In closing... IndyMac is in the enviable position of being in a huge market with solid long-term growth potential. Industry analysts predict that mortgage debt outstanding will continue to increase at a seven to eight percent rate over the next 20 years. In addition, we do not see any new competition coming up behind us. And there are very few participants ahead of us, in our opinion, that have the exclusive focus and commitment to the mortgage business that we demonstrate and believe is necessary to remain competitive. We believe we are well-positioned to out-execute the mortgage industry this year by continuing to leverage our award-winning technology platform across our strong and growing customer base with multiple products and channels of production. We will also be efficient stewards of the capital entrusted to us. With $250 million of excess capital at the start of 2002 — and with the additional capital being generated by our operations — we have substantial financial flexibility. We will continually balance investment opportunities in our core mortgage banking operations and investment portfolio against the opportunity to repurchase our shares. We believe we have the right management team, dedicated employees, systems, vision and drive to succeed in the coming years. Last year was very strong, but we remain confident that even better years lie ahead. We look forward to the challenges and opportunities of the coming year. Thank you for your continuing support. David S. Loeb Chairman Michael W. Perry Vice Chairman and Chief Executive Officer

1 2 3 4 5 6