From the Desk of Irwin Michael – June 17, 2016 Over the past week, international securities markets have exhibited considerable volatility. This current environment is largely due to the uncertainty surrounding the June 23rd UK referendum on whether to maintain its membership in the European Union, a dovish decision by the U.S. Federal Reserve to hold interest rates unchanged, and negative bond yields in Europe. Nonetheless, we believe that the North American economy should gradually recover, and in the meantime, attractive common stock prices offer great opportunities for investors. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.