• In  March, we optimized distribution operations by transferring our volume from the Québec city produce distribution  centre  to our new Laval  distribution  centre, consolidating  produce and  dairy distribution operations. • W e  added 350 new products to our private labels, including 91 new  Life Smart  products. Our private labels were  honoured  at the Store Brands Innovation Awards 2014, winning no fewer than seven awards, at the 21 $^{st}$ Canadian  Grand Prix New Product  Awards  presented by the Retail Council of Canada in T oronto,  where METRO walked  away  with three of the six private label category awards. Lastly, for the second year in a row, our products won the  PLMA  (Private Label Manufacturers Association) award in  three  categories  in  Chicago; • W e  expanded the  My Healthy Plate with Metro  program, adding smile tags in over 60 product categories and  bringing  the total of smile-tagged products to over 3,000. The smiles enable customers to quickly identify good and  great  product choices  for  healthy  eating; • We continued to develop our Web and mobile platforms to make life easier for our customers. The metro.ca website  and mobile application  My Metro  now display the smiles identifying good and great healthy choices by product  category  to help users when they draw up their shopping list. Also, users can use the  My Metro mobile application  to  scan the bar codes of the pantry staples they’re running low on and add them automatically to the shopping list; • In  view of our excellent financial position, the Board of Directors approved a change to our dividend policy .  Our  aim henceforth is an annual dividend that represents 20% to 30% of the preceding fiscal year ’s  adjusted net  earnings $^{$_{ }$(4) }$with a target payout  of  25%  versus  the  previous target  of 20%; • We  continued our normal course issuer bid program with over 7 million shares repurchased on the market over  the  fiscal  year . Since 2011, we have  returned  nearly $1.3 billion  to  our shareholders  through stock  repurchases. The Corporation deemed market conditions to be favourable to long-term financing. On December 1, 2014, the  Corporation  issued a private placement of $300.0 million aggregate principal amount of Series C unsecured senior notes,  bearing  interest at a fixed nominal rate of 3.20% and maturing December 1, 2021, and $300.0 million aggregate principal  amount of Series D unsecured senior notes, bearing interest at a fixed nominal rate of 5.03% and maturing  December 1, 2044. Supplementary information on the allocation of the proceeds of these issues is given under the  Sources of  Financing  section. EVENT  AFTER THE REPORTING PERIOD $^{(1)}$ See table on "Operating income before depreciation and amortization and associate's earnings adjustments"  $^{(2)}$ See table on "Net earnings from continuing operations adjustments" $^{(3)}$ See section on "Forward-looking information" $^{(4)}$ See section on "IFRS and non-IFRS measurements"  $^{(5)}$ See table on "Net earnings adjustments" -  15 -