Dentsply

We choose to lead.

2004 Annual Report

Investing in our future

Contents

Financial Highlights 1Management’s Message 2Directors and Officers 16Worldwide Directory Inside back cover

DENTSPLY is taking a prominent role in

shaping the future of dentistry through our

investment in new technologies that will

impact the profession in the years ahead.

Profile

DENTSPLY designs, develops, manufactures and markets abroad range of products for the dental market. The Companybelieves that it is the world’s leading manufacturer and distributorof dental prosthetics, precious metal dental alloys, dentalceramics, endodontic instruments and materials, prophylaxispaste, dental sealants, ultrasonic scalers, and crown andbridge materials; the leading United States manufacturer anddistributor of dental handpieces, dental x-ray film holders, filmmounts and bone substitute/grafting materials; and a leadingworldwide manufacturer or distributor of dental injectible anesthetics, impression materials, orthodontic appliances, dental cutting instruments and dental implants. The Companydistributes its dental products in over 120 countries undersome of the most well established brand names in the industry.

DENTSPLY is committed to the development of innovative,high quality, cost-effective new products for the dental market.

DENTSPLY International Inc. and Subsidiaries

Year Ended December 31,2004 2003 Change

(dollars in thousands, except per share amounts)

Operating Results:Net sales $1,694,232 $1,567,994 8.1%Net sales without precious metals content 1,481,872 1,364,346 8.6%Operating income 295,130 267,983 10.1%Income from continuing operations 210,286 169,853 23.8%Income from discontinued operations 42,879 4,330 890.3%

Total net income 253,165 174,183 45.3%

Earnings per common share - basic:Continuing operations $ 2.61 $ 2.16 20.8%Discontinued operations 0.54 0.05 980.0%

Total earnings per common share - basic $ 3.15 $ 2.21 42.5%

Earnings per common share - diluted:Continuing operations $ 2.56 $ 2.11 21.3%Discontinued operations 0.53 0.05 960.0%

Total earnings per common share - diluted $ 3.09 $ 2.16 43.1%

Cash dividends declared per common share $ 0.2175 $ 0.1970 10.4%

Financial Position:Cash and cash equivalents $ 506,369 $ 163,755 209.2%Total debt 852,819 812,175 5.0%Stockholders’ equity 1,443,973 1,122,069 28.7%

Financial Ratios:Net income to net sales 14.9% 11.1%Return on average stockholders’ equity 19.7% 17.8%Long-term debt to total capitalization 35.1% 41.3%

2000 2001 2002 2003 2004 2000 2001$0.0 $0

$210.3

$1.25

$

$143.6

$169.9

$2.56

$97.8

$117.7 $1.80

$1.49

$2.11

2000 2001 2002 2003 2004$ $0.0

$ $145.6

$211.1

$173.0

$258.0

$306.3$

2000 2001 2002 2003 2004 2000 2001$0.0 $0

$810.4

$1,044.3

$1,415.9

$1,568.0$1,694.2

$$944.0

$1,481.9$1,364.3

$1,230.4

EarningsNet Sales(in millions)

Cash From Operations (in millions)

Precious metal content became a component of the Company’s net salesupon the purchase of the DegussaDental Group in October 2001.

2001 includes a $29.1 million reduction in precious metal inventory acquired in theDegussa Dental purchase.

Sales excluding precious metal content

Precious metal content of sales

Income from continuing operations (in millions)

Earnings per diluted common share fromcontinuing operations

FinancialHighlights

2

We are very pleased to report that DENTSPLY enjoyed another

year of record sales and earnings coupled with strong cash flow

performance. Net sales increased 8.1% to an all time high of

$1.69 billion in 2004 compared with $1.57 billion reported for

2003. Revenue growth in our major markets was stable during

the year and sales growth was enhanced by currency translation,

as the U.S. dollar continued to weaken against most foreign currencies throughout the year.

Net income for 2004 was $253.2 million or $3.09 per diluted share which includes a $.53 per diluted share

net gain primarily from the sale of the Company’s Gendex equipment business completed in February 2004.

Income from continuing operations for 2004 was $210.3 million ($2.56 per diluted share), an impressive 21.3%

increase in diluted earnings per share from continuing operations for the year, compared with $169.9 million ($2.11

per diluted share) for 2003.

