For over 28 years, I have witnessed incredible developments in this industry, not the least of which have occurred in the past three years. The changes and advancements have been astonishing to say the least, and the true beneficiaries have been and will continue to be Ameritrade clients. Our history is embedded in understanding how to leverage technology and the Internet in order to improve our offering. In the future, our competitive advantage entails further capitalizing on our insight and expertise to continue to personalize and provide a more intimate relationship for online financial services. The growth of wireless and broadband will be a catalyst for the next transformation in the industry. I am thrilled to be a part of the vision and leadership that Ameritrade has built and continues to evolve. We have achieved success by keeping in mind three simple yet incredibly important priorities and how they interrelate. Our associates deserve credit for making this dream a reality and envisioning a business which we can all be proud of. Our clients deserve our respect, attention and focus. Lastly, as we continue to unmask opportunity, each of you, our shareholders, will be rewarded with the enhanced value we plan to deliver. Sincerely,       J. Joe Ricketts Chairman and Founder