Lindsay’s rugged equipment,  integrated technologies, and plug-and-play add-ons form the best line of irrigation solutions from a single, reliable source. have demonstrated the ability to  ramp production levels up and down  in response to extensive market  demand changes and to minimize the deleverage effect when volume decreases. The production of liquid biofuels  plays a part in our sales mix as  irrigated corn, sugar cane and soybean  crops are used to produce ethanol  and biodiesel. The U.S. Energy  Information Administration projects  ethanol production to remain  essentially unchanged from 2014 to  2015 while biodiesel production is  forecast to increase by 3.6 percent. Despite potential disruptions in  Russia and Ukraine and continued  political instability in the Middle  East, we continue to generate  revenue in those regions and see  opportunities for future growth. We  see potential for continuing growth  in other international irrigation  markets, as well. To further solidify  our global supply capability we  began construction on a new plant  in Turkey, which is expected to be  In particular, population growth is  the fundamental driver for the global  agricultural market. The United  Nations projects that the world’s  population will grow from 7.2 billion  in 2014 to approximately 9.6 billion  by 2050. To adequately feed that  increased population, the U.N. Food  and Agriculture Organization (FAO)  projects that food production will  have to increase by 60 percent. With  fi xed quantities of land and water, the  7 operational in February 2015. In  addition, we acquired our previously- leased facility in Brazil, with the  intent to continue expansion of our international footprint and  global, vertical integration of  manufacturing processes. For the long term, the macro drivers  of demand for our products will  remain positive. Global population  growth and the need for food, the  conservation and ef fi cient use of  water, protection of the environment  and the adoption of biofuels will  all continue to be issues of global  importance. only way this can be accomplished  is to achieve higher crop yields and  more ef fi cient use of water. Worldwide, only 20 percent of  cultivated land is irrigated, yet  irrigated land produces 40 percent  of the world’s food supply. By far,  the world’s most common irrigation  method is  fl ood or gravity irrigation  that consumes twice as much water  as an ef fi cient mechanical system.  Converting to an ef fi cient pivot  irrigation system or retro fi tting a  high pressure system to low pressure  can conserve precious water, boost  agricultural production, and reduce  energy used in pump systems. Outside  of North America, mechanized  irrigation still has very low market  penetration, creating excellent long- term opportunities. Lindsay’s irrigation business is engaged  in meeting a basic human need. By  continuing to expand our capabilities,  our ef fi ciency, our global footprint  and our capacity in the international  markets, we will remain at the  forefront of this essential industry. FILTRATION WIRELESS IRRIGATION  MANAGEMENT PLUG-AND-PLAY  ADD-ONS CUSTOM PUMPING  SOLUTIONS PIVOTS & LATERALS THE LINDSAY ADVANTAGE T echno l o g y that  T hinks Li k e Y o u ®