<SEC-DOCUMENT>0000900440-16-000208.txt : 20160721
<SEC-HEADER>0000900440-16-000208.hdr.sgml : 20160721
<ACCEPTANCE-DATETIME>20160720174837
ACCESSION NUMBER:		0000900440-16-000208
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160720
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160721
DATE AS OF CHANGE:		20160720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALMONT INDUSTRIES INC
		CENTRAL INDEX KEY:			0000102729
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				470351813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31429
		FILM NUMBER:		161776184

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 358
		STREET 2:		HWY 275
		CITY:			VALLEY
		STATE:			NE
		ZIP:			68064
		BUSINESS PHONE:		4023592201

	MAIL ADDRESS:	
		STREET 1:		P O BOX 358 - HIGHWAY 275
		CITY:			VALLEY
		STATE:			NE
		ZIP:			68064-0358

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY MANUFACTURING CO
		DATE OF NAME CHANGE:	19680822
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">UNITED STATES</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="MARGIN-BOTTOM: 24pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">FORM 8-K</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">CURRENT REPORT PURSUANT</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">TO SECTION 13 OR 15(D) OF THE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">July 20, 2016</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Date of report (Date of earliest event reported)</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Valmont Industries, Inc.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Exact Name of Registrant as Specified in Its Charter)</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Delaware</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(State or Other Jurisdiction of Incorporation)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">One Valmont Plaza</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Omaha, NE</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(402) 963-1000</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Former Name or Former Address, if Changed Since Last Report)</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">see </font>General Instruction A.2. below):</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Item 2.02.&#160; Results of Operations and Financial Condition.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">The information in this Item 2.02 is being furnished and shall not be deemed &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Valmont Industries, Inc. issued a press release on July 20, 2016 announcing its financial results for the company&#8217;s quarter ended June 25, 2016.&#160; The press release is furnished with this Form 8-K as Exhibit 99.1.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Item 9.01.&#160; Financial Statements and Exhibits.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">(d)</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Exhibits.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">99.1</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Press Release dated July 20, 2016.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SIGNATURES</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Valmont Industries, Inc.</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Date:&#160; July 20, 2016</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">99.1</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Press Release dated July 20, 2016.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.95pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif">Contact:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.25pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif">Jeff Laudin</font></div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 15.95pt">July 20, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 15.95pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif">Fax:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.25pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', serif">402-963-1198</font></div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Omaha, NE - Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and mechanized irrigation equipment and services for agriculture, today reported second quarter results.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Revenues of $640.2 million were down 6% year-over-year, primarily reflecting lower irrigation equipment and international utility sales, and $10 million of foreign exchange translation effects.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Operating income rose to $71.8 million, or 33%, (5% excluding 2015 restructuring) benefitting from the restructuring and further cost reductions this year and was 11.2% of net sales compared to 7.9% in 2015, (10.0% excluding restructuring).</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Diluted EPS were $1.85 compared to $1.19 in 2015 ($1.61 when restructuring expenses are excluded).</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">During the third quarter, the Company will further restructure its Australia operations, consolidating certain Energy and Mining, and Coatings facilities, plus reduce other SG&amp;A costs. Restructuring charges are estimated to be $4.7 million, mostly cash. The benefit of the restructuring are expected to approximate $5.0 million and should be recovered through lower operating costs in 2017.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">The Company repurchased 92,000 shares for $11.7 million during the quarter; $153 million remains on the current authorization.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">The Company is reaffirming 2016 annual guidance of diluted EPS between $6.31 and $6.49.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">&#8220;Net earnings improved meaningfully on lower revenues reflecting the positive impact of last year&#8217;s restructuring and further cost reduction initiatives implemented this year more than offsetting the weakness in the irrigation business,&#8221; said Mogens C. Bay, Valmont&#8217;s Chairman and Chief Executive Officer.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">&#8220;Ongoing reviews of our cost structure identified opportunities to reduce costs in Australia. This will result in a mostly cash restructuring charge, estimated to be $4.7 million over the remainder of the year. Restructuring activities will affect the Energy and Mining and Coatings Segments. The primary activities will be the consolidation and closure of a few facilities, and headcount reductions.&#8221;</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><a name="RANGE!A1:L37"><!--Anchor--></a><img style="HEIGHT: 241px; WIDTH: 566px" src="image00002.jpg"></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Second Quarter Segment Review</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><u>Infrastructure-related</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Engineered Support Structures </font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(32% of Sales)</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Poles, towers and components for the global lighting, traffic and wireless communication markets, and highway safety products.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sales of $203.9 million were slightly higher than last year mainly due to increased telecommunication structure sales in the Asia-Pacific region.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">In North America, sales of lighting and traffic products were comparable to last year while wireless communication products sales were lower.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">In Europe, lighting and traffic structure sales declined modestly reflecting continued spending restraint for infrastructure projects.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Operating income was $21.0 million or 10.3% of sales compared to $16.2 million, ($19.3 million adjusted for restructuring), in the prior-year period, driven by the positive impacts of last year&#8217;s restructuring, and lower raw material costs that more than offset a less favorable sales mix.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Utility Support Structures </font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(24% of Sales)</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Steel and concrete structures for the global electric utility industry.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sales of $151.2 million decreased 7% year-over-year, largely a result of contractual price reductions tied to lower steel costs (de-escalation clauses), but volume increased. The overall market environment remains attractive, with demand continuing to be driven by reliability standards and increased renewable energy projects. Market pricing remains competitive.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Operating income was $17.5 million or 11.6% of sales compared to $10.4 million ($12.9 million adjusted for restructuring) in the prior-year period, reflecting the positive impact of ongoing operational improvements and restructuring.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Coatings Segment </font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(12% of Sales)</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Global galvanizing, painting and anodizing services.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sales of $75.3 million were essentially flat with last year. The positive impact of the acquisition of American Galvanizing last year mostly offset lower sales in the Asia-Pacific region.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Operating income was $14.0 million, or 18.6% of sales, compared to $7.9 million ($12.6 million adjusted for restructuring), in the prior-year period.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Energy and Mining Segment </font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(13% of Sales)</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Offshore structures, engineered access systems and grinding media.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sales of $80.7 million were 6.5% lower than last year due to reduced sales of access systems and grinding media products partially offset by increased sales of wind tower products. Continued weakness in the oil and gas markets led to lower offshore structure and access systems sales into those markets.