With a core focus on single-family residential mortgage lending, IndyMac Bank consists of three major operating divisions - IndyMac Mortgage Bank, IndyMac Consumer Bank and the Investment Portfolio Group  (see chart below).

IndyMac offers highly competitive mortgage products and services that are tailored to meet the needs of both consumers and businesses. IndyMac Mortgage Bank is our relationship business that serves a wide range of business customers nationwide, including mortgage brokers, mortgage bankers, financial institutions, Realtors and homebuilders. IndyMac Consumer Bank provides consumers a wide range of single-family residential mortgage and retail banking products using a centralized, technology-based approach and branch locations in Southern California. IndyMac's investment portfolio consists predominantly of prime, single-family residential mortgage loans, mortgage securities and mortgage loan servicing.

IndyMac's long-term strategy is centered on continuing to expand and enhance its nationwide franchise of mortgage lending through these operating divisions and becoming a major nationwide provider of home equity lines of credit (HELOCs). IndyMac also plans to expand its consumer banking locations in Southern California. Finally, to balance the cyclicality of the mortgage industry, IndyMac is focused on investment portfolio growth in its core areas of expertise, mortgage loans and mortgage loan servicing.

IndyMac's business model is more robust than traditional savings and loans in its ability to "turn assets" and more efficiently use its capital. This is key to our growth strategy. IndyMac's loan production of $20.9 billion in 2002 was 2.6 times its average asset size.

Another key to strong performance at IndyMac is our maintenance of solid enterprise risk management. This includes ensuring that solid internal controls are in place, strong hedging practices are employed to reduce risk and employees adhere to the highest level of integrity. Our risk management system has been established so that the financial community can have a high level of confidence in IndyMac's reported results. IndyMac's commitment to corporate governance and enterprise risk management is reflected in its ranking at December 31, 2002 by Institutional Shareholder Services near the top of the S&P 400 "Mid-Cap Index" for corporate governance.

As a result of IndyMac's innovative technology, intense customer focus, solid commitment to enterprise risk management, and clearly defined goals, it has become - and will continue to be - one of the leading technology-based mortgage bankers in the country.

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