Investment Benefits. Investment Objectives

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1 ALANCED The Funds Retirement Income Pooled Fund Trust 2020 Retirement 2030 Retirement 2040 Retirement 2050 Retirement Retirement Target Date Funds and Retirement Income Fund Investment enefits The Retirement s (Target Date Funds) are designed for individuals who prefer the simplicity and convenience of investing in a single fund with an asset mix designed for their particular investment horizon and that will change over time to continue to address their investment horizon, as they move towards retirement. The Retirement Income Pooled Fund Trust (the Retirement Income Fund ) is designed for an investor who is retired or about to retire and plans to gradually withdraw funds throughout retirement. The Funds key benefits are: Dynamic asset mix. Investors normally need to adjust their mix of investments to reduce risk as they approach retirement. However, the asset mix of each Target Date Fund automatically adjusts over time, as the target date approaches. Downside protection. The manager constructs a diversified portfolio that is designed to have less return volatility than the benchmark portfolio and to provide better capital protection in declining market environments. Improved risk-adjusted returns The performance objective is to provide market-like returns over the long term, with lower volatility than the market, potentially resulting in improved risk-adjusted returns. Low cost. The Funds structure results in lower investment management fees when compared to traditional active investment management. Investment Objectives The year referenced in the name of each of the Retirement Target Date Pooled Fund Trusts ( the Target Date Funds or Funds ) refers to the year an investor in the Fund expects to retire and would likely stop making investments in the Fund. The objective of the Target Date Funds is to provide capital growth and income consistent with the expectation that investors will retire within 5 years of the target date. The Target Date Funds initially have an emphasis on FUND FACTS: Inception Date: March 31, 2010 Asset Class: alanced Management Style: Passive and Active Quantitative enchmark: Combination ase Currency: Canadian dollars Long-Term Return Target: enchmark-like returns with less volatility than the benchmark

2 capital growth (through equity exposure) but will increasingly seek more income and stability (through fixed income exposure) as they move towards their target dates, effectively becoming more conservative. The objective of the Retirement Income Fund is to provide income and preservation of capital, balanced with a need to also protect against inflation. The Retirement Income Fund has not only an emphasis on fixed income exposure but also has equity exposure in order to seek to provide inflation protection. Investment Philosophy and Strategy The Funds were designed and are managed based on the premise that investors in the Funds are saving for retirement and need appropriate risk-adjusted returns in order to help ensure an adequate retirement income. The philosophy is that the Funds have the best potential to meet this objective by: utilizing an investment approach that seeks to reduce the expected volatility of the Fund s equity exposure. As a result, the Funds can afford greater exposure to equities (and higher potential long-term returns) without taking on excessive risk; Canadian Equity All World Equity Canadian onds Asset Class Underlying Fund Reference Index Canadian Money Market Low Volatility Canadian Equity PFT Low Volatility All World Equity PFT Canadian ond Index Fund Canadian Short Term Investment Fund S&P/TSX Composite Total Return Index MSCI All Country World Index ND (C$) FTSE TMX Canada Universe ond Index FTSE TMX Canada 91 Day T-ill Index 2040 Retirement 2050 Retirement Risk (standard deviation of returns) Retirement Income PFT 2020 Retirement 2030 Retirement PFT = Pooled Fund Trust ased on target mix as of March 31, 2013 Time to retirement (years) 2

3 utilizing a passive fixed income investment approach. Passive fixed income investment solutions have historically provided competitive returns over the long run with lower fees than actively managed solutions. Investment Process The Funds follow a fund of funds approach, providing diversified exposure to a large number of domestic and global securities by investing in units of other Funds. You may obtain more information on the underlying funds identified on the previous page by contacting TD Asset Management or visiting Each Target Date Fund has a policy asset mix that maximizes the exposure to equities (90% exposure for the 2040 and 2050 Funds) for the periods when the Fund is at least 25 years from its target date. Each Fund then gradually begins to reduce the policy equity exposure on a quarterly basis as it moves to its target date. Once a fund reaches its target date, it will have an asset mix that approximates that of the Retirement Income Fund and will be effectively merged with the Retirement Income Fund. Low Volatility Equity Portfolios One of the key differentiating features of the Funds is their utilization of low volatility equity portfolios. The Funds gain equity exposure through investment in the Low Volatility Canadian Equity Pooled Fund Trust and the TD Emerald Low Volatility All World Equity Pooled Fund Trust. These low volatility Funds utilize a quantitative investment approach employing advanced statistical techniques to simultaneously analyze a large number of stocks and build portfolios with a view to having materially less volatility than traditional equity portfolios. The portfolios are broadly diversified in a large number of securities and across sectors but are not expected to include all of the securities in their respective indices. They may provide market-like returns over the long term, but short-term returns are not expected to closely track the index, consistent with the objective of being less volatile. Passive Fixed Income Portfolios The fixed income component of the Target Date Funds is primarily implemented by investing in the Canadian ond Index Fund which uses stratified sampling to efficiently achieve index-like returns. This approach is based on the view that it is both impractical and financially prohibitive to fully replicate the FTSE TMX Canada Universe ond Index in pursuit of market-like returns. Instead, the index is divided into components and bonds are selected to represent each component of the index. The Canadian ond Index Fund offers a broad base of Canadian fixed income exposure. 3

