to the non-GAAP financial measure section above. The Bank believes non-GAAP ratios are useful to readers in obtaining a better understanding of how management assesses the Bank's performance and in analyzing trends. Management also uses supplementary financial measures to analyze the Bank's results and in assessing underlying business performance and related trends. For more information, refer to pages 27 and 28 of this presentation and to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the Management's Discussion and Analysis (MD&A) as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. The MD&A is available on SEDAR at www.sedar.com. Seeing beyond numbers." Voir au-delà des chiffres." 3#4Rania Llewellyn President & Chief Executive Officer Strategic Direction#5Q3/22 Financial Highlights Adjusted Net Income ($MM)(1)(4) Net Income ($MM) Adjusted PTPP Income ($MM)(1)(4) -2% YOY -10% YOY +6% YoY $ 59.0 $ 61.6 $ 58.2 $ 62.1 $ 59.5 90.3 $ 55.9 85.5 80.5 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 Diluted EPS -11% YOY PCL (bps)(3)(4) +11bps YoY 18 15 $ 1.34 $ 1.32 7 $ 1.18 $ 1.24 Strong commercial loan growth Prudent and disciplined approach to credit Sustained year-over- year improvement in efficiency ratio Healthy liquidity Adjusted Diluted EPS (2)(4) $ 1.25 -1% YOY $ 1.39 Q3/21 Q2/22 Q3/22 Adjusted Efficiency Ratio(2)(4) -130bps YoY 68.4% 67.1% 65.2% Seeing beyond numbers." Voir au-delà des chiffres." Q3/21 Q2/22 Q3/22 Efficiency Ratio(3)(4) Q3/21 Q2/22 Q3/22 CET1 Capital Ratio(5) -120bps YoY +150bps YoY 68.3% 10.3% 66.8% 66.3% 9.3% 9.1% Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 (1) This is a non-GAAP financial measure (2) This is a non-GAAP ratio (3) This is a supplementary financial measure (4) For more information, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022 (5) In accordance with OSFI's "Capital Adequacy Requirements" guideline LO 5#6Strategic Direction | A 5-point Strategy for Future Growth IA Build One Winning Team Make Size Our Advantage Think Customer First Simplify Make the Better Choice Culture Our Driving Force Commercial Bank Our Growth Engine Capital Markets Focused & Aligned Offering Personal Bank Repositioning for Growth Underpinned by a commitment to ESG, a new purpose and new core values 2022: EXECUTE Seeing beyond numbers." Voir au-delà des chiffres." 2023: GROW 2024: ACCELERATE 90#7Strategic Plan: Commercial Banking Priorities Commercial Banking | Our Growth Engine 1 Continue to focus on our specialized sectors 2 Diversify geographically and by industry 3 Deepen customer relationships Real Estate Financing grew by over $300MM or 3% Q/Q to $9.7B Inventory Financing was up by over $225MM or 7% Q/Q to $3.6B 21% of our commercial loan portfolio is now in the U.S., exceeding our medium-term target of 18% Seeing beyond numbers." Voir au-delà des chiffres." 7#8Strategic Plan: Capital Markets Priorities Capital Markets | Our Focused & Aligned Offering 1 Be an alternative to large banks 2 Expand capabilities 3 to further align with Commercial Banking New ESG capabilities to amplify our Purpose Further aligned with Commercial Banking, leading to a strong quarter in our FX business Participated in six bank-issued Preferred or Limited Recourse Capital Note issuances Involved in four ESG- themed offerings, including two new-to- market issuances Seeing beyond numbers." Voir au-delà des chiffres." 8#91 Strategic Plan: Personal Bank Priorities Create one performance- oriented Personal Bank 2 Enhance focus products and processes 3 Lead with digital- first approach 4 Build a purpose- Seeing beyond numbers." driven brand Voir au-delà des chiffres." Personal Bank | Repositioning for Growth Launched phased rollout of Digital Account Onboarding, starting with employees, allowing for anytime, anywhere customer acquisition Introduced self-service password resets, helping divert more than 5,000 calls per month from the contact centre Launched refreshed and modernized online platform, LBCDirect, which is now more intuitive and improves the overall customer experience 6#10Strategic Direction | Culture & ESG Seeing beyond numbers." 