Message from the President and CEO sales reached $11,590.4 million in 2014, compared to  $11,399.9 million last year, up 1.7%. After experiencing a  slowdown in the first two quarters, our sales improved in  the second half of the year and achieved 3.9% growth in the  fourth quarter. we invested prudently to reduce our retail  prices and we were encouraged by the progress of our sales  across all of our banners. net earnings were $456.2 million, compared to $703.9 million  in 2013, down 35.2%. However, excluding non-recurring  items from the 2013 and 2014 results, the main one being  the $266.4 million after-tax gain on the sale of part of our  investment in Alimentation Couche-Tard in 2013, adjusted net earnings from continuing operations (1)(2)  for 2014 were  $460.9 million, flat versus 2013. Adjusted fully diluted net  earnings per share (1)(2)  from continuing operations were $5.13 compared to $4.73 in 2013, up 8.5%. The higher growth  of the earnings per share is the result of the acceleration of our share repurchase program following the sale of the  Alimentation Couche-Tard shares in 2013, as we repurchased  7,092,900 common shares in 2014 at an average price of  $64.81 for a total consideration of $459.7 million. Return on equity was 16.6% in 2014 compared to  26.4% in 2013 (the 2013 return included the gain on  Alimentation Couche-Tard), exceeding 14% for the 21 st  consecutive year. on behalf of the MeTRo team, I would first like to extend  my sincere gratitude to Pierre H. lessard and Paul Gobeil for  their loyal services over the past 24 years, a period during  which MeTRo achieved a level of success that very few  people would have thought possible when they joined the Company. Pierre H. lessard has been the architect and builder of the  company that MeTRo is today, combining vision, teamwork,  financial discipline and hard work to transform MeTRo from  a wholesaler in trouble into a major Canadian distributor  and retailer with a market capitalization of $7.5 billion. His  legacy goes well beyond the enormous value creation for  shareholders. He established and nurtured a strong culture  focused on results. He leaves behind a company in excellent  financial shape, based in Québec, led by a solid management  team and whose governance is efficient and independent.  on a more personal note, he has been an inspiring leader  and generous mentor to whom I will always be grateful. we knew that 2014 would be a year filled with challenges.  The effects of the significant competitive square footage  additions registered in 2012 and 2013 continued to be felt  throughout the year while food inflation at the beginning  of the year was at historically low levels. In that difficult  environment our teams executed our business plans with  discipline, our merchandising strategies were renewed  and expenses well-managed, which allowed us to achieve  satisfactory results. our dividend per share was $1.15 compared to $0.965 in 2013,  up 19.2%. MeTRo’s share price traded within a range of  $60.00 to $74.80 during the 2014 fiscal year and the closing  price on september 26, 2014 was $73.87 compared to $64.74 at the end of the 2013 fiscal year.  we continued our strategy of investing in our network. Along with our merchants, we opened six new stores and carried  out major expansions and renovations in 25 others, resulting  in a gross expansion of 570,000 square feet and a net increase  of 134,000 square feet or 0.7% of our retail network.  The Québec division had another good year in 2014, despite  increased competition. The Metro banner continues to  innovate to provide a pleasant shopping experience and the  super C banner is well positioned in the discount segment. In ontario, the turnaround plan announced in 2013 is almost  completed. we have improved our network with some store  renovations and conversions of a few Metro stores into  Food Basics discount stores, as well as the implementation of a new commercial program at Food Basics. we recruited Carmen Fortino in september to lead the  ontario division. I am confident that his experience, deep  knowledge of the market and solid track record will enable  us to improve our position in this highly competitive market (3) . 4 meTRO 2014 ANNUAL RePORT meSSAGe FROm THe PReSIdeNT ANd CeO