During 2004 DENTSPLY generated $306.2 million of operating cash flow, another record for the Company and

an 18.6% increase over 2003. We have continued to strengthen the Company’s capital structure by improving the

balance sheet following the completion of several large acquisitions in 2001. The significant improvements realized

over the past three years have positioned us to once again concentrate on the myriad opportunities for acquisition

that exist in the highly fragmented professional dental products market.

Along with benefiting from a favorable product mix, as we launched new products, we also continued to benefit

from operating improvements in 2004. In the first quarter the Company completed the relocation of our distribution

center in Europe from the Netherlands to Radolfzell, Germany, near our European consumable facility’s headquarters

in Konstanz. The new distribution facility warehouses over 10,000 different items and encompasses approximately

100,000 square feet designed for maximum operational efficiency. Wireless technology speeds order processing

and an advanced warehouse management system controls the flow and automated conveying of product and shipment

cartons through the facility. Operational savings, improved deliveries, and customer service levels throughout the

European Community have been achieved as a result of this relocation.

The Company completed the consolidation of its U.S. laboratory franchise in the second quarter. This included

the successful integration of three businesses into one division, DENTSPLY Prosthetics. Divisional headquarters

were consolidated at York, Pennsylvania, including distribution, finance, sales, marketing and general management.

The integration also included production and logistics systems standardization in the division’s multiple manufacturing

Management’sMessage

locations. This integration supported

increased service levels and lower

inventories. In turn, the merger supported

sales growth efforts through the restructuring

of the sales organizations under common

sales management. Research and

development gains were also achieved

with the blending of ceramic and polymer

research activities. The Company continues

to see opportunities to grow earnings

through combining resources and lowering costs such as we attained with this consolidation.

DENTSPLY is synonymous with leadership on many fronts, including bringing forth new technologies that have

exciting opportunities for application in the dental field. We have taken a lead role in developing these technologies

through internal R&D activities, acquisitions, and in concert with several highly regarded world class research

concerns. These actions are detailed throughout this report.

Our substantial investment in research and development results in the successful introduction of over 20 new

products on an annual basis. As a result, DENTSPLY is well known and well regarded in the industry for bringing

advanced technology to dentistry through product introductions that either satisfy unmet market needs or improve

the productivity of the dental office or dental laboratory. A sampling of the well-accepted products we brought to

market in 2004 is also included elsewhere in this report.

We reflect upon our accomplishments in 2004 with great pride and look to the future with confidence. In doing

so, we gratefully acknowledge the hard work and dedication put forth by our global workforce of 7,600 associates.

Their efforts, along with the strong support of our Board of Directors, will guarantee that DENTSPLY remains the

dental industry leader for the foreseeable future.

Mr. John C. Miles II, Chairman of the Board (left); Mr. Gary K. Kunkle, Jr., Vice Chairmanand Chief Executive Officer (center); and Mr. Thomas L. Whiting, President and ChiefOperating Officer.

John C. Miles II

Chairman of the Board

Gary K. Kunkle, Jr.

Vice Chairman and

Chief Executive Officer

Thomas L. Whitting

President and

Chief Operating Officer

3


We choose to lead.

DENTSPLY has been a recognized leader in the dental industry

for decades. That leadership takes various forms, including

breadth of product offerings, product innovations, global reach,

size, and clinical education programs. The Company is the

largest manufacturer of professional

dental products in the world, nearly three

times the size of its nearest competitor.

Geographically, DENTSPLY manufacturing

and administrative facilities are now found

in 33 countries on six continents and our

products are sold in over 120 countries

around the globe. Over 150,000 dental

professionals attend a Company clinical

education program each year somewhere

in the world and our now global Student

Clinician Programs are conducted in

cooperation with 34 national dental

associations. Today, nearly half of our revenues come from product categories in which

we did not participate ten years ago. These include anesthetics, bone grafting, implants,

endodontics, orthodontics, and precious metals. DENTSPLY enjoys

a leading market position in many of the product categories in

which it competes and our current arsenal of products and brand

names has never been more powerful. But the future of dentistry is

expected to be far different from what we know today. An increased

emphasis on pharmacology in the curriculum is predicted, along

with the application of biomimetics and nanotechnology to dentistry.

The advances that will mark the profession’s future in the 21st Century are likely to be as

dramatic as those that preceded them in the last century. DENTSPLY intends to take a

leadership role in that future by laying the groundwork today through our investment in

exciting new technologies that will play a pivotal role in the practice of dentistry tomorrow.

