Letter to Our  Stockholders Blake DeBerry President and Chief Executive Officer 2014 was an extraordinary year at  Dril-Quip . The year began with  business activity at an all-time high as we executed our strategic  plans to respond to customers with innovative products, aggressive  delivery schedules, and the quality customer service for which the  Company is known, and ended with the most rapid and significant  drop in oil prices in recent history.  We were successful in maintaining market share with our core  products while obtaining contracts for several field development  projects that position us favorably in new markets. In 2014, we  focused on setting new industry standards, improving our on- time delivery performance, and implementing Advanced Product  Quality Planning tools to improve our processes and reduce  non-conformances. I am proud to say that we have exceeded  expectations for these initiatives. The net result is the Company  continued to experience revenue growth for the 5th consecutive year. This comparison of the cumulative total  stockholder return on  Dril-Quip  common  stock to the cumulative total return on the  Standard & Poor’s 500 Stock Index and  PHLX Oil Service Sector Index assumes  $100.00 invested on December 31, 2009  and the reinvestment of all dividends. Total stockholder return Dril-Quip  2014 Annual Report 3 $- $50.00 $100.00 $150.00 $200.00 $250.00 2009 2010 2011 2012 2014 2013 D RIL-QUIP, INC. S&P 500 PHLX Oil Service Sector Index