33 Our overarching goal was to build a “best-in-class” alternative asset investment management company. Looking back retrospectively, HMC today is a company that has been built on three pillars. From our years working for my father at Harbert Corporation, we had developed what I will call a “principals orientation,” which caused HMC, from its inception, to be very investment centric — a firm more focused on making good investments than generating fees. This orientation led us to focus keenly on absolute returns, fundamental underwriting and capital preservation through well-thought-out risk guidelines and policies. With that business model, HMC has become that world-class investment management firm.   The second pillar, and the primary reason for HMC’s success, is our people. The passion and persistence that our teams exhibit in their pursuit of excellence is something of which I am deeply proud. There is no substitute for that dedication, and without it, HMC would not have delivered the years of superior performance that has driven our success. I am honored to lead a firm of such inspirational individuals. Thank you all for your hard work, discipline and continued dedication to the HMC mission and values. The final pillar is HMC’s clients, which have grown dramatically in number over the years. Obviously, we could not have achieved that growth without an excellent track record, but that doesn’t mean I’ve ever taken for granted our partners’ commitment and loyalty to the firm. They have demonstrated their commitment through numerous re-ups in strategies, as well as investing broadly across numerous different strategies. I am humbled by our clients’ loyalty and by the fact that HMC’s first three fund investors are still clients today. Thank you for believing in us and for giving HMC the opportunity to serve your investment needs.   The Harbert Management Corporation journey of the last twenty-five years has been profoundly rewarding for me. However, it is not over. We are continuing the journey, hopefully, to even greater heights and rewards. I look forward to providing leadership and direction into the coming decade. Sincerely, Raymond J. Harbert Chairman and Chief Executive Officer bewillingtoacceptandembracethatifyouhaveloftygoals,