An anonymous director of Horizons ETFs Management reports

HORIZONS ETFS ANNOUNCES DECEMBER 2022 DISTRIBUTIONS FOR CERTAIN ETFS

Horizons ETFs Management (Canada) Inc. has released the distribution amounts per security for certain of its exchange-traded funds for the 2022 tax year-end as indicated in the attached table.

Each ETF is required to distribute any net income and capital gains that it has earned in the year. All of the distributions indicated as cash distribution per security in the attached table will be paid in cash unless the securityholder has enrolled in the dividend reinvestment plan of the respective ETF.

The estimated annual non-cash distributions, indicated as reinvested annual non-cash distributions per security (est.) in the attached table, will not be paid in cash but will be reinvested and reported as taxable distributions and will be used to increase each securityholder's adjusted cost base of their securities of the respective ETF. The non-cash distributions will be reinvested automatically in additional securities of the respective ETFs and immediately consolidated so that the number of securities held by the securityholder, the securities outstanding of the ETFs and the net asset value of the ETFs will not change as a result of the non-cash distributions. The annual non-cash distribution rates in the attached table are presented on an estimated basis. A press release confirming the final annual non-cash distribution rates will be disseminated on or about the record date of the distributions.

The ex dividend date for the distributions is anticipated to be Dec. 29, 2022, for all ETFs except for the Horizons High Interest Savings ETF (CASH). The ex dividend date for the distribution for CASH is anticipated to be Dec. 30, 2022. The record date for all ETFs will be Dec. 30, 2022. The distributions for securities of each ETF will be paid in cash or, if the securityholder has enrolled in the respective ETF's dividend reinvestment plan, reinvested in additional securities of the applicable ETF on or about Jan. 12, 2023. The nominal payment date applied to the non-cash distributions will also be Jan. 12, 2023, though in actuality, there will be no physical payment made as would be the case with the cash distributions.

Horizons ETFs has made an additional announcement regarding the December distributions for its family of covered-call ETFs in a separate press release.

Distributions for the ETFs will vary from period to period.

About Horizons ETFs Management (Canada) Inc.

Horizons ETFs Management is an innovative financial service company and offers one of the largest suites of exchange-traded funds in Canada. The Horizons ETF 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 $22-billion of assets under management and 107 ETFs listed on major Canadian stock exchanges.

This communication is intended for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded products managed by Horizons ETFs Management, is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisers prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.

Commissions, management fees and expenses all may be associated with an investment in the Horizons exchange-traded products. The Horizons exchange-traded products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons exchange-traded products. Please read the relevant prospectus before investing.