TRIMBLE LOCATIONS WORLDWIDE CORPORATE HEADQUARTERS: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, CA 94085 Sunnyvale, CA 94085 UNITED STATES OPERATIONS: Trimble Chandler Trimble Chandler 7408 West Detroit Street, Suite 100 7408 West Detroit Street, Suite 100 Chandler, AZ 85226 Trimble Rockies 7401 Church Ranch Boulevard 7401 Church Ranch Boulevard Westminster, CO 80021 Westminster, CO 80021 Trimble Dayton 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Trimble Mobile Solutions Inc. Trimble Mobile Solutions Inc. 14301 G Sullyfi eld Circle Chantilly, VA 20151 Tripod Data Systems Tripod Data Systems 345 SW Avery Avenue 345 SW Avery Avenue Corvallis, OR 97333 Americas Regional Fullfi llment Center Americas Regional Fullfi llment Center 5475 Kellenburger Road 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 INTERNATIONAL OPERATIONS: Trimble TerraSat Trimble TerraSat Haringstrasse 19 Haringstrasse 19 D-85635 Höhenkirchen-Siegertsbrunn Germany Trimble Jena Trimble Jena Carl-Zeiss Promenade 10 Carl-Zeiss Promenade 10 D-07740 Jena Germany Trimble Kaiserslautern Trimble Kaiserslautern Am Sportplatz 5 Am Sportplatz 5 D-67661 Kaiserslautern Germany Trimble New Zealand Trimble New Zealand 11 Birmingham Drive 11 Birmingham Drive P.O. Box 8729 Riccarton, Christchurch New Zealand Trimble Sweden Trimble Sweden Box 64, Rinkebyvägen 17 Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden European Regional Fulfi llment Center European Regional Fulfi llment Center Meerheide 45 5521DZ Eersel Netherlands Applanix 85 Leek Crescent Richmond Hill, Ontario Canada L4B 3B3 MENSI 30, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois France INTERNATIONAL SALES CENTERS EUROPE: Trimble France 32, rue de la Fontaine du Vaisseau 32, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois 94120 Fontenay-sous-Bois France Trimble Germany Am Prime Parc 11 Am Prime Parc 11 65479 Raunheim 65479 Raunheim Germany Trimble Italy Cento Torri Bianche Palazzo Larice, 3 Palazzo Larice, 3 20059 Vimercate (MI) 20059 Vimercate (MI) Italy Trimble Russia 23, 1st Tverskaya-Yamskaya St. 23, 1st Tverskaya-Yamskaya St. Moscow, 125047 Moscow, 125047 Russia Trimble Spain Via de las Dos Castillas No. 33 Via de las Dos Castillas No. 33 Atica. Edifi cio 6. Planta 3 Atica. Edifi cio 6. Planta 3 Despacho B-2 28224 Pozuelo de Alarcon Madrid Spain Trimble Nordic Trimble Nordic Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden Trimble UK Trimble House Meridian Offi ce Park Osborn Way, Hook Hampshire RG27 9HX Hampshire RG27 9HX U.KU.K Trimble Benelux Meerheide 45 5521DZ Eersel 5521DZ Eersel Netherlands Netherlands INTERNATIONAL SALES CENTERS MIDDLE EAST: Trimble Dubai LOB 14 Offi ce 322 LOB 14 Offi ce 322 PO Box 17760 Jebel Ali Free Zone Dubai UAE INTERNATIONAL SALES CENTERS PACIFIC RIM: Trimble Australia Level 1/120 Wickham Street Fortitude Valley QLD 4006 Fortitude Valley QLD 4006 Australia Trimble China Beijing Representative Offi ce Room 2805-7, Tengda Plaza Room 2805-7, Tengda Plaza No. 168 Xiwai Street, Haidian District No. 168 Xiwai Street, Haidian District Beijing 100044 China 666 Fuzhuo Td Haixin Plaza Shanghai 200001 Shanghai 200001 China Trimble Korea 8F, Geumwon Bldg., 943-12 Daechi3-dong 8F, Geumwon Bldg., 943-12 Daechi3-dong Kangnam-gu, Seoul 135-845 Kangnam-gu, Seoul 135-845 Korea Trimble Singapore 80 Marine Parade Rd 22-06, Parkway Parade 22-06, Parkway Parade Singapore 449269 Singapore 449269 Singapore INTERNATIONAL SALES CENTERS THE AMERICAS: Trimble Canada Trimble Canada 41 Horner Avenue, Unit 5 Toronto, Ontario M8Z 4X4 Canada Trimble Latin America Trimble Latin America 6505 Blue Lagoon Drive, Suite 120 Miami, Florida 33126 JOINT VENTURES: Caterpillar Trimble Control Technologies Caterpillar Trimble Control Technologies LLC 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Nikon-Trimble Co., Ltd. Nikon-Trimble Co., Ltd. Technoport Mitsuiseimei Building 16-2, Minamikamata 2-chome, Ota-ku Tokyo 144-0035, Japan Tokyo 144-0035, Japan Financial Highlights: $668.8 million in revenue Trimble | Annual Report 2004 g g g n n n i i i d d d n n n i i i F F F t t t r r r a a a p p p a a a m m m c c c 1 1 1 s s s e e e i i i t t t i i i n n n u u u t t t r r r o o o p p p p p p o o o ������� � ������������� ������� � ������������� �������������������������� � ������������� ��� ��� ��� ��� ��� ��� ��� � ��� �� �� �� �� � �� �� �� �� �� �� �� �� � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ���������������������������������� ����������������������������� TRIMBLE LOCATIONS WORLDWIDE CORPORATE HEADQUARTERS: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, CA 94085 Sunnyvale, CA 94085 UNITED STATES OPERATIONS: Trimble Chandler Trimble Chandler 7408 West Detroit Street, Suite 100 7408 West Detroit Street, Suite 100 Chandler, AZ 85226 Trimble Rockies 7401 Church Ranch Boulevard 7401 Church Ranch Boulevard Westminster, CO 80021 Westminster, CO 80021 Trimble Dayton 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Trimble Mobile Solutions Inc. Trimble Mobile Solutions Inc. 14301 G Sullyfi eld Circle Chantilly, VA 20151 Tripod Data Systems Tripod Data Systems 345 SW Avery Avenue 345 SW Avery Avenue Corvallis, OR 97333 Americas Regional Fullfi llment Center Americas Regional Fullfi llment Center 5475 Kellenburger Road 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 INTERNATIONAL OPERATIONS: Trimble TerraSat Trimble TerraSat Haringstrasse 19 Haringstrasse 19 D-85635 Höhenkirchen-Siegertsbrunn Germany Trimble Jena Trimble Jena Carl-Zeiss Promenade 10 Carl-Zeiss Promenade 10 D-07740 Jena Germany Trimble Kaiserslautern Trimble Kaiserslautern Am Sportplatz 5 Am Sportplatz 5 D-67661 Kaiserslautern Germany Trimble New Zealand Trimble New Zealand 11 Birmingham Drive 11 Birmingham Drive P.O. Box 8729 Riccarton, Christchurch New Zealand Trimble Sweden Trimble Sweden Box 64, Rinkebyvägen 17 Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden European Regional Fulfi llment Center European Regional Fulfi llment Center Meerheide 45 5521DZ Eersel Netherlands Applanix 85 Leek Crescent Richmond Hill, Ontario Canada L4B 3B3 MENSI 30, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois France INTERNATIONAL SALES CENTERS EUROPE: Trimble France 32, rue de la Fontaine du Vaisseau 32, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois 94120 Fontenay-sous-Bois France Trimble Germany Am Prime Parc 11 Am Prime Parc 11 65479 Raunheim 65479 Raunheim Germany Trimble Italy Cento Torri Bianche Palazzo Larice, 3 Palazzo Larice, 3 20059 Vimercate (MI) 20059 Vimercate (MI) Italy Trimble Russia 23, 1st Tverskaya-Yamskaya St. 23, 1st Tverskaya-Yamskaya St. Moscow, 125047 Moscow, 125047 Russia Trimble Spain Via de las Dos Castillas No. 33 Via de las Dos Castillas No. 33 Atica. Edifi cio 6. Planta 3 Atica. Edifi cio 6. Planta 3 Despacho B-2 28224 Pozuelo de Alarcon Madrid Spain Trimble Nordic Trimble Nordic Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden Trimble UK Trimble House Meridian Offi ce Park Osborn Way, Hook Hampshire RG27 9HX Hampshire RG27 9HX U.KU.K Trimble Benelux Meerheide 45 5521DZ Eersel 5521DZ Eersel Netherlands Netherlands INTERNATIONAL SALES CENTERS MIDDLE EAST: Trimble Dubai LOB 14 Offi ce 322 LOB 14 Offi ce 322 PO Box 17760 Jebel Ali Free Zone Dubai UAE INTERNATIONAL SALES CENTERS PACIFIC RIM: Trimble Australia Level 1/120 Wickham Street Fortitude Valley QLD 4006 Fortitude Valley QLD 4006 Australia Trimble China Beijing Representative Offi ce Room 2805-7, Tengda Plaza Room 2805-7, Tengda Plaza No. 168 Xiwai Street, Haidian District No. 168 Xiwai Street, Haidian District Beijing 100044 China 666 Fuzhuo Td Haixin Plaza Shanghai 200001 Shanghai 200001 China Trimble Korea 8F, Geumwon Bldg., 943-12 Daechi3-dong 8F, Geumwon Bldg., 943-12 Daechi3-dong Kangnam-gu, Seoul 135-845 Kangnam-gu, Seoul 135-845 Korea Trimble Singapore 80 Marine Parade Rd 22-06, Parkway Parade 22-06, Parkway Parade Singapore 449269 Singapore 449269 Singapore INTERNATIONAL SALES CENTERS THE AMERICAS: Trimble Canada Trimble Canada 41 Horner Avenue, Unit 5 Toronto, Ontario M8Z 4X4 Canada Trimble Latin America Trimble Latin America 6505 Blue Lagoon Drive, Suite 120 Miami, Florida 33126 JOINT VENTURES: Caterpillar Trimble Control Technologies Caterpillar Trimble Control Technologies LLC 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Nikon-Trimble Co., Ltd. Nikon-Trimble Co., Ltd. Technoport Mitsuiseimei Building 16-2, Minamikamata 2-chome, Ota-ku Tokyo 144-0035, Japan Tokyo 144-0035, Japan Financial Highlights: $668.8 million in revenue Trimble | Annual Report 2004 g g g n n n i i i d d d n n n i i i F F F t t t r r r a a a p p p a a a m m m c c c 1 1 1 s s s e e e i i i t t t i i i n n n u u u t t t r r r o o o p p p p p p o o o ������� � ������������� ������� � ������������� �������������������������� � ������������� ��� ��� ��� ��� ��� ��� ��� � ��� �� �� �� �� � �� �� �� �� �� �� �� �� � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ���������������������������������� ����������������������������� TRIMBLE’S PRODUCTS AND TECHNOLOGIES ENABLE COMPANIES AND PEOPLE AROUND THE WORLD TO BE MORE PRODUCTIVE BY REVOLUTIONIZING WORK PROCESSES WITH POSITION-CENTRIC INFORMATION. MARKETS SERVED % OF TOTAL REVENUE Engineering and Construction 68% Survey Construction PRODUCT EXAMPLES REPRESENTATIVE CUSTOMERS GPS, robotic and mechanical total stations Digital levels and theodolites Data collectors and fi eld computers Field and offi ce application software 3D laser scanners Machine guidance systems Laser and optical positioning and alignment tools Field and offi ce application software Surveyors Civil engineers Construction contractors Transportation agencies Utility companies Plant engineers Earth-moving contractors General construction contractors Utility contractors Wall and ceiling contractors Transportation agencies Government and scientifi c agencies General constuction contractors Infrastructure GPS reference networks and software Field Solutions 15% Mapping and GIS Agriculture Component Technologies 12% Chip and Board Level Products Handheld GPS fi eld data collectors Field and offi ce application software Manual and automated steering systems for farm vehicles Grade control systems for irrigation and drainage Utility companies Natural resource agencies Government agencies Farmers Agricultural contractors GPS chipsets, boards and modules Embedded silicon and fi rmware Electronics OEMs Portable appliance manufacturers Tracking Devices TrimTrac Locator Timing CDMA base station clocks Time and frequency boards and instruments Mobile Solutions 2% Fleet Management GPS-enabled mobile devices System integrators Security device suppliers Wireless infrastructure providers Local fl eet operators Municipal fl eet operators Security GPS-enabled mobile devices Commercial vehicles Portfolio Businesses 3% Defense Applanix Trimble Outdoors GPS receivers for aircraft Military time and frequency boards U.S. Department of Defense Allied defense ministries Defense contractors Integrated inertial/GPS positioning and Land, marine and aerial surveying orientation systems and mapping contractors Mapping software GPS-enabled mobile phones Web-based mapping applications Outdoor enthusiasts EXECUTIVE MANAGEMENT BOARD OF DIRECTORS ADDITIONAL INFORMATION The Company’s annual report on Form 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange Commission, is also available on the Investor Commission, is also available on the Investor Commission, is also available on the Investor Relations section of the company’s website at: Relations section of the company’s website at: Relations section of the company’s website at: http://www.trimble.com/ir_reports.html TRIMBLE INVESTOR INFORMATION Traded: The NASDAQ Stock Exchange Symbol: TRMB © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle logo, AgGPS and EZ-Guide are trademarks of Trimble Navigation Limited registered in the United States Patent and Trademark in the United States Patent and Trademark in the United States Patent and Trademark Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. All other trademarks are the property of their respective owners. TID13475 p i h s r e d a e L Steven W. Berglund President and Chief Executive Offi cer Rajat Bahri Chief Financial Offi cer Richard A. Beyer President Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Bryn Fosburgh Vice President General Manager, Engineering and Construction General Manager, Engineering and Construction General Manager, Engineering and Construction Alan R. Townsend Alan R. Townsend Vice President General Manager, Field Solutions Dennis L. Workman Dennis L. Workman Vice President General Manager, Component Technologies William C. Burgess Vice President Human Resources Human Resources Joseph F. Denniston, Jr. Vice President Operations Mark A. Harrington Mark A. Harrington Vice President Strategy and Business Development Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Vice President and General Counsel Vice President and General Counsel Vice President and General Counsel Michael W. Lesyna Vice President Business Transformation Business Transformation Bruce E. Peetz Vice President Advanced Technology and Systems Anup V. Singh Vice President Corporate Controller John E. Huey Treasurer Treasurer Robert S. Cooper, Ph.D., Chairman President Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Titan Corporation Titan Corporation An aerospace company Steven W. Berglund President and Chief Executive Offi cer President and Chief Executive Offi cer President and Chief Executive Offi cer John B. Goodrich, Secretary John B. Goodrich, Secretary Business Consultant William Hart Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Business consultant Business consultant Ulf J. Johansson, Ph.D. Chairman Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB A mobile telecommunications company A mobile telecommunications company A mobile telecommunications company Bradford W. Parkinson, Ph.D. Professor (Emeritus) Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Stanford University Stanford University Nickolas W. Vande Steeg President & COO Parker Hannifi n Corporation Parker Hannifi n Corporation A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer SHAREHOLDER INFORMATION Corporate Headquarters: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Phone: (408) 481-8000 Phone: (408) 481-8000 Fax: (408) 481-2160 www.trimble.com INDEPENDENT AUDITORS Ernst & Young LLP Palo Alto, California Palo Alto, California TRANSFER AGENT & REGISTRAR American Stock Transfer & Trust Company 59 Maiden Lane Plaza Level New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 1-800-937-5449 1-800-937-5449 www.amstock.com info@amstock.com INVESTOR RELATIONS CONTACT (408) 481-6914 Investor_relations@trimble.com Enhancing productivity and profitability through location-based solutions. For over 25 years, Trimble has helped transform the lives of our customers by providing products and services that enhance their productivity and profi tability. Though Trimble is best known for its Global Positioning System (GPS) technology, our rapid growth over the last fi ve years has been driven by products and services that integrate a range of positioning technologies with wireless communications and applications software. Through these capabilities, Trimble brings a new level of innovation to markets such as construction, agriculture, mobile workers and vehicle fl eet management. Trimble transforms complex positioning data into customized information that solves unique business problems. These innovations, in turn, provide Trimble with leaders’ advantages of higher revenue growth, improved prof- itability and sustained competitive position. It is this strategy of providing unique solutions for our customers that drives Trimble’s growth and confi dence about the future. s r e d l o h e r a h s o t r e t t e L 200420042004200420042004200420042004200420042004200420042004200420042004200420042004200420042004200420042004 TO OUR SHAREHOLDERS, EMPLOYEES AND PARTNERS— Over the last fi ve years, Trimble established many of the capabilities to create success. This success has been refl ected in our fi nancial results—from 1999 to 2004 our revenue grew at a compound growth rate of 20 percent and our GAAP operating margins grew at a compound growth rate of 33 percent. In 2004 we continued this progression. Revenue for the year grew by 24 percent, GAAP operating margins grew by 59 percent and GAAP net income grew by 76 percent. We enter 2005 with a strong product portfolio, an improved market position and an organization that keeps getting better and better. RESULTS FOR 2004 Engineering and Construction segment revenues grew by 20 percent with operating margin growth of 31 percent. The impressive results for survey and machine control were driven by a relatively strong market environment, continuing industry consolidation, focused marketing and new product categories. Our construction layout tools business refl ected sales growth and stronger profi tability. Field Solutions segment revenues grew by 32 percent with operating margin growth of 73 percent. Both businesses in the segment, agriculture and geographic information systems (GIS), refl ected improved performance. Agriculture was particularly strong as a result of the market success of the AgGPS® EZ-Guide® Plus guidance product. We reinforced that success late in the year with the announcement of the EZ-SteerTM system that allows farmers to upgrade EZ-Guide Plus to a fully automatic system. Mobile Solutions segment revenue grew by 81 percent and generated an operating loss of $6 million. This business continued to be the key investment area for Trimble. We were very encouraged by the 380 percent subscriber growth during the year and the resulting improved revenue mix, with a higher percentage of recurring revenues. We saw a narrowing loss at the end of 2004 and expect profi tability in 2005. The Component Technologies segment had mixed results. Revenues grew by a relatively modest two percent and operating profi ts declined by 16 percent. The business is exposed to the phenomenon of increasing unit volumes accompanied by lower prices. We expect to counteract this trend by releasing new generations of unique, higher value products. An early example of this strategy was the announcement of the TrimTracTM locator in 2004. The Portfolio segment currently includes our defense business, Trimble Outdoors and Applanix Corporation. Revenue grew by 101 percent with operating margin growth of 390 percent. These businesses demonstrated continuing progression in the year as well as greater consistency. BASIS OF FUTURE SUCCESS Our progress of the last fi ve years has established a tough standard for the future. Our ability to maintain this standard depends upon getting the fundamentals right. These fundamentals center on breakout innovation, leveraged engagement with our markets, and consummate execution. These, in turn, all rest on the foundation of an organization that is capable of continually redefi ning the meaning of “outstanding.” A commitment to innovation has always been central to Trimble. As we grow, our challenge will be to maintain and embellish the environment that enables innovation to fl ourish. We continue to STEVEN W. BERGLUND President and Chief Executive Offi cer strive to create a balance between discipline, as represented by our structured T5 product development program, and an unbounded creative environment, encouraged by programs such as the