From the Desk of Irwin Michael – September 18, 2015 Three ABC Funds’ free cash flowing, dividend-paying, Canadian favourites Although our recent common stock purchases have primarily been in the U.S., three free cash flowing, dividend-paying Canadian favourites include: Stingray Digital Group Inc. (RAY/A) A Montreal-based digital and entertainment services company supplying music programming globally. Benefiting from mainly Canadian dollar costs and U.S. dollar revenues, Stingray’s management has an acquisitive growth plan of action, increasing free cash flow and a dividend yield of 1.6%. TransForce Inc. (TFI) TransForce offers transportation and logistics services, parcel delivery and fleet management assistance. Benefiting from low fuel costs, TransForce pays an attractive 2.75% dividend yield, is free cash flowing and has a normal course issuer bid (NCIB) in place for share repurchases. Echelon Financial Holdings Inc. (EFH) Echelon is a Mississauga, Ontario-based property/casualty company offering non-standard automobile insurance and niche specialty general insurance products. Echelon is debt-free, pays a 3.1% dividend yield, has a normal course issuer bid (NCIB) in operation and trades about $2.00 below book value. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.