Looking back over the last 150 years, the business has changed dramatically , but one constant throughout has been a commitment to building success for the long-term. This commitment is evident in the guidance provided by W ajax’ s Board of T rustees with its continuing focus on growth and sustainable operating and fnancial performance. W ajax’ s growth over the past 150 years would not have been possible with out the outstanding contribution of our more than 2,500 employees and the support of our customers, suppliers and unitholders. ~ 28 ~