PREFORMED LINE PRODUCTS CO MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

This Management's Discussion and Analysis of Financial Condition and Results of
Operations (MD&A) is intended to help the readers of our consolidated financial
statements better understand our results of operations, financial condition and
present business environment. The MD&A is provided as a supplement to, and
should be read in conjunction with, our unaudited consolidated financial
statements and related notes included elsewhere in this report.

The management report is organized as follows:

•
Overview

•
Preface

•
Results of Operations

•

Application of critical accounting policies and estimates

Working capital, liquidity and capital resources

PREVIEW

Preformed Line Products Company (the "Company", "PLPC", "we", "us", or "our")
was incorporated in Ohio in 1947. We are an international designer and
manufacturer of products and systems employed in the construction and
maintenance of overhead and underground networks for the energy,
telecommunication, cable operators, information (data communication), and other
similar industries. Our primary products support, protect, connect, terminate,
and secure cables and wires. We also provide solar hardware systems, mounting
hardware for a variety of solar power applications, and fiber optic and copper
splice closures. PLPC is respected around the world for quality, dependability
and market-leading customer service. Our goal is to continue to achieve
profitable growth as a leader in the research, innovation, development,
manufacturing, and marketing of technically advanced products and services
related to energy, communications and cable systems and respond to key
infrastructure priorities around the world, including bolstering grid
reliability, strengthening grid resilience to climate events, upgrading aging
infrastructure, enhancing communication networks and transitioning to renewable
energy. We have 30 sales and manufacturing operations in 22 different countries.

We report our segments in four geographic regions: PLP-USA (including
corporate), The Americas (includes operations in North and South America without
PLP-USA), EMEA (Europe, Middle East & Africa) and Asia-Pacific, in accordance
with accounting standards codified in Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC) 280, Segment Reporting. Each
segment distributes a full range of our primary products. Our PLP-USA segment is
comprised of our U.S. operations manufacturing our traditional products
primarily supporting our domestic energy, communications and special industries
products. Our other three segments, The Americas, EMEA and Asia-Pacific support
our energy, communications and special industries products in each respective
geographical region.

The segment managers responsible for each region report directly to the
Company's Chief Executive Officer, who is the chief operating decision maker,
and are accountable for the financial results and performance of their entire
segment for which they are responsible. The business components within each
segment are managed to maximize the results of the entire operating segment and
the Company rather than the results of any individual business component of the
segment.

We evaluate segment performance and allocate resources based on several factors based primarily on sales and net income.

PREFACE

The following discussion describes our results of operations for the three
months ended March 31, 2022 and 2021. Our consolidated financial statements are
prepared in conformity with U.S. generally accepted accounting principles
(GAAP). Our discussions of the financial results include non-GAAP measures
(e.g., foreign currency impact) to provide additional information concerning our
financial results and provide information that we believe is useful to the
readers of our consolidated financial statements in the assessment of our
performance and operating trends.

While the ongoing COVID-19 pandemic has not had a material effect on our overall
results, it has continued to create challenges for us in countries that have
significant outbreak mitigation strategies, namely, countries in our
Asia-Pacific business segment, which led to temporary project postponements and
has continued to impact results in this segment. We are continuing to actively
monitor the impact of COVID-19 on current and future periods and actively manage
costs and our liquidity position to provide additional flexibility while still
supporting our customers and their specific needs. We cannot predict the
duration or scope of the COVID-19 pandemic or the magnitude of its impact on our
business and results of operations. In addition, the impact of COVID-19 could
potentially exacerbate other risks discussed, any of which could have a material
adverse effect on the Company. We continue to assess all challenges related to
COVID-19 and plan accordingly. The extent of any future impact is dependent upon
several factors including those described in the

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Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Security and Exchange Commission (“SEC”) on March 4, 2022.

Overall customer demand has remained strong, which is reflected in net sales of
$138.2 million for the three months ended March 31, 2022, an increase of $20.7
million year-over-year. However, we have also experienced significant commodity
and transportation cost inflation that has impacted our profit margins. To
mitigate the ongoing inflationary pressures, we implemented several price
increases in the U.S. and internationally in 2021 and again in 2022. Due to the
large volume in our order backlog, we continue to experience tailwinds from
these 2021 increases into 2022, however, continued cost inflation in these areas
may require further price adjustments to maintain profit margin, and any price
increases may have a negative effect on demand.

