Dear Shareholders, Last year’s merger with Datek presented Ameritrade with incredible opportunity, but it also presented many challenges: integrate two distinct competitive cultures, their products, services, clearing, technology and client base. To be successful, it meant maintaining the client experience and improving operational efficiencies for our shareholders. This was the largest M&A transaction in the securities industry since 2001, and it took place during some of the worst market conditions in 30 years. Delivering on our merger goals was a test of our character, credibility and ability to make the complex manageable. While 2003 tested the resilience and growth potential of our industry, it also demonstrated how a focused brokerage model can lead the way in delivering value. Our low-cost operational leverage gives us a competitive advantage that positions us to succeed regardless of future market conditions.