market quickly and efficiently. The result is a powerful lineup of  technologically advanced products finely tuned to maximize fuel  economy and performance. our former Series A preferred stock, returning $1.1 billion to our  shareholders since program inception. Our rising share price also  led to the conversion of all remaining Series B preferred stock  during 2014.  Additionally, we have paid quarterly dividends to our common  shareholders for the past 12 quarters without interruption, and in  2014 we refinanced a portion of our senior notes, lowering interest  costs and extending maturities. Our culture defines who we are, where we focus our efforts, how we  address challenges, and ultimately how well we perform. At Dana,  we implement practices that drive continuous improvement and  increasingly higher standards of efficiency.  These actions have provided Dana with a solid footing and position  us to weather currency headwinds, ensure our access to capital  markets, fund capital investments that support our growth, and  enhance our ability to make acquisitions of adjacent technologies  that will support our growth strategy. The Dana Operating System provides a framework for promoting  our fundamental principles: individual responsibility and accountability  combined with a lean mindset that encompasses the organization  as a whole. Last year, we conducted more than 2,800 training  sessions and employee workshops, as well as 45 Jishuken  continuous-improvement activities, to produce significant savings  and increase efficiency throughout every aspect of the business. Thanks to the support of our board of directors, invested leadership  at every level, and engagement of our employees, we have  transformed Dana into an efficient and focused enterprise poised  to deliver consistent shareholder value well into the future.  As I look forward to my final year before retiring from Dana, I am  excited about the ways our talented people have integrated a high- performance culture, market-driven innovations, and an unmatched  skill for execution amid challenges.  I join our board of directors and my fellow Dana employees in  offering our thanks for your confidence in our continued success  as we leverage our undeniable momentum through an efficient,  thoughtfully designed system to deliver the innovations that  will continue to shape the future of energy management and  power conveyance. Sincerely, Over the past several years, we have taken steps to greatly simplify  our capital structure and drive superior value for our shareholders. Through our $1.4 billion share repurchase program, we have  repurchased 30 million shares of common stock and redeemed  This approach fosters a two-way dialogue between the strategic  level and everyone involved in tactical execution that is reflected in  our customers’ continuing confidence in our solutions and our ability  to meet their requirements. In fact, our 2015-2017 sales backlog –  new business net of any losses – has surged to $730 million,  a 30 percent increase over the three-year backlog announced  in early 2014. Our operating model, which emphasizes local ownership and  has been ingrained in our culture, empowers our nearly 23,000  employees in 25 countries on six continents to make decisions on  execution at the customer level. Those who serve on the front line  are immersed in our customers’ markets, technologies, and cultures  every day, and they possess the flexibility, urgency, and responsibility  to address opportunities quickly and effectively. We support them  with a proven operational structure, an unwavering commitment to  quality and safety, and access to technological expertise wherever  it resides in the world.  Streamlined Processes that Deliver Results Looking Forward to a Strong Future Local Responsibility for Implementing Global Strategy Simplified Capital Structure that Benefits Shareholders Roger J. Wood President and Chief Executive Officer