We believe the future of credit enhancement belongs to the strong and  the creative. To the nimble and the innovative. To those who can adapt to  changing economic realities and, in the process, create new opportunities for their clients and partners. Radian has evolved into such a company. 2001 was an extremely successful year for Radian. Highlighted by a 20% increase in earnings per share; the acquisition, integration and revitalization of our financial guaranty businesses; and the introduction of Radian Lien Protection,  our title insurance alternative product; the year was not only successful — it was extraordinary. Beyond our financial growth, 2001 will be looked upon as a year of transition for Radian: a year in which we took major steps toward becoming a diversified credit enhancement and mortgage services company under the unified Radian banner.  A record year by any financial measure, 2001 brought earnings of $360.4 million on revenues of $947.2 million. Premiums written were $783.6 million, compared to  $544.3 million in 2000, and premiums earned grew by 37% to $715.9 million. New primary mortgage insurance written was $44.8 billion, up from $24.9 billion in 2000. For our financial guaranty businesses, net premiums earned were  $106.5 million. RadianExpress, our mortgage services subsidiary, completed more than 400,000 transactions during the year. And consistent with our conservative and deliberate risk management philosophy, we continued to increase our reserves from $390.0 million in 2000 to $588.6 million at December 31, 2001, and total capital reached $2.3 billion. Perhaps more telling of our development than these figures was the test of Radian’s business strategy during the unique macroeconomic conditions of 2001. Our economy was in recession. Interest rates declined dramatically, which led  >3 Frank P. Filipps Chairman and Chief Executive Officer TO OURSTOCKHOLDERS: