Performance data quoted represents past performance which is not a guarantee or a reliable indicator of future results. Source for performance: T. Rowe Price. Fund performance is calculated after the deduction of expenses using the official NAV with dividends reinvested, if any. The value of the investment will vary and is not guaranteed. The management fee has not been deducted and will reduce the performance figures. Sales charges, taxes and other locally applied costs have also not been deducted and if applicable, they will further reduce the performance figures. All investments are subject to risk, including the possible loss of the money you invest.

Risks: The principal value of the Retirement Date Funds is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds’ allocations among a broad range of underlying stock and bond funds and derivatives will change over time. The funds emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long‑term postretirement withdrawal horizon. The funds are not designed for a lump‑sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. Derivatives may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.

The Fund is an open-end unit trust under the laws of the Province of Ontario pursuant to a trust agreement between CIBC Mellon Trust Company (the "Trustee") and T. Rowe Price (Canada), Inc, (the "Manager"). The Fund is offered on the basis of the offering memorandum and is available only to Accredited investors as defined under National Instrument 45-106.

The Retirement Date Sector Weighted Custom Benchmark series is comprised of the following indices: International Equity - MSCI EAFE Growth Index Net (CAD), MSCI EAFE Index Net (CAD), MSCI EAFE Value Index Net (CAD), MSCI Emerging Markets Index Net (CAD); US Equity - S&P 500 Index (CAD), S&P Global ex-U.S. Small Cap Index Net (CAD), S&P/TSX Capped Composite Index (CAD), Russell 1000 Growth Index (CAD), Russell 1000 Value Index (CAD), Russell 2500 Index (CAD); Real Assets Equity - Real Assets Weighted Benchmark (CAD); Fixed Income - FTSE Canada Universe Bond Index (CAD), ICE BofA Global High Yield Index (CAD Hedged), ICE BoA U.S. 3-Month Treasury Bill Index (CAD Hedged), Bloomberg Global Aggregate Bond Index (CAD Hedged), Bloomberg U.S. Long Treasury Bond Index (CAD), Bloomberg U.S. 1-5 Year Treasury TIPS Index (CAD Hedged). Each index is weighted at its strategic neutral allocation, which is predetermined and changes over time.

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