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MESSAGE FROM THE PRESIDENT

While taking a moment to highlight our successes over the past year and share our vision for the next. As always, we strive to maintain the highest standard of service, continuously source new products, invest in human resource development and keep abreast of the latest travel industry technology. Our company’s position as the premier, multi-award winning DMC in Indonesia inspires us to meet every challenge with the spirit of innovation, and to find new opportunities even in adversity. In 2013 our efforts were acknowledged as Pacto was awarded “Best DMC Worldwide” by Travel Magazine.

Despite a slow first quarter and seemingly lagging demand, business in 2013 exceeded our expectations; we set new records and achieved outstanding results. Pacto’s volumes have continued to increase due to our ability to quickly respond to changing market conditions.

At the start of last year, the ongoing European crisis was driving down purchasing power; many clients were naturally looking for ways to save. Deeply discounted flights to other Asian destinations challenged our bookings from the European market, as guests were able to access better levels of accommodation with their flight savings. Also, we have historically generated solid revenue from last minute bookings in the European market. As customers sought to save costs, more people booked far in advance making it difficult to expand the last minute booking market in that segment. We met these challenges by looking at opportunities for expansion in new and growing markets. Asia proved to be a big winner for Pacto with a substantial increase in demand adding to our strong results in 2013. From arrivals via new flights out of the Philippines, to a large increase in our last minute bookings from Malaysia and India, Pacto stood ready to serve a thriving new sector.

Additionally, we saw excellent volume increases in the wealthy niche market of experiential travel. Our tailor-made products for clients in search of a unique travel experience off the beaten track and outside the traditional five star hotels continue to be attractive to guests seeking deeper cultural and environmental connections. Other challenges included the local fuel price hike and accompanying cost increases. Our stable company financials and comfortable margins enabled us to absorb minor increases and keeps our pricing competitive, while maintaining our standards of quality and service.

A vital part of Pacto’s business philosophy is CSR and in 2013 we sustained our commitment. We strengthened our humanitarian connections in several underdeveloped communities across Indonesia, with a focus on reaching out to underprivileged students and schools. Last year’s program directly provided primary school students in three villages with much needed supplies rather than simple monetary donations. Pacto contributed books, school bags with our company logo and school uniform vouchers. Our efforts in 2013 were a true win-win endeavor, generating clear benefits for both the giver and receiver.

With the dawn of 2014 we will be continuing our firm CSR commitment to sustainable tourism principles throughout all sectors of our business. Each year we further reduce our paper consumption and are always looking for ways to conserve electricity and other precious resources. Giving back to our community and the Earth is the wisest investment.

In  closing, I would like  to personally thank you  for  trusting us  with your business and leisure travel plans today as  well  as  in  the future.

Sincerely,

Ratna H.R Ning