Given the recent, mostly substantial, increases from over half of the companies
under our coverage over the last two quarters, we would expect the dividend
increase wave to subside a bit, reverting toward more normal single-digit
increases. Some of the most likely candidates for continued significant increases
include IndyMac, American Express, and Fidelity National.

Introduction.....................................................................................................3
Dividend Yield.................................................................................................3
Capital Generation and Uses (American Express Case Study) ..................................4
Excess Capital ................................................................................................7
Dividend Payout ..............................................................................................9
Dividend Increases .........................................................................................11
Conclusion ...................................................................................................14