At Ameritrade, we must effectively manage our performance in both good times and bad. Despite a tumultuous market this past year, we strengthened our financial and leadership positions. Some examples:   • Each of the final two quarters of fiscal 2003 was more profitable than any previous full year in the 28-year history of Ameritrade. Our third and fourth quarter pre-tax margins significantly exceeded that of our publicly traded peers. Our balance sheet has never been stronger and client assets are at historic highs. • We executed more online equity trades than any other broker/dealer in the world. • We projected $127 million in pre-tax synergies for fiscal 2003 based upon completion of the Datek merger. We delivered $188 million—the result of hard work by a devoted and skilled team. • We invested about $90 million in repurchasing almost 17 million shares of our own stock at an average of $5.45 per share. • We purchased the accounts of Mydiscountbroker.com and expect to close deals with BrokerageAmerica and Bidwell & Company. Large or small, these deals will be accretive. Integration and acquisition is now one of our competitive advantages and we will seek out similar opportunities whenever they make sense for our clients and shareholders.