Against the backdrop of protracted volatility in global equity markets, AGF made significant progress in 2002 towards reinforcing our solid foundations. Building on our first key acquisition of 20/20 Financial Corporation back in fiscal 1996, AGF continued to implement a long-term strategy to strengthen our core wealth management business and broaden the scope of our activities by industry and geography.

After six consecutive years of record growth, including three years of the most difficult markets in nearly 30 years, AGF experienced weaker performance in fiscal 2002 as a result of these inhospitable conditions. Despite market instability and the resulting consumer unease, by the end of the year we emerged a stronger and better diversified company with an unwavering commitment to growth and prudent building.

We have demonstrated this commitment by entering new markets, expanding our global presence, leading the trend toward consolidation and outsourcing of third-party administrative services in the mutual fund industry, and reinvesting our strong cash flow in a disciplined manner in order to fuel AGF's future growth. Along with additional investments, acquisitions and innovative products, we remain steadfast in our focus on excellence in customer service, fund management and brand recognition.

We continue to build on the wealth continuum by improving and expanding services and products available to customers to meet their needs at each stage of life and wealth accumulation.

We are taking initiatives to engage our customers in a meaningful dialogue about what matters to them. As we hone our knowledge of customers, we will build and reinforce relationships as well as generate value and efficiencies to benefit our clients.

It's about building on our strengths.

It's about staying focused through challenging times.

It's about long-term vision.

Now more than ever, vision is crucial and must guide how we deal with reality, not succumb to it. Vision is a term associated with building, yet all around us we see more retrenching than investing in the future.

We take the long view, which dictates clear thinking, strong leadership and a sound strategy. We firmly believe our investment in the future will yield long-term benefits.