John Fichera Announces Planned Retirement from TEI Group

Dear Friends and Colleagues,

I would like to share the news of my retirement from TEI Group, effective the end of December. After 40 years of passionately working in the elevator industry I feel that I have achieved the professional goals that I had set out for myself and will now look to fulfill personal goals developed with my wife and family for the future. Among other things, I will be working with my wife to help underprivileged children.

The plan for my retirement has been in the works for quite some time. Starting over a year ago, the organization brought in Paul Pedretti as a business operations consultant to, among other things, help lead the transition of my role as Executive Vice President of Modernization and Construction. Paul is an industry expert who has spent his career successfully leading companies through transition periods and to great success.

Over the past year, Paul has been working with TEI Group's modernization and construction department in an advisory capacity. Our leadership team has intensely focused on identifying and hiring individuals that will be employed by TEI Group to ensure the department continues to work with the same consistent level of passion and quality that our customers have come to depend on. These new, seasoned professionals, will join our company full-time over the coming weeks, and work side by side with our current team - which, by the way, is the finest I have ever encountered. I am looking forward to their continued success and development. In a consultative capacity, I plan to provide TEI Group with support and advisement for many years to come.

As my business partners Mark Gregorio, President, and Michael Staub, Executive Vice President of Operations, have a long term vision for the future, they have secured 100% of my interests in TEI Group and will lead the company forward, continuing its mission of meeting customer's needs, bringing the highest quality products and services to the market, while providing a clear and definable differentiation.

My career in the vertical transportation industry has been one of the most rewarding experiences anyone could ever ask for. I helped found a small elevator company that has gone on to become the largest full service, independent, vertical transportation company in the New York Metropolitan market and made life-long friendships along the way. I would like to thank our clients, vendors and TEI family for the continued support and loyalty throughout the years. It's been a pleasure and I will truly miss the friendships that have been established over the years, thank you.

Sincerely,

John Fichera