An anonymous director reports

HORIZONS ANNOUNCES MAY 2013 DISTRIBUTIONS FOR CERTAIN ACTIVE ETFS

Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. have declared the distribution amounts per unit for certain of the Horizons ETFs family of exchange-traded funds for the period ended May 31, 2013, as indicated in the attached table.

The ex dividend date for the distributions is anticipated to be May 29, 2013, for all unitholders of record on May 31, 2013. The distributions will be paid in cash or, if the unitholder has enrolled in the respective ETF's dividend reinvestment plan, reinvested in additional units of the applicable ETF on or about June 12, 2013.

Horizons ETFs will make an additional announcement of the May distributions for its family of covered-call exchange-traded funds on or about May 23, 2013.

                             MAY DISTRIBUTIONS
ETF name                                           Ticker    Distribution per unit
                                                   symbol

Horizons Active Preferred Share ETF                HPR                    $0.03478
                                                   HPR.A                  $0.02994
Horizons Active Floating Rate Bond ETF             HFR                    $0.02062
                                                   HFR.A                  $0.01587
Horizons Active U.S. Floating Rate  
Bond (USD) ETF (1)                                 HUF.U                  $0.01985
                                                   HUF.V                  $0.01510
Horizons Active High Yield Bond ETF                HYI                    $0.05520
                                                   HYI.A                  $0.05002
Horizons Australian Dollar Currency ETF            ASD                    $0.01939

(1) Distributions for Horizons Active U.S. Floating Rate Bond 
are declared and paid in U.S. dollars.

The distributions will vary from period to period.