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CIRCULAR May 3, 2013

FINAL CONTRACT ADJUSTMENT Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF (HGU)

Reverse Unit Split THE FOLLOWING INFORMATION IS PREPARED FOR THE CONVENIENCE OF CANADIAN DERIVATIVES CLEARING CORPORATION (CDCC) MEMBERS AND BOURSE DE MONTRÉAL INC. (THE BOURSE) APPROVED PARTICIPANTS. THIS DOCUMENT IS AN UNOFFICIAL SUMMARY OF CERTAIN TERMS OF THE AFOREMENTIONED ADJUSTMENT. CDCC AND THE BOURSE ACCEPT NO RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SUMMARY. CDCC MEMBERS AND BOURSE APPROVED PARTICIPANTS MUST ENSURE THEY HAVE REVIEWED THE DOCUMENTATION PUBLISHED BY THE ISSUERS INVOLVED IN THIS CORPORATE ACTION. The Bourse and CDCC wish to inform you that BetaPro Management Inc. (“BetaPro”) will consolidate the units of Horizons BetaPro S&P/TSX Global Gold Bull Plus Fund (“HGU Fund”). The reverse unit split on the basis of a 1 for 4 ratio will be effective at the opening of markets on May 6, 2013. CDCC - adjustment details: Pursuant to Terms of Adjustment provided in Section A-902 of the Rules of CDCC, all the HGU Fund options will be adjusted as follows: ¾ EFFECTIVE DATE:

May 6, 2013

¾ OPTIONS SYMBOL:

HGU will become HGU1

¾ NUMBER OF CONTRACTS:

Unchanged

¾ NEW DELIVERABLE PER CONTRACT:

25 Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF(HGU)

¾ MULTIPLIER:

25

¾ POSITION AND EXERCISE Position and exercise limits will change at 75,000 contracts LIMITS ¾ STRIKE PRICES :

Strike Prices will quadruple (See table below)

Tour de la Bourse P.O. Box 61, 800 Victoria Square, Montréal, Quebec H4Z 1A9 Telephone: (514) 871-2424 Toll-free within Canada and the U.S.A.: 1 800 361-5353 Website: www.m-x.ca

Circular no.: 085-2013

Page 2

¾ NEW CUSIP :

44045W112

CDCC will not adjust any outstanding escrow receipts.

The Bourse - adjustment details: It is important to note that on the effective date mentioned above, all open orders on this option class will not be automatically modified to reflect the rights offering and will therefore have to be re-entered into the Montreal Automated System (SAM) by the approved participants. The existing series of HGU options class will be transferred to the HGU1 options class representing the new deliverable. Actual series that do not have open interest will not be adjusted. Horizons BetaPro S&P/TSX60 Global Gold Bull ETF New Symbol Actual Strike New Strike Prices Prices HGU1 $3.00 $12.00 HGU1 $4.00 $16.00 HGU1 $5.00 $20.00 HGU1 $6.00 $24.00 HGU1 $7.00 $28.00 HGU1 $8.00 $32.00 HGU1 $9.00 $36.00 HGU1 $10.00 $40.00 HGU1 $11.00 $44.00 HGU1 $12.00 $48.00 HGU1 $13.00 $52.00

Numerical Example For a member holding a long put strike $4.00 position and considering that HGU Fund’s closing price on May 2, 2013 is $3.00, the intrinsic value of the option prior to the adjustment is: Intrinsic Value = $4.00 x 100 - $3.00 x 100 = $100 After the adjustment, the intrinsic value of the option will be: Intrinsic Value = New Strike Price x New Multiplier – New Underlying Market Price x New Deliverable = $16.00 x 25 - $12.00 x 25 = $100

Circular no.: 085-2013

Page 3

PLEASE ENSURE THAT ALL CLIENTS WHO HAVE EITHER LONG OR SHORT POSITIONS IN THIS OPTION CLASS ARE ADVISED OF THIS NOTICE. For further information, please contact Louise Leclair, Trading Systems Analyst Market Operations, Bourse de Montréal Inc. at (514) 871-3526. Clearing members may contact the CDCC Operations Department.

Brian Gelfand Vice-President, Institutional Relations and Market Operations

Circular no.: 085-2013

FINAL CONTRACT ADJUSTMENT Reverse Unit ... - Bourse de Montréal

Website: www.m-x.ca. CIRCULAR. May 3, 2013. FINAL CONTRACT ADJUSTMENT. Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF (HGU). Reverse Unit ...

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