Letter from the Chairman

Dear investors;

It gives me great pleasure to welcome you to imcan for Financial Services, a leading brokerage house that aspires to offer superior trading services and products to investors at the Amman Stock Exchange (ASE).

Since our inception in June 2003, we have sought to distinguish our company and we have mustered all efforts to build ourselves as a reliable and trustworthy establishment with clients' satisfaction as our main goal.

Consequently, imcan managed to record competitive results in 2004, clinching eighth place at the ASE in terms of trading value which stood at JD341 million, or 4.49% of the total for the same year.

Revenues reached JD1.4 million before taxes and allocations, while net profits stood at JD693,571. Shareholders' equity before dividends rose to JD1.36 million, while return on equity and return on paid-up capital reached 67.6% and 130.9% respectively.
Assets jumped to JD2.1 million compared to JD1.4 million in 2003, an increase of 43%. Liabilities dropped by 6% to JD705,959 in 2004 against JD753,713 in 2003. To date, the number of our clients has exceeded 1,100.
In a bid to further improve performance, imcan's board had put forward development plans that were successfully executed in 2004. Compliance, disclosure, transparency, increasing investment and institutional awareness, and bettering customer service constituted main pillars of these plans.
imcan also looks forward to cementing its position through introducing a strategic partner. Thus, the company is expected to conclude a deal with Jordinvest in early 2005, underwhich imcan's capital would be raised to JD702,000, and later to JD1.530 million.
Furthermore, we have been keen to introduce the concept of institutional investment in trading and dealing with clients. The step is part of imcan's contribution to the advancement of the capital market in Jordan under guidance from the ASE, the Jordan Securities Commission (JSC), and the Securities Depository Center (SDC).

It also stems from a belief in Jordan's flourishing economy, led by His Majesty King Abdullah II.
As we successfully wrap up 2004, I would like to take this opportunity to thank our faithful clients and welcome new investors, pledging further unsurpassed personal and professional broker-assisted services.

Thank you

Chairman of the Board of Directors