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RSP Declaration of Trust 325

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processed by them. We shall be entitled to employ such person or persons including but not limited to, lawyers and auditors, as we may determine and shall be entitled to pay their fees and expenses from the Plan. We may rely and act upon information and advice furnished by such person and persons or refrain from acting thereon and shall not be liable to you as a result of acting or refraining from so acting. We shall, however, remain ultimately responsible for the administration of the Plan pursuant to the provisions of this Declaration of Trust. 7. Income Tax Receipts: We will provide you, or if applicable your spouse with receipts showing contributions made by you or your spouse to the Plan as may be required by Applicable Tax Laws. 8. Date of Birth: The statement of your date of birth contained in the Application shall be deemed to be a certification by you of your age and an undertaking by you to provide any further evidence of proof of age that may be required for the provision of a retirement income. 9. Retirement Income: The whole of the Trust Fund shall be invested, used, and applied by us only for the provision of a retirement income to you or, if applicable, to your spouse. You will, upon 90 days' written notice to us, specify the date for the commencement of retirement income, which shall not be later than the end of the calendar year in which you turn age 71 or such other age or date as may be set out in the Act from time to time (such date being referred to herein as "Maturity"). Such notice shall indicate the form of retirement income to be purchased by our Agent and shall, at your option be either: a. an annuity commencing at Maturity payable to you for your life or if you so designate to you for the lives of you and your spouse, jointly and then to the survivor of the two of you and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so purchased: i. may be integrated with the Old Age Security Pension; ii. may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity; iii. shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments; iv. shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation; v. shall not provide for the aggregate of the periodic payments in a year after your death to exceed the aggregate of the payments in a year before your death; vi. shall by its terms not be capable either in whole or in part of assignment; and vii. shall provide for commutation if such annuity would otherwise become payable to a person other than your or your spouse, or, b. a retirement income fund subject to the rules specified in the Applicable Tax Legislation. If you fail to notify us at least 90 days prior to December 31 in the year in which you turn age 71 or such other age or date as may be specified from time to time in the Act, then at our sole discretion, we may either: A. transfer the assets of the Plan to a ATB Securities Inc. Self-Directed Retirement Income Fund or another retirement income fund selected by us in our sole discretion. We or our Agent will act as attorney to execute documents and make elections necessary to establish the ATB Securities Inc. Self-Directed Retirement Income Fund or other retirement income fund; or B. on reasonable prior notice to you, realize the assets comprising the Trust Fund, and subject to the deduction of all proper charges, including income tax required to be withheld, pay you the proceeds of such realization in a lump sum, and you shall be responsible for all reasonable expenses of administration charged by us or our Agent. Any realization shall be made at such price or prices as we may, in our sole discretion, determine and we shall not be responsible for any loss occasioned by any such realization. 10. Withdrawals: You may, by written application, at any time before the commencement of a retirement income, request that we pay to you all or any part of the assets held under the Plan, and we may liquidate any investments held under the Plan, to the extent deemed necessary for that purpose. 11. Refund of Contributions: We shall, upon written application by you or if applicable your spouse in form satisfactory to us, refund the amount established to be an amount as defined in paragraph 146(2)(c.1) of the Act and in any similar provisions of any provincial income tax legislation. 12. Death of Annuitant: In the event of your death prior to providing for a retirement income, we shall, upon receipt of satisfactory evidence of such death and direction from your heirs, executors, administrators or legal representatives, realize your interest in the Plan, and subject to the deduction of all proper charges, including income tax, if any, required to be withheld, the proceeds of such realization shall be held by us for payment in a lump sum to the person or persons who may be entitled thereto pursuant to paragraph 13 upon receipt by we of such releases and other documents as we may require. 13. Designation of Beneficiary: If you are domiciled in a jurisdiction that we have designated as one in which a participant in a retirement savings plan may validly designate a beneficiary other than by will, then you may by instrument in writing in a form prescribed by us and delivered to us prior to your death, designate any person or persons as beneficiary to be entitled to receive your share of the Trust Fund on your death. Such person or persons shall be deemed to be your designated beneficiary for the Form 325 (Rev. 09/18) ATB Wealth consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. Page 2 of 4 ATB Investment Management Inc., ATB Securities Inc., and ATB Insurance Advisors Inc. are individually licensed users of the registered trade name ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. 2

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