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Horizons AlphaPro Fiera Tactical Bond Fund converts into an open-end exchange traded fund

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AlphaPro Management Inc.

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).



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