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. …

…QA installed Product Testing Center. QA started working with guiding and outdoor leadership organizations to field-test all products including outerwear and recreational gear. New Directions Travel Division The travel division purchased two national guiding services and another with international connections. Combined, these organizations will deliver services through the New Directions subsidiary. This diversification will allow us to offer new tours in exciting locations, including South America and Africa. Sincerely, Chris Peterson VP Nomad Limited Limited