Mr. Jeff Roman reports

BMO ANNOUNCES CHANGES TO RISK RATINGS FOR CERTAIN BMO ETFS

BMO Asset Management Inc., the manager of the BMO exchange-traded funds, has made changes to the risk ratings for certain BMO ETFs.

These risk rating changes are based on the standardized risk classification methodology mandated by the Canadian Securities Administrators and an annual review conducted by BMOAM to determine the risk level of the BMO ETFs.

Effective immediately, the risk ratings for the following BMO ETFs have changed as set out in the attached table.

Nasdaq, and Nasdaq-100 Index or Nasdaq-100 Index Hedged to CAD, are registered trademarks of Nasdaq Inc. and are licensed for use by BMOAM. The BMO ETFs have not been passed on by the corporations as to their legality or suitability. The BMO ETFs are not issued, endorsed, sold or promoted by the corporations. The corporations make no warranties and bear no liability with respect to the BMO ETFs.

Commissions, management fees and expenses (if any) all may be associated with investments in exchange-traded funds. Please read the ETF facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF's prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss.

BMO ETFs are managed by BMO Asset Management, which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

About BMO exchange-traded funds

BMO exchange-traded funds have been an ETF provider in Canada for more than 12 years, with over 100 strategies, over 25-per-cent market share in Canada (1) and $87.7-billion in assets under management. BMO ETFs are designed to stay ahead of market trends and provide compelling solutions to help advisers and investors. This includes a comprehensive suite of ETFs developed in Canada for Canadians, such as cost-effective core equity ETFs following market-leading indexes, and a broad range of fixed-income ETFs; solution-based ETFs responding to client demand; and innovation with smart beta ETFs, as well as combining active and passive investing with ETF series of active mutual funds.

(1) Morningstar, December, 2022.

About BMO Financial Group

BMO Financial Group is the eighth-largest bank in North America by assets, with total assets of $1.3-trillion as of Oct. 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global market, and investment banking products and services to over 13 million customers across Canada, the United States and in select markets globally. Driven by a single purpose, "to boldly grow the good in business and life," BMO is committed to driving positive change in the world and making progress for a thriving economy, sustainable future and inclusive society.