1 SUSTAINALYTICS Employee Guide: Create a Career Portfolio LAURENTIAN BANK Everyone belongs here LAURENTIAN Achieved a low-risk rating (from medium-risk) and largest improvement among big banks in Sustainalytics ESG Risk Rating survey 2 Launched Career Path planning for Personal Banking advisors to sustain our One Winning Team Culture 3 Announced a partnership with Pride at Work Canada, to build up and foster a culture where everyone belongs Voir au-delà des chiffres." 10 10#112022 Financial Targets | YTD Progress (1) Financial Target Adjusted diluted earnings per share growth (1)(2) 2022 Target YTD Results Progress >5% 11% Adjusted return on common shareholders' equity (2) >8.5% 9.4% Adjusted efficiency ratio(2) <68% 66.4% Adjusted operating leverage (1) Positive 3.9% Compared to the nine months ended July 31, 2021. (2) The financial objectives are non-GAAP ratios based on non-GAAP financial measures. Refer to the Non-GAAP Financial and Other Measures section on page 5 of the MD&A for more information. Seeing beyond numbers." Voir au-delà des chiffres." 11#12Yvan Deschamps Executive Vice President & Chief Financial Officer Financial Review#13Financial Review | Q3/22 Financial Performance Non-interest expenses (NIE) Diluted EPS ROE(2)(4) Efficiency ratio(3)(4) Y/Y Highlights • · Total revenue up by $5.1MM, reflecting an increase in NII of $13.8MM, partly offset by lower Other income, down by $8.7MM PCL up by $11.2MM, mainly as a result of higher provisions on performing loans due to the less favourable macroeconomic outlook NIE on a reported basis included a $7.1 million net gain on the settlement of pension plans resulting from annuity purchases in 2021 Positive adjusted operating leverage Q/Q Highlights Reported ($MM) Q3/22 Y/Y Q/Q Total revenue $ 260.0 +2% -% Provision for credit losses (PCL) $ 16.6 +208% +28% $ 177.5 +4% +3% • Pre-tax pre-provision (PTPP) income (1)(4) $ 82.5 -3% -6% Net income $ 55.9 -10% -6% $ 1.18 -11% -12% 8.4% -100 bps -160 bps 68.3% +150 bps +200 bps • CET1 capital ratio(5) 9.1% -120 bps -20 bps Adjusted ($MM) Q3/22 Y/Y Q/Q • Adjusted NIE(1)(4) $174.4 -% +3% Adjusted pre-tax pre-provision income(1)(4) $ 85.5 +6% -5% Adjusted net income (1)(4) $ 58.2 -2% -6% 254.9 259.6 Adjusted diluted EPS (2)(4) Adjusted ROE(2)(4) Adjusted efficiency ratio(2)(4) $ 1.24 8.7% 67.1% -1% -11% -20 bps -130 bps -160 bps +190 bps Total revenue was relatively in line with last quarter, as higher interest income was offset by lower financial market related non- interest revenues PCL up by $3.6MM, mainly as a result of higher provisions on performing loans due to the less favourable macroeconomic outlook (2)(4) Total Revenue ($ MM) Adjusted Efficiency Ratio 260.0 68.4% 65.2% 67.1% Q3/21 Q2/22 Q3/22 Q3/21 Q2/22 Q3/22 (1) This is a non-GAAP financial measure. (2) This is a non-GAAP ratio. (3) This is a supplementary financial measure. (4) For more information, refer to page 3 of this presentation and to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. (5) In accordance with OSFI's "Capital Adequacy Requirements" guideline. Seeing beyond numbers." Voir au-delà des chiffres." 