Market for the Registrant’s Common Stock and Related Stockholder Matters ADTRAN’s common stock has been traded on the Nasdaq National Market under the symbol ADTN since our initial public offering of common stock in August 1994. Prior to the initial public offering, there was no established trading market for our common stock. As of January 31, 2003, ADTRAN ™ had 400 shareholders of record and approximately 9,200 beneficial owners of shares held in street name. The following table shows the high and low sale prices per share for the common stock as reported by Nasdaq for the periods indicated: Common Stock Prices 2002 Quarters High Low First $28.88 $23.62 Second $26.44 $18.83 Third $20.58 $15.48 Fourth $34.26 $15.01 (In $) 2001 Quarters High Low First $29.50 $19.88 Second $30.65 $18.00 Third $25.90 $17.85 Fourth $29.05 $18.00 Under current federal tax law, ADTRAN has operated with a policy of retaining earnings, and presently intends  to retain all future earnings for use in the development of its business and does not anticipate paying any cash dividends  in the foreseeable future. 9 Financial Results