5

e to lead.

The case for leadership

in the market

Our well-established product leadership

position in the dental industry will be

reinforced as a result of our ongoing

exploration into new avenues of dental

treatment.

Research

We choose to lead.


More than 50% of all dental restorations today are repairs of previously placed fillings,

indicating a strong market need for a dental filling material that performs more satisfactorily.

The major reason for the failure of existing dental materials is secondary caries that develop

due to the access of bacteria at the interface of the restoration and the tooth. DENTSPLY

recently completed a comprehensive licensing agreement with

Doxa AB to develop and commercialize products within the

dental field based upon Doxa’s bioactive ceramic technology.

The novel technology was originally developed in Sweden in

cooperation with the Department of Engineering Sciences at the

University of Uppsala’s world-renowned

Ångström Laboratory. Doxa, a Swedish

biomaterial technology company also

located in Uppsala, is an ideal business

partner for DENTSPLY. They have since

undertaken significant work to advance

the unique calcium aluminate hydrate and

bioactive ceramic technology to the point where physical properties and product handling

and delivery are supportive of its use in dentistry. The Doxa technology is designed to

induce chemical integration between the bioactive ceramic material and dentition or bone

structure. The bioactive calcium aluminate induces the formation of

a substance similar to hydroxyapatite, the main mineral component

of teeth. This leads over time to micro structural integration with

dentin, enamel and bone, providing a long lasting marginal seal.

With virtually no microleakage at the interface with tooth structure,

it will provide a breakthrough platform for the introduction of new

and advanced restorative dental materials and cements and may

also have application for improved dental implant surface coatings and endodontic root canal

filling materials. Our market leadership, global strength and strategic focus uniquely position

the Company to successfully bring this new technology to market.

Bioactive ceramic technology holds promise

for superior dental restorative materials and

may have application for dental implant

surface coatings and endodontic root canal

filling materials.

Doxa AB, Sweden

7

DENTSPLY also recently announced that

it had acquired the rights to a unique

compound called SATIF from the Sanofi-

Aventis Group, the leading European

pharmaceutical company and third largest

in the world. SATIF is an exclusive

Titanium-Fluoride derivative. It has demon-

strated in studies the ability to protect the

tooth surface that could be of particular

value in preventive and aesthetic dentistry

applications. We believe the potential

applications from this new technology

could be seen as a significant innovation in

oral healthcare, similar to the discovery of

the benefits of fluoride. In addition to the

advantages of enhanced fluoride uptake,

the SATIF compound forms a thick and

durable protective glaze on the teeth. This

glaze renders the teeth more acid-resistant

and offers enhanced protection against the

onset of caries. It may also desensitize

exposed dentin by sealing exposed dentinal tubules. This may then protect susceptible teeth

against root surface caries. A recent study conducted in the United States by the National

Institute for Dental and Craniofacial Research (NIDCR) showed that over half of older adults

Satif

Acquisition

SATIF is an exclusive Titanium-Fluoride

derivative. We believe the potential

applications from this new technology

could be as significant as the discovery

of the benefits of fluoride.

8

have decayed or filled root surfaces. With the marked increase in older adults in the developed

world, the SATIF compound may also help to keep root caries from emerging as one of

the most significant oral health problems among these elderly populations during the next

decade. We believe both the Doxa technology and the acquisition of the SATIF compound

are excellent examples of the progress made by our Office of Advanced Technology in their

efforts to locate and acquire new technologies with potential applications in dentistry. They

underscore our commitment to taking an active role in the future of dentistry by providing

leading edge products meeting real market needs.

9


We choose to lead.

Collaboration

11

n

DENTSPLY has also joined forces with the Georgia Institute of Technology’s Dental

Technology Center (DenTeC) to partner on several innovative research projects. DenTeC

is a non-profit, multi-disciplinary research center focused on advancing dental science and

technology. They bring engineering expertise to dentistry by integrating engineering and

dental science to introduce new products and technology for

dentistry via research, testing and education. The center will

pursue dentistry-related research in nanotechnology, photonics

and optics, imaging, rapid prototyping, material development

and testing, tissue-material interface evaluation and software

and hardware development. DenTeC’s

partnership with the Company will

provide impetus to several projects with

exciting market potential. These include

diagnostic devices and the application

of electromagnetic energy to selectively

destroy the bacteria responsible for tooth

decay, along with the development of alternative techniques for the delivery of restorative

materials and dental therapeutics. Each of these developments represents several real

world innovations needed in dentistry. While alternative delivery systems hold promise

for reduced chair time and higher quality

restorations, a strong need exists for

improved diagnostic methods. Similarly,

a viable technique for the destruction

of s. mutans would be a major oral

healthcare advance.

