From the Desk of Irwin Michael – November 27, 2015 One of our favoured Canadian, non-resource common stocks is Uni-Select Inc., a Boucherville, Quebec distributor of automobile replacement parts and automotive paint products. With the recent opportunistic sale of its U.S. automotive parts division, the Uni-Select balance sheet has net cash of $40 million and an unused credit facility of approximately $404 million as of September 30th, 2015. With the experienced and capable management leadership of president and CEO Henry Buckley, a strong balance sheet, a free cash flowing business model, selective tuck-in acquisitions, and leverage to the strong U.S. dollar, we expect improved margin expansion to drive future performance. In fact, with the latest Q3/2015 results, earnings improved to $0.73 a share versus a $0.60 analyst consensus. Additionally, Uni-Select made $15.4 million of tuck-in acquisitions in Canada and the U.S., purchased $7.6 million of common shares with its NCIB purchase plan and was recently added to the S&P/TSX composite index. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.