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Operating income was $3.3 million or 4.1% of sales compared to $2.7 million ($4.2 million adjusted for restructuring), in the prior-year period. Last year&#8217;s restructuring helped mitigate the impact of weaker access systems markets on operating performance.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><u>Agriculture-related</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Irrigation Segment </font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(24% of Sales)</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Agricultural irrigation equipment, parts, services and tubular products.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Sales of $152.3 million were down 12% due to lower North America irrigation equipment and tubing sales. Irrigation equipment sales in North America were muted by restrained capital investment by growers facing forecasts of further pressure on net farm income. Given a declining sales environment, industry pricing was competitive although relatively disciplined, its impact mitigated by lower average input costs. International irrigation equipment sales were comparable to last year despite unfavorable currency translation effects. The international irrigation business benefited from Valmont&#8217;s geographic diversification, supporting the business.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Tubing sales fell despite recent firmness in steel prices. In the past, steel inflation has led to higher tubing sales. This year, declines reflected customer wariness over short-term steel price volatility.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Operating income fell 13% to $27.8 million impacted by the lower volumes. Operating income as a percent of sales of 18.2% was similar to last year despite lower revenue, due to cost management and lower input costs.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Outlook:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">&#8220;We do not expect a significant short-term improvement in our end markets, and we see continued downward pressure in the irrigation market,&#8221; Mr. Bay said. &#8220;With steel being a major input cost, our guidance of earnings per-share between $6.31 and $6.49 in 2016 takes into account some margin pressure in the second half, particularly in the Engineered Support Structures Segment, and assumes stable steel prices for the remainder of the year.&#8221;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">&#8220;Our goal of improving earnings in a challenging environment is showing results. Looking forward, we are investing in new products, opening new markets and pursuing acquisitions to drive future profitable growth in our infrastructure and agricultural markets.&#8221;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">&#8220;Long-term, our outlook is quite positive due to the strong inherent drivers in infrastructure and agriculture markets.&#8221;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: bold">An audio discussion of Valmont&#8217;s second quarter results </font>will be available live by</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Telephone by dialing 1-877-493-2981 and entering Conference ID#:15297367 or via Webcast at 8:00 a.m. CDT July 21, 2016 at <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>https://engage.vevent.com/rt/valmontindustries_ao~15297367</u></font>.&#160; A replay is available through the above link or by telephone (877-493-2981 or 404-537-3406, Conference ID#:15297367) beginning July 21, 2016 at 10:00 a.m. CDT through 12:00 p.m. CDT on July 28, 2016. The Company&#8217;s slide presentation for the call&#160;will be simultaneously available&#160;on the investor relations tab at <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>www.valmont.com</u></font> under Investor Relations.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its mechanized irrigation equipment for large scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management&#8217;s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont&#8217;s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont&#8217;s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont&#8217;s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.</div>

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<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">25-Jun-16</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">27-Jun-15</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">25-Jun-16</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">27-Jun-15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Net sales</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160; 640,249</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160;&#160; 682,123</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$ 1,236,854</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; 1,352,521</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Cost of sales</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;465,132</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;512,575</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;900,768</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;1,017,519</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gross profit</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;175,117</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;169,548</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;336,086</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;335,002</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Selling, general and administrative expenses</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;103,311</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;115,548</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;201,915</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;223,319</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Operating income</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;71,806</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;54,000</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;134,171</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;111,683</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Other income (expense)</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Interest expense</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,122)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,232)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,176)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(22,360)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Interest income</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;707</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;616</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,518</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,490</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,252</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(28)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(426)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;988</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,163)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(10,644)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(21,084)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,882)</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 30.6pt; LINE-HEIGHT: 13.7pt">Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,643</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43,356</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;113,087</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,801</div>
</td>
</tr>

<tr>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Income tax expense</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19,201</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,917</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35,474</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,855</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 30.6pt; LINE-HEIGHT: 13.7pt">Net earnings</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43,442</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29,439</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,613</u></div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60,946</u></div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Less:&#160; Earnings attributable to non-controlling interests</div>
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<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,416)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,566)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,618)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,334)</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 30.6pt; LINE-HEIGHT: 13.7pt">Net earnings attributable to Valmont Industries, Inc.</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; 42,026</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160;&#160; 27,873</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; 74,995</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160;&#160; 58,612</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Average shares outstanding (000's) - Basic</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,602</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,336</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,651</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,602</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Earnings per share - Basic</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.86</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 1.19</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160; 3.31</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 2.48</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Average shares outstanding (000's) - Diluted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,749</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,450</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,782</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,716</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Earnings per share - Diluted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.85</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 1.19</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160; 3.29</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 2.47</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Cash dividends per share</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; &#160; 0.375</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160;&#160; 0.375</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; 