Stock Performance Graph Our common stock began trading on the NASDAQ National Market on August 9, 1994. The price information reflected for our common stock in the following performance graph and accompanying table represents the closing sales prices of the common stock for the period from December 31, 2008 through December 31, 2013, on an annual basis. The graph and the accompanying table compare the cumulative total stockholders’ return on our common stock with the NASDAQ  Telecommunications Index and the NASDAQ Composite Index. The calculations in the following graph and table assume that $100 was invested on December 31, 2008 in each of our common stock, the NASDAQ Telecommunications Index and the NASDAQ Composite Index and also assume dividend reinvestment. ADTRAN, Inc. NASDAQ Telecommunications Index NASDAQ Composite Index $0.00 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 ADTRAN, Inc. $100.00 $154.27 $250.99 $211.14 $138.91 $195.04 NASDAQ Telecommunications Index $100.00 $137.81 $148.84 $131.52 $136.58 $189.00 NASDAQ Composite Index $100.00 $144.88 $170.58 $171.30 $199.99 $283.39 Financial Results 15