Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 204 1976 – 2016 P I C I N V E S T M E N T G R O U P PIC_AnnualReport_Final-Alternate_2.indd 4 2016-12-01 8:41 AM