Canadian Western Bank is a bank incorporated under the laws of Canada and authorized to issue RSPs under the Income Tax Act (Canada) (the “Act”) and applicable provincial income tax legislation (collectively, “Applicable Tax Legislation”). The words “us”, “our” and “we” are used in this Statement of RSP Terms and Conditions to refer to Canadian Western Bank.

“You” are the person whose name is on the application form (the “Application”) to which this Statement of RSP Terms and Conditions is attached. The Application, together with this Statement of RSP Terms and Conditions, constitutes an RSP under Applicable Tax Legislation, and will be referred to in this Statement of RSP Terms and Conditions as the “Plan”. For purposes of Applicable Tax Legislation you are the “Annuitant” of the Plan.

1. Registration: We will apply to register the Plan under Applicable Tax Legislation. If registered, the Plan will be a Registered Retirement Savings Plan (“RRSP”). We agree to act as issuer for your Plan in accordance with the terms and conditions set out in this Statement of RSP Terms and Conditions.

2. Purpose of the Plan: The primary purpose of the Plan is to accumulate and invest funds in order to provide retirement income, as defined in the Act, to you.

3. Compliance: The Plan shall, at all times, comply with all relevant provisions of Applicable Tax Legislation. You are bound by the terms and conditions imposed under Applicable Tax Legislation.

4. Contributions: Deposits to the Plan that are made by you or, where applicable, by your spouse or common-law partner, according to this Statement of RSP Terms and Conditions and the Applicable Tax Legislation will be called “Contributions”. We will invest and reinvest such income or gains accumulated in accordance with the instructions provided by you. These amounts, together with any amounts transferred to the Plan under section 9 below, will be called “Plan Assets”. We are not responsible for determining whether the aggregate of all Contributions to the Plan in respect of a year exceeds the maximum amount that is permitted to be contributed by the relevant contributor to the Plan in respect of the year.

No Contributions to the Plan may be made after the Maturity Date defined in section 13 below.

5. Investments: We will advise you what investment options are available. Plan assets will be invested and reinvested from time to time in accordance with your investment instructions, which must comply with requirements imposed by us in our sole discretion. We will only act on your instructions if they are in a form acceptable to us and are accompanied by related documents as required by us, in our sole discretion. We may accept and act on any investment instructions, which we believe, in good faith, to be given by you. At any time, it is your sole responsibility to ensure that all investments held in the Plan are qualified investments under the Applicable Tax Legislation. However, we can assure you that fixed term investments issued by us for RSPs comply with the qualified investment rules. If we do not have any instructions from you with respect to the investment of Contributions to your Plan or proceeds from the maturity or sale of an investment in your Plan, we will invest the cash value of the Contributions or proceeds, as the case may be, including any interest or investment returns thereon, in an interest bearing account or term investment at our discretion. We will provide notice to you of the details of any such investment.

6. Statements and Receipts: We will issue statements for the Plan at least once annually or more frequently as determined by us, in our sole discretion. As required under Applicable Tax Legislation, we will send you or, where applicable, your spouse or common-law partner, a receipt for income tax filing purposes.

7. Withdrawals: Upon receipt of your written instructions to withdraw all or a part of the Plan Assets before the Maturity Date, we will pay you an amount less any tax required to be withheld under Applicable Tax Legislation and any other related fees or costs. Once the withdrawal is issued, we will no longer have any further liability or duty to you for the Plan Assets that you have withdrawn.

8. Refunds of Excess Contributions: You or where applicable, your spouse or common-law partner, may send us written instructions to refund an amount to reduce any tax relating to Contributions that exceed the limits permitted under Applicable Tax Legislation. Once the refund is issued, we no longer have any further liability or duty to you for the Plan Assets that have been refunded.

9. Transfers to the Plan: You may request a transfer of amounts to the Plan from another registered plan permitted under Applicable Tax Legislation. We may, in our sole discretion refuse to accept the property into the Plan for any reason whatsoever and may transfer any such property out of the Plan that is not or may not be a qualified investment. The terms and conditions of the Plan will be subject to any additional terms or conditions that may be required to complete the transfer according to Applicable Tax Legislation.

10. Transfers from the Plan: You may request a transfer of all or part of the Plan Assets to another registered plan permitted under Applicable Tax Legislation. All transfer requests may be subject to tax under Applicable Tax Legislation and any other related fees or costs. We will process your transfer request within a reasonable period of time after we have received all completed documents as required by us and applicable law. Once the transfer is issued, we will no longer have any further liability or duty to you for the Plan Assets transferred.

11. Transfers for Division of Property: You may request a transfer of all or part of the Plan Assets to a RRSP or a Registered Retirement Income Fund (“RRIF”) under which your spouse or common-law partner (or former spouse or common-law partner) is the Annuitant if the transfer is made under the terms of a decree, order or judgement of a competent tribunal, or of a written separation agreement, that relates to the division of property between you and your spouse or common-law partner (or former spouse or common-law partner) in settlement of rights arising out of or on the breakdown of your marriage or common-law partnership. Any transfer requests may be subject to tax under Applicable Tax Legislation and other related fees or costs. We will process your request within a reasonable period of time after we have received all completed documents as required by applicable law and us. Once the transfer is issued, we will no longer have any further liability or duty to you for the Plan Assets transferred.