0.750</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160;&#160; 0.750</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<table id="z3f44448f618b4a2db00d08d5f55c7e33" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">VALMONT INDUSTRIES, INC. AND SUBSIDIARIES</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SUMMARY OPERATING RESULTS</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: middle" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Dollars in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(unaudited)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 29.19%; VERTICAL-ALIGN: bottom" colspan="3">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 27.22%; VERTICAL-ALIGN: bottom" colspan="3">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 29.19%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Second Quarter</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-WEIGHT: bold">13 Weeks Ended</font></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 27.22%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Year-to-Date</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-WEIGHT: bold">26 Weeks Ended</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">25-Jun-16</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">27-Jun-15</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">25-Jun-16</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">27-Jun-15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Net sales</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Engineered Support Structures</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160; 203,916</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160;&#160; 200,756</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; 380,887</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160;&#160; 378,660</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Utility Support Structures</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;151,245</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;162,929</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;295,765</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;339,270</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Energy and Mining</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;80,692</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;86,302</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;153,141</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;174,363</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Coatings</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;75,298</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;76,093</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;143,879</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,453</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Infrastructure products</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;511,151</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;526,080</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;973,672</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;1,042,746</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Irrigation</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;152,252</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,303</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;310,766</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;347,880</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,342</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,511</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Less: Intersegment sales</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(23,154)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,602)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(47,584)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(42,616)</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; 640,249</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160;&#160; 682,123</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$ 1,236,854</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; 1,352,521</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Operating Income</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Engineered Support Structures</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160; &#160; 20,968</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160;&#160; 16,219</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160; 35,176</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;$&#160; &#160; &#160;&#160; 25,669</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Utility Support Structures</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,528</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,399</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,296</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,756</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Energy and Mining</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,341</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,698</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,243</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,064</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Coatings</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,023</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,862</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25,436</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;18,861</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Infrastructure products</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;55,860</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37,178</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;98,151</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;77,350</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Irrigation</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27,763</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;31,865</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,608</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,039</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,271)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,379)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;Corporate</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,817)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,772)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(20,588)</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(25,327)</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160; &#160; 71,806</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; &#160;&#160; 54,000</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160; 134,171</u></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160; &#160;&#160; 111,683</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Valmont has aggregated its business segments into five global reportable segments as follows.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Engineered Support Structures:</font> This segment consists of the manufacture of engineered metal structures and components for lighting and traffic, wireless communication, and roadway safety.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Utility Support Structures:</font> This segment consists of the manufacture of engineered steel and concrete structures for the utility industry.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Energy and Mining:</font> This segment includes the manufacture of access systems applications, forged steel grinding media, and offshore oil and gas and wind energy structures.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Coatings:</font> This segment consists of galvanizing, painting and anodizing services.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">Irrigation:</font> This segment consists of the manufacture of agricultural irrigation equipment and related parts and services for the agricultural industry and tubular products for industrial customers.</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="z975dbdc931fa4421a019ea5a8050fc6d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">VALMONT INDUSTRIES, INC. AND SUBSIDIARIES</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">CONDENSED CONSOLIDATED BALANCE SHEETS</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Dollars in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(unaudited)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">25-Jun-16</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">27-Jun-15</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><u>ASSETS</u></div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Current assets:</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Cash and cash equivalents</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; &#160; 344,346</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; 317,523</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Accounts receivable, net</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;469,674</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;491,706</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Inventories</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;372,106</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;379,897</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Prepaid expenses</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60,725</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,653</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Refundable and deferred income taxes</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,441</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,072</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current assets</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,267,292</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;1,289,851</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">Property, plant and equipment, net</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;526,347</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;570,977</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">Goodwill and other assets</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;602,234</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;706,564</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160;&#160; 2,395,873</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$ 2,567,392</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table