13#14Financial Review | Net Interest Income Net Interest Income and Margin ($MM, %) Key Assets ($B) Q3/22 Y/Y Q/Q Liquid assets (1) $ 11.9 +13% +6% 1.86% 1.83% 1.88% 1.87% 1.83% Personal loans $ 3.4 -10% -2% Residential mortgage loans $ 15.8 +1% +1% $174.7 $173.1 $180.9 $180.1 $188.5 Commercial loans (2) $ 17.3 +29% +4% Key Liabilities ($B) Q3/22 Y/Y Q/Q Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Net interest income (NII) Net interest margin (NIM) (1) Deposits Personal $ 21.3 +17% +8% - Deposits Business, banks and other $ 5.3 +8% -3% Loan Portfolio Mix Total Deposits $26.7 +15% +6% Debt related to securitization $ 11.6 +8% -2% 48% 44% 43% Y/Y Highlights 41% 46% 11% Q3/21 10% Q2/22 ■Personal loans ■Commercial loans • 47% • 10% Q3/22 ■Residential mortgage loans NII increased mainly due to higher interest income from commercial loans, partly offset by higher funding costs and lower mortgage pre-payment penalties NIM declined by 3 bps Q/Q Highlights NII increased mainly due to the positive impact of three additional days in the third quarter and higher interest income from commercial loans, partly offset by higher funding costs and liquidity levels NIM declined by 4 bps (1) This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. (2) Including customers' liabilities under acceptances. Seeing beyond numbers." Voir au-delà des chiffres." 14#15Financial Review | Other Income Y/Y Highlights Other income decreased by $8.7MM, mainly due to: A decrease of $5.4MM in fees and securities brokerage commissions A decrease of $1.6MM in lending fees A decrease of $1.1 MM in commissions from sales of mutual funds resulting from the decline in equity markets This was partly offset by higher foreign exchange revenues Q/Q Highlights Other income decreased by $8.1MM, mostly as a result of the volatile financial markets unfavourably impacting financial market related non-interest revenues, namely fees and securities brokerage commissions, commissions on sales of mutual funds and income from financial instruments ($MM) Lending fees Q3/22 Y/Y Q/Q • $ 17.1 -9% -1% • Fees and securities brokerage $ 10.7 -34% -25% commissions • Commissions from sales of mutual funds $ 11.4 -9% -8% • Service charges $ 7.4 -6% -2% Income from financial instruments $ 9.6 +14% -7% Card service revenues $ 5.8 -10% -15% • Fees on investment accounts $ 3.3 -16% -16% Insurance income, net $ 2.0 -23% -13% Other $ 4.2 +17% -13% $ 71.4 -11% - 10% Seeing beyond Voir au-delà numbers." des chiffres." 15#16Financial Review | Non-Interest Expenses (NIE) NIE ($MM) Q3/22 Y/Y Q/Q Y/Y Highlights • Salaries and employee benefits $ 100.1 +11% +1% Adjusted NIE was flat from a year ago, mainly from: Premises and technology $ 44.2 -10% +1% Other $ 33.2 +6% +11% Impairment and restructuring charges -$ -% -% Non-interest expenses $ 177.5 +4% +3% Adjusted non-interest expenses (1)(3) $ 174.4 -% +3% Adjusted Efficiency Ratio(2)(3) 68.4% 67.0% 67.1% 65.5% 65.2% • . . Strategic investments to close key foundational gaps and support growth, including higher headcount, salary base and accelerated business development activities Offset by a decrease in premises and technology costs, mostly due to lower amortization charges and rent expenses Adjusted efficiency ratio improved by 130 bps and operating leverage was positive Q/Q Highlights • Adjusted NIE increased by $5.1MM mainly due to strategic investments to close key foundational gaps and support growth, including higher headcount, salary base, accelerated business development activities, as well as higher professional and advertising fees, partly offset by lower performance-based compensation Adjusted efficiency ratio up 190 bps Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 (1) This is a non-GAAP financial measure. (2) This is a non-GAAP ratio. (3) For more information, refer to page 3 of this presentation and to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. Seeing Voir beyond numbers." au-delà des chiffres." 