T O O UR S HAREHOLDERS: The past year was another very successful year for our Company. We again increased revenues and further strengthened our competitive position. Despite one of the most difficult years for spending on information technology, we continued to make thoughtful investments to build long-term shareholder value including: •Delivered our first synchronized product release, which increases the interoperability and ease of installation of our broad application suites, and allows customers to more effectively purchase and realize quick return on investment on our solutions. • Built a leadership position in RFID technology, including development of our own RFID solutions, enabling existing applications with RFID capabilities and developing a team of RFID experts. Our RFID in a Box ™ solution was selected as the Technology of the Year by  IndustryWeek magazine. • Expanded our capabilities in continental Europe and Asia, where we are seeing improving opportunities in 2004. •Grew our teams of dedicated research and development personnel to more than 350 at year-end, from just over 200 at the start of 2003. Our offshore development center in Bangalore has exceeded our own high expectations during this ramp-up year, and represents a competitive advantage as we enter 2004. •Invested in expanding our transportation management solutions in partnership with key customers. We enter 2004 with a functionally rich and leading technology for our Transportation Management Systems application suite. •Developed vertical industry expansion in verticals such as food and high tech, where we are now the leader; and government and life sciences, which represent great growth opportunities over the next few years. 2 Manhattan Associates Annual Report 2003 Letter to Shareholders RICHARD M. HADDRILL Chief Executive Officer PETE SINISGALLI President, Chief Operating Officer