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2 The money we invest is available thanks to an income stream from participation in the profits of our operating companies as well as management fees dividends or return on capital plus the repayment of loans proceeds from bridge financing capital asset lending or inventory financing. Our minority investment portfolio produces sporadic returns annually and depends on the deal that we struck when becoming a shareholder. Each year we hope to sell some of our positions as we invest in new opportunities. Over the long-term we do expect to win more often than we lose. This year we had returns which proved that this vision had merit. Personal highlights included the sale of our shares in Doepker back to the Doepker family. This was the plan all along and it is with great pride that we participated as a shareholder in Doepker during a time of need for the family and that we returned the ownership back to the family. On the investment side we made a commitment to a management buy-out fund managed by Westcap Management which launches an idea that I have researched and tried in 2008 but could not get airborne on my own. Now we are an active part of a partnership that can find deals and then manage them. In our operating companies we enjoyed the most significant event any owner can experience we sold a company. Kipp Zonen is a great company from which I learned an incredible amount. During the course of our investment we brought some business management and strategic planning expertise that helped the business grow as its market grew. The next step for the business was to make smart RD investment decisions in the solar instrument manufacturing industry in order to remain decisively ahead of Kipps competition. Well we dont know how to do that. RD investment triage is a tricky science and can make or break the future of a technology company. Learning that FROM THE PRESIDENT We felt it appropriate to slightly change the presentation of our traditional Annual Report this year. The change is a little overdue. It reflects the company that PIC Investment Group has turned into within the past few yearsand it certainly projects the heading we are flying. Our presentation intends to demonstrate PIC as an operating company along-side the highlighted investments in which we own a control interest 50 or greater. NURTURING THE FUTURE Change is not a threat its an opportunity. Survival is not the goal transformative success is. SETH GODIN PIC Sales 294238266 Current Assets 69028743 Total Assets 284102823