North America held the fort in extremely difficult market conditions and as we expect this to continue through 2003, we are tightening our belt by bringing our employees under one roof, consolidating three regional offices into one national office.The improved synergy from the united operation will also improve the service we offer to our customers. Despite this uncertain economic climate, the year delivered many gratifying moments. I was extremely happy at the renewed confidence demonstrated by accounts such as AT&T, British Petroleum, Computer Sciences Corp., Daewoo Heavy Industries, Disney, Data Services Consulting, ISSSTE, Office Cleaning Services, Peace Computers, Sungard Pentamation, Redland Lafarge, Q8 Petroleum and Versaterm, to name but a few. We also closed new business with the BBC, Bisley Office, Granada & Yorkshire Television and Xcel Energy, which is further proof that our value proposition is gathering speed. The signature of a major contract with S&T - Russia's leading IT services company - rounded out the year nicely and will help us develop new opportunities in a territory where we have historically had little presence. All in all, I look back on the year with a great deal of satisfaction. Our success is largely the result of a well-balanced and diversified business. I said that 2003 would be a pivotal year for us; our spring launch of 'Genero' will be at the heart of our drive to penetrate new markets. The feedback and enthusiasm from our developer community regarding 'Genero' is extremely encouraging. It's telling us we are on track with both our vision and execution. With over 140 developers currently working within the Early Access Programme, the message is that we have something pretty unique. Well… who am I to contradict them? "Make everything as simple as possible, but not simpler." Any idea who said that? ...Albert Einstein. Einstein's fundamental belief that the Universe's beauty and success are derived from its simplicity, fuelled his driving philosophy in life. And yet as pawns in that universe we 'mere mortals' revel in making our lives as complicated as possible. It appeals to our intellect. It increases our value in the overall scheme of things. Einstein had nothing to prove intellectually - so he naturally chose the simple solutions. And when I recently read his words of wisdom, I was reminded of our tag line - "Return to Simplicity" - a call to action that grows in pertinence every day. And as I talk to business leaders the world over, I am encouraged to hear that they are increasingly rediscovering this philosophy - the days of experimenting with complexity are over. Projects need to be finished on time and within budget - a sentiment that plays right into our hands and shows in our prospects for 2003. We have come through a difficult year with flying colours and despite the turmoil, I am expecting 2003 to be a record year - we still have some surprises up our sleeve for you. If we continue to work together as we did last year, 2003 can be a record year for us all. Four J's will continue to invest more than ever this year in communicating its core values and brand awareness. Java vs .Net - Imperialism now, value later So as you scratch your collective heads trying to fathom out what the 'imperial wars' between Java and .Net will really deliver to your company - think Four J's. You won't regret it. We have come through a difficult year with flying colours and despite the turmoil, I am expecting 2003 to be a record year - we still have some surprises up our sleeve for you. If we continue to work together as we did last year, 2003 can be a record year for us all. Sincerely, Jean-Georges Schwartz Chief Executive Officer