During the year – U.S. Cellular’s 20th – our associates worked relentlessly and performed beautifully. They showed a special focus, energy and dedication that helped create a loyal, expanding customer base and solid operating results. We added 447,000 net new customers through our marketing channels in 2003, which helped expand our customer base  7 percent, so that U.S. Cellular proudly served a total of 4.4 million customers by year end. This customer growth drove an 18 percent increase in operating revenues to $2.6 billion. Our operating expenses totaled $2.5 billion, up 29 percent over 2002. The increase reflects not only the integration and promotion of our new Chicago market but also higher depreciation, amortization and accretion expense, which grew 23 percent. Operating income was $119 million for the year. Net income was $43 million, or $0.50 per share. After U.S. Cellular reported year-end 2003 results, the company announced in April the restatement of its 2003 and 2002 financial statements related to the implementation of Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.” The restatement, which is discussed in detail in the financial discussion of this report, did not affect revenues, cash or cash flows. When your strategy is focused on customer satisfaction, you achieve the kinds of positive results that we did in 2003. Everything we undertake works toward the goal of satisfied customers: broadening our geographic foot- print in our key markets; delivering excellent customer service; improving the quality of our already superb network and launching new products and services. At the same  time, we are financially disciplined and responsible. We aim to grow profitably and keep the company financially strong. Just as our customers expect the excellent service we provide, so too do our shareholders expect sound financial results, and we aim  to deliver on both. John E. Rooney President and  Chief Executive Officer LeRoy T. Carlson, Jr. Chairman Delivering Results – A Closer Look  at 2003 U.S. Cellular’s strategy of profitable growth through customer satisfaction drove numerous accomplishments in 2003. 4