b'Kreos KREOS AVIATION|KAREN LLOYD Aviation Inc.Adaptability, focus and adjusting to a new normal were key themesInvestment in fuel and hangars via the 2018 Aerocentre acquisition in 2022.Team Kreos proved its ability to scale, achieving a 72%started to paydividends in 2022. Fuel volume and price escalation increase in sales year-over-year holding headcount constant. Awere significant contributors, both on and off fieldtotal fuel solutions-focused team that pays attention and puts relationshipsvolumes increased by 67%. Lancaster had a record year, delivering first ensured we maintained the personalized customer experience4.9 million Litres, gaining market that differentiates Kreos.share and building on a reputation The uptick in demand for private aviation at the end of 2021of reliability.We reached a 10-year2,560 hours did not tail off. Airtime increased 60% in 2022. We added anlease agreement with FedEx for theflownaircraft in Saskatoon and Regina in the second half of theLancaster building in Regina and obtained all necessary 29.8 million year - owner airtime and ownership interest is increasing.airport approvals requiredLitres of fuel We shifted focus from charter to managed aircraftfor the deal. FedEx issold and growth coming out of strategic planning, with theundertaking significantdeliveredintent to double our fleet by the end of 2025. Thetenant improvements charter base that Kreos has cultivated provides awhich will increase the value proposition for new owners who want tovalue of this asset.off-set the cost of ownership. Charter contributed $9.8 million or 29% of total sales in 2022.Talented, hard-working people are at the heart of Hangar and ramp space was fully utilized in bothKreos success. Thank-you team Kreos for stepping cities much of 2022. The aircraft frequenting ourup to the new normal, supporting one another facilities are getting bigger. Value-add service withthrough significant change and challenging the a smile attracts repeat transient customers. FBOs areway we work together. Incredible year. generating over a million dollars in revenue annually. Adaptability defined our maintenance business in 2022. CAM invested in training to support new aircraft types and increased the frequency of required phase maintenance to adjust to growing fleet airtime. Advanced planning allowed for integration of 3rdKAREN LLOYDparty and transient service. CAM is building a rotary reputation within Saskatchewan and has a growing list of repeat customers. They took Robinson Helicopter service on the road this summer and offered on-site servicing to allow aerial applicators to optimize their spraying season.PIC GROUP 2022 ANNUAL PROFILE 23'