Trimble Fellows program, the quarterly Technical Innovation award, and our Future Technology Conference. A recent example of successful product innovation is the Trimble S6 total station. This instrument, and the supporting software, was developed in fi ve locations in four countries. It was a highly collaborative, around the clock effort, with each time zone handing off to the next at the end of the day. A signifi cant majority of our revenues originate from applications that require both an intimate knowledge of the needs of the user and an ability to effectively deliver cutting edge technology. In these markets, we fully embrace the concept of “solution” as the foundation of our success. To be effective in profi tably delivering this solution, we need to perform two different tasks. First, we do our homework and pre- cisely defi ne the market space in which we intend to participate—in effect to determine who our customers are and are not. Without this intellectual precision, our efforts in the marketplace will be diluted and ineffective. The second task is to fully embrace the users and put in place all the elements required to make their experience with Trimble uniquely positive. This requires a great deal beyond a simple defi nition of the product and includes elements of product quality, on time delivery, technical advice in special circumstances, and service availability. Most importantly, it requires us to have a robust and effective third party distribution channel. The ability to converge on world class execution is a key enabler for Trimble in a fi ercely competitive world. If we are to achieve our twin objectives of making the customer experience uniquely positive and of delivering superior fi nancial returns, we need to signifi cantly elevate our standards of what constitutes outstanding execution. Recognizing the challenges of redefi ning the standard, as well as implementing the needed changes, in 2004 we created a new role—the vice president of transformation. This is a role without preset boundaries aimed at examining every element of how we do business as a company and asking the question “how good can we become?” STRATEGY Our strategy development is tested within the context of a market goal and a fi nancial goal. First, we expect our strategies to establish or extend compelling leadership in our markets. “Compelling” is a function of both market share leadership as well as active leadership in establishing new standards by which users measure competitors. Secondly, we expect the strategies to deliver fi nancial performance in the top quartile of the relevant universe of comparable companies. The rest of this year’s report highlights four market opportunities which provide our current strategic launching platforms—the con- nected construction site, precision agriculture, mobile and fi eld worker productivity and advanced devices. Each of these areas is defi ned in a way that provides us with signifi cant head room for future growth, without being constrained by current defi nitions of product categories. These strategic platforms have two common themes. One is that we are searching to be a “transforming” participant in the market place, striving to make ourselves unique by bringing breakout potential to the user. The other is the leverage we achieve by the internal coupling that occurs inside Trimble with products moving into different markets, technologies created for one application being applied to another, and the knowledge developed in one market migrating to another. LOOKING AHEAD We enter 2005 with the elements in place for continued success. Our focus areas for the year remain consistent with our long-term “fi rst principles”: • Maintain tight fi nancial discipline to recognize strong incremental profi tability on our growth in revenues; • Reinforce our market leadership by creating an ever increasing standard of excellence for our customers; • Successfully establish new market beachheads with products such as the TrimTrac and in new areas such as India; • Continually develop our organization so that it is capable of aggressively implementing our strategy. Complacency is our enemy and we need to embrace continual change as the underpinning of our success. In this changing world, I am continually heartened by the intelligence, enthusiasm for improvement, and character of the people in the Trimble organization. They delivered a record year and have created the conditions for future success. More than More than More than More than More than More than More than More than More than More than 600 600600600600600600600600600600600600600600600600600600 Engineers & 600600 600600 600 Engineers & Engineers & Engineers & Engineers & Engineers & Engineers & Engineers & Engineers & Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists Technologists TRIMBLE’S GLOBAL WORKFORCE HAS SOME OF THE BEST AND BRIGHTEST TALENT IN THE INDUSTRY. BUILT INTO OUR CORPORATE DNA IS A UNIQUE CULTURE BASED ON OUR CORE VALUES: WE DEMAND TRANSPARENCY, INTEGRITY, AND RESPECT; WE VALUE DISCIPLINED ENTREPRENEURSHIP AND RISK TAKING; WE ARE MARKET DRIVEN AND FOCUSED ON ANTICIPATING CUSTOMER NEEDS; WE PRIZE INNOVATION DRIVEN BY VISION. THESE VALUES, COMBINED WITH THE TALENT OF OUR EMPLOYEES, ENABLE US TO REALIZE OUR STRATEGIC VISION. e t i s d e t c e n n o C n o i t c u r t s n o c REAL TIME PRODUCTIVITY Today, Trimble uses advanced positioning technologies combined with software and wireless communications to create integrated solutions for the engineering and construction markets. These solutions improve accuracy and productivity in all phases of the construction process from the initial survey, to planning and design, through site preparation and into the building phase. A typical solution is the use of Trimble’s grade control systems. These systems integrate high precision GPS and optical positioning together with a sophisticated control system and extensive software to enable operators to precisely grade complex sites up to an accuracy of fi ve millimeters. This precision reduces rework and increases job site productivity by more than 25 percent. Another example where Trimble technology is providing productivity to the user is through virtual reference station networks. These networks are being implemented by governments and other organizations to provide surveyors access to positioning information and required reference data from up to 70 kilometers away. The system is fast, accurate and can cut the typical