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When things get tough people gain the real experience of growth in a company. It shows us the true nature of pain anxiety wit charm defeat and success. 2013 was a year like that and it showed us exactly what we are made of Coming off a record breaking year in 2012 Panther had some exciting plans for the future. To keep this momentum moving forward we saw opportunities for expansion in the HCL market and we acted on it. We are in the process of building a state of the art facility that will be used mostly for the Transloading of HCL. This wont be your ordinary Transload station as we have it designed to be able to load two trucks in 20 minutes while at the same time having the maximum safety features in the design. Its been a slow process. It has taken two years to pin down track design and approval. Its seems that key decision people fall off the face of the earth delaying decisions that would only take minutes in our good company. When they say patience is a virtue it really is. Once our planning and commitment to build the HCL facility were in place the HCL market turned off without warning and supply became greater than the demand. If that was not enough Panther was forced to face the worst nightmare of any company involved with dangerous chemicals. December 9 2012 was Panthers September 11th and a day we will never forget. It was late afternoon when the call came that Panther Edmonton had an HCL spill. Companies spend millions of dollars on procedures safety instrumentations protocol emergency response plans training etc. for times like this and hope that they work. Panther was put to the test and we passed. We will never forget the experience and the knowledge we learned from this experience. Our worst nightmare gave us invaluable information which is the reason why I am sharing this experience with all of you. Thank God there were no injuries. We did however find out what we were good at what we need to work on and most importantly we used this experience and applied it to our future. Getting through such an experience made us stronger and simply a better company. We were tested times got very rough and we learned that we are a company that sticks together and that with each other we can accomplish anything even face our worst nightmares. This year has taught us how to invest in our future and I look forward to writing about it in next years annual report. Jack Schneider PANTHER INDUSTRIES PANTHER WAS PUT TO THE TEST AND WE PASSED. WE WILL NEVER FORGET THE EXPERIENCE AND THE KNOWLEDGE WE LEARNED... 8