On February 10, 2010, AlphaPro Management Inc. ("AlphaPro") announced the listing of three new actively managed exchange traded funds ("ETFs") on the Toronto Stock Exchange: Horizons AlphaPro Dividend ETF (the "Dividend ETF"), Horizons AlphaPro North American Value ETF (the "North American Value ETF") and Horizons AlphaPro North American Growth ETF (the "North American Growth ETF"). The Dividend ETF will seek long-term total returns consisting of regular dividend income and modest long-term capital growth. The Dividend ETF invests primarily in equity securities of major North American companies with above-average dividend yields. The North American Value ETF will seek long-term capital appreciation and income by investing in equity and equity-related securities of issuers located in North America. The North American Growth ETF will seek long-term capital growth by investing primarily in equity and equity-related securities of issuers located in North America. AlphaPro is the manager and trustee of the three ETFs and its affiliate JovInvestment is the investment manager of each ETF, responsible for portfolio management. Fasken Martineau acted for AlphaPro with respect to the establishment and launch of these ETFs with a team that included Garth Foster, Munier Saloojee and Louise Kennedy (investment/securities), and Mitchell Thaw (tax).