From the Desk Of Irwin Michael – May 13, 2016 Stingray Digital Group is a Montreal-based small capitalization company specializing in curated music to businesses and individuals globally and delivered through television and mobile platforms. Held in three of our ABC Funds, Stingray is free cash flowing, pays a quarterly dividend with a 1.85% yield and is capitalizing on several growth opportunities. Firstly, the company is signing deals with underserved US cable providers in an effort to expand its product offerings through multiple platforms via television. Secondly, the company has been steadily increasing its mobile application user-base, which will enable Stingray to offer more value to consumers as they use their smartphones to access music. Finally, the company is positioning itself to cross-sell its products as it continues to incorporate new ways to provide music and related entertainment across its platforms. Examples of these opportunities are its recent iConcerts and Brava acquisitions, which enable Stingray to offer concerts and videos from a wide selection of genres. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.