From the Desk of Irwin Michael – December 11, 2015 We recently purchased a US retailer for our ABC American Value Fund. The Kroger Company is an operator of food and drug stores across America and is currently the country’s largest supermarket chain by revenue. We believe that Kroger is an excellent US-based consumer staple stock due to multiple factors, including its strong competitive position, continued consolidation in the supermarket industry, growing market share, a well-managed capital structure and strong fee cash flow generation. It is our view that Kroger provides stability and consistent earnings to a portfolio due to the defensive nature of its business. Most importantly, Kroger recently reported impressive Q3 results, with a 5.5% increase in sales, earnings guidance above analyst expectations, and profit growth at rates above the company’s long-term targets. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.