The goal I had when I started HC in 1996 was to create a preeminent investment banking franchise that emphasizes high quality service, traditional values and strong client relationships. This approach has served us well and was a major factor in attracting the National Commercial Bank (NCB) as strategic shareholders in the firm. Many years after its inception, the firm is now better positioned vis-a-vis its traditional competitors than at any other time in its history. Our strategy continues to be based on expanding our market share in investment banking, asset management and securities brokerage.

As we look to the future, we are excited about the opportunities that our position in the regional markets provides us with. The strength of our franchise in the Middle Eastern capital markets is firmly established. Going forward, we shall attempt to grow this franchise throughout the region to offer a balanced mix of complementary services to our clients. We shall compete on the basis of quality in serving our clients and developing strong long term relationships with them based on earned trust, credibility and confidence. We will continue to invest, build and enhance our franchise in the MENA region. We believe that it is this franchise, including both our reputation and our people, that creates exceptional returns to shareholders over the long term.

Hussein Choucri,

Chairman and Managing Director