An anonymous director reports

HORIZONS ETFS ANNOUNCES FINAL VALUATION FOR TERMINATION OF HAA

Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. previously announced, by way of a press release dated Dec. 18, 2015, that the Horizons Active Diversified Income ETF would be terminated, effective upon the close of business today, Feb. 26, 2016. The ETF's final net asset values per unit by class are as set out in the attached table.

                    FINAL NET ASSET VALUES PER UNIT BY CLASS  

ETF                                    Class of units    Ticker  Final NAV per unit

Horizons Active Diversified Income ETF        Class E       HAA          $10.205808        
                                        Advisor class     HAA.A          $10.206237        

Unitholders will receive the proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of the ETF. These proceeds will be paid to the holders of the remaining outstanding units of the ETF on a pro rata basis, at the rates shown in the attached table, without further action by those unitholders. There are no distributions of income or capital gains required to be paid to unitholders included in the proceeds of termination paid out today to CDS Clearing and Depository Services Inc.