1. Statistics Canada, Population Projections for Canada (2018-2068), Section 2 - Results at the Canada level, Fig. 2.5, September 2019

2. Payments from the 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 Modern Tontine Trust, as the amount that a unitholder will receive upon redemption (either voluntary or upon death) prior to the lump-sum payout in year 20, will be lower than the then current NAV per unit, as more fully detailed in the prospectus.

Assumptions and Risks related to the Tontine 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 GuardPath™ Modern Tontine Trust

Series A & F: Assumes 6.92% continuously compounded net asset returns; 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 voluntarily redeeming per annum. A mortality table is a table prepared by actuaries that shows the rate of deaths occurring in a defined population over a particular time period. Based on a mortality table, it is possible to calculate the probability of a person’s death based on their age. CPM-14B, used by the Tontine Trust to prepare the graphs below, is a mortality table issued in 2014 by the Canadian Society of Actuaries based on Canadian pensioner mortality experience. The CPM-14B table is widely used by pension plans in Canada to estimate the financial exposure that is associated with their obligations or assumed under the products they market and sell. As it relies on the experience of pensioners, who tend to outlive non-pensioners, the CPM-14B table is generally viewed as a more conservative presentation of life expectancies than the standard Canadian mortality table.

In addition to investment risks, the long-term total return of the Tontine Trust is impacted by actual redemption rates (either voluntary or upon death) by Unitholders of the Tontine Trust. Total returns may decline if mortality rates or voluntary redemptions decline and may increase if mortality rates or voluntary redemptions increase. To the extent Unitholders live longer than predicted by the mortality table, the rate of growth of a series’ NAV per Unit and the amount of distributions that would otherwise have been paid on the Units will be reduced. No assurance can be given that the mortality experience of the Tontine Trust will conform to that reflected in the CPM-14B mortality table underlying the modelled return information.

Series A units of the Modern Tontine Trust are also available, but have different management fees 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 before investing. Please read the prospectus for complete details.