While I’m pleased with our 2011 operating results, our  biggest success has been the increase in shareholder value. Our  strategy to continue growing the core business while diver- sifying our portfolio of companies has allowed us to deliver  $360 million of incremental shareholder value over the past  three years, demonstrating our commitment to providing careful stewardship over your investment in Hillenbrand.  (For  more detail on how we calculate shareholder value, refer to our  2012 Proxy Statement.) The Process Equipment Group already had a vision for  global growth. Through the clear lens of our strategy manage- ment process, we quickly realized that the growth potential  was even greater than we had originally envisioned. With the  implementation of lean business processes, talent development  and an infusion of capital, we set in motion a number of initiatives that could take the business to a new level.  (See pages  2 and 3.) It was also important to continue nurturing Batesville,  investing in areas that would help us maintain our relative  market share in the core casket business, develop revenue  streams that were independent of the number of burials and  continue improving the quality of funerals for North American  families.  (See page 4.) The Future: We Continue to Build a Multi-Platform Global Enterprise 2008 $678 Net Revenue 9% CAGR Double-digit growth targets Tuck-ins and adjacent PEG acquisitions 2011 $883 Net Revenue 2016 Vision FUNERAL SERVICE FUNERAL SERVICE PROCESS EQUIPMENT FUNERAL SERVICE PROCESS EQUIPMENT THIRD PLATFORM OUR STRATEGY IS DESIGNED TO CONTINUE  GROWTH BOTH ORGANICALLY AND THROUGH ACQUISITIONS Just like many of our investors, we take a long-term view of  our business, starting with the growth strategy we introduced  in 2008. Our strong results to date prove this is the right path  for your company. During the coming year, we expect to surpass another significant milestone by achieving $1 billion  in total enterprise revenue.  We will continue to execute on our strategy to become a global diversified manufacturing enterprise. We intend to  use what we’ve learned in the past several years to continue  growing, both organically and through acquisitions, including  tuck-ins to our existing businesses and additional platforms.  Through disciplined execution, we expect to achieve double- digit growth in both revenue and profit in the long term, further enhancing your shareholder value. Our talented people around the world are dedicated to  taking care of our customers, making high-quality innovative  products and continuously improving our processes. Regardless  of what happens in today’s complicated, uncertain and rapidly  evolving world economy, we’re doing the right things to posi- tion us for another 100 years of growth and success. Ultimately, the proof of any strategy is in the results.  Since we began our journey nearly four years ago, revenue has  grown at a compounded annual rate of more than 9 percent.  In this past year alone, revenue grew 18 percent as we con- tinued to layer in the revenues from these acquisitions. I’m  especially pleased with our businesses’ ability to generate  organic revenue. Batesville maintained relatively flat results  despite challenging market conditions. The Process Equip- ment Group grew nearly 20 percent, excluding the effects of  foreign currency. When you’re an acquisitive company, you can grow the  top line very quickly, but it’s the bottom-line results and cash  flow that really matter. Our 2011 net income of $106 million  was negatively affected by continuing expenses tied to acqui- sitions and acquisition accounting. To get a better picture of  our operational performance, we assess adjusted gross margin  and EBITDA results. Both continue to reflect our company’s  strength, with adjusted gross margins exceeding 42 percent  and adjusted EBITDA of $208 million representing an  EBITDA margin of 24 percent. While profit is an accoun- tant’s opinion, cash is a fact, and our operating cash flow of $190 million further strengthens our balance sheet and  enables the company to execute our strategy and pay an attractive dividend.  Kenneth A. Camp Hillenbrand President and Chief Executive Officer