HARSCO CORPORATION Debt/leverage.  Maintaining reasonable leverage positions will enable Harsco to take advantage of fragmented industries and  make smart, synergistic acquisitions when they are available.  In 2014, we continued to maintain a prudent leverage position and will continue to evaluate potential acquisitions as they  become available. competitive and environmentally attractive. And in Harsco Industrial,  our Air-X-Changers and Hammco units are helping natural gas  companies bring clean fuel to markets around the world, while  our ultra-efficient PK boiler and hot water systems are helping  commercial buildings reduce energy consumption.  These and other solutions provide a meaningful opportunity  for Harsco to better express our own core values and environ- mental stewardship. Harsco is delivering real benefit as an  emerging environmental solutions company focused on resource  recovery, environmental services and sustainability. Adjusted operating income.  Lower corporate costs along with  gains in Industrial and Rail resulted in $153 million in adjusted  operating income, compared with $152 million in 2013. Earnings per share.  Harsco is committed to creating long-term  shareholder value by using its capital efficiently to generate  income. In 2014, higher tax rates and an adjustment for our  Brand Energy joint venture contributed to adjusted EPS of $0.72,  compared with prior-year adjusted EPS of $0.87. We have repurchased more than 700,000 shares of stock on a selective  basis to take advantage of the current market valuation and reaffirm our confidence in Harsco shares.  Last but by no means least, I am also pleased to report a full year without an employee casualty, and our best-ever results  in injury reduction, two indicators of our fundamental commitment to employee safety. As global competition increases, customers are seeking lower- cost solutions that also address growing environmental concerns.  Harsco is expanding its products and services to meet these  changing needs. Harsco Metals & Minerals is emphasizing  value-added resource recovery services, especially in markets  like China and India. These services include recovering valuable  metal from slag, turning residual waste into useful aggregate and using mineral byproducts for agricultural applications. Harsco  Rail is engineering growth by building a robust and profitable  aftermarket parts and services business to help major railroads  extend equipment life cycles. It is also introducing new technology  and services that make rail transportation even more cost I want to sincerely thank our more than 12,000 employee colleagues for creating value every day at our more than 170 Harsco operating locations in approximately 35 countries  worldwide. By delivering on our commitments and producing  tangible results, we will reward our investors for continuing to support our direction and sharing our confidence. I believe Harsco now has the people and plan in place to drive  sustainable success. Each of our portfolio businesses showed  considerable progress in 2014. Our challenge for 2015 is to accelerate this momentum and ultimately translate our opera- tional initiatives into improved financial performance. We will  drive our Project Orion improvement plan in Metals & Minerals,  engineer growth in our Rail and Industrial segments, and further  sharpen the focus of our corporate functions to better support  our businesses.  2015 Outlook New Sources of Value 2014 SUMMARY ANNUAL REPORT 3 F. Nicholas Grasberger, III President and Chief Executive Officer  March 2, 2015 “ By staying the course, Harsco can continue to generate  attractive dividends while using our underlying cash flow to invest  in growth areas that deliver high potential returns. ”