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2 2010 Annual Report PRESIDENTS MESSAGE I am extremely lucky to be the conduit between our most experienced Managers and our emerging leaders. The best part of my job is mining the knowledge from our most experienced leaders and then try to impart their wisdom to organisations tackling problems. The transfer of knowledge takes place through personal interaction. People have to meet and work together to understand each others business. The reward for the leaders in the teaching mode is as great as for those in the learning mode. I know that I have always learned more by teaching than I ever did by doing. Good management is not reserved for one or two individuals. Any organisation reflects the personality of the leader. Where good management exists the reaction to external influences produces a positive result for the organisation. Our growth in profit during 2010 is a perfect reflection of good management overcoming a down-turn in the economy. Our group of companies started the year trying to minimize financial loss as the economy retracted. Our most experienced leaders swiftly executed cost saving measures product and resource rationalisation and maintained discipline in their future planning doing more with less and adding assets very carefully. You will read the result in the stories of flat or increased Revenue accompanied by growth in profitability. PIC Investment Group Inc followed suit by making sure any new initiatives served our Operating Companies exclusively and specifically. We reduced our minority interest involvement and engaged in no new activities. Everyone took a job serving one or more Operating Company especially the emerging or struggling companies. You will read about the service our companies provided to each other this year. With this strategy we maximise our lift as the economy turns. The direct service PIC Investment Group provides to many of the Operating Companies is characterised by administrative finance consulting and accounting services that an Operating Company would otherwise acquire from a third-party provider. In addition we look to a twenty-year horizon and try to plan with the leadership of each company. By doing this we provide opportunities where a strategic fit might be or where growth might exist. As a result the work our office produces hopefully goes unnoticed in the present with the benefits being realised in the future. Greg Yuel PICInvestment Group