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Date Time Headline
November 24, 2010 12:48 Horizons Gold Yield Fund
TORONTO, Nov. 24 /CNW/ - Horizons Gold Yield Fund (the "Fund") is pleased to
announce the exchange ratios for the exchange offer by the Fund being made
under the preliminary prospectus dated October 29, 2010. The closing of the
initial public offering of its Class A and Class F Units (the "Units") at
$10.00 per Unit is scheduled to occur on or about December 15, 2010. The
Toronto Stock Exchange ("TSX") has conditionally approved the listing of the
Class A Units under the symbol HGY.UN, subject to the fulfillment of TSX

The number of Units issuable for the Exchange Eligible Securities (the
"Exchange Ratio") was determined in respect of Exchange Eligible Securities by
dividing the volume weighted average trading price of such securities during
the five consecutive trading days ending on November 23, 2010 (the "Pricing
Period"), as adjusted to reflect distributions declared in respect of the
Exchange Eligible Securities that will not be received by the Fund, by the
$10.00 issue price of the Units.  The Exchange Ratio for the U.S. Exchange
Eligible Securities was adjusted by the 4:00pm (EST) November 23, 2010
U.S./Canadian dollar exchange rate of 0.9773.

The following table specifies for each of the securities that have been
deposited: (i) the name of issuer; (ii) the trading symbol; (iii) the volume
weighted average trading price during the Pricing Period; and (iv) the
Exchange Ratio.

The Exchange Ratios were rounded down to four decimal places.

HGY.UN Exchange Eligible Securities

Canadian Based Exchange Traded Funds

| | |Volume | |
| | |Weighted | |
| | |Average | |
| |Trading |Trading |Exchange |
| Issuer |Symbol |Price ($)|Ratio |
|Claymore Gold Bullion ETF | CGL| 12.1544| 1.2154|
|Horizons BetaPro COMEX Gold Bullion Bull| HBU| 31.5394| 3.1539|
|Plus ETF | | | |
|Horizons BetaPro COMEX Gold ETF | HUG| 14.0209| 1.4021|
|Horizons BetaPro S&P/TSX Global Gold | HGU| 17.0612| 1.7061|
|Bull Plus ETF | | | |
|iShares S&P/TSX Global Gold Index Fund | XGD| 25.6902| 2.5690|
|ETF | | | |

United States Based Exchange Traded Funds / Exchange Traded Notes

| | | Volume | |
| | |Weighted | |
| | | Average | |
| | | Trading | |
| | |Price in | |
| | Trading | CAD |Exchange |
| Issuer | Symbol| Terms($)| Ratio|
|iPath S&P GSCI Total Return Index | GSP| 31.1781| 3.1178|
|ETN | | | |
|iShares Gold Trust ETF |IAU-N / IGT-T| 13.5824| 1.3582|
|PowerShares DB Gold Fund ETF | DGL| 49.4090| 4.9409|
|PowerShares Global Gold & Precious| PSAU| 49.2298| 4.9230|
|Metals ETF | | | |
|SPDR Gold Shares ETF | GLD| 135.4485| 13.5449|

The syndicate of agents for the offering is being led by BMO Capital
Markets, CIBC World Markets Inc. and National Bank Financial Inc. and
includes, RBC Capital Markets, Scotia Capital Inc., Canaccord Genuity
Corporation, HSBC Securities (Canada) Inc., GMP Securities L.P., Raymond
James Ltd., Dundee Securities Corporation, Mackie Research Capital
Corporation, Macquarie Private Wealth Inc., MGI Securities Inc., Rothenberg
Capital Management Inc. and Wellington West Capital Markets Inc.

About AlphaPro Management Inc. (www.HAPETFs.com)

AlphaPro is an innovative financial services company specializing in
actively managed exchange traded funds with assets under management of
approximately $475 million in AUM million as of October 31, 2010. AlphaPro
is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro is Canada's
largest provider of leveraged, inverse leveraged, single, single inverse and
spread ETFs. BetaPro manages approximately $2.5 billion in assets as of
October 31, 2010. BetaPro is a subsidiary of Jovian Capital Corporation

A preliminary prospectus containing important information relating to
these securities has been filed with securities commissions or similar
authorities in all provinces and territories of Canada. The preliminary
prospectus is still subject to completion or amendment. Copies of the
preliminary prospectus may be obtained from your IDA registered financial
advisor. There will not be any sale or any acceptance of an offer to buy the
securities until a receipt for the final prospectus has been issued.


Ken McCord, President, AlphaPro Management Inc., (416) 933-5746 or 1-866-
641-5739 or visit www.hapetfs.com

February 28, 2015 23:26
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