surveyor’s hardware needs in half. The engineering and construction market presents signifi cant opportunities for Trimble. The demand for precision tools in emerging markets, such as India and China, is growing rapidly. Even in more mature markets, our technology has not yet been fully adopted. In these markets, penetration rates are only about 10 to 25 percent. We are expanding both our technological range and our breadth of vision in the construction market space. Our starting point is the belief that the trillion dollar construction market has been a late adopter of technology. It is now possible to transform construction productivity through the application of emerging technologies. Trimble is poised to be a signifi cant participant in this transformation to the “connected construction site.” During 2004 we began to introduce products to accomplish this mission. Examples included the extension of our fl eet management solutions onto the construction site and the extension of our infra- structure solutions to further enable high precision applications. 380380380380380380380380380380380380380 Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Increase in Mobile Solutions’ Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 Subscriber Base in 2004 r e k r o w e l i b o m d n a d l e i F OVER THE LAST FIVE YEARS, TRIMBLE HAS AUGMENTED ITS TECHNOLOGY WELL BEYOND ITS ORIGINAL GPS-BASED FOUNDATION. WE HAVE EXTENDED AND DEEPENED OUR TECHNOLOGY CAPABILITIES IN WIRELESS COMMUNICATIONS AND INFORMATION TECHNOLOGIES THROUGH ACQUISITION AND INTERNAL INITIATIVES. TRIMBLE BRINGS UNIQUE ADVANTAGES TO MARKETS THAT REQUIRE THE INTEGRATION OF MULTIPLE TECHNOLOGIES TO ENABLE A SOLUTION. AS A RESULT, TODAY TRIMBLE DEVOTES A SUBSTANTIAL PORTION OF ITS ENGINEERING RESOURCES TO DEVELOPING APPLICATIONS SOFTWARE AND COMMUNICATIONS SYSTEMS. TRIMBLE IS NOW A COMPLETE PRODUCTIVITY SOLUTIONS COMPANY, NOT JUST A GPS PROVIDER. CONNECTING THE FIELD TO THE OFFICE The convergence of three different technologies is impacting workers who are either continuously on the move or who work in remote locations. The knowledge of location, together with the ability to access and share signifi cant amounts of information through wireless links, enables a fundamental redefi nition of the way work is done. Trimble provides key elements of this transformation in work fl ow. For example, utilities, municipalities and natural resource agencies utilize Trimble’s geographic information system (GIS) solutions to manage their geographically dispersed assets or resources. This solution consists of a GPS-capable, rugged handheld device that includes extensive applications software. This handheld is the key tool used by the fi eld worker to collect and maintain fi eld data. Increasingly, our GIS solutions are also wirelessly enabled, allowing the exchange of data between the offi ce and the fi eld. In addition, our bundled mobile resource management solutions empower fl eet managers to signifi cantly improve results by monitoring all relevant aspects of performance such as driver safety and equipment and labor utilization. The basis of the solution is a device that includes a GPS receiver and a cell phone which is mounted in the vehicle to be tracked. A dispatcher is able to receive frequent updates from the vehicle as well as communicate with the driver. Trimble also provides subscrip- tion services to the fl eet manager, delivering a complete solution. The mobile and fi eld worker technology transformation is still in its infancy. For the last four years, Trimble has invested heavily in building the capabilities that position us to be a serious participant in bringing information tools to the market place. As the technology is adopted, we anticipate signifi cant growth in the market. THE LINE EVERYONE FOLLOWS Today, success in agriculture demands competitiveness on a global scale. Cutting costs, increasing yields, and improving productivity are essential to the modern farmer. In responding to these challenges, farmers are improving the way they work by applying signifi cant new technology. Trimble has leveraged its expertise in GPS and machine control to develop guidance solutions for the agriculture market. Our GPS- enabled guidance solutions allow farm equipment, such as tractors, to operate with a much higher level of control and precision than has been possible. As a result, many farm operations, such as planting, chemical and fertilizer application, and harvesting can now be performed to maximize results while minimizing labor and material inputs. The result is better yield, equipment utilization, and minimal use of chemicals and fertilizer. In addition, the environmental impact of chemicals and fertilizers is reduced as guidance technology eliminates excess application. In 2004, Trimble introduced the AgGPS EZ-Guide Plus lightbar guidance system. The GPS enabled product provides important new capabilities in farm equipment guidance at a price that further encourages the adoption of the technology. Trimble’s premier automatic guidance product, the Autopilot™, continues to enter new farming applications and crop types as the technology achieves wider acceptance. In the long term, Trimble views agriculture in much the same way as it views construction—as an industry undergoing a technology-driven transformation. We continue to identify new applications where we can provide the technology to improve the way farming is performed. 100 100100100100100100100100100100100100100100100100100100100100100100 100 100 100 100 100 100 100 100 100 100 100 100 100 Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products Trimble Products are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries are Used in Over Countries TRIMBLE IS AGGRESSIVELY INTERNATIONAL IN ITS OUTLOOK. WE HAVE DEVELOPMENT, MANUFACTURING, AND SALES AND SUPPORT FACILITIES IN MORE THAN 20 COUNTRIES, AUGMENTED BY A WORLDWIDE NETWORK OF DISTRIBUTORS THAT EXTEND OUR REACH INTO VIRTUALLY EVERY COUNTRY. OUR MULTINATIONAL, MULTICULTURAL MANAGEMENT TEAM PROVIDES DIVERSE INSIGHT, ENABLING US TO RESPOND TO THE UNIQUE NEEDS OF EACH MARKET. WE LEVERAGE OUR INTERNATIONAL EXPERIENCE TO MARSHAL THE RESOURCES NEEDED TO SERVE THE USER WHILE PRESENTING A LOCAL AND FLEXIBLE FACE TO OUR CUSTOMERS. n o i s i c e r P e r u t l u c i r g a d e c n a v d A s e c i v e d TRIMBLE IS A RECOGNIZED LEADER IN POSITIONING TECHNOLOGY. OUR MORE THAN 700 WORLDWIDE PATENTS ARE THE FOUNDATION FOR OVER 300 PRODUCTS THAT