The geopolitical environment has created challenges in the operating environment
particularly in eastern Europe. Due to the ongoing conflict in Ukraine and overt
hostilities shown by Russia in the conflict, the Company determined to wind down
its Russian operations in March 2022. The Russia operations did not have a
material impact to the consolidated financial statements with net sales of $0.1
million and $0.2 million for the three-month periods ending March 31, 2022 and
2021, respectively, and annual sales of $1.0 million for the 2021 fiscal year.
As a result of the decision to wind-down operations, asset impairment, one-time
termination benefits and other impacts were recorded in the period ending March
31, 2022, as outlined below.

Our consolidated financial statements are subject to fluctuations in the
exchange rates of foreign currencies in relation to the U.S. dollar. The
fluctuations of foreign currencies during the three months ended March 31, 2022
had a $2.5 million unfavorable effect on net sales. There was an unfavorable
effect of $0.2 million on net income for the three months ended March 31, 2022.
On a reportable segment basis, the impact of foreign currency on net sales and
net income for the three months ended March 31, 2022 was as follows:

                            Foreign Currency Translation Impact
                             Three Months Ended March 31, 2022
                              Net Sales                Net Income
(Thousands of dollars)
The Americas             $              (136 )       $          106
EMEA                                  (1,668 )                 (363 )
Asia-Pacific                            (742 )                   57
Total                    $            (2,546 )       $         (200 )


The following table reflects the impact of foreign currency fluctuations on operating profit for the three months ended March 31, 2022 and 2021:

                                          Foreign Currency Impact
                                        Three Months Ended March 31
(Thousands of dollars)                     2022                2021
Operating income                      $         9,451        $  10,768
Translation gain                                 (522 )              0
Transaction (gain) loss                        (1,883 )            615

Net loss (gain) on forward currencies

  contracts                                     2,065             (327 )

Operating profit excluding currency

  impact                              $         9,111        $  11,056



Despite the current geopolitical environment, and aside from the uncertainty
created by the COVID-19 outbreak, we believe our business fundamentals and our
financial position are sound and we are strategically well-positioned. We remain
focused on assessing our business structure, global facilities and overall
capacity in conjunction with the requirements of local manufacturing in the
markets that we serve. The growth in PLP-USA net sales required additional
investment within our PLP-USA facilities, both in the form of operational
capacity as well as increased warehouse space. These investments in our U.S.
operations will allow us to further enhance the service we provide to our U.S.
customers beginning in late 2022. If necessary, we will modify redundant
processes and further utilize our global manufacturing network to manage costs,
increase sales volumes and deliver value to our customers. We have continued to
invest in the business to expand into new markets for the Company, evaluate
strategic mergers and acquisitions, improve efficiency, develop new products,
and increase our capacity. We currently have a bank debt to equity ratio of
23.7% and have the continued ability to borrow needed funds at a competitive
interest rate under the Facility.

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RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2022 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2021

The following table presents a summary of the consolidated statements of earnings of the company and the percentage of net sales for the three months ended
March 31, 2022 and 2021. The Company’s past operating results are not necessarily indicative of future operating results.

                                                        Three Months Ended March 31
(Thousands of dollars)                         2022                        2021                Change
Net sales                             $ 138,223      100.0%       $ 117,553      100.0%       $ 20,670
Cost of products sold                    96,272          69.6        77,361          65.8       18,911
GROSS PROFIT                             41,951          30.4        40,192          34.2        1,759
Costs and expenses                       32,500          23.5        29,424          25.0        3,076
OPERATING INCOME                          9,451           6.8        10,768           9.2       (1,317 )
Other income (expense), net               4,690           3.4          (214 )        (0.2 )      4,904
INCOME BEFORE INCOME TAXES               14,141          10.2        10,554           9.0        3,587
Income tax expense                        1,840           1.3         3,377           2.9       (1,537 )
NET INCOME                               12,301           8.9         7,177           6.1        5,124
Net (gain) loss attributable to
noncontrolling interests                    (16 )        (0.0 )           2           0.0          (18 )
NET INCOME ATTRIBUTABLE TO
  PREFORMED LINE PRODUCTS COMPANY
  SHAREHOLDERS                        $  12,285       8.9%        $   7,179       6.1%        $  5,106



Net sales. Net sales were $138.2 million for the three months ended March 31,
2022, an increase of $20.7 million, or 18%, from the three months ended March
31, 2021. Excluding the unfavorable effect of currency translation, net sales
for the three months ended March 31, 2022 increased $23.2 million compared to
the same period in 2021, or 20%, as summarized in the following table:

