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PRESIDENTS MESSAGEWell lets not go through that again. However 2013 was the most impressive effort from the PIC Group team that I could have ever hoped for. The workload was immense and the stress intense. We managed our way through very difficult circumstances while aggressively investing in the future so that our Operating Companies would have the greatest possible jump on their competition in the future. We started the year with Portfolio Managers doing the most difficult part of their job taking personal responsibility for the inadequacies within the companies they are responsible for and having to make a change at the top or shut the business down. This is a huge undertaking. The decision is made business management becomes the portfolio managersresponsibility while a replacement is searched for and then oriented to the job. It requires everyone in the PIC Group to grab the rope and help pull. The entire time almost every decision is questioned and the experience is all-consuming which personally effects those involved. At the same time we pushed for investment in future growth opportunities. We spent more money on bigger projects than my imagination can comprehend. We spent the lionsshare of over 60000000 in commitments in 2013. Every company shared in this new property acid transload CTS head office truck scale Air Ambulance CAM Wild TV G Mechanical systems and personnel calibration rooms Advance and minority investments. By the end of the year we experienced the cash flow crunch that the above effort would obviously result in. So we all had to pull the rope even harder and it has put us in an incredible position. We have rock solid management and no outstanding gaps or issues. We are able to return to engaging in our Operating Companies and Minority Investments through a governance system. Through the establishment of Boards filled with competent people that reflect the expertise of the direction each company is heading toward we can provide the leader with insight oversight intelligence and best-practises so the leader can plan and grow their business with confidence. PIC continues to provide theback officeservices to many operating companies that would otherwise be required from a third-party. Thank you to all of the employees and their families whose homes we invaded with our business issues this year. You will be rewarded in 2014 with the fun of us taking advantage of the opportunities that we created by investing in the future last year. Greg Yuel 3