INTEGRATE GPS, LASER, OPTICAL, INERTIAL AND 3D LASER SCANNING TECHNOLOGIES TO CREATE PREMIUM POSITIONING SOLUTIONS. Over700 OverOverOverOverOver700 Over700700 700700700700700700700700700700700700700700700700700700700700700700700700700700700700700700700700700 Patents Patents Patents Patents Patents Patents Patents Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held Currently Held NO COMPARABLE TECHNOLOGY Trimble’s advanced devices use GPS, wireless communications and other positioning technologies to create components and subsystems for original equipment manufacturers and system integrators. Our components are used in wireless infrastructure, automobile navigation, portable devices, scientifi c instrumentation, security and monitoring applications. For example, in the past, personal vehicle tracking has been an expensive service, affordable to only a small percentage of customers. Our TrimTrac locator sets a new standard for price and performance in the industry. The device combines GPS and wireless communications technology in a rugged, compact package. Affordable and easy to install, the TrimTrac locator offers application service providers and systems integrators the opportunity to provide vehicle monitoring, security and recovery services, and a host of other services to a substantial number of subscribers. Adding GPS functionality to mobile devices is becoming commonplace with major advances in performance, sensitivity, size and power consumption. Trimble partners with some of the leading OEMs and system integrators to bring positioning technology to more markets. s e i t i n u t r o p p o g n i d n i F POSITION-CENTRIC INFORMATION IS CHANGING THE WAY PEOPLE AND COMPANIES WORK THROUGHOUT THE WORLD. INDUSTRIES SUCH AS AGRICULTURE, CONSTRUCTION, TRANSPORTATION AND OTHERS ARE REALIZING PRODUCTIVITY AND SAFETY BENEFITS FROM APPLYING POSITIONING RELATED TECHNOLOGIES. TRIMBLE IS POSITIONED TO BE A LEADING PARTICIPANT IN THIS TECHNOLOGICAL TRANSITION AND SHOULD BENEFIT FROM THE RESULTING GROWTH IN THE MARKET. OUR OPPORTUNITIES LIE IN NEW PRODUCTS, MARKETS AND GEOGRAPHIES. NEW PRODUCTS Trimble continues with its established tradition of creating new and innovative products that allow customers to improve productivity and increase their return on investment. The pipeline of new products and services will extend existing product categories as well as bring new capabilities to markets we already serve. Trimble’s new infrastructure and resource management products for the construction site are examples of this. NEW MARKETS Trimble is taking technology into new markets. Mobile Solutions, TrimTrac and Trimble Outdoors are just a few examples of new products serving new markets. NEW GEOGRAPHIES As world economies expand, Trimble’s presence in regions such as India, China, Russia and Eastern Europe should provide new opportunities for growth. TRIMBLE’S PRODUCTS AND TECHNOLOGIES ENABLE COMPANIES AND PEOPLE AROUND THE WORLD TO BE MORE PRODUCTIVE BY REVOLUTIONIZING WORK PROCESSES WITH POSITION-CENTRIC INFORMATION. MARKETS SERVED % OF TOTAL REVENUE Engineering and Construction 68% Survey Construction PRODUCT EXAMPLES REPRESENTATIVE CUSTOMERS GPS, robotic and mechanical total stations Digital levels and theodolites Data collectors and fi eld computers Field and offi ce application software 3D laser scanners Machine guidance systems Laser and optical positioning and alignment tools Field and offi ce application software Surveyors Civil engineers Construction contractors Transportation agencies Utility companies Plant engineers Earth-moving contractors General construction contractors Utility contractors Wall and ceiling contractors Transportation agencies Government and scientifi c agencies General constuction contractors Infrastructure GPS reference networks and software Field Solutions 15% Mapping and GIS Agriculture Component Technologies 12% Chip and Board Level Products Handheld GPS fi eld data collectors Field and offi ce application software Manual and automated steering systems for farm vehicles Grade control systems for irrigation and drainage Utility companies Natural resource agencies Government agencies Farmers Agricultural contractors GPS chipsets, boards and modules Embedded silicon and fi rmware Electronics OEMs Portable appliance manufacturers Tracking Devices TrimTrac Locator Timing CDMA base station clocks Time and frequency boards and instruments Mobile Solutions 2% Fleet Management GPS-enabled mobile devices System integrators Security device suppliers Wireless infrastructure providers Local fl eet operators Municipal fl eet operators Security GPS-enabled mobile devices Commercial vehicles Portfolio Businesses 3% Defense Applanix Trimble Outdoors GPS receivers for aircraft Military time and frequency boards U.S. Department of Defense Allied defense ministries Defense contractors Integrated inertial/GPS positioning and Land, marine and aerial surveying orientation systems and mapping contractors Mapping software GPS-enabled mobile phones Web-based mapping applications Outdoor enthusiasts EXECUTIVE MANAGEMENT BOARD OF DIRECTORS ADDITIONAL INFORMATION The Company’s annual report on Form 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange Commission, is also available on the Investor Commission, is also available on the Investor Commission, is also available on the Investor Relations section of the company’s website at: Relations section of the company’s website at: Relations section of the company’s website at: http://www.trimble.com/ir_reports.html TRIMBLE INVESTOR INFORMATION Traded: The NASDAQ Stock Exchange Symbol: TRMB © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle logo, AgGPS and EZ-Guide are trademarks of Trimble Navigation Limited registered in the United States Patent and Trademark in the United States Patent and Trademark in the United States Patent and Trademark Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. All other trademarks are the property of their respective owners. TID13475 p i h s r e d a e L Steven W. Berglund President and Chief Executive Offi cer Rajat Bahri Chief Financial Offi cer Richard A. Beyer President Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Bryn Fosburgh Vice President General Manager, Engineering and Construction General Manager, Engineering and Construction General Manager, Engineering and Construction Alan R. Townsend Alan R. Townsend Vice President General Manager, Field Solutions Dennis L. Workman Dennis L. Workman Vice President