From the Desk of Irwin Michael – December 31, 2015 As we reflect back over 2015, investors have experienced extraordinary unsettling economic, political and financial events. This included the Greek financial crisis, Middle East turmoil, falling resource prices, a weak Canadian dollar and a two-quarter Canadian technical recession. Although the resulting stock market volatility was deemed to be quite negative by many, it provided our ABC Funds with the opportunity to upgrade and diversify our portfolios. This portfolio repositioning has now prepared our ABC Funds for a positive 2016. More importantly, we note that all five ABC Funds are showing positive investment returns for the October 1-December 31, 2015 period. We want to wish everyone a happy and healthy 2016 and would especially like to thank our ABC clients for their continued patience and ongoing loyalty. Looking ahead we will continue to work diligently in 2016 and expect that the New Year will provide for an improved economic and investment environment. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.