 11%  4%  20%  $156.3  $164.6  $156.3  $76.0  $93.3  $56.3  $67.2  $110.1  $99.6  $83.2  $83.0  $91.1  $379.1  $419.3  $474.2 $17.1 $7.3 $11.2 $1.4 $1.2 $1.1 The best way to build shareholder value is to build a great company, with  exemplary products and services, excellent systems, quality accounting and  reporting, e ff ective controls and outstanding people. If you continually build  a great company, the stock price will follow. Normally, we don’t comment on  the stock price. However, we make an exception in Section VIII of this letter  because we are buying back a substantial amount of stock and because  there are many concerns about investing in bank stocks.  We believe you own an exceptional company. Each of our businesses is among  the best in the world, and record earnings were matched by increased market  share in most of our businesses. Most importantly, we have outstanding  people working at every level in every business across the economic  spectrum and around the world. This is no accident – we work hard to bring  people with character, integrity and intelligence into this company.  There is always room for improvement, but the strengths that are embedded  in this company — our people, client relationships, product capabilities,  technology, global presence and fortress balance sheet — provide us with a  foundation that is rock solid and an ability to thrive regardless of what the  future brings.