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FINANCIAL SERVICES FIRM

&

Mr. Denis Pap, Registered Investment Advisor


FINANCIAL SERVICES FIRMwww.whitemont.com

Whitemont Financial Services Inc. is an independent financial services firm founded and directed by actuarial school graduates. Our team members include Masters of Business Administration (MBA) program graduates, Financial Planners, Actuarial Science program graduates, Chartered Administrators and selfemployed representatives.

PEAK FINANCIAL GROUPwww.peakgroup.com

Peak Financial Group is the largest independent broker in Quebec, managing assets exceeding 7 billion dollars and serving over 150 000 customers across Canada.

Partners


Independance

Being independent gives us access to the best products available on the market through various financial institutions. Without any household products, we don’t have any incentive to sell one product more than the other. This way, we avoid conflicts of interest ;

Our products selection comprises mutual funds, segregated funds, guaranteed income certificates (GICs), stocks, bonds, exchange traded funds (ETFs) etc…

Here are some of the financial institutions we work with :


Our expertise

Our mission : Help our clients achieve their financial goals by offering them our expertise. Our skills and knowhow are put at their service to innovate, reinvent and

revolutionize the way financial management is handled.

Finance (Personal loans and mortgage loans)

Insurance, risk management & estate

Investments Taxrelated matters

Retirement Legal aspects

THESE SERVICES ARE OFFERED IN COLLABORATION WITHWHITEMONT FINANCIAL SERVICES INC., A FINANCIAL SERVICES FIRM COMPOSED OF ACTUARIAL SCIENCE GRADUATES SPECIALIZED IN FINANCIAL PLANNING.

Mr. Denis Pap

REGISTERED INVESTMENT ADVISOR


Our investment philosophy


Principle # 1 : Mainly invest in equities and bonds

Principle # 2 : Chosen investment tool : Mutual funds

Principle # 3 : Diversify through severalmutual funds and several managers

Principle # 4 : Invest worldwide

Principle # 5 : Evaluate the management team rather than the fund itself

Principle # 6 : Use a strict selection process to select management teams

Principle # 7 : Minimize the risk on return ratio based on the investment horizon

Principle # 8 : Create portfolios using management styles adapted to the investment objective

Principle # 9 : Use a strict process to build portfolios

Principle # 10 : Set up a followup process of the portfolios

Principle # 11 : Used strategy : "Buy & Hold" (Do not try to predict the markets)

11 basic principles

Objective :That the Whitemont Financial Services Portfolios outperform their respective benchmarks


Eurozone11.9%

USA53.0%

Australasia3.8%

U.K.9.2%

Europe Ex Euro5.8%

Dev. Asia1.9%

Japan9.1%

Canada4.9%

Middle East0.3%

Other regions0.1%

Source : Morningstar Canada, 2012

Our portfolios are composed of global funds allowing full access to any investment opportunity available worldwide for the managers

Canada represents a very small part of the global market capitalization !

Bombardier (Can.) X XBoeing (U.S.A.) X XEmbraer (Brazil) XAirbus (France) X X

Company

Portfolio manager's choicesCan. Fund

US Fund

Europe Fund

Global Fund

Investing worldwideRule # 4


Use a strict selection process to select management teams

1st filter

2nd filter

3rd filter

Final result

4 500 mutual funds available in Canada

490 Mutual funds

50 Management teams

11management

teams

Structural analysis :Asset allocation : Equity funds

Geographic allocation : Global funds

Quantitative analysis : HISTORICAL RETURNS ANALYSIS

Managersmust show outstanding statistics :Stick to their management styleAnnual returns and quartile

Comparison with their benchmarks

Qualitative analyse :SELECTION PROCESS ANALYSIS

Must be the same that allowed the manager to obtain his excellent results in the past.

Meeting with the managers andtheir teams on their

workplaces

Rule # 6


Historical "riskrate of return" relationship

Dex Universe Bond Index vs S&P / TSX since 1956

20 years period : 100% Equity10 years period : 65% Equity & 35% Bonds

1 year period : 20% Equity & 80% Bonds 5 years period : 40% Equity & 60% Bonds

8.20%8.40%

8.60%8.80%9.00%

9.20%9.40%9.60%

9.80%10.00%

3.50% 4.00% 4.50% 5.00% 5.50% 6.00%

Risk (Standard Deviation)

Ret

urn

37 % Equity63 % Bonds

100 % equity

100 % Bonds8.00%

8.50%

9.00%

9.50%

10.00%

10.50%

11.00%

8.00% 10.00% 12.00% 14.00% 16.00% 18.00%


Ret

urn


100 % equity

100 % Bonds

8.40%

8.60%

8.80%

9.00%

9.20%

9.40%

9.60%

9.80%

10.00%

2.75% 2.95% 3.15% 3.35% 3.55% 3.75% 3.95%


Ret

urn


100 % Equity

100 % Bonds

9.20%9.30%9.40%9.50%9.60%9.70%9.80%9.90%

10.00%10.10%10.20%10.30%

1.45% 1.65% 1.85% 2.05% 2.25% 2.45% 2.65%


Ret

urn


100 % Equity

100 % Bonds

Rule # 7


TIME AND VOLATILITY

Source : Templeton Management Ltd 1954‐2013 Fonds Balise : Templeton Growth. All returns shown are annually compounded.

