To Our Shareholders, Customers, Employees and Friends, For BOK Financial Corporation, 2001 capped a decade of record earnings growth. Work begun 10 years ago to build on Bank of Oklahoma's traditional local strengths has since created a regional financial company doing business in six states. BOK Financial offers an array of products and services for consumers and businesses and has provided consistent asset and income growth for shareholders. With this annual report, we celebrate past successes, present efforts and future plans without forgetting our most valuable asset — employees who enabled the company to emerge as a leader. In 2001, growth was sustained by record net income of $116.3 million, an increase of 16 percent over 2000. Earnings per diluted share* increased 15 percent, to $2.01. Income growth was driven by a 22 percent rise in net interest revenue. Fees and commissions grew 18 percent in 2001, and accounted for 40 percent of total revenue, still near the top of our peer group, though down from prior periods. Transaction card revenue was up 15 percent, driven primarily by merchant fees and debit card transactions that continue to become more popular with consumers. Mortgage banking revenue benefited in 2001 from declining interest rates and rose 35 percent. We diversified our brokerage and trading offerings and increased business G6 percent. Loans rose 14 percent to $6.3 billion at the end of the year, despite a slow- down in the second half. Deposits grew 14 percent as well, keeping pace with the growth in loans. In addition to strengthening our leadership position in Oklahoma during 2001, we saw even faster growth outside the state. Qur operations elsewhere accounted for 32 percent of the company’s loans and 31 percent of deposits at year end. The growth in lending was led by a 35 percent increase in the Texas portfolio. Texas loans expanded by 17 percent, excluding the acquisition of CNBT Bancshares of Houston. In New Mexico, loans rose 14 percent. Our growth from serving the needs of longstanding customers, attracting new business from rivals and making strategic acquisitions boosted total assets above $111 billion last year. That was more than five times the assets at the end of 1991 and more than double our size just five years ago. In addition to an ongoing expansion in Texas and New Mexico, we opened a commercial loan office in Denver in January 2002. Throughout the company, newer technologies were implemented to enable us to better serve customers and maintain operating efficiencies. Despite the challenges of a slowing economy last year, we were pleased with our performance and look forward to more success in the future. This annual report commemorates the 10th year for BOK Financial and outlines the progress we've made. As always, we will look to our strong local banking roots to maintain our customer service strengths as we pursue new opportunities to expand our products and presence and create new value for customers, employees and shareholders. Sincerely, * All per share figures are restated to reflect the 3 percent stock dividend paid in May 2001. Net income would have been $124.6 million, or $2.15 per diluted share, if a new accounting standard had been effective that permits some amortization of goodwill to be discontinued. The new standard becomes effective as of January 1, 2002. BOK Financial Annual Report 2001 03