From: Evan Wax <I

From: Evan Wax <I To: Evan Wax <I Bcc: ' Subject: WAM client only Amcon Distributing update(CONFIDENTIAL) Date: Thu, 19 May 2016 18:55:58 +0000 Clients, This is a quick update and only applies to accounts that have been open with Wax Asset Management for a longer period of time and thus have over 10% of their accounts invested in Amcon Distributing, ticker DIT. When WAM moved all of our accounts from Schwab to RBC one of the main reasons was RBC provides us an ability to transact directly with institutions and companies. This has already come to fruition, as we have signed an agreement to sell roughly half of our position in DIT back to the company at a price of $89 per share. While this price is below our estimate of fair value(and why we are only selling half of our position) it is above the current market price and the 52 week high. More importantly, the cash it provides will allow us to increase our position in new ideas that we believe will provide a higher return going forward. This is our main motivation for the sale. Even after this sale our stake in DIT will still represent roughly 7% of our assets. Since this is a private transaction the logistics are different than a normal sale, and you will see the shares leave your account before the proceeds from the sale are applied to your account. The timing difference might be as long as one week. You can ignore this dip in account value. If you have any questions, please do not hesitate to call or e-mail. Again, this information is confidential. Thank you, Evan Evan Wax Founder and Portfolio Manager Wax Asset Management EFTA00324914 EFTA00324915