2011 Annual Report 15 ClubMynx Fitness Inc. Dawn Wotherspoon 103 23rd Street East Saskatoon SK S7K 0J1 In 2008 PIC entered into an Angel Investment partnership and loan with a young entrepreneur and former PIC Group employee Dawn Wotherspoon. To date the results have been a testament to both the Angel Investment process and Dawns dedication to the business. The private group fitness facility located in downtown Saskatoon continues to thrive. The fitness facility has brought a unique element to the fitness industry in Saskatoon by offering fun non-intimidating exercise options designed to help participants stay motivated in their fitness programs. Defyrus Peter Blaney 150 William Street Kingston ON K7L 2C9 Participation with other minority investors under the management of Tancho Innovation Capital provided the opportunity for PIC to participate in technology commercialisation. Defyrus is a private life sciences biodefence company that collaborates with domestic and international military R D partners to develop a range of therapeutics as medical countermeasures for civilians and military personnel. minority investment portfolio The reason PIC Investment Group Inc. negotiates and participates in minority investments is to facilitate entrepreneurship and help existing businesses grow. PIC assesses risk and makes investment decisions based on the criteria listed on our website. Our intention is always to maximise our return either long-term or short-term by bringing some synergy or expertise to the business. Our assistance intends to enable the business to reward or redeem our investment. The basic underlying motive is a belief that a strong and vibrant economy is constructed by growing one business at a time. Our focus at the beginning of the year was conservative with a restraint on new initiatives. As the year progressed the human resources required to analyse and manage new investments started to show available capacity. We began to accept new minority investment opportunities. Lessons from the past resulted in additions that were more thoughtful and would require an affordable amount of management effort.