16#17Financial Review | Well Diversified and Stable Sources of Funding Funding ($B) 40.4 2.7 0.7 37.0 2.7 0.3 11.8 10.8 41.3 2.7 11.6 2.9 3.0 2.5 2.5 2.5 2.5 14.0 12.4 10.6 ■Shareholders' equity 0.3 Subordinated debt 7.0 6.9 7.0 0.6 0.4 0.3 Q3/21 Q2/22 Q3/22 ■Debt related to securitization ■Deposits Business, banks and other - Wholesale Deposits Business, banks and other - Business ■Deposits Personal - Advisors & Brokers ■Deposits - Personal - Branches Deposits Personal - Digital Y/Y Highlights Total funding increased by $4.3B Debt related to securitization increased by $0.8B Total deposits increased by $3.5B • Notice and demand deposits increased by $1.5B reflecting our strategy to deepen and expand relationships with advisors and brokers Term deposits increased by $2.0B Personal deposits represent 80% of total deposits as at July 31, 2022, and contributed to the Bank's good liquidity position Q/Q Highlights Total funding increased by $0.9B Total deposits increased by $1.4B Personal deposits increased by $1.6B Wholesale deposits decreased by $0.1B Seeing beyond numbers." Voir au-delà des chiffres." 17#18Financial Review | Strong Capital Position Common Equity Tier 1 Capital Ratio (CET1) (1) Risk-Weighted Assets (RWA) ($B)(1) 10.3% 10.2% 23.5 22.6 9.8% 19.7 21.2 20.0 9.3% 9.1% Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Y/Y Highlights Evolution of the CET1 Ratio (%) 9.3 0.2 0.0 9.1 -0.1 -0.4 CET1 ratio Net Income (Q2/22) (2) Dividends RWA Variation Other CET1 ratio (Q3/22) CET1 ratio went from 10.3% to 9.1% as we redeployed capital accumulated during the pandemic to support sustainable, profitable commercial loan growth in line with our strategic plan Pre-pandemic (Q1/20), CET1 ratio stood at 9.0% Q/Q Highlights CET1 ratio went from 9.3% to 9.1% mainly for the same reasons (1) In accordance with OSFI's "Capital Adequacy Requirements" guideline. (2) Comprised of other variations in other comprehensive income, as well as deductions for software and other intangible assets, pension plan assets and other. Seeing Voir beyond numbers." au-delà des chiffres." 18#19Financial Review | Strong and Diversified Commercial Loan Portfolio Commercial Loan Portfolio (1) A Pan-Canadian Portfolio and a U.S. 17.3 16.7 Commercial Lending ($B) 13.5 3.4 3.6 Inventory financing 1.4 1.5 1.5 1.4 ■Equipment financing 2.4 2.5 2.2 ■Other commercial loans 3.7 3.9 Real Estate 3.5 Construction & land 3.1 3.7 3.7 (2) ■Multi-residential (2) 1.9 2.1 2.1 ■Other term lending Q3/21 Q2/22 Q3/22 Credit Quality 17.3 14.1 13.0 12.0 12.7 60 18 20 16 13 2018 2019 2020 2021 Q3/22 YTD PCL (in bps) (3) I Commercial loans ($B)(1) Presence (as at July 31, 2022) 4% 5% 21% 1% 44% ■■British Columbia & Territories ■ Alberta & Prairies ■ Ontario 25% ■ Quebec Atlantic Provinces United States Loan to Value (LTV) on Term Lending and Multi-residential Mortgage Portfolios LTV on term loan portfolio: 59% • LTV on uninsured multi-residential mortgage portfolio: 56% (1) Including customers' liabilities under acceptances. (2) Comparative figures have been reclassified to conform to the current quarter presentation. (3) This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, which pages are incorporated by reference herein.. Seeing Voir beyond numbers." au-delà des chiffres." 19#20Financial Review | High Quality Residential Mortgage Loan Portfolio Insured vs Uninsured A Pan-Canadian Portfolio (as at July 31, 2022) 35% 56% 34% 33% 56% ■Conventional Prime insured 56% ■ Alt-A 9% 10% 11% Q3/21 Q2/22 Q3/22 Credit Quality 4% 10% 8% ■British Columbia ■Alberta & Prairies 38% ■ Ontario 40% ■ Quebec ■Atlantic Provinces Insured, Uninsured & Loan to Value (LTV) by Province (2) 17.0 Uninsured LTV(1) 16.0 16.3 15.9 15.8 42% 55% 46% 42% 51% 44% 8 3 2 2 49% 49% 56% 78% 81% 76% 51% 51% 44% 22% 19% 24% 2018 2019 2020 2021 Q3/22 YTD Residential mortgage loans ($B) PCL (in bps) British Columbia Alberta & Prairies Ontario Quebec Atlantic Provinces Total (1) Reflects current estimated value of collateral, including HELOCS. Seeing beyond numbers." Voir au-delà des chiffres." ■% Uninsured ■% Insured 20 20#21Financial Review | Allowances for Credit Losses Allowances for Credit Losses (ACL) ($MM) 208.9 • 202.6 196.9 193.2 183.3 87.0 88.0 68.6 53.4 90.0 115.6 120.9 128.3 139.8 • 93.3 Y/Y Highlights ACL increased by $9.9MM mainly as a result of higher provisions on commercial loans related to volume growth and the less favourable