From the Desk of Irwin Michael – January 8, 2016 One of our favoured ABC Fund holdings is Walgreens Boots Alliance, Inc. We are particularly attracted to its growing retail drug store/health care business, which is propelling the company to be one of America’s biggest prescription dispensers. Along with our two other retail drug distributors, CVS Health Corp. and Loblaws (Shopper’s Drug Mart), we view the sector’s outlook very optimistically due to the aging baby boomer generation and their increasing need for more medical services and prescriptions. In addition, Walgreens recently expanded its operations in Europe by acquiring Boots Alliance giving it wider exposure to increasing global consumer demands. Of note, yesterday, Walgreens reported quarterly earnings that handily beat analyst consensus, $1.03 versus expected $0.96 due to stronger prescription drug growth trends. Overall, the earnings beat and favourable dispensing outlook is consistent with our positive 2016 healthcare theme. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.