                                                               Three Months Ended March 31
                                                                              Change            Change
                                                                              Due to           Excluding
                                                                             Currency          Currency           %
(Thousands of dollars)              2022          2021         Change       Translation       Translation       change
Net sales
PLP-USA                           $  75,924     $  56,231     $ 19,693     $           0     $      19,693           35 %
The Americas                         18,963        17,521        1,442              (136 )           1,578            9
EMEA                                 27,472        23,481        3,991            (1,668 )           5,659           24
Asia-Pacific                         15,864        20,320       (4,456 )            (742 )          (3,714 )        (18 )
Consolidated                      $ 138,223     $ 117,553     $ 20,670     $      (2,546 )   $      23,216           20 %



The year-over-year increase in PLP-USA net sales of $19.7 million, or 35%, was
primarily due to a volume increase in energy and communication product sales.
International net sales for the three months ended March 31, 2022 experienced an
unfavorable impact of $2.5 million when local currencies were converted to U.S.
dollars. The following discussion of net sales excludes the effect of currency
translation. The Americas net sales of $19.0 million increased $1.6 million, or
9%, primarily due to the contributions from the Company's acquisition of
Maxxweld. EMEA net sales of $27.5 million increased $5.7 million, or 24%,
primarily due to a volume increase in energy product sales within the region.
Asia-Pacific net sales of $15.9 million decreased $3.7 million, or 18%, compared
to 2021 primarily due to a volume decrease in energy products, partially
resulting from the continuing effects of the disruption to the region's economy
caused by the COVID-19 pandemic.

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Gross profit. Gross profit was $42.0 million and $40.2 million for the three
months ended March 31, 2022 and 2021, respectively. Excluding the unfavorable
effect of currency translation, gross profit increased $2.0 million, or 5%, as
summarized in the following table:

                                                              Three Months Ended March 31
                                                                            Change            Change
                                                                            Due to           Excluding
                                                                           Currency          Currency           %
(Thousands of dollars)              2022         2021        Change       Translation       Translation       change
Gross profit
PLP-USA                           $ 26,264     $ 21,077     $  5,187     $           0     $       5,187           25 %
The Americas                         5,365        5,544         (179 )              25              (204 )         (4 )
EMEA                                 6,374        8,134       (1,760 )            (194 )          (1,566 )        (19 )
Asia-Pacific                         3,948        5,437       (1,489 )            (115 )          (1,374 )        (25 )
Consolidated                      $ 41,951     $ 40,192     $  1,759     $        (284 )   $       2,043            5 %



PLP-USA gross profit of $26.3 million increased $5.2 million compared to the
same period in 2021 mainly as a result of increased sales volume of $19.7
million, offset by the negative impact of rising commodity prices, freight
costs, and inflation. International gross profit for the three months ended
March 31, 2022 was unfavorably impacted by $0.3 million when local currencies
were translated to U.S. dollars. The following discussion of gross profit
excludes the effects of currency translation. The Americas gross profit decrease
of $0.2 million was primarily the result of an unfavorable shift in sales
product mix. EMEA's gross profit decreased $1.6 million, mainly due to inventory
write-offs of $0.4 million related to the exit of Russia operations as well as
higher freight and raw material costs. Asia-Pacific's gross profit decrease was
the result of a year-over-year reduction in sales of $3.7 million, partially
offset by manufacturing cost savings.

Costs and expenses. Costs and expenses of $32.5 million for the three months
ended March 31, 2022 increased $3.1 million, or 10%. Excluding the favorable
effect of currency translation, costs and expenses increased $3.9 million, or
13%, as summarized in the following table:

                                                              Three Months Ended March 31
                                                                            Change            Change
                                                                            Due to           Excluding
                                                                           Currency          Currency           %
(Thousands of dollars)              2022         2021        Change       Translation       Translation       change
Costs and expenses
PLP-USA                           $ 15,750     $ 13,134     $  2,616     $           0     $       2,616           20 %
The Americas                         5,130        3,721        1,409               (74 )           1,483           40
EMEA                                 6,741        6,464          277              (563 )             840           13
Asia-Pacific                         4,879        6,105       (1,226 )            (169 )          (1,057 )        (17 )
Consolidated                      $ 32,500     $ 29,424     $  3,076     $        (806 )   $       3,882           13 %



