Financial Results ($ in thousands, except per share amounts) Certain reclassifications have been made to prior year amounts to make them comparable to current year presentation. *“Net debt as a percent of total capitalization” is the ratio of net debt (which is debt less cash and cash equivalents) to total net capitalization (which is debt plus stockholders' equity less cash and cash equivalents). Belden does not prepay its long-term debt because of make-whole penalties. Net debt indicates the level of financial leverage that would apply to Belden if the cash were used to pay down debt, and we believe it is useful in understanding the company's changing financial position over time. 2003 2002 2001 Revenues $826,521 $ 813,348 $ 968,369 Change compared with prior year 1.6 % (16.0) % (17.2) % Operating earnings/(loss) $(83,876) $ (6,048) $ 60,256 Operating margin (10.1)% (0.7) % 6.2 % Net income/(loss) $(60,730) $ (15,893) $ 30,958 Diluted earnings/(loss) per share  $ (2.41) $ (0.64) $ 1.25 Cash and cash equivalents $9 4 , 9 6 7 $ 19,409 $ 2,799 Total assets $673,555 $ 743,539 $ 722,690 Debt $201,951 $ 203,242 $ 234,703 Stockholders' equity $274,410 $ 307,195 $ 314,245 Net debt as a percent of total capitalization* 28 % 37 % 42 % Dividend per common share $ 0.20 $ 0.20 $ 0.20 ’99 ’00 ’01 ’02 ’03 $827 $813 $968 Revenues  (in millions) $1,169 $819  ’99 ’00 ’01 ’02 ’03 Net debt as a  percent of total capital* 28% 37% 42% 48% 53% | BELDEN INC. 2003