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FINANCIAL SERVICES FIRM
&
Mr. Denis Pap, Registered Investment Advisor

FINANCIAL SERVICES FIRM
www.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 GROUP
www.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 WITH WHITEMONT 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 several mutual 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

Eurozone
11.9%
USA
53.0%
Australasia
3.8%
U.K.
9.2%
Europe Ex Euro
5.8%
Dev. Asia
1.9%
Japan
9.1%
Canada
4.9%
Middle East
0.3%
Other regions
0.1%
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 X
Boeing (U.S.A.) X X
Embraer (Brazil) X
Airbus (France) X X
Company
Portfolio manager's choices
Can.
Fund
US
Fund
Europe
Fund
Global
Fund
Investing worldwide
Rule # 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
11
management
teams
Structural analysis :
Asset allocation : Equity funds
Geographic allocation : Global funds
Quantitative analysis :
HISTORICAL RETURNS ANALYSIS
Managers must show outstanding statistics :
Stick to their management style
Annual 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 and
their 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)
Return
37 % Equity
63 % Bonds
100 % equity
100 % Bonds
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
8.00% 10.00% 12.00% 14.00% 16.00% 18.00%
Return
22 % Equity
78 % Bonds
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%
Return
64 % Equity
36 % Bonds
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%
Return
91 % Equity
9 % Bonds
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 $778 815
Worst 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$

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. 31st
)
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 Funds
Cundill
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 Index
This 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 31
st
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
8.99% 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 Blended
MT 5-10 Value
Benchmark
LT Future Growth
Benchmark
LT 15-20 Blended
LT 10-15 Growth
LT 10-15 Value
ST 1-2 Value
Benchmark
Benchmark
MT 2-5 Blended
MT 2-5 Value
Benchmark
LT 15-20 Growth
Benchmark
LT 10-15 Blended
Portfolios
LT 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 your
retirement 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 protection
Step 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 $143 000
Interest rate 3.50% 2.49%
Monthly payment $780 $780
Renewal date In 3 years In 3 years
Penalty fee if paid before 3 years $3 000 n/a
Mortgage 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

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