2015 AND BEYOND A YEAR OF DECISIVE ACTION  AND FORWARD THINKING Backed by a strong balance sheet,  we made strategic investments for  future growth and also returned value  to shareholders, executing against a  carefully articulated capital allocation  plan that was introduced in January  2014. The Company’s prioritization  for cash use: Investment in organic growth,  including capital expenditures,  primarily for increasing capacity,  manufacturing productivity  and product development.  The  capital allocation plan called for  capital expenditures of $20 million  to $25 million annually for the  next three years. In addition to  investments made in 2014, we plan  to continue to increase capacity,  improve productivity and add  vertical integration. Our irrigation  and infrastructure businesses both  introduced important new products  in 2014 and continue to work on  product ideas that will advance our  competitive position. Annual increases in dividends  to shareholders.  In January 2014,  the Board of Directors doubled the  quarterly dividend from $0.13 per  share to $0.26 per share. This marked  our twelfth consecutive year of  dividend increases. We increased our  quarterly dividend again near the end  of the year to $0.27 per share. Synergistic water-related acquisitions  that offer attractive returns to  shareholders.  We expect to spend  $100 million to $150 million over  the next few years, funded through  cash and debt. While there were not  acquisitions completed in 2014, we are  Sincerely, In conclusion, I extend my thanks  and appreciation to our employees,  channel partners, suppliers,  customers, shareholders and Board  of Directors. Your con fi dence and  support are invaluable to all of us at  Lindsay Corporation. As we continue to operate against  a market headwind, we remain  con fi dent in the enduring ability of  our Company to generate lasting  value by developing solutions  that provide distinct competitive  advantages, enable more ef fi cient use  of resources, increase agricultural  production, improve road safety,  promote environmental responsibility,  and enhance the quality of life for  people around the world.  LONG-TERM CONFIDENCE Invest excess cash in opportunistic  share repurchases, taking into  account cyclical and seasonal  fl uctuations.  The Company  expects to opportunistically invest  approximately $100 million to $150  million in share repurchases. In fi scal 2014, the Company spent $41.1 million on share repurchases. optimistic in our ability to execute on  potential opportunities to expand our  product offerings and strengthen our  integrated irrigation solutions. Richard W. Parod  President and Chief Executive Of fi cer 12 Lindsay remains confident  in its enduring ability to  generate lasting value by developing solutions  that enhance the quality  of life for people around  the world.