shareholders

March 5, 1998 Ms. Mary Ruiz 321 Orange Way Green Valley, Ca 90272 Dear Shareholder: This year has been an exciting and profitable one at Nomad Limited Limited. As a shareholder, let us tell you about our recent successes and the challenges we expect in the coming year and beyond. This letter summarizes the high points of the year and provides valuable details about our work in individual areas of the organization, including finance, communications, quality assurance, and travel. I am enclosing a complete copy of our Annual Report for the entire organization and detailed profiles for each division. The schedule for the annual meeting is as follows: – President’s Presentation, 1:30 – Questions and answer session, 2:00 – Guest Speaker, 2:30 – Reception, 2:30 We are proud of our employees and encourage you to join us at the Nomad Limited Limited Annual Meeting held at the Plaza Center Inn next month. Enclosed is a reply card, which you can return to us if you plan to attend. Corporate Mission Statement Nomad Limited Limited employees take great pride in living up to the high standards of our company’s mission. It is the mission of Nomad Limited Limited to provide quality service to the outdoor community. We will provide the best services, products, and leadership in the area alpine expeditions. Milestones Achieved 163% of plan for the year, a new record! Introduced South American adventures in travel division Increased Northeast sales 65% Balancing the Books This year’s sales continued the trend of rising revenues. For the year, we exceeded the goals set forth in the President’s Plan. We also implemented many new saving measures, many of which were suggested during employee retreats and brainstorming weekends. Communications Nomad Limited Limited developed office publishing department to produce all corporate communications including the annual report, the corporate newsletter, and corporate catalogs. We…

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