DENTSPLY’s partnership with the Georgia

Institute of Technology will offer momentum

to a number of projects with exciting

market possibilities and potential oral

healthcare advances.

Georgia Institute

of Technology

Manufacturing


We choose to lead.

13

g

The DENTSPLY Pharmaceutical Manufacturing Center is an integrated dental cartridge

manufacturing and laboratory facility. Products will be provided here for the Company’s

worldwide markets, including sterile dental cartridges and ultimately other pharmaceutical

products such as ORAQIX (Lidocaine and Prilocaine Periodontal Gel), our revolutionary

new needle free local dental anesthetic. The year 2004 was

a major transitional year for this facility with the completion

of construction. The engineering systems of the plant were

commissioned and validated to meet regulatory requirements

for the United States, as well as the European Union, Canada,

Japan and Asia. A world-class, high-speed

cartridge filling line will ultimately have

capacity for the production of approxi-

mately 250 million cartridges per year,

making this plant one of the largest

facilities of its kind in the world. State

of the art chemistry and microbiology

laboratories were also established and completed methods transfer testing. Stability batches

for markets in the United States, the United Kingdom, Canada, Australia, Ireland and New

Zealand were manufactured. The completion of this initial phase of our pharmaceutical

manufacturing has led to the subsequent filing of marketing

authorizations for approval in the United Kingdom, Australia and

New Zealand. The DENTSPLY Pharmaceutical Manufacturing

Center was inspected by the United Kingdom’s Medicines and

Healthcare Products Regulatory Agency (MHRA) for approval to

manufacture drug products for that nation. The Good Manufacturing

Practices certificate, when issued by the MHRA, will be accepted

by other regulatory agencies in Australia, Canada, New Zealand and Ireland.

New Pharmaceutical

Manufacturing Center

Sterile dental cartridges and other

pharmaceutical products for DENTSPLY’s

worldwide markets will be sourced from

our new state-of-the-art manufacturing

center near Chicago, IL.

The electroplating technology of SOLARIS meetsdemands from patients and dentists alike for estheticand biocompatible restorations.

Our new implant surface supports the biologicalprocess of peri-implant bone healing.

CERCON Ceramic Abutments provide maximummechanical stability with the beauty and biocompatibilityof zirconium oxide.


We choose to lead.

New

Once again, DENTSPLY has

launched over 20 new products

in a 12-month period.

Products

15

ORAQIX brings tremendous benefits to the millions ofperiodontal patients who desire an alternative anestheticthat can be administered without an injection.

BioPure MTAD Cleanser’s comprehensive abilities aresetting the new standard for cleansing the root canal.

Two separate shade concepts are provided in CERAM•Xgiving the clinician the opportunity to work with either atime-saving and economical single translucency techniqueor the double translucency technique providing highly natural, esthetic composite restorations.

The SMARTLight IQ Dental Curing Light providesunprecedented cordless convenience with its lithium ion power cell technology, rapid charging system and self-diagnostic LED driver circuitry.

BanDust is a conventional phosphate bonded crownand bridge dental investment that reduces harmful airborne silica by 90%.

The SMARTLight PS is a pen style, high powerLED Curing Light offering high cordless poweroutput combined with an ergonomic design andeasy user control.

PepGen P-15 Putty is our newest peptideenhanced bone graft featuring excellent handlingcharacteristics, biocompatibility and the provenefficacy of PepGen P-15.

