From the Desk of Irwin Michael – June 24, 2016 The Brexit results out of the U.K. last night challenged global stock markets today. While not trying to minimize the consequences, we believe that the huge negative hype following the vote will eventually calm down and well-positioned companies with strong balance sheets will recover. Stingray Digital Group There were two notable events this week that related to our holding of Stingray Digital Group. Firstly, Stingray grew its channel portfolio with the purchase of four of Bell Media’s popular music video services including: MuchLoud, MuchRetro, MuchVibe, and Juicebox. After the closing, these channels will be remarketed under the Stingray brand and will provide further content for global distribution. Secondly, during the week, Telesystem Ltd. reduced its subordinate voting share holdings of Stingray for estate planning purposes. Telesystem, while remaining a major shareholder, sold 4.3 million shares via private placement through National Bank Financial and GMP Securities. More importantly, it is noteworthy that the Caisse de depot et placement du Quebec, the province of Quebec pension fund, publicly announced that it had purchased 2 million of these shares. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.