2004 was a very rewarding year for all of us at Amphenol. It was a year where we continued to make  signi fi  cant investments for growth. We continued our expansion, investing $44 million in new tooling  manufacturing and test equipment, and opening eleven new manufacturing facilities, ensuring suf fi  cient  capacity to meet the increasing demands of our customers. In addition, we opened several new R&D and  sales operations, consistent with our strategy of keeping these critical resources close to our customers. Our workforce expanded to over 16,000 worldwide with the vast majority of this expansion in low cost  regions. At the end of 2004, 56% of the Company’s workforce was in low cost regions . . . an excellent  platform for pro fi table growth. We also continue to pursue our complementary acquisition strategy focusing  on the opportunities presented by a fragmented industry that is continuing to consolidate. We completed  one acquisition in 2004 expanding the Company’s presence in the growing automotive electronics market. We continue to explore additional acquisitions that are complementary in nature and accretive to future  performance. 6 z The broadband market comprised 13% of our sales last year and was up 17% from year 2003  z The industrial/automotive markets comprised 26% of our sales last year and were up  26% from year 2003 levels. Our automotive market product offering is comprised of  interconnect systems for automotive safety devices, communication and entertainment systems,  and the increasing presence of automotive electronic features. Our growth in this market was  driven by the increased utilization of sophisticated airbag and related safety devices as well  as the increased use of satellite radio and other electronic devices in automobiles. Our sales  to the industrial market which include factory automation, medical, test and measurement  instrumentation equipment, heavy equipment and mass transportation were also up last year  re fl ecting the key role of factory automation in driving productivity improvements, the growing  use of sophisticated electronic equipment and instrumentation for medical applications, and  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 levels. We serve the broadband market primarily with coaxial cable; in  addition we continue to broaden our participation in this market with  installation related interconnect products. The growth in this market was  fueled by expansion of broadband cable television systems in international  markets and by the upgrade by cable operators in the U.S. to full service  digital systems offering a variety of video, voice and data services. the increasing importance of sophisticated intercity  and intracity mass transportation equipment. The  industrial markets encompass a broad and diverse  range of applications with signi fi  cant opportunity for  growth resulting from the increased use of sophisticated  and complex electronic components with signi fi  cant  demands for increased power. We have done an  excellent job of increasing our presence with leading  industrial manufacturers.