5 years 10 years 25 years1 year$10 000 invested over :

78.94 %

19.03 %

34.03 %24.97 %

1.95%

5.01%

6.88%34.94 %

0 %

15 %

Best period $17 894 $43 248 $92 929 $778 815Worst period $6 506 $7 002 $8 210 $33 939

Rule # 7 Minimize the risk on return ratio based on the investment horizon


MSCI World Price Index US $January 1st, 1972 to June 30th, 2013

Past returns are not indicative of the future.

Stratégie : " Acheter et conserver "(Ne pas tenter de prédire le marché)

Rule # 11 Used strategy : "Buy & Hold" (Do not try to predict the markets)

Investment period Average annual return

Initial investment of $10 000

Always invested 6.52% 137 505$ Less the 10 best days 4.97% 74 584$ Less the 20 best days 3.95% 49 685$ Less the 30 best days 3.16% 36 325$ Less the 40 best days 2.44% 27 144$ Less the 50 best days 1.76% 20 548$ Less the 60 best days 1.11% 15 800$


Selected Value Portfolio Managers

* Bill Kanko took a year off in 2005 to start his own management firm.Past results are not indicative of the future ;Performances shown above were obtained by the portfolio managers and not necessarily by the associated mutual fund.

Manager Annually comp.

2015 (mar. 31 st )

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 FundsCundill

Investments 9.03% 2.3% 2.2% 34.5% 15.4% -15.8% 9.9% 15.1% -25.1% -1.7% 9.7% 12.5% 12.4% 35.2% -13.8% 13.1% 20.4% 33.4% -10.7% 3.5% 10.8% 8.2% 15.4% 43.1% MFC Cundill Value

Edgepoint 18.54% 12.4% 18.7% 44.5% 11.3% -2.5% 8.0% 28.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Edgepoint Global Port.

Templeton 9.88% 5.6% 6.0% 28.0% 12.6% -3.4% 7.7% 13.9% -26.3% 3.8% 18.9% 12.0% 11.0% 7.8% -11.0% 2.9% 13.2% 21.5% 0.0% 24.0% 23.7% 25.5% 5.1% 36.8% Mutual Discovery

Bill Kanko * 9.76% 13.6% 3.2% 41.1% 20.0% -14.8% 12.2% 23.2% -20.4% -9.4% 9.9% n/a 5.0% 7.1% -6.3% 9.9% 10.7% 13.2% 17.7% 27.2% 9.5% 13.6% 13.5% 27.3% CI Black Creek Global Leaders

Ivy 8.92% 9.7% 8.3% 31.0% 7.8% -1.4% 8.5% 18.0% -6.7% -4.2% 16.0% 3.2% 3.9% -3.7% -2.2% 4.7% 16.7% 4.2% 17.7% 23.2% 15.0% 16.4% 11.3% 9.9% MFC Ivy Foreign Equity

Average 9.98% 8.7% 7.7% 35.8% 13.4% -7.6% 9.3% 19.7% -19.6% -2.9% 13.6% 9.2% 8.1% 11.6% -8.3% 7.6% 15.2% 18.1% 6.2% 19.5% 14.8% 15.9% 11.3% 29.3%

MSCI World Index 8.09% 11.6% 14.6% 36.2% 13.7% -2.9% 6.5% 12.9% -26.9% -6.7% 20.7% 6.6% 7.3% 9.4% -20.2% -11.5% -9.9% 18.4% 34.0% 21.4% 14.6% 18.0% 11.9% 27.7%


Whitemont Financial Services

Our objective is that our portfolios outperform their respective benchmark.