PLP-USA costs and expenses of $15.8 million for the three months ended March 31,
2022 increased when compared to the same period in 2021 due to increases in
commission and personnel-related expenses. International costs and expenses for
the three months ended March 31, 2022 were favorably impacted by $0.8 million
when local currencies were translated to U.S. dollars. The following discussion
of costs and expenses excludes the effect of currency translation. The Americas
costs and expenses of $5.1 million increased by $1.5 million mainly due to
purchase accounting adjustments of approximately $0.4 million, a one time asset
write-off at the Company's Argentina subsidiary of $0.3 million as well as
higher personnel-related expenses. EMEA costs and expenses of $6.7 million
increased $0.8 million mainly due to asset impairment and severance charges of
$0.5 million related to the exit of Russia operations as well as higher
personnel-related expenses. Asia-Pacific costs and expenses of $4.9 million
decreased by $1.1 million primarily due to a gain recognized for the sale of
capital assets and reduced personnel-related costs.

Other income (expense), net. Other income (expense), net for the three months
ended March 31, 2022 and 2021 was $4.7 million and $0.2 million, respectively.
The increase in Other income, net for the three months ended March 31, 2022 was
primarily related to the settlement of a Company-owned life insurance policy
that was maintained for Director Emeritus Barbara P. Ruhlman until her death in
January 2022. The cash proceeds of approximately $6.9 million resulted in a gain
of $4.4 million recorded in Other income, net.

Income taxes. Income taxes for the three months ended March 31, 2022 and 2021
were $1.8 million and $3.4 million, based on pre-tax income of $14.1 million and
$10.6 million, respectively. The effective tax rate for the three months ended
March 31, 2022 and 2021 was 13% and 32%, respectively, compared to the U.S.
federal statutory rate of 21%. Our tax rate is affected by recurring items, such
as tax rates in foreign jurisdictions and the relative amount of income we earn
in those jurisdictions. It is also affected by discrete items that may occur in
any given year but are not consistent from year to year. For the period ending
March 31, 2022, lower income tax

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an expense was recognized primarily due to a non-taxable benefit of $4.4 million
related to the proceeds of a settlement of a life insurance policy held by the Company and maintained for the director emeritus Barbara P. Ruhlman until his death in January 2022in addition to a decrease in unfavorable permanent adjustments.

Net income. As a result of the preceding items, net income for the three months
ended March 31, 2022 was $12.3 million, compared to $7.2 million for the three
months ended March 31, 2021, an increase of $5.1 million as summarized in the
following table:

                                                              Three Months Ended March 31
                                                                           Change            Change
                                                                           Due to           Excluding
                                                                          Currency          Currency            %
(Thousands of dollars)              2022        2021        Change       Translation       Translation        change
Net income
PLP-USA                           $ 13,239     $ 5,576     $  7,663     $           0     $       7,663        137   %
The Americas                           (71 )     1,192       (1,263 )             106            (1,369 )     (115 )
EMEA                                   282       1,195         (913 )            (363 )            (550 )      (46 )
Asia-Pacific                        (1,165 )      (784 )       (381 )              57              (438 )       56
Consolidated                      $ 12,285     $ 7,179     $  5,106     $        (200 )   $       5,306         74   %



PLP-USA's net income for the three months ended March 31, 2022 increased $7.7
million compared to the same period in 2021, primarily due to an increase in
operating income of $2.6 million driven by higher sales volumes combined with an
increase in net other income of $3.9 million primarily related to the gain from
proceeds on insurance settlement, as well as a decrease in income tax expense of
$1.1 million. The following discussion of net income excludes the effect of
currency translation. The Americas net income decreased $1.4 million mainly as a
result of a decrease in operating income due to higher costs of $1.5 million,
partially offset by a decrease in income tax expense of $0.3 million. EMEA net
income decreased $0.6 million mainly as a result of a $2.0 million decrease in
operating income due to the impact of the exit from our the Russian operations,
partially offset by an increase in other income, net of $0.9 million and a
decrease in income tax expense of $0.3 million. Asia-Pacific net income
decreased $0.4 due to a decrease in operating income of $0.3 million from
reduced sales volumes combined with an increase of income tax expense of $0.2
million.

POLICIES AND ESTIMATES

Our critical accounting policies are consistent with the information set forth
in Item 7, Management's Discussion and Analysis of Financial Condition and
Results of Operations, included in our Form 10-K for the year ended December 31,
2021 filed on March 4, 2022 with the Securities and Exchange Commission and are,
therefore, not presented herein.