macroeconomic outlook Q/Q Highlights ACL decreased by $3.7MM mainly due to write-offs of previously provisioned accounts in the commercial loan portfolio Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 ■Performing loans Impaired loans Movement in ACL ($MM) 0.56% (1) 183.3 35.0 12.3 0.55%(1) 11.0 5.7 0.53%(1) - 33.7 - 20.4 196.9 193.2 ACL (Q3/21) PCL on performing loans PCL on impaired loans Net write-offs, FX & other ACL (Q2/22) PCL on performing loans PCL on impaired loans Net write-offs, FX & other ACL (Q3/22) (1) The ACL as a % of loans and acceptances is a supplementary financial measure. For more information, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. Seeing Voir beyond numbers." au-delà des chiffres." 21 21#22Financial Review | Provision for Credit Losses Provision for Credit Losses (PCL) ($MM) 24.9 2.9 Y/Y Highlights • PCL increased by $11.2MM mainly as a result of higher provisions on performing loans due to volume growth and the less favourable macroeconomic outlook PCL as a % of average loans and acceptances increased by 11 bps Q/Q Highlights • 16.6 13.0 5.7 5.4 22.0 9.4 5.5 3.9 9.0 -3.6 5.5 7.5 10.9 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 PCL ($MM) ■Performing loans 24.9 1.9 ■Impaired loans • PCL increased by $3.6MM mainly for the same reasons • PCL as a % of average loans and acceptances increased by 3 bps 1.0 16.6 13.0 PCL (bps) (As a % of average loans and acceptances, in basis points) 22.0 9.4 10.0 5.4 6.5 1.4 7.2 10.0 1.4 30 18 15 11 7 -0.5 -3.3 5.1 5.2 1.5 -0.1 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 -5 -3 ■Personal loans ■Residential mortgage loans (1) Weighted-average PCL based on industry data. ■Commercial loans Q3/21 Q4/21 4 Q1/22 Average of 6 major Canadian Banks 17 3 Q2/22 Q3/22 LBC(1) Seeing beyond Voir au-delà numbers." des chiffres." 22 22#23Financial Review | Impaired Loans Gross Impaired Loans ($MM, bps) 81 Net Impaired Loans ($MM, bps) 75 53 49 62 265.9 250.9 52 175.9 37 163.9 33 214.2 43 29 188.1 126.2 29 119.5 159.0 105.7 112.1 185.2 103.2 176.5 145.2 63.9 61.1 124.4 48.6 94.8 57.7 62.6 54.0 51.4 50.0 47.5 58.2 53.5 52.1 50.4 18.1 16.2 15.5 11.5 13.8 Q3/21 Q4/21 Personal Q1/22 Residential mortgage Q2/22 Q3/22 6.1 Q3/21 6.7 10.9 8.5 9.6 Q4/21 Commercial bps Personal Q1/22 Residential mortgage Q2/22 Q3/22 Commercial ⚫bps Gross Impaired Loans (GIL) Net Formation ($MM) Y/Y Highlights • Gross impaired loans decreased by $106.9MM mainly due to favourable repayments and write-offs of previously provisioned accounts in the commercial loan portfolio Net impaired loans decreased by $70.2MM Q/Q Highlights • Gross impaired loans decreased by $29.1MM mainly for the same reasons Net impaired loans decreased by $13.8MM 32.9 188.1 - 18.9 • - 14.2 159.0 - 22.1 - 6.7 GIL (Q2/22) New Seeing beyond numbers." Returning • Net Write-offs Other GIL (Q3/22) Formations to performing Repayments Voir au-delà des chiffres." 23 23#24Rania Llewellyn President & Chief Executive Officer Closing Remarks#25Closing Remarks | Key Takeaways Solid results this quarter Continued execution against our strategy heading into Q4 Seeing beyond numbers." Voir au-delà des chiffres." Our credit quality is sound and we are confident in our strong underwriting practices and highly collateralized portfolio Continued to apply strong cost discipline and identify additional cost optimization opportunities Our One Winning Team is engaged and shown resilience through this period of economic volatility We are confident in our ability to exceed our 2022 financial targets 25 25#26Appendices#27Appendices | Adjusting Items Strategic review-related charges Net gain on the settlement of pension plans resulting from annuity purchases Q3/22 Q2/22 Q3/21 Pre-Tax After-Tax Impact Pre-Tax After-Tax Impact Pre-Tax After-Tax Impact Impact Impact ($ / Impact Impact ($/ Impact Impact ($/ ($MM) ($MM) Share) ($MM) ($MM) Share) ($MM) ($MM) Share) $ - $ - $ -0.3 $ -0.2 $ - $ - $ - $ - -7.1 -5.2 -0.12 Amortization of acquisition- related intangible assets 3.1 2.3 0.06 3.0 2.3 0.05 2.9 2.2 0.05 Impact of adjusting items(1) $ 3.1 $ 2.3 $ 0.06 $ 2.8 $ 2.1 $ 0.05 $ -4.2 $ -3.0 $ -0.07 (1) For more information about adjusting items and an explanation of each reconciling item, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. The impact of adjusting items may not add due to rounding. Seeing beyond numbers." Voir au-delà des chiffres." 