CHANGE Today, there is a synergistic reaction, a perfect storm of technical capabilities that is accelerating the rate of change in innovation. As a result, we believe the demand for connectivity and capacity will continue to escalate. We are a few years removed from when governments  around the world set aspirational targets of 100 Mbps  speeds and 2013 was a milestone year for this initiative as carriers around the world established  concrete plans to deliver on those targets. through was pioneered by ADTRAN and implemented  by the combined efforts of our U.S. and European  engineering teams and marks the most successful  product launch in company history.  In terms of bandwidth, hundred megabit service is  just the beginning. During the year, we introduced  several products that squarely focused on gigabit  service delivery. We worked with service providers  who are taking a leadership role in moving the in- dustry forward in global innovation. Our innovative  gigabit broadband platforms, like the Total Access  5004 introduced in late 2013, have differentiated us  in the marketplace as demonstrated by our leading  Fiber-to-the-Premises (FTTP) market momentum  and recent major customer wins across multiple mar- kets. Our gigabit services delivery architecture boasts  industry-leading throughput capacity, advanced  traffic management and simplified service automa- tion that will fuel the market penetration of gigabit  broadband services within the residential, cloud and  backhaul segments. Today, ADTRAN’s hundred megabit equipment  is being deployed in the U.S., Europe and Latin  America and we expect that this wave of deploy- ment will last several years into the future. However,  change requires breakthroughs and breakthroughs  require time, as with the recent launch of system- level vectoring in the second half of 2013.  In 2007, ADTRAN presented its research and technical findings to the leading industry standards  body. This changed the trajectory of this promising technology, enabling system-level vectoring to become a viable mass-market solution. This technol- ogy holds the promise to enable carriers to deliver  hundred megabit services to customers around the  world via existing infrastructure, overcoming major  economic deployment hurdles. This industry break- Shareholder’s Letter 7