A M P H E N O L C O R P O R A T I O N 2 0 0 4 A N N U A L R E P O R T  Balances of related after-tax components comprising accumulated other comprehensive loss included in shareholders'  equity at December 31, 2002, 2003 and 2004, are as follows: Since its initial public offering in 1991, the Company has not paid any dividends, however on January 19, 2005 the  Company announced that it will commence payment of a quarterly dividend on its common stock of $.03 per share. The Company  expects the first dividend payment to be made on or about April 6, 2005 to shareholders of record as of March 15, 2005. The  Company intends to retain the remainder of its earnings to provide funds for the operation and expansion of the Company's business,  repurchase shares of its common stock and to repay outstanding indebtedness. Foreign  Currency  Translation  Adjustment Revaluation of  Interest Rate  Derivatives  Minimum  Pension  Liability  Adjustment Accumulated  Other  Comprehensive  Income (Loss) Balance at December 31, 2001  $ (33,342)  $ (8,837) $ (15,802)  $ (57,981)   Translation  adjustments  10,377  10,377  Revaluation of interest rate derivatives, net of tax of $5,794  8,837 8,837  Minimum pension liability adjustment, net of  tax of $25,844   (42,452)   (42,452)  Balance at December 31, 2002   (22,965)   (58,254)  (81,219)   Translation  adjustments  17,047  17,047  Expiration of interest rate derivatives, net of tax of $439   (669)  (669)  Minimum pension liability adjustment, net of tax of  $230   (103)   (103)  Balance at December 31, 2003   (5,918)  (669)  (58,357)  (64,944)   Translation  adjustments  11,904  11,904  Revaluation of interest rate derivatives, net of tax of $1,388 2,116 2,116 Minimum pension liability adjustment, net of tax of  $2,927  (4,154)  (4,154)  Balance at December 31, 2004  $ 5,986 $ 1,447 $ (62,511)  $ (55,078)  48 