text: because we offer an exceptional value proposition that will never change: innovative prod- 
  
  ucts, world-class money management, value-added distribution, and outstanding service 
  
  and technology. 
  
  I’m deeply grateful to our employees, our business partners, our board of directors 
  
  and, of course, our customers for their support during some of the most trying times we’ve 
  
  ever experienced. I especially want to thank you, our shareholders, for allowing us to contin- 
  
  ue earning your support. 
  
  My conﬁdence in our company and our industry has never wavered, even in the 
  
  darkest moments following Sept. 11. True, we’re still grappling with serious issues. The 
  
  question of federal backstop legislation for terrorism is still unresolved, and the possibility 
  
  of future terrorist attacks remains a serious concern. The world and its risks are much 
  
  changed since I wrote my letter to you a year ago. But we’ll continue to manage risks pru- 
  
  dently while always thinking ahead for our shareholders, customers and partners. That’s 
  
  what we’re in business to do. We’ll continue to run our business the right way, and I believe 
  
  we’ll continue to earn your trust. 
  
  Sincerely, 