In closing...
Ultimately, the success of our strategies will depend upon the strength and dedication of our team. We have worked very hard to establish a strong and independent board of directors, an experienced and capable management team and, most importantly, our team of talented and hard-working employees. I have enormous confidence in the ability of these people to execute on our ambitious plans and provide outstanding long-term returns to our shareholders. All of us are excited about these plans and the future of IndyMac.

On a final note, I would like to thank David Loeb for his 18 years of dedicated service to IndyMac as our co-founder and Chairman of our Board of Directors. David announced his retirement in February 2003, due to declining health. David was a driving force in the successful growth and development of IndyMac since its inception in 1985, and is among the smartest individuals in the business. He has been a great mentor and continues to be a good friend. I would also like to thank Fred Napolitano, who retired in August 2002, for his 17 years of dedicated service on IndyMac's Board of Directors. Fred was also one of IndyMac's founding directors. Both David and Fred will be missed by all of us at IndyMac.

Michael W. Perry
Chairman and Chief Executive Officer