27 27#28Appendices | Non-GAAP Financial Measures In $MM Income before income taxes Provision for credit losses Pre-tax pre-provision (PTPP) income Pre-tax impact of adjusting items (2) Adjusted PTPP income (1) (1) Net income After-tax impact of adjusting items (2) Adjusted net income (1) Net income available to common shareholders After-tax impact of adjusting items (2) Adjusted net income available to common shareholders (1) Shareholders' equity (1) Adjusting items related to shareholders equity Average common shareholders' equity Q3-2022 Q2-2022 $ 65.8 $ 74.5 16.6 82.5 3.1 13.0 87.5 Q3-2021 $ 79.2 5.4 84.6 2.8 -4.2 $ 85.5 $ 90.3 $ 80.5 $ 55.9 2.3 $ 58.2 $ 51.3 2.3 $ 53.6 $ 2,726.8 -296.3 $ 2,430.5 $ 59.5 2.1 $ 61.6 $ 58.3 2.1 $ 60.3 $ 2,689.3 -298.0 $2,391.4 $ 62.1 -3.0 $ 59.0 $ 57.4 -3.0 $ 54.4 $ 2,747.2 -321.8 $ 2,425.4 (1) For more information about non-GAAP financial measures, refer to the Non-GAAP Financial and Other Measures section beginning on page 5 of the Third Quarter 2022 Report to Shareholders, including the MD&A as at and for the period ended July 31, 2022, which pages are incorporated by reference herein. (2) Refer to page 27 of this presentation for detailed information about adjusting items. The impact of adjusting items may not add due to rounding. Seeing beyond numbers." Voir au-delà des chiffres." 28#29Appendices | Financial Roadmap On track Behind At Risk Financial Targets Adjusted diluted EPS growth 1,2 +56% 2021 Actual 2022 Target YTD Results Progress >5% +11%(1) Adjusted ROE² 8.3% >8.5% 9.4% Adjusted efficiency ratio² 68.2% <68% 66.4% Adjusted operating leverage 1,2 5.8% Positive 3.9%(1) Key Financial Drivers Loan Growth Deposit Growth Loan Portfolio Mix Net Interest Margin Medium Term 7-10% >10% <65% Positive +1% Low single digit +9% Mid single digit -4% Low single digit +16% Mid single digit 42% Comm >42% 47% 1.85% >1.85% 1.86% PCL (bps) 15 bps Mid teens 15 bps (1) Compared to the nine months ended July 31, 2021. (2) The financial objectives are non-GAAP ratios based on non-GAAP financial measures. Refer to the Non-GAAP Financial and Other Measures section on page 5 of the MD&A for more information. Seeing Voir beyond numbers." au-delà des chiffres." >45% >1.90% High teens 29 29#30Appendices | Annual Key Performance Indicators On track Behind At Risk Culture Targets Commercial Banking Targets 2021 Progress 2022 2024 2021 Progress 2022 2024 Employee Engagement index 74% 75% ≥80% Loan Growth ($) $14B $15B >$18B Employee turnover 27% 25% <20% % of Commercial loans in U.S. 14% 15% >18% Women leaders AVP+ 37% 39% ≥40% Students from Black community Maintain excellent Net Promoter Score 53 50+ 50+ 8% 5% 5% BIPOC leaders VP+ 12% 14% +3%(1) Capital Markets Targets Personal Banking Targets 2021 Progress 2022 2024 2021 Progress 2022 2024 Grow syndicate positions with core provincial and corporate issuers 9th 7th Mortgage time to yes Visa time to yes 8 days 3 days 2 days 25 days Instant Instant Expand coverage universe of our top-tier Commercial clients Participate in sustainable bond issuances with our core clients (1) 2025 Target Seeing Voir au-delà beyond numbers." des chiffres." 50% 75% 100% New Bank Account Openings Account Opening & Digital Activation n.m. 10x 30x <30 <30 2-3 days mins mins n.m. >75% >75% 30 30#31Investor Relations Contact Andrew Chornenky Vice President, Investor Relations (416) 846-4845 [email protected] www.lbcfg.ca/investors-centre