MSCI World IndexThis global index is the benchmark we compare our performance in equities. Since its creation in 1969, this index obtained an annual compound rate of return of :

Source : Morgan Stanley Capital, 31‐03‐2015

10.08 %

MSCI World Total Return Can $

10

100

1000

10000

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014


Performance review

Past results are not indicative of the future

Since 2015

Inception March 31st 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 19958.99% 11.90% 13.51% 33.46% 12.96% -6.48% 7.65% 17.25% -25.18% -8.90% 17.21% 5.83% 4.41% 11.32% -20.45% -7.86% 9.91% 38.63% 26.78% 21.31% 22.63% 22.24%9.58% 9.97% 11.58% 35.95% 12.59% -7.13% 7.91% 17.24% -21.81% -8.51% 16.97% 5.06% 6.29% 14.81% -16.80% 2.41% 23.27% 30.49% 16.31% 18.62% 20.25% 18.51%8.89% 13.47% 11.68% 33.51% 13.05% -7.06% 9.68% 17.61% -28.28% -3.72% 15.74% 10.87% 3.69% 13.61% -24.19% -18.76% -3.15% 61.09% 31.96% 18.21% 24.70% 25.29%8.69% 12.37% 17.50% 38.52% 13.27% -1.70% 8.94% 19.16% -24.39% -5.19% 17.90% 4.92% 6.42% 11.95% -23.78% -14.89% -14.78% 33.38% 46.28% 22.26% 20.26% 22.11%8.17% 11.60% 11.49% 32.98% 13.23% -7.20% 7.62% 17.38% -26.29% -8.44% 18.30% 5.62% 4.76% 10.35% -18.93% -7.41% 5.19% 32.91% 24.29% 21.73% 20.09% 20.19%

8.78% 9.40% 9.61% 35.83% 12.57% -7.75% 7.71% 17.34% -22.39% -8.00% 18.02% 4.76% 6.89% 14.28% -14.80% 3.96% 19.13% 24.00% 12.66% 18.70% 17.40% 15.98%

8.06% 13.35% 9.73% 33.10% 13.10% -7.67% 9.68% 17.82% -29.91% -2.61% 16.60% 11.29% 3.93% 12.92% -23.16% -19.73% -8.49% 57.74% 30.02% 18.23% 22.42% 23.62%8.08% 12.01% 16.06% 37.34% 13.47% -2.27% 8.38% 17.93% -24.44% -5.92% 19.30% 5.75% 6.88% 10.70% -21.99% -13.19% -12.33% 25.91% 40.12% 21.81% 17.41% 20.03%7.33% 11.27% 9.73% 32.56% 13.29% -7.77% 7.41% 17.49% -27.41% -7.98% 19.40% 5.42% 5.11% 9.37% -17.39% -6.97% 0.42% 27.31% 21.83% 22.15% 17.54% 18.13%7.93% 8.81% 7.64% 35.72% 12.55% -8.38% 7.52% 17.43% -22.97% -7.49% 19.09% 4.47% 7.49% 13.74% -12.81% 5.47% 14.64% 17.67% 9.08% 18.78% 14.56% 13.46%7.23% 13.23% 7.80% 32.68% 13.15% -8.28% 9.69% 18.04% -31.54% -1.50% 17.46% 11.70% 4.17% 12.23% -22.13% -20.72% -13.66% 54.39% 28.08% 18.25% 20.13% 21.94%7.43% 11.64% 14.63% 36.17% 13.66% -2.85% 7.82% 16.68% -24.49% -6.65% 20.70% 6.58% 7.33% 9.44% -20.20% -11.49% -9.88% 18.43% 33.95% 21.35% 14.57% 17.96%6.93% 8.61% 7.82% 22.59% 11.64% -6.80% 7.54% 15.73% -20.66% -6.16% 16.36% 4.01% 6.22% 10.88% -12.40% -1.75% 5.33% 17.45% 16.61% 17.26% 14.94% 17.68%7.31% 7.28% 6.55% 24.83% 11.09% -6.72% 7.40% 17.58% -18.04% -5.65% 16.67% 2.34% 7.97% 13.51% -10.14% 4.95% 13.65% 9.71% 10.91% 15.86% 13.49% 15.26%7.18% 10.09% 12.89% 25.81% 11.72% 0.74% 7.63% 10.77% -11.10% -4.93% 15.58% 1.61% 6.06% 4.81% -9.38% -6.08% -5.31% 9.65% 31.04% 16.21% 11.47% 17.33%6.59% 7.05% 6.56% 16.50% 9.89% -4.50% 7.61% 14.03% -12.87% -4.82% 13.83% 2.65% 5.67% 9.15% -6.69% 0.32% 6.86% 10.00% 15.22% 14.67% 11.83% 17.03%6.80% 6.24% 5.83% 17.84% 9.48% -4.43% 7.25% 14.50% -13.64% -4.95% 14.60% 2.11% 6.85% 11.31% -4.08% 5.81% 12.43% 4.45% 11.48% 13.40% 11.40% 16.10%6.78% 9.04% 11.72% 19.15% 9.47% 2.38% 7.37% 7.13% -1.69% -3.78% 12.20% -1.67% 5.17% 1.73% -1.79% -2.69% -2.22% 3.96% 29.01% 12.85% 9.38% 16.90%6.17% 5.36% 5.43% 9.51% 8.21% -3.66% 7.04% 13.92% -7.42% -2.88% 9.68% 2.25% 5.75% 8.95% 0.54% 3.00% 9.41% 1.66% 13.17% 11.38% 9.74% 17.35%6.25% 5.19% 5.75% 10.32% 7.76% -3.46% 6.60% 13.47% -8.55% -3.08% 10.32% 1.97% 6.35% 9.12% 2.18% 6.69% 11.23% -0.67% 11.90% 10.97% 9.30% 16.94%6.15% 7.54% 10.55% 11.71% 7.94% 4.49% 6.48% 5.39% 4.57% -2.62% 8.86% -4.94% 4.25% -1.35% 6.11% 0.54% 0.90% -1.59% 26.88% 9.53% 7.26% 16.46%

