THOMPSON WOOD PAGE & CO

1. THOMPSON WOOD PAGE & CO Investment Management … Results Driven

2. Thompson Wood Page & Co. (“ TWP ”) TWP is an independent investment management company that was formed to produce above average returns for investors Over the years, investment returns for many investors have been average at best. Portfolio managers have been content to “hug the market" and as a result, returns net of all commissions have lagged the major indices.\ As well, many investors sabotage their potential returns through impulsive behavior. TWP addresses this with an experienced management group and a single-minded investment philosophy ; Companies with growing profitability will inevitably produce above average returns.

3. Our goal is to deliver superior returns for investors • TWP seeks only high quality, compelling opportunities with companies that have strong balance sheets with proven sustainable earnings. • We produce above average returns by; • Staying focused on North American equity investments where we have significant expertise, solid information and abundant opportunities. • Remaining diligent to the TWP process of disciplined independent research • Utilizing our investment and business experience to make sound stock decisions • Our investment knowledge and disciplined approach to translating a company’s profitability into future stock value, results in superior returns for our clients.

4. Seasoned investment & business professionals Darcy ThompsonCHIEF FINANCIAL OFFICER Darcy is a Chartered Accountant with 18 years experience identifying investment opportunities, carrying out due diligence and acquiring 100% interests in selected companies. The rigor with which he performed his private equity investing resulted in annual returns for investors in excess of 50%. This skill contributes to the TWP process a level of discipline in making decisions on public securities that adds significantly to the effectiveness of the partnership’s investment decisions. John WoodPRESIDENT & CEO John is a licensed investment manager with 28 years of experience in retail investment management. He has built and sold several investment companies, including the highly successful 20/20 Financial. His understanding of the special needs of high net worth investors and foundations, where positive absolute returns with reasonable risk are a necessity, brings clarity of purpose to the partnership. Chris PageCHIEF INVESTMENT OFFICER Chris is a licensed investment manager with 31 years of experience in institutional investment management. He brings deep knowledge of investment portfolio structuring and quantitative analysis to the partnership. The disciplined processes he has implemented ensures the effective execution of all the TWP portfolio investment and monitoring disciplines.

5. Our investment philosophy • Companies with growing profitability will inevitably produce above average returns • TWP invests money with three guiding principles: • Market information is largely noise generated by emotional response, whether fear or greed. To be successful, an investment process must be disciplined and systematic, and eliminate emotional decision – making • The constant application of a disciplined investment process will add significant value to our investors over time. • Portfolio risk can be effectively managed through diversification and uncompromising security selection. Understanding the value of the security is important, but our focus centers on profitability.

6. Growth Stocks Negative Earnings Surprise Escalating Earnings Momentum Revised Earnings Models Torpedoes Negative Estimate Revisions FALLING STOCK PRICES RISING STOCK PRICES Positive Estimate Revisions Positive Surprise Models “Dogs” Positive Earnings Surprise Neglected Contrarian Value Stocks TWP buys profitability in the earnings cycle Cdn Performance Cdn Small Cap Rising Profitability Falling Profitability Stock Earnings Expectation Cycle Cdn & US Stock Global Value

7. GOAL: Uncover Low Valuation Stocks with strong balance sheets and earnings potential VALUATION GROWTH & EXPECTATIONS MOMENTUM • price/earnings ratio • price/cash flow • dividend growth • payout ratios • debt to equity • debt to cash flow • long term eps growth • return on equity • return on total sales • earnings variability • earnings revision • earnings growth • cash flow growth • sales growth Our investment process is rigorous We begin by screening our database of over 3500 stocks to uncover companies with strong balance sheets and earnings prospects. To understand the nature of our investment we conduct fundamental analysis into; business and operations, historical record, management, culture, sustainability, and growth. This disciplined process allows rational decisions and avoids an emotional response to media headlines and 24 hour broadcasts.

8. Our strong sell discipline is based on facts • A full review of our investment is required if; • the price drops 15% below cost (adjusted for market loss). • the stock falls below the fourth decile in our quantitative ranks. • an event occurs which damages the fundamental earnings prospect of the firm not yet captured by the quantitative analysis (e.g. exit of senior management, takeover or merger announcement, earnings restatement). • the position reaches our maximum portfolio weighting; orthe stock is considered fully valued. • In most cases the review results in a sale or reduction of the investment position.