An anonymous director reports

HORIZONS ETFs ANNOUNCES FINAL VALUATION FOR THE TERMINATING ETF

As previously announced by way of a press release dated March 13, 2023, Horizons ETFs Management (Canada) Inc.'s (the manager) exchange-traded fund (the ETF) listed in the attached table would be delisted from the Toronto Stock Exchange at the close of business on May 16, 2023, and terminated effective upon the close of business today, May 23, 2023. The ETF's final net asset value (NAV), distribution and termination proceeds per unit, as applicable (a security) are as shown in the attached table.

Securityholders 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 securities of the ETF on a pro-rata basis, at the rate shown herein, without further action by those securityholders.

Income and capital gains distributions, if any, are indicated in the attached table. The net proceeds of termination paid to each securityholder is the sum of the ex distribution NAV per security plus the income and capital gains distributions per security indicated in the attached table and represents the remaining net assets of the ETF. The proceeds of termination were paid out today to CDS Clearing and Depository Services Inc.

About Horizons ETFs Management (Canada) Inc.

Horizons ETFs Management (Canada) is an innovative financial services company and offers one of the largest suites of exchange-traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $25-billion of assets under management and 107 ETFs listed on major Canadian stock exchanges.