Returns

ST 1-2 Blended

MT 5-10 BlendedMT 5-10 Value

Benchmark

LT Future GrowthBenchmark

LT 15-20 Blended

LT 10-15 GrowthLT 10-15 Value

ST 1-2 ValueBenchmark

BenchmarkMT 2-5 Blended

MT 2-5 ValueBenchmark

LT 15-20 GrowthBenchmark

LT 10-15 Blended

PortfoliosLT Future Blended

LT Future Value

LT 15-20 Value


Financial Planning


Working method

1st step : Calculate the rate of return needed to reach you retirement goals

2nd step : Investment analysis & portfolio recommendations

3rd step : Operational research

4th step : Financial protection

5th step : Mortgage loans


Financial projections

We calculate the rate of return needed to reach you retirement goals ;

This step is important as it will tell us if you need to save more for retirement or not, the level of risk needed in your investment portfolio or even if you need to delay the time of retirement.

Step 1


Investments

Strenghts and weaknesses of your actual portfolio ;

Portfolio recommendation based on your investor profile and yourretirement goals.

Step 2


Operational research

Recommendations on how to improve your retirement scenario ;

Debt management ;

Tax efficiency ;

Concepts and programs available : RRSP, TFSA, RESP, HBP, etc… ;

Step 3


Financial protectionStep 4

Insurance needs analysis ;

Analysis of your existing policies ;

Recommendations based on your needs and budget ;

We use a software allowing us to compare the insurance cost of all the insurance companies available in Canada as you can see in this table :

We look for the best product at the best price :


Mortgage loans

Analysis of your mortgage loan ;

Analysis of your mortgage insurance (if any) ;

In this case, we would advise to change financial institution, even if there is a $ 3 000 penalty fee since the mortgage balance would be $492 lower with the new loan at the end of the actual loan (3 years).

Step 5

Example of our expertise :

Actually Replacing loan

Mortgage balance $140 000 $143 000Interest rate 3.50% 2.49%Monthly payment $780 $780Renewal date In 3 years In 3 yearsPenalty fee if paid before 3 years $3 000 n/aMortgage balance in 3 years $125 808 $125 316


Conclusion

Proven results over 15 years

Conservative approach based on a long term relationship

Unmatched service relying on integrated financial planning

Independence without any conflict of interest

Do not hesitate to contact me for any questions you might have :

Mr. Denis Pap(514) 3931790 # 438


The information presented in this document is based on various hypothesis and laws and is presented merely for purposes of illustration.

Although this document has been composed with the greatest care, nothing guarantees the accuracy nor the applicability of all the particular cases.

Although this document has been written in accordance with the laws currently in place, nothing guarantees our interpretation of present laws and/or that of new legal constraints that might be adopted, which could affect the information presented in this document. We advise that you consult a tax specialist before you carry out a transaction as far as an insurance contract is concerned, in order to confirm the legal and fiscal impacts.

The examples presented in this presentation are fictitious.

Insurance contracts provide important information about the products that are presented in this document. It is very important to read these contracts before accepting them.

Net asset value per share and returns made on investments fluctuate. It is important to remind oneself that past performance is not necessarily indicative of future performance.

You will find important information on the mutual funds described in their simplified prospectuses. To obtain a copy, please contact your representative. It is of primary importance to read them before investing.

The rates of return indicated constitute the total real annual compound rates of return taking into consideration the variations in share value and assume reinvestment of all dividends, but do not take into account sales, redemptions or optional charges payable to the shareholder, which may reduce the rates of returns.

An investment loan creates a leverage effect that magnifies the possibility of loss or gain.

The financial situation of the client must permit him to reimburse the interest on the loan and to reimburse a portion of the capital in the case of a margin call.

Warnings

Whitemont services offer

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