id="z3bdf2c004e8d4ee18bd0248bd29e9e68" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><u>LIABILITIES AND SHAREHOLDERS' EQUITY</u></div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Current liabilities:</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Current installments of long-term debt</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; &#160; 889</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; &#160;&#160; 1,096</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Notes payable to banks</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,735</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,914</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Accounts payable</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;183,126</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;186,421</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Accrued expenses</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;161,784</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;165,138</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;Dividend payable</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,505</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,733</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current liabilities</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;358,039</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;369,302</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">Long-term debt, excluding current installments</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;756,543</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;765,272</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">Other long-term liabilities</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;287,120</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;292,225</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.1pt">Shareholders' equity</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;994,171</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u>&#160;&#160;&#160;&#160;&#160;&#160;1,140,593</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$&#160;&#160; 2,395,873</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt"><u style="BORDER-BOTTOM: 1px solid">&#160;$ 2,567,392</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table id="za4d8fbee025743a698105a34035df756" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Dollars in thousands) and unaudited</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">YTD</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">YTD</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>Cash flows from operating activities</u></div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">25-Jun-16</u></div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u style="BORDER-BOTTOM: 1px solid">27-Jun-15</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Net Earnings</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; &#160; &#160; 77,613</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160;&#160; 60,946</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Depreciation and amortization</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40,804</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47,761</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Contribution to defined benefit pension plan</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(712)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,735)</div>
</td>
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<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Change in working capital</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,615)</div>
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<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,804</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,484</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,569</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net cash flows from operating activities</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 19.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;93,574</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 17.61%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;118,345</div>
</td>
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<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>Cash flows from investing activities</u></div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Purchase of property, plant, and equipment</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(26,019)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(24,758)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Increase in restricted cash - pension plan</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,652)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;219</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,997</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net cash flows from investing activities</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 19.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(39,452)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 17.61%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(17,761)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>Cash flows from financing activities</u></div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Net borrowings on short and long-term agreements</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,934</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,547)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Purchase of treasury shares</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(28,621)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(121,020)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Purchase of noncontrolling interest</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(11,009)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Dividends paid</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(17,098)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(17,956)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,599</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,311)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net cash flows from financing activities</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 19.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(52,195)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 17.61%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(146,834)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Effect of exchange rates on cash and cash equivalents</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,655)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7,806)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Net change in cash and cash equivalents</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,728)</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(54,056)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Cash and cash equivalents - beginning of year</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;349,074</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;371,579</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Cash and cash equivalents - end of period</div>
</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 19.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; &#160; 344,346</div>
</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 17.61%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 13.1pt">&#160;$&#160; &#160; &#160; 317,523</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55.73%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.51%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 19.56%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.61%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="z4f5e38f6d48c4f80be83aa1073d5e722" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-WEIGHT: bold">VALMONT INDUSTRIES, INC. AND SUBSIDIARIES</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-WEIGHT: bold">SUMMARY OF EFFECT OF SIGNIFICANT NON-RECURRING ITEMS ON REPORTED RESULTS</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><br>
</font><font style="FONT-WEIGHT: bold">REGULATION G RECONCILIATION</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Dollars in thousands, except per share amounts)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(unaudited)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The non-GAAP tables below disclose the impact on (a) diluted earnings per share of (1) restructuring costs, and (2) the non-cash after-tax loss or gain associated with adjusting the fair value of Delta EMD Pty. Ltd (Delta EMD) shares owned to its quoted market price at June 25, 2016 and June 27, 2015,&#160;&#160; (b) operating income of restructuring costs, and (c) segment operating income of restructuring costs. Amounts may be impacted by rounding. We believe it is useful when considering company performance for the non-GAAP adjusted net earnings and operating income to be taken into consideration by management and investors with the related reported GAAP measures.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Second Quarter Ended June 25, 2016</div>
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<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Diluted earnings per share</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
