Laurentian Bank of Canada Announces Closing of Bought Deal Offering and Concurrent Private Placement of Subscription Receipts - Seite 2

Each subscription receipt will entitle the holder to receive, if the Acquisition closes, one common share in the capital of the Bank (a Common Share), together with an amount per subscription receipt equal to the per-share cash dividends declared by the Bank on the Common Shares to holders of record on a date during the period from and including the closing date of the Public Offering and Concurrent Private Placement to but excluding the closing date of the Acquisition. The gross proceeds from the Public Offering less 50% of the Underwriters' fee paid upon closing of the Public Offering, together with the gross proceeds from the Concurrent Private Placement, will be held in escrow, pending closing of the Acquisition. If the Acquisition closes on or before October 31, 2017, the escrowed proceeds from the Public Offering and Concurrent Private Placement will be released to the Bank and used by the Bank to pay a portion of the purchase price of the Acquisition. If the Acquisition fails to close by October 31, 2017, or the Acquisition is terminated at an earlier time, the gross proceeds and pro rata entitlement to interest earned on the escrowed proceeds thereon will be paid to holders of the Subscription Receipts.

The Subscription Receipts will commence trading on the Toronto Stock Exchange on May 26, 2017, under the symbol "LB.N".

The Subscription Receipts were offered for sale to the public in each of the provinces of Canada pursuant to a prospectus supplement dated May 18, 2017 to the Bank's short form base shelf prospectus dated December 20, 2016, which was filed with Canadian securities regulatory authorities in all Canadian provinces. Investors should read the prospectus supplement and short form base shelf prospectus before making an investment decision. The description of the Subscription Receipts set forth above is qualified in its entirety by the subscription receipt agreement and the summary thereof contained in the prospectus supplement.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933 (the U.S. Securities Act), as amended, and may not be offered or sold in the United States, absent registration or an applicable exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities. The offering or sale of the securities shall not be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.