12. Fees: We may charge you or the Plan fees for services we provide to you or the Plan from time to time in accordance with our current fee schedule. We will give you reasonable notice of any change in our fees. We are entitled to reimbursement from you for any charges reasonably incurred by us in connection with the Plan. We are entitled to deduct our unpaid fees, disbursements, expenses and any other charges from the Plan Assets, in which case we will issue an income tax receipt for any withdrawals from the Plan Assets and we will not be liable for any loss or income tax incurred as a result.

13. Designation of Maturity Date: You may designate in writing a date (the “Maturity Date”) on which to begin receiving retirement income. The Maturity Date will not be later than December 31st of the year in which you attain 71 years of age or any other age permitted by the Applicable Tax Legislation.

14. Maturity of the Plan: The plan will mature on the Maturity Date. No later than ninety (90) days before the Maturity Date you must provide us with written instructions to transfer the Plan Assets to a RRIF or to liquidate the Plan Assets and use the proceeds to acquire a life annuity in accordance with Applicable Tax Legislation. If we have not received your written instructions prior to the Maturity Date, you will be deemed to have instructed us to transfer the Plan Assets to a Retirement Income Fund (“RIF”) in your name. Furthermore, you will have deemed us to act as your attorney to execute documents and make elections necessary to establish the RIF and to register such RIF under Applicable Tax Legislation.

15. Date of Birth and Social Insurance Number: The date of birth and social insurance number that you provide on the Application shall be deemed a certification by you of its truth and you give us your undertaking to provide additional evidence if we require the proof of the validity of either.

16. Designation of Beneficiary: Where applicable provincial law permits, you may designate one or more beneficiaries to receive the Plan Assets or the proceeds from the sale of the Plan Assets on or after your death. You may make, change or revoke a beneficiary designation by providing us with a written instruction in a form acceptable to us.

17. Distribution on Death: Upon verification of a benefit entitlement under Applicable Tax Legislation, we will require, in our sole discretion, satisfactory evidence of your death and any other documents as it pertains to your death prior to proceeding with a request to distribute the Plan Assets or the proceeds from the Plan Assets less any tax under the Applicable Tax Legislation and any other related fees or costs. If you have designated more than one beneficiary under your Plan, we will distribute Plan Assets as designated by you. If we cannot establish a valid designation of beneficiary or beneficiaries, we will distribute the Plan Assets to your estate. Once the Plan Assets are transferred or the proceeds of the sale of the Plan Assets are paid, we will no longer have any further liability or duty to your heirs, executors, administrators or legal representatives.

18. Notices: Any notices, demands, orders, documents or any other written communication we may forward to you by posting on the Motive Financial website, email, facsimile, personal delivery, courier, or by prepaid ordinary registered or certified mail, to your address indicated on the Application (or subsequent written notification of a new address which we acknowledge received) and shall be deemed to be received by you four (4) days after such mailing or on the date of delivery if sent by email, facsimile, courier, or personal delivery or posting on the website. You acknowledge that we shall be under no further obligation to locate you for the purpose of forwarding any such notices, demands, orders, documents or any other written communication.

19. Restriction: No advantage that is conditional in any way on the existence of the Plan may be extended to you or any person with whom you do not deal at arm's-length, other than the benefits and advantages specifically permitted under Applicable Tax Legislation. The Plan Assets cannot be pledged, assigned, or in any way alienated, in whole or in part as security for a loan nor may Plan Assets be used to offset any debt or obligation, unless specifically permitted under Applicable Tax Legislation.

20. Amendments: We may from time to time, in our sole discretion, amend the terms of the Plan and this Statement of RSP Terms and Conditions, providing that such amendments shall not disqualify the Plan as a RRSP within the meaning of Applicable Tax Legislation. We will obtain approval from the necessary provincial and federal authorities if any amendments are made and as required. We will provide you with thirty (30) days notice of any amendments.

21. Delegation of Duties: Without limiting our responsibility as issuer of the Plan, we may appoint agents and may delegate to our agents the performance of administrative and any other duties required under the Plan. We may engage accountants, brokers, lawyers or others for their advice and services and may rely on them for the same. We may pay to any agent or advisor a fee under the provisions of this Statement of RSP Terms and Conditions but we will not be liable for any acts, omissions or negligence of any of our agents or advisors so long as we have acted in good faith. We acknowledge that we are ultimately responsible for the administration of the Plan.

22. Indemnification: You, your heirs, executors, administrators or legal representatives and each beneficiary under the Plan will at all times indemnify us, our directors, officers, employees and agents and their respective heirs, executors, administrators, personal representatives, successors assigns and our agents directly and out of the Plan Assets for any taxes, interest, penalties or charges levied or imposed on us in respect of the Plan, costs incurred in performing our duties under this Statement of RSP Terms and Conditions or any losses incurred by the Plan as a result of any loss or diminution of the Plan Assets, or acting or declining to act on any instructions given to us.

23. Successor Issuer: We may resign as the issuer of the Plan and be discharged from all duties and liabilities under this Statement of RSP Terms and Conditions by giving thirty (30) days written notice to you. If you do not appoint a successor issuer within ten (10) days of our written notice, we may appoint a successor issuer for the Plan. Upon our resignation we will provide the successor issuer with all conveyances, transfers and further assurances that may be required to give effect to the appointment of the successor issuer.

24. Governing Law: The terms of the Plan will be construed, administered and enforced according to the laws of the Province of Alberta and the federal laws of Canada applicable in Alberta.

25. Binding: The terms of this Statement of RSP Terms and Conditions will be binding on your heirs, executors, administrators or legal representatives and permitted assigns and our successors and assigns.