Directors and Officers

Board of Directors

John C. Miles IIChairman of the Board Age 63, Director since 1990

Gary K. Kunkle, Jr.Vice Chairman and Chief Executive OfficerAge 58, Director since 2002

Michael C. Alfano, D.M.D., Ph.D.Dean of the College of DentistryNew York UniversityAge 57, Director since 2001

Eric K. BrandtExecutive Vice President, Finance, Strategy and Corporate Development, Chief Financial OfficerAllergan, Inc. Age 42, Director since 2004

Paula H. CholmondeleyChief Executive OfficerThe Sorrel Group, LLCAge 57, Director since 2001

Michael J. ColemanPresident, Cape Publications and PublisherFLORIDA TODAYPresident, South Regional Newspaper GroupGannett Company, Inc.Age 61, Director since 1991

William F. HechtChairman, President and Chief Executive OfficerPPL CorporationAge 62, Director since 2001

Leslie A. JonesRetired, Former Chairman and Senior Vice PresidentDENTSPLY International Inc.Age 65, Director since 1983

Edgar H. SchollmaierRetired Chief Executive OfficerAlcon Laboratories, Inc.Age 71, Director since 1996

W. Keith SmithRetired Senior Vice ChairmanMellon Financial CorporationAge 70, Director since 1991

Officers

John C. Miles IIChairman of the Board

Gary K. Kunkle, Jr.Vice Chairman of the Board andChief Executive Officer

Thomas L. WhitingPresident and Chief Operating Officer

Bret W. WiseExecutive Vice President

Christopher T. ClarkSenior Vice President

William R. JellisonSenior Vice President and Chief Financial Officer

Rudolf LehnerSenior Vice President

James G. MoschSenior Vice President

J. Henrik RoosSenior Vice President

Brian M. AddisonVice President, Secretary and General Counsel

Steven R. Jeffries, D.D.S.Vice President, Advanced Technology

Rachel P. McKinneyVice President, Human Resources

George R. RhodesVice President, Professional Relationsand Corporate Communications

Timothy S. WaradyVice President, Corporate Controller

William E. ReardonTreasurer

Board Committees

Executive CommitteeJohn C. Miles* Leslie A. JonesW. Keith Smith

Audit and Information Technology CommitteeEdgar H. Schollmaier* Paula H. CholmondeleyWilliam F. HechtLeslie A. Jones

Corporate Governance andNominating CommitteeLeslie A. Jones* Michael C. Alfano, D.M.D., Ph.D.W. Keith Smith

Human Resources CommitteeMichael J. Coleman* Michael C. Alfano, D.M.D., Ph.D.W. Keith Smith

* Denotes Chairman


16

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Worldwide Directory

ARGENTINADENTSPLY ArgentinaGeneral Enrique Martinez 657/61 C1426BBI Buenos Aires Argentina Phone: 54 11 4555 0808

AUSTRALIADENTSPLY Australia Pty Ltd11-21 Gilby RoadMount Waverley, Victoria 3149Australia61 3 9538 8280

New South WalesUnit 13, 4-6 Chaplin DriveLane Cove, New South Wales 2066Australia61 2 9418 6881

Newcastle9l Maitland RoadIslington, New South Wales 2296Australia61 2 4965 4384

QueenslandUnit 1, 1187 Logan RoadHolland Park, Queensland 4121Australia61 7 3349 1284

Western Australia134A Charles StreetWest Perth, Western Australia 6005Australia61 8 9227 6772

AUSTRIADeguDent Austria Handels GmbHLiesinger Flurgasse 4A-1235 ViennaAustria43 1 205 1200 5375

Friadent - Schuetze Dental GmbH & Co. KG

Mayrhoferstrasse 31A-4030 LinzAustria43 732 377482 0

BELGIUMDENTSPLY Friadent NV/SAIndustiezone “Blauwesteen”Heiveldekens 20B-2550 KontichBelgium32 3458 4171

BRAZILDENTSPLY Latin AmericaPraia de Botafogo228/Bloco A/Grupo 1501-BBotafogo22359-900 Rio de Janeiro, RJBrazil55 21 3237-9800

Brazil - PetrópolisRua Alice Hervê, 86Bingen25665-010 Petrópolis, RJBrazil55 24 2233 1800

Brazil - CatanduvaRua Igarapava, 436Jardim Alpino15810-255 Catanduva, SPBrazil55 17 3531 2300

DENTSPLY DeguDentDENTSPLY FriadentRua Funchal375 - 5 O andar, Vila Olimpia04551-060 Sao Paulo SPBrazil55 11 3897 6890

CANADADENTSPLY Canada161 Vinyl CourtWoodbridge, Ont. L4L 4A3Canada(905) 851-6060

CHILEDENTSPLY ChileMiguel Claro Nº 285 ProvidenciaSantiago - Chile 56-2-2352880

CHINADENTSPLY Asia25/F Pacific Link TowerSouthmark, 11 Yip Hing StreetWong Chuk Hang, Hong Kong SARChina852 2870 0336

