Investment News August 2016

The Kelland Portfolio Management Group

August 2, 2016

Dear Valued Clients:

We are very pleased that the financial markets recovered quickly from the downturn related to the Brexit vote in late June and have now registered a strong month of July.

Major stock indices in Canada, the United States and developed World markets rose over 3% in the month of July.

At this point we believe valuations are stretched and we are cautious.

Please find attached the following newsletter and commentary articles that expand upon this theme:

As noted on page four of our August newsletter, we also extend best wishes for success to all of our Canadian athletes in the Rio Olympics.

We extend to all our clients best wishes for a very pleasant month of August.