The long established firm of Penny & Keenleyside Appraisals Ltd., which has been in business since 1958 remains in New Westminster, but did make a move in February of 2002 to a classic heritage building located on the old penitentiary grounds in New Westminster. The company moved to the old Gatehouse Building which has been converted to good quality offices and is now located on Governors Court, overlooking the Fraser River. This move met the requirements for good parking, good public access, and a good central location in the Lower Mainland from which to provide service to all areas. Additional changes that have occurred to the company include the retirements of David J. Billingsley which occurred several years ago, and Robert G. Erho who retired as of the end of December, 2003. We wish both these long time partners rest, relaxation and good health in their retirement years. The remaining appraisers remain committed to the high standards of appraisal that Penny & Keenleyside has provided over the years They continue to upgrade their qualifications under the mandatory recertification required by the Appraisal Institute and the continually improving computerization and data gathering required for the production of high quality, reliable appraisals. Our support staff have both been with us for in excess of 20 years, and provide a strong level of administration and quality control in the production of our reports. Penny & Keenleyside remains involved in doing a variety of appraisal assignments, primarily in the Lower Mainland but also including areas such as Vancouver Island and the BC Interior. Rob Simpson has recently been working on more and more complex assignments, including many larger projects for city and municipal clients in need of our specialized services. Rob's most recent assignments include complex dealings with municipal requirements for road closures or reconstructions, as well as some specialized appraisals for items such as churches or other special use buildings. Barry Ray continues to be actively involved in a wide range of appraisal assignments with a considerable amount of his experience being used in valuations of unique properties on the Sunshine Coast. Barry has developed a good clientele rapport with customers requiring specialized valuations for the Sunshine Coast area. Don Pateman has continued to be involved with more and more complex appraisal assignments including a considerable amount of work for provincial government clients, particularly being the Ministry of Transportation and Highways, and the BC Transit Finance Association. One recent assignment includes a complex situation with an industrial building on long term leased lands. He maintains his close industrial ties with many local commercial realtors and practitioners, and is a member of the Commercial Division of the Fraser Valley Real Estate Board. Andre Garon recently achieved his AACI designation in September of 2003, and is rapidly expanding his horizon of experience doing commercial appraisals. Andre remains actively involved with residential appraisals, particularly those for litigation or assignments involving unique single family residences.