HORIZONS ETFs ANNOUNCES FINAL VALUATION FOR THE TERMINATING ETF

TORONTO, May 23, 2023 /CNW/ - Horizons ETFs Management (Canada) Inc. (the "Manager") previously announced, by way of a press release dated March 13, 2023, that the exchange traded fund (the "ETF") listed in the table below would be delisted from the Toronto Stock Exchange at the close of business on May 16, 2023, and terminated effective upon the close of business today, May 23, 2023. The ETF's final net asset value ("NAV"), distribution and termination proceeds per unit, as applicable (a "Security") are as follows:

ETF	Ticker	Ex-Distribution NAV per Security	Income Distribution per Security	Capital Gains Distribution per Security	Final Net Proceeds of Termination per Security
Horizons Emerging Markets Leaders ETF	HEMC	6.869946	0.01620	-	6.886146

Securityholders will receive the proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of the ETF. These proceeds will be paid to the holders of the remaining outstanding Securities of the ETF on a pro-rata basis, at the rate shown above, without further action by those Securityholders.

Income and capital gains distributions, if any, are indicated in the table above. The net proceeds of termination paid to each Securityholder is the sum of the ex-distribution NAV per Security plus the income and capital gains distributions per Security indicated in the table above and represents the remaining net assets of the ETF. The proceeds of termination were paid out today to CDS Clearing and Depository Services Inc.

About Horizons ETFs Management (Canada) Inc. (www.HorizonsETFs.com)

Horizons ETFs Management (Canada) Inc. is an innovative financial services company and offers one of the largest suites of exchange traded funds in Canada. The Horizons ETFs 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 $25 billion of assets under management and 107 ETFs listed on major Canadian stock exchanges.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange traded products (the "Horizons Exchange Traded Products") managed by Horizons ETFs Management (Canada) Inc. and 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 advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.

SOURCE Horizons ETFs Management (Canada) Inc.

For all inquiries: Please contact Horizons ETFs at 1-866-641-5739 (toll-free) or [phone], [email protected]