In the dynamics of the global marketplace, I would like to share with you what I view as current  industry trends and how Amphenol is positioned to take advantage of such trends: Industry Trends Amphenol Strengths z Large $35 billion + interconnect  market with renewed growth z Customers are reducing their vendor  base z Increased sophistication and  proliferation of electronic equipment z Customer migration to low cost areas  and new markets z Pricing pressure — Company has a diversi fi  ed presence in high  growth segments of the market. — Establish preferred supplier relationships  with leading companies in our target markets  worldwide. — Strong engineering resources for developing  application-speci fi  c, value added solutions to  customer needs. — Strong global presence with extensive operations  in low cost areas (56% of our workforce is in  low cost areas). — Strong culture of cost control that is embedded  in our operating philosophy. z Fragmented industry continuing to  consolidate — Pursuing complementary acquisitions on a  global basis where we can add value and that are  accretive to performance. Predicting the future in today's business environment is dif fi  cult. However, we are very con fi  dent  that we are in excellent markets with a great organization, and we are very excited about the future. The  excitement and con fi  dence in the future also stems from the loyalty and trust of our excellent base of  customers and suppliers; we thank them for their invaluable support. Looking back over the last 5 years, years that include the most signi fi  cant highs and lows in the history  of the electronics industry, I believe the Amphenol management team has clearly demonstrated an ability  to consistently perform at the highest levels in the industry. In closing, I would like to acknowledge the  enormous contribution and entrepreneurial spirit from everyone in our organization. It is clearly this spirit  that will drive the Company forward and continue to produce excellent returns for our shareholders. Nols, del  Martin H. Loef fl  er Chairman, Chief Executive Of fi  cer and President 7 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