September 14, 2015 Securities Decisions and Freeze and cease trade orders

The Autorité des marchés financiers ("AMF") has entered into an agreement with Horizons ETFs Management (Canada) inc. ("Horizons") to conclude a normalization process whereby Horizons has undertaken to pay a penalty of $10,000.

Under the agreement, Horizons recognized that the funds under its management had been distributed in Québec during the period from 2012 to 2014 inclusively, although it was not registered with the AMF.

Horizons has taken the necessary steps to normalize its status and is now registered as an investment fund manager with the AMF.