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FINANCIAL REPORTAs stated in previous years PIC is primarily an owner-operator of the companies that are featured in the preceding pages. Other opportunities outside of the companies in which PIC enjoys direct majority ownership include investments as a minority shareholder and the participation in other financing options such as syndicated loans bridge financing capital asset lending and inventory financing. Investments of this type can take place at any time throughout the year and although small and risky they can be rewarding. A wide variety of terms are possible depending on the needs of the recipient party and the level of risk and resources PIC must commit. Participation in this manner serves to keep PIC Investment Group connected to the markets in which these opportunities are revealed and allows PIC Investment Group to function as an operating company. It is interesting to report on the 2013 financial results. 2013 represents the largest decrease in reported net income in the history of PIC yet it felt like a very successful year. 2013 was extremely busy. As I go down the list of our operating companies they were all involved in significant events outside of normal operations. Whether it be the purchase of a company the largest reinvestment in their history the largest financing transaction in their history changes in key personal negotiating transactions that may or may not have been completed it was busy. There is no doubt that it is our people that drive the success of PIC. In the past several years we have really added to our bench strength and it is our people that enabled such a busy and stressful year to be as successful as it was. PIC has many great attributes and one I am proudest of is our long-term focus. We are committed to our companies to our leaders our employees and our business partners. We demonstrated this in 2013. Our consolidated assets grew by over forty-seven million dollars this is almost double what was our previous record year over year asset growth. The year started off slowly and at various periods our operating results were down by over 40 compared to 2012. I admire this level of investment and commitment when we were staring at some tough operating results. I am confident that these investments will prove to be sound. I would like to congratulate Randy Bracewell and his team at ClearTech for reaching one-hundred million in annual revenues and for the successful acquisition and integration of Advance Chemicals Ltd. PIC has been on a tremendous run for the past several years. 2008 was a break out year and then we just kept setting higher levels for financial success. For most of those years we were truly firing on all cylinders. The results for 2013 are more varied two of our largest companies had their best financial years and others had tough years. 2013 establishes a new plateau for our minority investments being accretive to income. It is a real tribute to the strength of our operating companies that PIC was able to complete 2013 without any outside equity coming into the company. Although our consolidated debt to equity ratio has increased we still have a balance sheet to be envied and we have maintained our conservative financing and accounting practices. The performance of all involved with PIC just continues to reinforce my optimistic vision for our future. Hugh MacGowan 18