Document 6RjXE4qyGroDK0eoGaOJvVbkE

Of course, these are just two illustrations of customer-oriented activities within our company. Around the world, Dana continues to position itself relative to leading customers and strategic allies. This approach ties directly to the Transformation 2005 Our transformation is well underway at Dana. goal of supporting our customers and pursuing those markets in which we can achieve an appropriate return on our investment. In Europe, which boasts the world's largest passenger car market, we are capitalizing on our partnership with Germany-based GETRAG (see photo at left) to expand our related capabilities. We also provide product and technology support to major customers through Dana operations in 17 countries throughout the region. The Asia-Pacific region reflects a number of customer-oriented approaches. In some areas, such as Thailand, we are investing to help support our customers' growth. In countries like Japan and Korea, we have established technical and sales operations that largely support our relationships with local automakers that also manufacture vehicles in the United States. And in emerging markets, such as China, we are strategically growing our presence. Dana has maintained a presence in South America for more than four decades, supporting a wide range of customers. Recently, economic and political turbulence has contributed to disappointing performance in this market. But even as we streamline our operations to meet the current level of demand, we remain confident that as South Andreas Fender, an engineer at GETRAG since 1990, takes precise measures of a differential at the company's Untergruppenbach, Germany, headquarters and research and development center. The partnership with GETRAG, a manufacturer of transaxles, axles, and other automotive components, has allowed Dana to expand its capabilities in the passenger car market. America emerges from this situation, our core businesses in the region will play an important role in Dana's future. Why Invest in Dana? Recent events have been extremely challenging. However, Dana has successfully navi gated many difficulties over its 98-year history. As we move forward, I am encouraged by: Our strong heritage of innovation and excellence; A growing number of leading-edge technologies; A dynamic business model propelled by actions begun in 2001; and The enduring spirit of our people. At this critical juncture, we've taken historic actions to streamline our operations and accelerate the development of customer-focused technologies. As we continue to execute our plans, I'm confident our financial performance will improve. History tells us that value stocks such as Dana perform well over the long term. And at our current valuation, we certainly believe Dana represents an excellent investment for the future. 10