DENTSPLY Asia WarehouseUnit B, 5/F, Cavendish Center23 Yip Kan StreetWong Chuk Hang, Hong Kong SARChina852 2870 0162

DENTSPLY China1/F Block CTEDA International Incubator CentreNo. 5 Avenue, TEDA 300457TianjinChina86 22 2529 0848

18/F, Block F/G, Hengji Building99 Huai Hai Dong RoadShanghai 200021China82 21 6385 3353, 63856597

Room 618, Yi Dong Bldg.No. 301-303 Huan Shi Zhong Rd.Guangzhou 510091China86 20 8350 1570

Unit 306, Block A, Free TownNo. 58 South Dongsanhuan RoadChaoyang District, Beijing ChinaPC 100022010-58673980 / 58673981

COLOMBIADENTSPLY ColombiaCarrera 21 N. 84-47Santafé de Bogotá, D.C.Colombia571 691 7100

DENMARKDENTSPLY Friadent A.P.S.Industrivej 19DK-4000 RoskildeDenmark45 4675 0032

EGYPTDENTSPLY Egypt15 Al-Orouba Street P.O. Box 1117 Helipolis Bahary 11737CairoEgypt202-2915-241 202-291 5261

ENGLANDDENTSPLY Ltd.Ash InstrumentsPennycross CloseBeacon ParkPlymouth PL2 3NYEngland44 1752 709751

DENTSPLY Ltd.Middle East/Africa and CIS Export DivisionEuropean Logistics CentreHamm Moor LaneAddlestoneWeybridgeSurrey KT15 2SEEngland44 1932 853422

DENTSPLY Ltd.European ITSuites 1 & 4Quadrant HouseIsland Farm Road,West Molesey,Surrey, KT8 2LQEngland44 208 979 4164

FRANCEDENTSPLY France ZA du Pas du Lac4, rue Michael Faraday78180 Montigny-le-BretonneuxFrance33 1 30 14 7777

DENTSPLY France4, rue Michael Faraday78067 St. Quentin Yvelines CedexFrance

DENTSPLY Odoncia3 Rue Michelet94853 Ivry Sur-Seine CedexFrance33 1 45 21 5690

DENTSPLY S.A.S. Division Friadent Route de Montereau B.P. 106 Darvault77793 Nemours Cedex France33 1 60 55 5545

DENTSPLY France - Laboratoire SPADDivison of DENTSPLY France SAS17, rue Michael Faraday78180 Montigny le BretonneuxFrance33-3-80-68-4848

DENTSPLY UK - FranceNorth Africa, Lebanon Division6 Rue AmperePuteaux 92800ParisFrance33 1 4772 1425

GERMANYDeguDent GmbHRodenbacher Chaussee 463457 Hanau-WolfgangGermany49 6181 5950

Betriebsstätte RosbachRodheimer Strasse 7Rosbach Germany49 6003 8210

Degussa/Bios DentalDeguDent GmbHB_rgermeister-Otto-Knapp-Str. 4549163 BohmteGemrany49 5471 807 23

Elephant Dental GmbHDieselstrasse 89aD-63165 Mühlheim/MainGermany49 6108 97870

DENTSPLY Friadent GmbHSteinzeugstrasse 50D-68229 MannheimGermany49 621 4302 000

DENTSPLY DeTrey GmbHDeDent DivisionDe-Trey-Strasse 1D-78467 KonstanzGermany49 7531 5830

DENTSPLY Vereinigte Dentalwerke (VDW) GmbHBayerwaldstr. 1581737 MunichGermany49 89 62 73 40

INDIADENTSPLY IndiaPlot #234, F.I.E., Patparganj Industrial AreaDelhi - 110092India91 11 2214 5823/22145824

No. 890, 7th Main, 4th CrossHAL 2nd StageIndiranagarBangalore 560 008India91 80 2526 2735

#3, Amar Niketan, Plot No. 12Near J.B. Nagar Post OfficeJ.B. Nagar, Andheri (E)Mumbai - 400059India91 22 2820 3285

