Mr. Keith Crone reports

EVOLVE ANNOUNCES FUND CLOSURE AND RISK RATING CHANGE

Evolve Funds Group Inc. (manager) will terminate Evolve Metaverse ETF on or about March 26, 2024.

The manager will request the Toronto Stock Exchange (TSX) to voluntarily delist the hedged Canadian-dollar-denominated ETF (exchange-traded fund) units (TSX symbol: MESH) of the Evolve fund from TSX on or about March 22, 2024, with all units still held by investors being subject to a mandatory redemption as of the termination date. Effective Feb. 22, 2024, no further subscriptions for units of the Evolve fund will be accepted.

Prior to the termination date, the manager will, to the extent reasonably possible, convert the assets of the Evolve fund to cash, and, after paying or making adequate provision for all of the Evolve fund's liabilities, as soon as practicable following the termination date, distribute the net assets of the Evolve fund pro rata among the unitholders of record of the Evolve fund on the termination date.

The manager will issue an additional press release on or about the termination date confirming final details of the termination. Further details of termination have also been mailed to unitholders of the Evolve fund.

The changes to the risk rating of the Evolve fund are effective today, as indicated in the attached table.

Evolve fund              Ticker/symbol     Previous risk rating     New risk rating

Evolve Metaverse ETF              MESH           Medium to high                High

The investment risk level of an ETF and mutual fund is determined in accordance with a standardized risk classification methodology, set out in National Instrument 81-102 -- Investment Funds, that is based on the historical volatility of the fund, as measured by the 10-year standard deviation of the returns of the fund. If a fund has less than 10 years of performance history, the investment risk level of the fund is calculated using the return history of the fund and, for the remainder of the 10-year period, the return history of a reference index that is expected to reasonably approximate the standard deviation of the fund.

No changes have been made to the investment objectives or strategies of the Evolve fund as a result of the changes to the risk rating. A summary of the risk rating classification methodology, and the investment objectives and strategies of the Evolve fund, can be found in the most recently filed prospectus for the Evolve fund.

Commissions, management fees and expenses all may be associated with exchange-traded funds (ETFs). ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. There are risks involved with investing in ETFs. Please read the prospectus for a complete description of risks relevant to ETFs. Investors may incur customary brokerage commissions in buying or selling ETF units. Please read the prospectus before investing.

About Evolve Funds Group Inc.

With over $7.8-billion in assets under management, Evolve is one of Canada's fastest-growing ETF providers since launching its first ETF in September, 2017. Evolve specializes in bringing innovative ETFs to Canadian investors. Evolve's suite of ETFs provide investors with access to: (i) index-based income strategies; (ii) long-term investment themes; and (iii) some of the world's leading investment managers. Established by a team of industry veterans with a proven record of success, Evolve creates investment products that make a difference.

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