Financially, Capital One has never been stronger. Consolidated capital stands at 8.19% of  managed assets. Liquidity is more than three times our 2004 term debt maturities. We view asset quality as all-important to long-term success and maintain it by rigorous risk analysis, low credit lines and active management of individual accounts.  To fund our business, we raised a record $15.2 billion in 2003 from a well-diversified pool of  capital markets investors. We raised another $10.1 billion from depositors by marketing certificates  of deposit and other savings instruments. At year-end, with the $22.4 billion on deposit at  Capital One F.S.B. and Capital One Bank, we were the country’s thirty-fourth largest deposit institution.  Early in 2003, Capital One’s co-founder and president, Nigel Morris, announced that he wanted  to leave the Company to take on new challenges and spend more time with his family. I feel exceedingly fortunate to have had Nigel as a partner in building Capital One, and all of us will  miss his energy, skill and leadership. I look forward to continuing the Company’s extraordinary  journey with the support of the world-class senior management team that we have assembled  and developed over the years. We work closely together through a newly formed executive  committee consisting of the CEO and the heads of our major business lines and staff functions,  a governance model appropriate for the FORTUNE ® 200 company that we have become. We’ve also expanded our board of directors with the appointment of two accomplished,  experienced business leaders, Lewis Hay III and Mayo A. Shattuck III. Now chairman, president  and chief executive of FPL Group, one of the nation’s largest electric companies, Lew Hay has also held senior positions in a major foodservice company and a leading management consulting firm. Before joining Constellation Energy Group, where he is chairman, president and chief executive, Mayo Shattuck was chairman of Deutsche Bank Alex. Brown and global head of the investment banking division.  Capital One has come of age with everything it needs for continued success. A winning strategy. Strong values. Thriving businesses. Best-in-class products and first-rate service. Solid financials.  A powerful brand identity. Significant market opportunities. And above all, people with the vision and the drive to make the most of them. Capital One’s 17,000 associates are in the habit of breaking records and reaching higher, with constant innovation, gains in productivity, dedication to first-class customer service and ever-expanding contributions to their communities. The future of Capital One is in excellent hands.  Richard D. Fairbank Chairman and Chief Executive Officer fwd dD BL