47/1G, Hazra RoadKolkata - 700 019India91 33 2474 8296

Plot #9, Udyog ViharPhase IGurgaon 122 016HaryanaIndia91 124 500 4279

INDONESIADENTSPLY IndonesiaKompleks Ruko Red Top No. D7Jl. Pecenongan Raya 7210120 JakartaIndonesia62 21 344 1070

ITALYDENTSPLY Italia S.r.l.via A. Cavaglieri, 26I-00173 RomeItaly00 39 06 726 4031

JAPANDENTSPLY-Sankin K.K.Yushima Building3-14-9, YushimaBunkyo-ku Tokyo 113-0034Japan81 3 3836 1825

Manufacturing Facility1382-11 ShimoishigamiOhtawaraTochigi Pref. 324-0036Japan81-287-29-2221

KOREADENTSPLY KoreaS Building, 723-2 Yeoksam-dongKangnam-ku, Seoul135-920 Korea82 2 2008 7600

DENTSPLY Friadent Korea3rd floor, San Woo Bldg, # 1543-11Seocho-Dong, Seocho-GuSeoul, 137-872 Korea82 2 521-7528

MEXICODENTSPLY MexicoCalzada Vallejo No. 846Col. Industrial Vallejo02300 Mexico, D.F.5255 5387 6488

THE NETHERLANDSDeguDent BeneluxRonde Tocht 44NL-1507 CK-ZaandamNetherlands31 756125929

Elephant Dental B.V.Verlengde Lageweg 10NL-1628 PM HoornNetherlands31 229 259 000

NEW ZEALANDDENTSPLY New ZealandC/-Healthcare Logistics58 Richard Pearse DriveAirport Oaks, MangereAucklandNew Zealand64 9 918 5100

PHILIPPINESDENTSPLY Philippines4th Floor, 6797 Ayala Avenue Building6797 Ayala Avenue cor V.A. Rufino St.1226 Makati CityPhilippines(632) 841-0317/40/74

PUERTO RICODENTSPLY Prosthetics Ceramco Facility183 State Road, K.M. 19.6Las PiedrasPuerto Rico 00771-9738(787) 733-8303

RUSSIADENTSPLY Russia Ltd.Ulitsa Kozhevnicheskaya 10/26th FloorMoscow 113114Russia7 095 235 3602

SOUTH AFRICADENTSPLY S.A. (Pty) Ltd.197 Biggarsberg RoadPO Box 1325Glenvista 2058 Ext. 62058South Africa27 11 432 3390

SPAINDENTSPLY DeTrey IberiaAvda. De Burgos, 39 2º E-28036 MadridSpain34 0 91 383 39 76

SWEDENDENTSPLY Friadent Scandinavia ABJörgen Kocksgatan 9SE- 20120 MalmöSweden46 4024 3370

SWITZERLANDMaillefer Instruments Holding SárlCH-1338 BallaiguesSwitzerland41 21 843 9292

Maillefer Instruments Trading SárlDivision AnestheticsCH-1338 BallaiguesSwitzerland41 21 843 9292

Maillefer Instruments Holding SárlDivision ELC (European Logistic Center)CH-1338 BallaiguesSwitzerland41 21 843 9292

European Shared Services CenterY-ParcCH-1400 Yverdon-les BainsSwitzerland41 24 420 75 00

DENTSPLY Friadent Schweiz AGWeyermattstr. 4CH-2560 NidauSwitzerland41 32 331 2355

DENTSPLY DeTrey SárlBaar OfficeOberdorfstrasse 11CH-6342 BaarSwitzerland41 41 766 2066

TAIWANDENTSPLY Taiwan7F-11, 351, Sec 2Chung Shan RoadChung Ho, Taipei County 235Taiwan, ROC886 2 2223 7777

THAILANDDENTSPLY Thailand23rd Floor Panjathani Tower127/28 Ratchadapisek RoadChongnonsee, YannawaBangkok 10120Thailand662 295 3744

TURKEYDENTSPLY TurkeySahrayicedit Ataturk cad,Turboglu sok No 82Sitki Bey Plaza Kat 6Daire 19IstanbulTurkey90 216 3022930

UKRAINEDENTSPLY UkraineUlitsa Krasnoarmeyskaya,9/2Office 40100004 KievUkraine00380 44 495 22 25

UNITED STATESDENTSPLY InternationalWorld HeadquartersSusquehanna Commerce Center221 West Philadelphia StreetYork, PA 17405-0872(717) 845-7511

