1. Source: Guardian Capital LP based on Environics Advisor Retirement Research Study commissioned in September 2021.
Environics Research is an independent Canadian polling and market research firm widely cited in Canadian news media. The anonymous survey focused on retirement and was conducted online in August 2021. There were 204 advisors surveyed, 90% of which were IIROC registered (50% bank and 50% independent) and 10% were MFDA registered, with each advisor managing greater than $20 million in client assets.
2. Reflects initial target distribution rate for Hybrid Tontine Series F units and may be subject to change over time. Please refer to the section on Risks in the prospectus for more information on the risks associated with this distribution. Hybrid Tontine Series A units are also available, but have different management fees and distribution rates due to the trailer fee commission, and performance may be lower as a result.

Assumptions and Risks related to the Hybrid Tontine Series Model:
The model forecast above has been prepared for illustrative purposes only, to help show the potential total amount of distributions for investors. This model was created based on various assumptions, and there is no guarantee that these same results will be achieved by investors. The use of hypothetical, simulated returns comes with inherent risks and limitations. Simulated returns are not the returns of any particular investor, account or portfolio; they are produced with the benefit of hindsight through the application of a model. No representation is being made that any investor will, or is likely, to achieve gains or losses similar to those illustrated. Please consider these and other factors carefully and do not place undue reliance on forward-looking information. This illustration is not intended to represent the distribution experience of any particular investor, and is based on the following assumptions:

What assumptions were used when modelling Hybrid Tontine Series of the GuardPath™ Managed Decumulation Fund Assumes an initial investment of $100,000 held from inception through to the Termination Date. Series F: Assumes $0.65 distribution per Unit per year until the end of year 19 (one year prior to the Termination Date) followed by an $0.80 distribution per Unit in year 20; $0.15 per annum switched from the Managed Decumulation Fund to the Modern Tontine Trust until the end of year 19 (one year prior to the Termination Date) with no switches occurring in year 20; 6.92% continuously compounded net asset returns for the Modern Tontine Trust; mortality related redemptions as set out within the CPM-14B Mortality Tables; an investor with an average initial age of 64; and 2% of Unitholders of the Modern Tontine Trust voluntarily redeeming per annum.

In addition to standard investment risks, the long-term total return and the sustainability of the rate of distributions of the Managed Decumulation Fund are impacted by sequence of returns risk and the volatility experienced within the sequence of returns. Sequence of returns risk is the risk that comes from the order in which investment returns occur. Market declines in the early years of operation of the Managed Decumulation Fund paired with high levels of distribution increases the risks to the durability of the portfolio of the Managed Decumulation Fund. Significant declines in asset value in the early years of the Managed Decumulation Fund increase the likelihood that the initial distribution rate is unsustainable, while significant increases in asset value in the early years of the Managed Decumulation Fund increase the likelihood that the initial distribution rate can be sustained.
Hybrid Tontine Series A units of the Managed Decumulation Fund are also available, but have different management fees and distribution rates due to the trailer fee commission, and performance may be lower as a result. Please read the prospectus for complete details.

Unlike traditional mutual funds or exchange traded funds (“ETFs”), the GuardPath Longevity Solutions are unique investment fund structures and investors should carefully consider whether his or her financial condition and investment objectives are aligned with these retirement-focused investments. The Units may be suitable for an investor primarily concerned about having sufficient income in retirement, especially in the later years of their life. The Units may not be suitable for an investor whose primary objective is to leave capital behind for their estate. The GuardPath Longevity Solutions are not insurance companies, the units are not insurance or annuity contracts and unitholders will not have the protections of insurance laws. Distributions provided by the GuardPath Longevity Solutions are not guaranteed or backed by an insurance company or any third party. The long-term total return and the sustainability of the rate of distributions of the GuardPath Managed Decumulation Fund may be impacted by volatility and sequence of returns risk. Payments from the GuardPath Modern Tontine Trust are tied to the life of the unitholder and, accordingly, people with serious or life-threatening health issues should not invest in the GuardPath Modern Tontine Trust, as the amount that a unitholder will receive upon redemption (either voluntary or upon death) will be lower than the then current NAV per unit, as detailed in the prospectus. The long-term total return of the GuardPath Modern Tontine Trust will be impacted by actual redemption rates, and may increase or decline as mortality rates or voluntary redemptions increase or decline. This is not a complete list of the risks associated with an investment in these GuardPath Longevity Solutions. Please read the prospectus for complete details.