The FundGrade rating is used with permission from Fundata Canada Inc., all rights reserved. Fundata is a Canadian investment funds data and analytics company. The FundGrade A+ Rating identifies funds that have consistently demonstrated the best risk-adjusted returns through an entire calendar year. For more information on the rating system, please visit www.fundata.com.

*HXS was awarded the 2015 Lipper Fund Award in the U.S. Equity category for the three-year period ending July 31, 2015, ranking first out of the 16 ETFs eligible for consideration in its category. Performance for the HXS fund for the period ended July 31, 2015 is as follows: 32.82 % (1 year), 27.50 % (3 years) and 47.49 % (since inception on November 30, 2010). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years). Lipper Leader ratings range from 1 to 5, with a ranking of 5 meaning that the fund is in the top 20% of its category. For greater detail please go to www.lipperweb.com.

*Horizons Seasonal Rotation ETF (HAC), Horizons Gold Yield ETF (HGY), Horizons S&P 500 Index ETF (HXS) and the Horizons Active High Yield Bond ETF (HYI) were awarded the 2015 Lipper Fund Award in the Alternative Strategies, Commodity, US Equity, and High Yield Fixed Income categories for the three year period ending July 31, 2015 out of a total of 6, 8, 16, and 11 ETFs, respectively. The Lipper Fund Awards, granted annually, are part of the Thomson Reuters Awards for Excellence awarded by Lipper, Inc. and highlight funds that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Ratings for Consistent Return, which is a risk-adjusted performance measure calculated over 36, 60 and 120 month periods. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. The highest Lipper Leader for Consistent Return in each category wins the Lipper Fund Award. Lipper Leader ratings change monthly. For more information, see www.lipperweb.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Performance for the HAC fund for the period ended July 31, 2015 is as follows: 12.76 % (1 year), 9.89 % (3 years), 8.68 % (5 years) and 9.11 % (since inception on November 19, 2009). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years), 5 (5 years). Performance for the HGY fund for the period ended July 31, 2015 is as follows: -13.47 % (1 year), -30.28 % (3 years), and -23.15 % (since inception on December 20, 2010). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 3 (3 years). Performance for the HXS fund for the period ended July 31, 2015 is as follows: 32.82 % (1 year), 27.50 % (3 years) and 47.49 % (since inception on November 30, 2010). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years). Performance for the HYI fund for the period ended July 31, 2015 is as follows: 0.15 % (1 year), 18.93 % (3 years) and 7.12 % (since inception on February 14, 2012). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years).