DENTSPLY Caulk38 West Clarke AvenueMilford, DE 19963-0359(302) 422-4511

Inventory Warehouse412 McColley StreetMilford, DE 19963-2068302-422-8993

West Milford Production Plant779 Masten CircleMilford, DE 19963-1030302-422-1043

DENTSPLY EndodonticsDENTSPLY Tulsa Dental ProductsDENTSPLY Maillefer North AmericaDENTSPLY Dental Manufacturing (UDM)5100 East Skelly Drive Suite 300Tulsa, OK 74136-3315(918) 493-6598

608 Rolling Hills DriveJohnson City, TN 37604-7262(423) 282-1453

DENTSPLY Friadent CeraMed12860 West Cedar DriveSuite 110Lakewood, CO 80228-1965(303) 985-0800

DENTSPLY GAC355 Knickerbocker AvenueBohemia, NY 11716-3103(631) 419-1700

DENTSPLY Pharmaceutical570 West College AvenueYork, PA 17404-0872(717) 699-4100

Manufacturing Center1300-1420 Chase AvenueElk Grove Village, IL 60007-4813(847) 472-6900

DENTSPLY Professional1301 Smile WayYork, PA 17404-1785(717) 767-8500

901 West Oakton StreetDes Plaines, IL 60018-1843(847) 640-4800

DENTSPLY Prosthetics570 West College AvenueP.O. Box 872York, PA 17404-0872(717) 845-7511

Ceramco R & D, Technical SupportSix Terri Lane, Suite 100Burlington, NJ 08016-4905(609) 386-8900

Yucaipa Facility13553 Calimesa BoulevardYucaipa, CA 92399-2303(909) 795-2461

DENTSPLY R&R3535 Briarfield BoulevardMaumee, OH 43537-9383(419) 865-9497

520 Illinois AvenueMaumee, OH 43537-1708(419) 893-5672

2337 South Yates AvenueLos Angeles, CA 90040-1915(323) 723-5838

DENTSPLY Rinn1212 Abbott DriveElgin, IL 60123-1819(847) 742-1115

VIETNAMDENTSPLY Vietnam9 Truong Quyen, Ward 6, Dist. 3Ho Chi Minh CityVietnam84 8 820 8535


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DENTSPLY International

World HeadquartersSusquehanna Commerce Center221 West Philadelphia StreetYork, PA 17405-0872(717) 845-7511

www.dentsply.com

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLPTwo Commerce Square, Suite 17002001 Market StreetPhiladelphia, PA 19103-7044

Stock Listing

NASDAQ’s National MarketSymbol: XRAY

Annual Meeting

The 2005 Annual Meeting will be held on Wednesday, May 11 at 9:30 AM at:DENTSPLY International Inc.570 West College AvenueYork, PA 17405-0872

Investor Relations, Form 10-K and

Other Information

If you would like to receive our InvestorPackage, or a copy of our Annual Report onForm 10-K as filed with the Securities andExchange Commission, or be placed onthe Company’s mailing list, please contact:

DENTSPLY International Inc.Attention: Investor Relations DepartmentWorld HeadquartersSusquehanna Commerce Center221 West Philadelphia Street York, PA 17405-0872Phone: (717) 849-4370Fax: (717) 849-4487Email: [email protected]

Certain statements made in this Annual Report,including, without limitation, statements regardingfuture sales and development of products and markets, may be deemed to be forward-looking statements that involve risks and uncertainties. Suchstatements are made under the “safe harbor” provisionsof the Private Securities Litigation Reform Act of1995 and should be read in conjunction with priordescriptions of risk factors by the Company, includingspecifically, the risk factors discussed within theCompany’s Annual Report on Form 10-K for the yearended December 31, 2004. Such factors couldcause actual results to differ materially from thoseexpressed in any forward-looking statements containedin this Annual Report.

Trademarks

All brand names used in this Report areowned or licensed trademarks of DENTSPLYInternational Inc., or its subsidiaries.

Transfer Agent and Registrar

If your stock certificate is lost, stolen ordestroyed, or if you change your address,please contact the Shareholder ServicesDepartment at:

Wachovia Bank, N.A.Shareholder Services Group1525 West W.T. Harris Blvd., 3C3Charlotte, NC 28262-8522Toll free: (800) 829-8432Email: [email protected]

Web site

www.dentsply.com

Dentsply

Documents