Crowded in a conference room at The Millennium Hotel in midtown Manhattan on August 27, 2003 were the founders of The Source, Dave Mays and Benzino, the magazine’s staff, media and most of today’s hottest MCs. One by one, the rap stars announced the categories (22) and nominees for this year’s award show which will be held on October 13th in Miami and air on November 11th at 8PM on BET.

The mic was shared by A-listers only: Lil’ Kim, Damon Dash (who assured he had no beef with Jay and announced the Roc was launching a magazine), Memphis Bleek, Young Gunz, Jimmy Jones, Fabolous, Jermaine Dupri, Fat Joe, Layzie Bone, legends Kool Herc and Kool G Rap (who got the loudest applause), Lil’ Jon & the Eastside Boyz, Baby, Mannie Fresh, Murphy Lee, Lil’ Flip, Keith Murray, Ying Yang Twinz, Floetry, Swizz Beatz, K-OS, Rah Digga, E.DI. of the Outlawz, Dr. Ben Chavis Muhammed, Stephen Hill of BET and more.

Lil’ Kim and Jay-Z lead the nominations with 5 each, including “Album of the Year.” Nelly, 50 Cent and Cam’ron & The Diplomats each have four. Scarface, Lil’ John & the Eastside Boyz, LL Cool J, Clipse, Missy Elliott, David Banner, Ludacris & Disturbing The Peace, Pharrell & The Neptunes and Eve all got three. Bone Crusher, Nas, Snoop, Slum Village, Field Mob and Ja Rule have two.

New categories were announced including “Independent Album of the Year,” “Dancehall-Reggae Album of the Year,” “International Album of the Year,” “Best Acting in a Movie by a Rapper” and “Trendsetter of the Year.”