WORKING CAPITAL, CASH AND CAPITAL RESOURCES

Liquidity management assessment

We measure liquidity on the basis of our ability to meet short-term and
long-term operating needs, repay debt, fund additional investments, including
acquisitions, and make dividend payments to shareholders. Significant factors
affecting the management of liquidity are cash flows from operating activities,
capital expenditures, cash dividends, business acquisitions and access to bank
lines of credit.

Our investments include expenditures required for equipment and facilities as
well as expenditures in support of our strategic initiatives. During the first
three months of 2022, we used cash of $8.0 million for capital expenditures and
$13.0 million for acquisitions of businesses. We ended the first three months of
2022 with $34.6 million of cash, cash equivalents and restricted cash
(collectively, "Cash"). Our Cash is held in various locations throughout the
world. At March 31, 2022, the majority of our Cash was held outside the United
States ("U.S."). We expect most accumulated non-U.S. Cash balances will remain
outside of the U.S. and that we will meet U.S. liquidity needs through future
operating cash flows, use of U.S. Cash balances, external borrowings, or some
combination of these sources. We complete comprehensive reviews of our
significant customers and their creditworthiness by analyzing financial
statements for customers where we have identified a measure of increased risk.
We closely monitor payments and developments which may signal possible customer
credit issues. We currently have not identified any potential material impact on
our liquidity from customer credit issues.

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Total debt, including notes payable, at March 31, 2022 was $78.1 million. At
March 31, 2022, our unused availability under the Facility was $56.4 million and
our bank debt to equity percentage was 23.7%. On March 2, 2022, we amended the
Facility to increase the capacity from $65.0 million to $90.0 million. As part
of this amendment, the index used to determine the interest rate changed from
LIBOR to the Bloomberg Short Term Bank Yield Index ("BSBY"). The interest rate
will now be defined as BSBY plus 1.125% unless the Company's funded debt to
Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, at
which point the BSBY spread becomes 1.500%. The amendment also allows the
Company to change its rate from BSBY to the Secured Overnight Financing Rate
("SOFR") at the Company's discretion. The amendment extended the maturity from
June 30, 2024 to March 2, 2026. All other terms remain the same. The Facility
agreement contains, among other provisions, requirements for maintaining levels
of net worth and profitability. At March 31, 2022 and December 31, 2021, we were
in compliance with these covenants.

We expect that our major source of funding for 2022 and beyond will be our
operating cash flows and our existing Cash as well as the Facility. We earn a
significant amount of our operating income outside the U.S., which, except for
current earnings in certain jurisdictions, is deemed to be indefinitely
reinvested in foreign jurisdictions.

As we cannot predict the duration or scope of the continuing COVID-19 pandemic
or long-term impacts of the conflict in Ukraine and the impacts on our customers
and suppliers, the negative financial impact to our financial results and
liquidity cannot be reasonably estimated but could be material. We are actively
managing the business to maintain cash flow and a favorable liquidity position.
We believe that our future cash flows, together with these factors, will be more
than sufficient to cover debt repayments, other contractual obligations, capital
expenditures and dividends for the next twelve months and thereafter for the
foreseeable future. In addition, we believe our borrowing capacity provides
substantial financial resources, if needed, to supplement funding of capital
expenditures and/or acquisitions. We also believe that we can expand our
borrowing capacity, if necessary, however, we do not believe we would increase
our debt to a level that would have a material adverse impact upon results of
operations or financial condition.

Sources and uses of species

Cash decreased $1.8 million compared to December 31, 2021. Net Cash used in
operating activities was $5.2 million. The most significant net investing and
financing uses of Cash in the three months ended March 31, 2022 were payments of
long-term debt, acquisitions of businesses and capital expenditures, partially
offset by debt proceeds and proceeds from a company-owned life insurance policy.
Currency had a negative $0.8 million impact on Cash when translating foreign
denominated financial statements to U.S. dollars.

Net Cash used in operating activities for the three months ended March 31, 2022
was $5.2 million compared to $13.2 million provided by operating activities in
the comparable prior year three-month period. The $18.8 million net decrease was
primarily a result of an increase in Cash used by operating assets, net of
operating liabilities, due to increases in accounts receivable and inventory
partially offset by an increase in net income of $5.1 million.

Net Cash used in investing activities of $10.9 million for the three months
ended March 31, 2022 increased $7.5 million when compared to Cash used in
investing activities in the three months ended March 31, 2021. The change was
primarily related to the acquisition of businesses in the three months ended
March 31, 2022 as well as the year-over-year increase in capital expenditures.