4 Age of Investor* Expected Retirement Date Fund 30 and under 2050 or later 2050 Target Date Fund % 2050 Target Date Fund and 50% 2040 Target Date Fund** Target Date Fund % 2040 Target Date Fund and 50% 2030 Target Date Fund** Target Date Fund % 2030 Target Date Fund and 50% 2020 Target Date Fund** Target Date Fund 65 and over (or already retired) Retired Retirement Income Fund *If you are already retired you may consider investing in the Retirement Income Fund. **The 50/50 split is based on an assumption that the expected year of retirement of the investor falls in the middle of the Target Dates referenced in the two Funds. Which Fund to Choose? The table above may assist you in determining which fund you should invest in and assumes retirement at age 65. If you intend to retire at an age different from age 65, you may wish to focus on the year of your expected retirement rather than your age. If your expected year of retirement is in between target dates, for example 2025, you may consider investing pro rata in two different Target Date Funds, such as 50% in the 2020 Fund and 50% in the 2030 Fund. Risk Management Risk management is inherent in the portfolio architecture of the Funds. Investors may benefit from: Independent monitoring. A 25-plus member Risk Management team oversees and monitors portfolio guide lines and risk controls on a daily basis. A risk management culture. TD Asset Management Inc. (TDAM) fosters a risk management culture that increases personal accountability and maintains the integrity of our investment management and product management processes. All funds carry some degree of risk. An investment in the Retirement s or the Retirement Income Pooled Fund Trust is not guaranteed and you may experience losses, including losses near, at, or after the target date or during retirement. There is no guarantee that the Funds will provide adequate income at and through your retirement. Detailed information about these and other risks is available in the Risk Factors section of the Fund s offering circular. 4

5 We can work together to seek a better outcome. TDAM is one of Canada s largest investment management firms. TDAM offers a full suite of investment management solutions for corporations, pension funds, endowments, foundations and high net worth individuals. At TDAM, we collaborate with investors to develop progressive investment solutions and implement them with foresight and discipline. Active, enhanced and passive pooled and segregated funds Variety of specialized solutions, including: - Liability driven investment solutions - Tactical asset allocation - ond and currency overlay strategies - Derivatives-based investment solutions Contact us to find out how TDAM can help you achieve your most important financial objectives. Telephone: tdaminstitutional.com The statements contained herein are based on material believed to be reliable. Where such statements are based in whole or in part on information provided by third parties, they are not guaranteed to be accurate or complete. The information does not provide individual financial, legal, tax or investment advice and is for information purposes only. Graphs and charts are used for illustrative purposes only and do not reflect future values or changes. Past performance is not indicative of future returns. TD Asset Management Inc., The Toronto-Dominion ank and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered. All products contain risk. Important information about the pooled fund trusts is contained in their offering circular, which we encourage you to read before investing. Please obtain a copy. The indicated rates of return are the historical annual compounded total returns of the funds including changes in unit value and reinvestment of all distributions. Yields, investment returns and unit values will fluctuate for all funds. All performance data represent past returns and are not necessarily indicative of future performance. Pooled Fund units are not deposits as defined by the Canada Deposit Insurance Corporation or any other government deposit insurer and are not guaranteed by The Toronto-Dominion ank. TD Mutual Funds and the TD Managed Assets Program Portfolios (collectively, the Funds ) are managed by TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion ank. TD Investment Services Inc. and TD Waterhouse Canada Inc. (Member Canadian Investor Protection Fund) are each principal distributors of certain series of certain Funds. TD Investment Services Inc. makes available those series of those Funds for which it is a principal distributor. The Funds are also available through TD Waterhouse Canada Inc. and through independent dealers. FTSE TMX Global Debt Capital Markets Inc. ( FTDCM ), FTSE International Limited ( FTSE ), the London Stock Exchange Group companies (the Exchange ) or TSX INC. ( TSX and together with FTDCM, FTSE and the Exchange, the Licensor Parties ). The Licensor Parties make no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the index/indices ( the Index/Indices ) and/or the figure at which the said Index/Indices stand at any particular time on any particular day or otherwise. The Index/Indices are compiled and calculated by FTDCM and all copyright in the Index/Indices values and constituent lists vests in FTDCM. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for any error in the Index/Indices and the Licensor Parties shall not be under any obligation to advise any person of any error therein. TMX is a trade mark of TSX Inc. and is used under licence. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTDCM under licence. All trademarks are the property of their respective owners. The TD logo and other trade-marks are the property of The Toronto-Dominion ank. PR1595/6/7/8/

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