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2014 was a year of change for Garmin.

Notably, we entered new markets and we

launched new product categories that

produced growth in both revenue and

prots. In 2014, revenue grew 9% for the

full year and our pro-forma EPS grew 18%,

ahead of revenue, due to strong margin

performance and operating expenses that

grew consistent with sales. This successful

outcome was made possible by the dedication

and hard work of Garmin associates around

the globe. I am proud of what our team

has accomplished and I am thankful for the

strong contributions made by our associates.

One of Garmin’s greatest strengths is the

diversity of our target markets and product

portfolio. While we are excited about the

new markets we have entered and the new

product categories that we have launched,

we also recognize that we could not have

achieved these results without the strong

contributions from existing markets and

product categories. In 2014, we further

diversied our business, generating 57%

of our revenue and 69% of our operating

income from Aviation, Fitness, Marine,

and Outdoor. While the PND market size

continues to decline, we have oset some

of the declines with market share gains,

and we have invested in new markets

and product categories that have further

softened the impact. We believe we are

in a stronger position thanks to the

intentional investments we have been

making to diversify our business.

CLIFF PEMBLE

PRESIDENT AND CEO

As we look at 2015 and beyond, we will

continue to employ a strategy of multi-

market diversication. We will focus on

building share in recently entered markets

and product categories, while investing for

the future by creating more new markets

and categories where we can play an

essential role in the lives of our customers.

We will continue to invest in our core

markets creating compelling, innovative,

and dierentiated products that our

customers seek.

I want to thank our shareholders for your

ongoing support of our business and

strategy. We will continue to focus on the

long term, building a sustainable enduring

company that plays an ever increasing role

in the lives of our customers.

Dear Shareholders,