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## 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 

optimistic in our ability to execute on potential opportunities to expand our product offerings and strengthen our integrated irrigation solutions. 

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. 

## LONG-TERM CONFIDENCE 

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. 

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. 

Sincerely, 

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