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12 PIC Investment Group Inc. departures Transition and transformation were the themes for the year for Kreos and Central Aircraft Maintenance CAM for 2011. Kreos saw its charter activity rise steadily throughout the year peaking in June with a record month of activity and revenue. The summer months were slower as we experienced some turnover in the Leadership of our Operations Team. We now have two talented leaders who have filled the Operations Manager and Chief Pilot positions and they have been diligently working to ensure that Kreos is well positioned for the future. 2011 also saw the training of two new jet pilots and the promotion of a couple of pilots into more senior positions. Charter activity is ramping back up again and Kreos will be looking to add additional pilot positions for existing aircraft. Kreos also saw movement on airport real estate with new tenants filling the vacancies at our facilities and also two new hangar tenants essentially bringing us to full capacity on these properties. The FBO is now online and has received nothing but rave reviews for the facility and the service. An FBO manager was hired in the spring and she has done a fantastic job of creating and implementing all of the systems necessary to run an operation of this type. At CAM 2011 was a year of ups and downs. Revenues were relatively flat from 2010 despite a very large customer starting their own Aircraft Maintenance Organisation. CAM had to fill this void by adding new customers and revenue streams. CAM will look to build on this for 2012 and we should see an increase in revenues and profits over 2011. The strong team of Aircraft Maintenance Engineers AMEs remained stable in 2011 as did the Leadership positions for CAM. CAM did have to employ contract AMEs as well as two apprentices during the busy summer months to meet the needs of our customers and the projects they had taken on but are now back to regular staffing levels. A key addition to the Team in 2011 was the newly created inventory and stores position. This position is absolutely critical in managing existing inventory and creating and building better relationships with our suppliers. CAM has undertaken an ambitious Quality Management System initiative that will be a focal point for 2012 as this is the foundation for an overall system that Kreos will be looking to implement in late 2012 into 2013. As always team development and new business generation will be key success factors for CAM in 2012. With a commitment to our customersled by our frontline staff of pilots FBO staff AMEs and customer relationsand a focus on ensuring that extraordinary service is a daily event the foundations have been established for Kreos to have a breakout year in 2012. Craig Bell We now have two talented Leaders...