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PRESIDENTS MESSAGE The journey through 2011 was one of the most stressful and challenging periods I have ever faced but in the end it was truly rewarding. We rode steadily down the strict path set out in the previous year. Instead of looking for new opportunities we focused our resources to help existing companies improve solidify their position grow their infrastructure plan their future and generally get better. We created Boards of Directors emphasised strategic planning completed legacy construction projects with our Operating Companies and prepared to take advantage of an improved general economy. We looked for signs in industries that we served that would show us the way to future opportunities. We researched and collaborated in order to refine our future plans. Each company clarified or perhaps verified its formula for success and applied that formula in order to excel. 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 ahead 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 with the benefits realised in the future. Inside PIC we added human resources that would serve our Operating Companies and therefore help ensure their success. We pushed planning 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. I spent a lot of time learning and understanding at a functional level what processes were going on within various Operating Companies. I learned Board of Director techniques that would be shared and applied within a governance process within our companies. I learned to communicate for the purpose of understanding the basic elements that drive a business. The result was that every one of our companies realised greater profitability. We paid down debt at an unprecedented rate and therefore we have positioned ourselves to take maximum advantage of the future and the Western Canadian economic boom. We have demonstrated the discipline of ensuring that our new investments serve to elevate the group. We have proven that concentration on hard work and execution pay off by positioning a company for growth. We are pointed in the right direction and all indications are that the road ahead is clear. Greg Yuel ...we have positioned ourselves to take maximum advantage of the future... 2011 Annual Report 3