Horizons AlphaPro Fiera Tactical Bond Fund converts into ETF

On December 31, 2010, AlphaPro Management Inc. ("AlphaPro") announced the conversion of the Horizons AlphaPro Fiera Tactical Bond Fund (the "Fund") into an open-end exchange traded fund. The Fund has been renamed Horizons AlphaPro Tactical Bond ETF (the "ETF") and the Class E units of the ETF (the "Class E Units") began trading on the Toronto Stock Exchange on January 4, 2010, under the symbol HAF.

The ETF's investment objectives are to provide the holders of Class E Units with a stable stream of tax efficient monthly distributions and the opportunity for capital appreciation through exposure to a tactical asset allocation strategy that focuses on the returns of fixed income securities.

Fasken Martineau acted for AlphaPro with respect to this conversion with a team that included Garth Foster, Munier Saloojee, Michael Gleeson, Kelly McTavish and Louise Kennedy (investment/securities) and Mitchell Thaw (tax).