THOMPSON WOOD PAGE

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THOMPSON WOOD PAGE CO
Investment Management
Results Driven
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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.
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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 companys profitability into
  future stock value, results in superior returns
  for our clients.

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Seasoned investment business professionals
Darcy Thompson CHIEF 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 partnerships investment
decisions. John Wood PRESIDENT 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 Page CHIEF 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.
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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.
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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
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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.
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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.