Laurentian Bank of Canada launches today its 10X LESS Mortgage, a new adjustable rate mortgage loan solution. This Laurentian Bank's offer surpasses traditional adjustable rate mortgages thanks to its unique structure and formula: the interest rate is adjusted every six months instead of annually, a more generous introductory offer.

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LBC offer - 10X LESS Competition

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- 5-year term - 5-year term

- Interest rate adjusted every - Interest rate adjusted annually

6 months - Introductory offer for the first

- Introductory offer for the year: closed one-year term rate

first 6 months: closed six-month minus 1.5%

term rate minus 3% - Subsequent years: closed

- Subsequent months: closed one-year term rate minus 0.30%

six-month term rate minus 0.50%

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Laurentian Bank's 10X LESS adjustable rate mortgage solution offers unique features that are at the origin of its name:

1. Less money to pay: Smaller payments. The client benefits from the

six-month term mortgage rate, generally the lower among fixed-rate

terms.

2. Less interest: the 10 terms are offered with reduced rates (six-month

term rate).

3. Less time: less interest means more principal - the mortgage loan is

paid off faster.

4. Less burden: with a lower interest rate and reduced payments for the

first 6 months, the client can breathe more easily while getting

settled in the new home.

5. Less trouble: the loan is automatically renewed during 5 years - no

need to worry.

6. Less stress: the loan can be converted at any time to a fixed-rate

(closed) mortgage with a term equal to or longer than the remaining

term.

7. Less constraining: the client chooses the payment schedule (monthly,

biweekly, weekly, with or without an accelerated payment plan).

8. Less stringent: with the 15 option, the client has the opportunity to

pay off the mortgage loan even faster by making an additional 15%

payment on the principal.

9. Less worrisome: this loan qualifies for mortgage life/disability

insurance.

10.Less doubting and hesitation: with the introductory offer of a 3%

reduction in the interest rate for the first 6 months, the client is

sure to make a good choice.

With this new adjustable rate mortgage solution, the client can take advantage of the low short-term interest rates while being protected against sharp interest rate fluctuations since the rate is revised every 6 months. Compared to the popular 5-year mortgage loan rate:

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LBC 10X LESS LBC leading LBC 10X LESS

Mortgage(*) fixed-rate Benefits

5-year

mortgage

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APR

(5-year average) 5.24 % 5.89 % 0.65% less during

60 months

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Balance after

5 years $131,134.30 $134,545.40 $3,411.10 additional

principal repayment

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Total payments $ 52,980.54 $ 56,995.20 $4014.66 less paid

by the client

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Principal repaid $ 18,865.70 $ 15,454.60 $3,411.10 more

principal, less

interest

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Interest paid $ 34,114.84 $ 41,540.60 $7,425.76 savings

for the client over

5 years

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About Laurentian Bank of Canada

Laurentian Bank of Canada is a Quebec banking institution operating across Canada, dedicated to meeting the financial needs of its clients through the excellence of its service, its simplicity and its proximity. The Bank serves individual consumers, small and medium-sized businesses as well as, through B2B Trust, independent financial advisors. It also provides full- service brokerage solutions through the Laurentian Bank Securities subsidiary. Laurentian Bank is well established in the Province of Quebec, operating the third largest retail branch network, and is a performing player in specific market segments elsewhere in the country. Laurentian Bank of Canada has over $16 billion in balance sheet assets and close to $15 billion in assets under administration. Founded in 1846, the Bank employs more than 3,000 people. Its common shares are listed on the Toronto Stock Exchange (TSX: LB). For more information, please visit www.laurentianbank.ca.

(*) 10X LESS adjustable rate mortgage for a five-year term. The Annual Percentage Rate (APR) assumes a 6.00% rate for a closed fixed-rate six-month loan for the entire duration of the loan (effective rate on April 26, 2006). The interest rate for fixed-rate mortgage will be reduced by 3.00% for the closed six-month term for the first six months. The fixed-rate will be reduced by 0.50% for subsequent revisions. The APR would be 5.24% based on a $150,000 mortgage, amortized over 25 years with a 5-year term. The applicable interest rate and payments will be revised every six months following the date of disbursement according to variations of Laurentian Bank's closed six-month fixed rate. Certain conditions apply. This offer cannot be combined with any other offer and is subject to credit approval by Laurentian Bank.

For further information: Manon Stébenne, Senior Advisor, Public Affairs and Communications, Office: (514) 284-4500, extension 8232; Archived images on this organization are searchable through CNW Photo Archive website at http://photos.newswire.ca. Images are free to accredited members

Source: newswire