President's Letter - 2016

Dear ACI friends and colleagues,

Albert Einstein once said: To succeed, you have to learn the rules of the game. And then you have to play better
than anyone else.

In our trade, knowing the rules is like standing on the beach with one foot in the water. We need to master bad
and stormy weathers and tread through calm seas.

Recession is looming in China, South America and some parts of Europe. The collapse in the price of oil is putting
our neighbours under big strain, which ultimately will affect us in several ways and most importantly through the
remittances of our expats there.

While our country is reeling under many political and social problems, its economic situation is less enviable with
an annual growth rate barely above 0%.

Despite this sombre picture, we ought to remain optimistic and hope for better days. But discounting any major
changes, in the foreseeable future, 2016 would probably be a mirror of 2015.

On the professional side, our market needs some restructuring as it lacks transparency.

Although affecting our daily tasks and reshaping our career, complying with the new regulations implemented
by BDL and CMA in addition to those imposed by foreign regulators remains essential to the development of
our market.

The transition period is always the most difficult, but for us difficult periods have been on our menu regularly.

Our profession is a noble one; we are bound by our word, we shape the future of our economy through our
daily trading.

Let us strive to keep our profession on high standards, let our institutions profit from our expertise and dedication.

Your colleague
Nakhlé Khoneisser
President, ACI Lebanon