General Manager, Component Technologies William C. Burgess Vice President Human Resources Human Resources Joseph F. Denniston, Jr. Vice President Operations Mark A. Harrington Mark A. Harrington Vice President Strategy and Business Development Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Vice President and General Counsel Vice President and General Counsel Vice President and General Counsel Michael W. Lesyna Vice President Business Transformation Business Transformation Bruce E. Peetz Vice President Advanced Technology and Systems Anup V. Singh Vice President Corporate Controller John E. Huey Treasurer Treasurer Robert S. Cooper, Ph.D., Chairman President Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Titan Corporation Titan Corporation An aerospace company Steven W. Berglund President and Chief Executive Offi cer President and Chief Executive Offi cer President and Chief Executive Offi cer John B. Goodrich, Secretary John B. Goodrich, Secretary Business Consultant William Hart Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Business consultant Business consultant Ulf J. Johansson, Ph.D. Chairman Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB A mobile telecommunications company A mobile telecommunications company A mobile telecommunications company Bradford W. Parkinson, Ph.D. Professor (Emeritus) Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Stanford University Stanford University Nickolas W. Vande Steeg President & COO Parker Hannifi n Corporation Parker Hannifi n Corporation A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer SHAREHOLDER INFORMATION Corporate Headquarters: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Phone: (408) 481-8000 Phone: (408) 481-8000 Fax: (408) 481-2160 www.trimble.com INDEPENDENT AUDITORS Ernst & Young LLP Palo Alto, California Palo Alto, California TRANSFER AGENT & REGISTRAR American Stock Transfer & Trust Company 59 Maiden Lane Plaza Level New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 1-800-937-5449 1-800-937-5449 www.amstock.com info@amstock.com INVESTOR RELATIONS CONTACT (408) 481-6914 Investor_relations@trimble.com TRIMBLE’S PRODUCTS AND TECHNOLOGIES ENABLE COMPANIES AND PEOPLE AROUND THE WORLD TO BE MORE PRODUCTIVE BY REVOLUTIONIZING WORK PROCESSES WITH POSITION-CENTRIC INFORMATION. MARKETS SERVED % OF TOTAL REVENUE Engineering and Construction 68% Survey Construction PRODUCT EXAMPLES REPRESENTATIVE CUSTOMERS GPS, robotic and mechanical total stations Digital levels and theodolites Data collectors and fi eld computers Field and offi ce application software 3D laser scanners Machine guidance systems Laser and optical positioning and alignment tools Field and offi ce application software Surveyors Civil engineers Construction contractors Transportation agencies Utility companies Plant engineers Earth-moving contractors General construction contractors Utility contractors Wall and ceiling contractors Transportation agencies Government and scientifi c agencies General constuction contractors Infrastructure GPS reference networks and software Field Solutions 15% Mapping and GIS Agriculture Component Technologies 12% Chip and Board Level Products Handheld GPS fi eld data collectors Field and offi ce application software Manual and automated steering systems for farm vehicles Grade control systems for irrigation and drainage Utility companies Natural resource agencies Government agencies Farmers Agricultural contractors GPS chipsets, boards and modules Embedded silicon and fi rmware Electronics OEMs Portable appliance manufacturers Tracking Devices TrimTrac Locator Timing CDMA base station clocks Time and frequency boards and instruments Mobile Solutions 2% Fleet Management GPS-enabled mobile devices System integrators Security device suppliers Wireless infrastructure providers Local fl eet operators Municipal fl eet operators Security GPS-enabled mobile devices Commercial vehicles Portfolio Businesses 3% Defense Applanix Trimble Outdoors GPS receivers for aircraft Military time and frequency boards U.S. Department of Defense Allied defense ministries Defense contractors Integrated inertial/GPS positioning and Land, marine and aerial surveying orientation systems and mapping contractors Mapping software GPS-enabled mobile phones Web-based mapping applications Outdoor enthusiasts EXECUTIVE MANAGEMENT BOARD OF DIRECTORS ADDITIONAL INFORMATION The Company’s annual report on Form 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange 10-K, as fi led with the Securities Exchange Commission, is also available on the Investor Commission, is also available on the Investor Commission, is also available on the Investor Relations section of the company’s website at: Relations section of the company’s website at: Relations section of the company’s website at: http://www.trimble.com/ir_reports.html TRIMBLE INVESTOR INFORMATION Traded: The NASDAQ Stock Exchange Symbol: TRMB © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All © 2005, Trimble Navigation Limited. All rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle rights reserved. Trimble, the globe and triangle logo, AgGPS and EZ-Guide are trademarks of Trimble Navigation Limited registered in the United States Patent and Trademark in the United States Patent and Trademark in the United States Patent and Trademark Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are Offi ce. TrimTrac, EZ-Steer and Autopilot are trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. trademarks of Trimble Navigation Limited. All other trademarks are the property of their respective owners. TID13475 p i h s r e d a e L Steven W. Berglund President and Chief Executive Offi cer Rajat Bahri Chief Financial Offi cer Richard A. Beyer President Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Mobile Solutions Inc. Bryn Fosburgh Vice President General Manager, Engineering and Construction General Manager, Engineering and Construction General Manager, Engineering and Construction Alan R. Townsend Alan R. Townsend Vice President General Manager, Field Solutions Dennis L. Workman Dennis L. Workman Vice President General Manager, Component Technologies William C. Burgess Vice President Human Resources Human Resources Joseph F. Denniston, Jr. Vice President Operations Mark A. Harrington Mark A. Harrington Vice President Strategy and Business Development Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Irwin L. Kwatek Vice President and General Counsel Vice President and General Counsel Vice