A BRIGHT FUTURE Looking ahead, we believe that 2014 shows great promise. We are confident that the markets will continue to mend, and a progressively better economy will allow companies to accelerate their capital expenditures. From a technology perspective, we feel we are entering a period of rapid progression and adoption. We believe that technologies like ultra broadband, GPON and vectoring will be deployed in substantial quantities, and ADTRAN is well positioned to benefit from this adoption. We believe that new network architectures, like  Software-Defined Networks (SDN) and Network  Function Virtualization (NFV), will be explored  and adopted by carriers at a pace that we have not  seen since the late 90s. All of these technologies and  architectures have scores of business opportunities  underlying them. Their positive impact will be felt  across multiple business lines. Likewise, we believe  they will enable significant growth opportunities for  agile companies, like ADTRAN, to continue to gain  market momentum.  unlocked, and we are well positioned to be in the driver’s seat as carriers look for solutions that can underpin a wave of high-capacity applications and services such as HD streaming  video, cloud services and real-time data backup. To meet these needs, carriers will need to reinvent  their access networks and evolve to gigabit services  and beyond.  Finally, I would like to extend my appreciation to each of our employees for their commitment to the company, our shareholders and our customers. Their dedication and teamwork enabled us to successfully conquer the challenges  placed before us. Our employees remain our company’s greatest asset. With their continued support, ADTRAN will remain at the forefront of the industry bringing increased value to our shareholders and enabling our customers to evolve, change and grow. We believe 2014 will be the time that the pent-up  demand for ultra broadband technologies will be  Chairman & CEO ADTRAN, Inc. Shareholder’s Letter 11