Cash provided by financing activities for the three months ended March 31, 2022
was $15.1 million compared to cash used in financing activities of $20.5 million
during the three months ended March 31, 2021. The $35.6 million increase was
primarily the result of an increase in proceeds from debt, net of borrowings, in
2022 compared to 2021.

We have commitments under operating leases, primarily for office and
manufacturing space, transportation equipment, office and computer equipment and
capital leases primarily for equipment. See the Consolidated Balance Sheets for
related operating lease assets and liabilities.

From March 31, 2022the Company had a total of outstanding guarantees $9.6 million. In addition, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. From March 31, 2022the Company had a total of outstanding letters of credit of $0.9 million.

FORWARD-LOOKING STATEMENTS

Caveated for “safe harbour” purposes under the Private Securities Litigation Reform Act of 1995

This Form 10-Q and other documents we file with the SEC contain forward-looking
statements regarding the Company's and management's beliefs and expectations. As
a general matter, forward-looking statements are those focused upon future
plans, objectives or performance (as opposed to historical items) and include
statements of anticipated events or trends and expectations and beliefs relating
to matters not historical in nature. Such forward-looking statements are subject
to uncertainties and factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of which are beyond
the Company's

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control. These uncertainties and factors could cause the actual results of the Company to differ materially from the elements expressed or implied by these forward-looking statements.

The following factors, among others, could affect the Company’s future performance and cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements made in this report:

The overall demand for cable anchoring and control equipment for power transmission and distribution lines globally, which is witnessing a slow growth rate in mature markets such as United States (“WE”), Canada,
Australia and Western Europe and may grow slowly or experience prolonged delays in developing regions despite increasing energy demands;

The potential impact of global economic conditions on the Company's ongoing
profitability and future growth opportunities in the Company's core markets in
the U.S. and other foreign countries, which may experience continued or further
instability due to political and economic conditions, social unrest, acts of
war, military conflict (including the ongoing conflict between Russia and
Ukraine), international hostilities or the perception that hostilities may be
imminent, terrorism, changes in diplomatic and trade relationships and public
health concerns (including viral outbreaks such as COVID-19);

The ability of the Company’s customers to raise the necessary funds to build the infrastructure projects that their customers need;

Technological developments that affect longer term trends for communication lines, such as wireless communication;

The decreasing demand for product supporting copper-based infrastructure due to
the introduction of products using new technologies or adoption of new industry
standards;

The company’s success in continuing to develop proprietary technology and maintaining high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations;

The Company’s success in building and maintaining relationships with the Company’s customers, growing sales to targeted accounts and expanding geographically;

The extent to which the Company is successful at expanding the Company's product
line or production facilities into new areas or implementing efficiency measures
at existing facilities;

The effects of fluctuation in currency exchange rates upon the Company's foreign
subsidiaries' operations and reported results from international operations,
together with non-currency risks of investing in and conducting significant
operations in foreign countries, including those relating to political, social,
economic and regulatory factors;

The Company’s ability to identify, complete, obtain financing and integrate acquisitions for profitable growth;

The potential impact of consolidation, deregulation and bankruptcy among the
Company's suppliers, competitors and customers and of any legal or regulatory
claims;

The relative degree of competitive and customer price pressure on the Company’s products;

The cost, availability and quality of raw materials required for the manufacture
of products and any tariffs that may be associated with the purchase of these
products. The Company's supply chain could continue to be disrupted by the
COVID-19 pandemic which could have a material, adverse effect on the ability to
secure raw materials and supplies;

Strikes, labor disruptions and other fluctuations in labor costs;

Changes in material government regulations affecting environmental compliance or other litigation;

Security breaches or other disruptions to the Company’s information technology structure;

The continued deployment of fibre-to-the-premises in the telecommunications market;

The effects of the potential enactment of the U.S. Build Back Better Plan which
could potentially increase the U.S. federal corporate income tax rate on U.S.
income and, also, reduce tax credits from foreign sourced income; and

Those factors described under the heading "Risk Factors" in Item 1A of Part I of
the Company's Annual Report on Form 10-K for the year ended December 31, 2021
which was filed on March 4, 2022. The impact of COVID-19 could potentially
exacerbate other risks discussed, any of which could have a material impact on
the Company. The situation continues to change and additional impacts may arise
that the Company is not aware of currently.

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