The direct service PIC Investment Group provides to many of the Operating Companies is characterised by administrative finance and accounting services that an Operating Company would otherwise acquire from a third-party provider. In addition we look out 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 growth might exist. As a result the work our office produces hopefully goes unnoticed in the present but the benefits will be realised in the future. Inside PIC we added human resources that serve Operating Companies and therefore help ensure their success. We pushed strategic agendas in Operating Companies and we worked in businesses by helping wherever there was a gap. We added systems to enhance long-term efficiency and we shared mentorship resources between companies to reduce gaps due to inexperience. We invested in a program of building for the future by capitalising on the great work accomplished in the prior years. Our Governance method of providing oversight for Operating Companies helped provide each Operating Company with more intelligent analysis or opinion as well as it helped the Operating Companies communicate their long-term needs to a broader audience. With the additional intelligence about the future and the additional human support at PIC we began leveraging our resources to provide long-term security and clear the path for our Operating Companies to capture future opportunity. You will see in this report how various businesses increased their knowledge for future application planned carefully executed decisively and added capacity for future growth. At PIC Investment Group we did everything that we could to sponsor those activities and assist those activities. We took risks and made decisions and participated in activities that will not be of interest to you for years. We widened and deepened our foundation as an owner of the various entities contained in this report so that we could preserve or provide long-term stability. Greg Yuel Presidents Message 3 PIC INVESTMENT GROUP INC.