Fellow Shareholders, This is a pivotal time in Belden’s 101-year history. Market  conditions in 2003 were more difficult than expected and led to the second straight year of reported losses. It was also a year in which significant progress was achieved in repositioning the  company for future growth and profitability.  Most significantly, Belden Inc. and Cable Design Technologies Corporation (CDT) mutually recognized the  potential benefits that a merger of equals could offer shareholders, customers, and employees alike. A definitive merger agreement was signed and announced in February 2004. Additionally, we decided to seek strategic alternatives for our North American  communications  cable  business.  Shifting  technology,  a  consolidating customer base, and unresolved regulatory issues have caused North American demand for our telecom products to shrink by half, with uncertain prospects for near-term recovery.  C. Baker Cunningham Chairman of the Board President and Chief Executive Officer 1