President and General Counsel Michael W. Lesyna Vice President Business Transformation Business Transformation Bruce E. Peetz Vice President Advanced Technology and Systems Anup V. Singh Vice President Corporate Controller John E. Huey Treasurer Treasurer Robert S. Cooper, Ph.D., Chairman President Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Aerospace Electronics Division Titan Corporation Titan Corporation An aerospace company Steven W. Berglund President and Chief Executive Offi cer President and Chief Executive Offi cer President and Chief Executive Offi cer John B. Goodrich, Secretary John B. Goodrich, Secretary Business Consultant William Hart Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Venture Capital Investor and Business consultant Business consultant Ulf J. Johansson, Ph.D. Chairman Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB Europolitan Vodafone AB A mobile telecommunications company A mobile telecommunications company A mobile telecommunications company Bradford W. Parkinson, Ph.D. Professor (Emeritus) Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Department of Aeronautics and Astronautics Stanford University Stanford University Nickolas W. Vande Steeg President & COO Parker Hannifi n Corporation Parker Hannifi n Corporation A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer A diversifi ed manufacturer SHAREHOLDER INFORMATION Corporate Headquarters: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Sunnyvale, California 94085 Phone: (408) 481-8000 Phone: (408) 481-8000 Fax: (408) 481-2160 www.trimble.com INDEPENDENT AUDITORS Ernst & Young LLP Palo Alto, California Palo Alto, California TRANSFER AGENT & REGISTRAR American Stock Transfer & Trust Company 59 Maiden Lane Plaza Level New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 New York, NY 10038 1-800-937-5449 1-800-937-5449 www.amstock.com info@amstock.com INVESTOR RELATIONS CONTACT (408) 481-6914 Investor_relations@trimble.com TRIMBLE LOCATIONS WORLDWIDE CORPORATE HEADQUARTERS: Trimble Navigation Limited 749 North Mary Avenue 749 North Mary Avenue Sunnyvale, CA 94085 Sunnyvale, CA 94085 UNITED STATES OPERATIONS: Trimble Chandler Trimble Chandler 7408 West Detroit Street, Suite 100 7408 West Detroit Street, Suite 100 Chandler, AZ 85226 Trimble Rockies 7401 Church Ranch Boulevard 7401 Church Ranch Boulevard Westminster, CO 80021 Westminster, CO 80021 Trimble Dayton 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Trimble Mobile Solutions Inc. Trimble Mobile Solutions Inc. 14301 G Sullyfi eld Circle Chantilly, VA 20151 Tripod Data Systems Tripod Data Systems 345 SW Avery Avenue 345 SW Avery Avenue Corvallis, OR 97333 Americas Regional Fullfi llment Center Americas Regional Fullfi llment Center 5475 Kellenburger Road 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 INTERNATIONAL OPERATIONS: Trimble TerraSat Trimble TerraSat Haringstrasse 19 Haringstrasse 19 D-85635 Höhenkirchen-Siegertsbrunn Germany Trimble Jena Trimble Jena Carl-Zeiss Promenade 10 Carl-Zeiss Promenade 10 D-07740 Jena Germany Trimble Kaiserslautern Trimble Kaiserslautern Am Sportplatz 5 Am Sportplatz 5 D-67661 Kaiserslautern Germany Trimble New Zealand Trimble New Zealand 11 Birmingham Drive 11 Birmingham Drive P.O. Box 8729 Riccarton, Christchurch New Zealand Trimble Sweden Trimble Sweden Box 64, Rinkebyvägen 17 Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden European Regional Fulfi llment Center European Regional Fulfi llment Center Meerheide 45 5521DZ Eersel Netherlands Applanix 85 Leek Crescent Richmond Hill, Ontario Canada L4B 3B3 MENSI 30, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois France INTERNATIONAL SALES CENTERS EUROPE: Trimble France 32, rue de la Fontaine du Vaisseau 32, rue de la Fontaine du Vaisseau 94120 Fontenay-sous-Bois 94120 Fontenay-sous-Bois France Trimble Germany Am Prime Parc 11 Am Prime Parc 11 65479 Raunheim 65479 Raunheim Germany Trimble Italy Cento Torri Bianche Palazzo Larice, 3 Palazzo Larice, 3 20059 Vimercate (MI) 20059 Vimercate (MI) Italy Trimble Russia 23, 1st Tverskaya-Yamskaya St. 23, 1st Tverskaya-Yamskaya St. Moscow, 125047 Moscow, 125047 Russia Trimble Spain Via de las Dos Castillas No. 33 Via de las Dos Castillas No. 33 Atica. Edifi cio 6. Planta 3 Atica. Edifi cio 6. Planta 3 Despacho B-2 28224 Pozuelo de Alarcon Madrid Spain Trimble Nordic Trimble Nordic Box 64, Rinkebyvägen 17 182 11, Danderyd Sweden Trimble UK Trimble House Meridian Offi ce Park Osborn Way, Hook Hampshire RG27 9HX Hampshire RG27 9HX U.KU.K Trimble Benelux Meerheide 45 5521DZ Eersel 5521DZ Eersel Netherlands Netherlands INTERNATIONAL SALES CENTERS MIDDLE EAST: Trimble Dubai LOB 14 Offi ce 322 LOB 14 Offi ce 322 PO Box 17760 Jebel Ali Free Zone Dubai UAE INTERNATIONAL SALES CENTERS PACIFIC RIM: Trimble Australia Level 1/120 Wickham Street Fortitude Valley QLD 4006 Fortitude Valley QLD 4006 Australia Trimble China Beijing Representative Offi ce Room 2805-7, Tengda Plaza Room 2805-7, Tengda Plaza No. 168 Xiwai Street, Haidian District No. 168 Xiwai Street, Haidian District Beijing 100044 China 666 Fuzhuo Td Haixin Plaza Shanghai 200001 Shanghai 200001 China Trimble Korea 8F, Geumwon Bldg., 943-12 Daechi3-dong 8F, Geumwon Bldg., 943-12 Daechi3-dong Kangnam-gu, Seoul 135-845 Kangnam-gu, Seoul 135-845 Korea Trimble Singapore 80 Marine Parade Rd 22-06, Parkway Parade 22-06, Parkway Parade Singapore 449269 Singapore 449269 Singapore INTERNATIONAL SALES CENTERS THE AMERICAS: Trimble Canada Trimble Canada 41 Horner Avenue, Unit 5 Toronto, Ontario M8Z 4X4 Canada Trimble Latin America Trimble Latin America 6505 Blue Lagoon Drive, Suite 120 Miami, Florida 33126 JOINT VENTURES: Caterpillar Trimble Control Technologies Caterpillar Trimble Control Technologies LLC 5475 Kellenburger Road Dayton, OH 45424 Dayton, OH 45424 Nikon-Trimble Co., Ltd. Nikon-Trimble Co., Ltd. Technoport Mitsuiseimei Building 16-2, Minamikamata 2-chome, Ota-ku Tokyo 144-0035, Japan Tokyo 144-0035, Japan Financial Highlights: $668.8 million in revenue Trimble | Annual Report 2004 g g g n n n i i i d d d n n n i i i F F F t t t r r r a a a p p p a a a m m m c c c 1 1 1 s s s e e e i i i t t t i i i n n n u u u t t t r r r o o o p p p p p p o o o ������� � ������������� ������� � ������������� �������������������������� � ������������� ��� ��� ��� ��� ��� ��� ��� � ��� �� �� �� �� � �� �� �� �� �� �� �� �� � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ���������������������������������� ����������������������������� K - 0 1 m r o F