Dear Fellow Shareholder, Superior Innovations for Maximizing Efficiency Dana is truly efficient by design. From the innovations we engineer for our customers to the consistent value we  generate for our shareholders through cost control and a lean mindset, we are focused on effi ciency.  This focus has borne positive results, even amid a challenging global business climate for the light-vehicle, commercial-vehicle, and off- highway markets. While other enterprises have labored in the face of unfavorable economic conditions, Dana has achieved six consecutive  years of adjusted EBITDA margin growth – including record overall margin of 11.3 percent on sales of $6.6 billion in 2014. including a new 90,000-square-foot facility in India that supports  more than 240 engineers. This year, we are also dedicating new  R&D centers in the United States and Italy.  Our portfolio of advanced technologies makes Dana an essential  Tier One partner for our customers. In 2014, we increased our  investment in engineering for the fifth consecutive year; rising by  almost 7 percent to $176 million. These investments support 15 fully integrated technology centers  strategically located close to our customers around the world,  Dana’s market-leading commitment to research and development  spans all the vehicle markets we serve, and it enables us to offer our  customers unmatched local expertise backed by a direct connection  to global engineering resources that bring quality solutions to