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International isn’t our only focus. There are plenty of prospects within the United States. We intend to pursue more of the top 10 issuers — they own 84 percent of all the credit cards in the United States. The transaction business is evolving; we expect that in the near future, TS2 will be the answer for some of these large companies. Most are processing, either in house or with a competitor, on older legacy systems. Outsourcing or switching their portfolios to TS2 could save them significant operational costs, while improving their speed to market and marketing capabilities. TS2 is the only system written within the last decade that is scalable and designed to grow with both our clients’ and the markets’ needs. Our competitors have nothing like it, and we ensure the system’s industry- leading status through continued enhancements and development.

As the U.S. market matures, we must look to other arenas to gain business. Our vision to diversify our markets is working. Again, TS2 is helping us move into business that once was considered nontraditional, such as State Farm Insurance Bank — one company we signed in 2001 that is now utilizing multiple processing platforms. We constantly look for opportunities in new and evolving markets.

Another market we expect will continue to grow rapidly in the coming years is debit. Right now, the U.S. debit sector is growing 28 percent each year, but the transactions are processed mainly in house on outdated legacy systems. There is a need for a more sophisticated system — debit is today where credit was 10 to 15 years ago. TSYS’ new Integrated Payments Platform is based on TS2 architecture and more than 30 years of intellectual capital that can help issuers expand their debit offerings with loyalty and rewards programs and improved behavioral scoring modules — something most legacy systems can’t offer. We have 5 percent of the debit market today, but this new platform will position us to gain a greater share.

TS2 is one advantage we have in the industry. Our TSYS team is another. Technology helps us get in the door with our clients. Our people keep us welcome. Our pledge to exceed our customers’ expectations is something every team member takes to heart. Our new Customer Covenant, our unilateral pledge to customer service, is yet another means for TSYS to set itself apart from the competition. We have, without a doubt, the best customer service available. Our covenant will make the best even better.

People and technology are what make us so successful. They are integral to our vision, and as we look into the future, they remain key components to our success. Acquisitions will also be an important part of our growth plan as evidenced by the purchase of TSYS Total Debt Management in early 2002.

As we enter our pivotal year of VisionWorks, we remain focused on achieving our goal of growing net income by at least 20 percent. Our vision works through our people, service and technology. I know there are thousands of companies you could invest in, and I appreciate you choosing us. The future is bright for TSYS. Thank you for sharing our vision.