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<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Diluted earnings per share</div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net earnings attributable to Valmont Industries, Inc. - as reported</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 42,026</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.85</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 74,995</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 3.29</div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Fair market value adjustment, Delta EMD - after-tax</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,035</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.05</div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net earnings attributable to Valmont Industries, Inc. - Adjusted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 42,076</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.85</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 76,030</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 3.34</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Average shares outstanding (000's) - Diluted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,749</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22,782</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Second Quarter Ended June 27, 2015</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Diluted earnings per share</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Year-to-Date June 27, 2015</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Diluted earnings per share</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net earnings attributable to Valmont Industries, Inc. - as reported</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 27,873</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.19</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 58,612</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 2.47</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Restructuring expenses - after tax</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,828</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.42</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,324</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.44</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Fair market value adjustment, Delta EMD - after-tax</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;167</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0.01</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(433)</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(0.02)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net earnings attributable to Valmont Industries, Inc. - Adjusted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 37,868</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; &#160; 1.61</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 68,503</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">2.89</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Average shares outstanding (000's) - Diluted</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,450</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23,716</div>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt"><u>Operating Income Reconciliation</u></div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Second Quarter Ended June 25, 2016</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Operating Income as a % of Sales</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Second Quarter Ended <br>
 June 27, 2015</div>
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<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt">Operating Income as a % of Sales</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Operating income - as reported</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 71,806</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">11.2%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 54,000</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">7.9%</div>
</td>
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<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Restructuring expenses - before tax</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,273</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Adjusted Operating Income</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.57%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 71,806</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">11.2%</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.21%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 68,273</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">10.0%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net Sales</div>
</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; 640,249</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160;&#160; 682,123</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 38.66%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.43%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.57%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 13.12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<table id="z455e38b882e54e63a5c0e62dcec5241a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 59.84%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt"><u>For the Second Quarter Ended June 25, 2016</u></div>
</td>
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<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt"><u>Segment Operating Income Reconciliation</u></div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Engineered Support Structures</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Energy and Mining</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Utility Support Structures</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Coatings</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Irrigation</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Other/ Corporate</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Operating income - as reported</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; 20,968</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 3,341</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 17,528</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 14,023</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 27,763</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; (11,817)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Net Sales</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; 203,916</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 80,692</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; 151,245</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 75,298</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160;&#160; 152,252</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Operating Income as a % of Sales</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">10.3%</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">4.1%</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">11.6%</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">18.6%</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
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<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">18.2%</div>
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<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
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<table id="zb8406747d06b49c38310b04ca96a4570" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 59.84%; VERTICAL-ALIGN: bottom" colspan="9">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 11.95pt"><u>For the Second Quarter Ended June 27, 2015</u></div>
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<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt"><u>Segment Operating Income Reconciliation</u></div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Engineered Support Structures</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Energy and Mining</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">&#160;</div>
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<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Utility Support Structures</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Coatings</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Irrigation</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Other/ Corporate</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Operating income - as reported</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; 16,219</div>
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<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 2,698</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 10,399</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160; 7,862</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 31,865</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; (15,043)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Restructuring expenses - before tax</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,029</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,541</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,455</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,769</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;349</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,130</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Adjusted Operating Income</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; 19,248</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160; &#160;&#160; 4,239</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.91%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 12,854</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160; &#160;&#160; 12,631</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; 32,214</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.05%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;$&#160; &#160; &#160;&#160; (12,913)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Net Sales</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;$&#160; &#160; &#160; &#160;&#160; 200,756</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;86,302</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;162,929</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;76,093</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;173,303</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Operating Income as a % of Sales</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.09%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">8.1%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">3.1%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1.96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.91%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">6.4%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.01%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10.54%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">10.3%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 2.01%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.82%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">18.4%</div>
</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 31.07%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.95pt">Adjusted Operating Income as a % of Sales</div>
</td>
<td style="WIDTH: 9.09%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">9.6%</div>
</td>
<td style="WIDTH: 10.54%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">4.9%</div>
</td>
<td style="WIDTH: 1.96%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.95pt">&#160;</div>
</td>
<td style="WIDTH: 10.91%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
