Ms. Stephanie Rousseau reports

NATIONAL BANK INVESTMENTS ANNOUNCES RISK RATING CHANGES FOR CERTAIN NBI FUNDS AND ETFS

National Bank of Canada's National Bank Investments Inc. has made risk rating revisions for the NBI Jarislowsky Fraser Select Income Fund, the NBI Active Canadian Preferred Shares ETF and the NBI Liquid Alternatives ETF.

The fund's risk rating has been revised, effective immediately.

                       RISK RATING CHANGE FOR FUND

Fund                                        Current risk level     New risk level

NBI Jarislowsky Fraser Select Income Fund                  Low      Low to medium 

The exchange-traded funds' risk ratings have been revised, effective immediately.

                       RISK RATING CHANGES FOR ETFS

ETF                                               Current risk level     New risk level

NBI Active Canadian Preferred Shares ETF (NPRF)        Low to medium             Medium
NBI Liquid Alternatives ETF (NALT)                            Medium      Low to medium

The changes will be reflected in the simplified prospectus for the NBI funds and in the prospectus of the NBI ETFs, which will be available on the SEDAR+ website and the National Bank Investments website.

About National Bank of Canada

With $434-billion in assets as at Jan. 31, 2024, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions, and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (NA).