a valued partner Knight has been working diligently to restructure its business – even the company itself – around client needs. The change in the name of Knight Securities to Knight Equity Markets in 2003 was not merely cosmetic. It paved the way toward moving all of Knight’s equity market making into one entity. One entity, rather than multiple subsidiaries, means easier access and more clarity for our clients. Along with a simplified structure, Knight has more coordinated sales and trading functions. The company now has one team responsible for targeting new relationships. The equity trading floor was organized into sectors, allowing Knight to assist clients in making smarter trading decisions. Finally, Knight added products, services and experienced personnel to address client demands. In an environment of constant and rapid change, Knight tries to anticipate what clients will need next. Knight has made every effort to deliver on its promises to clients through the business and market challenges of the past few years. And the loyalty Knight’s clients have shown in return helped sustain the company and ultimately drive it toward profitability in 2003. Knight will do everything it can to preserve this mutual bond and remain a natural extension of its clients’ trading desks.