The Company also expects export volume to be lower in 2014 as compared to 2013, offsetting the anticipated increase  in consumer volume. Large crops in Mexico and the U.S. in fiscal 2013 resulted in significant surplus inventories and will  therefore limit export opportunities in these countries in fiscal 2014.The Company will continue to investigate other export  opportunities similar to those developed several years ago in Mexico, in order to secure additional export sales.  Overall, total sales volume and adjusted gross margin rates are expected to be slightly lower in fiscal 2014 as compared to  fiscal 2013 due to further reductions in export volume and an increasingly competitive environment in the consumer and  industrial segments.  Looking ahead, we are pleased to see progress in the negotiations with the Comprehensive Economic and Trade Agreement  (“CETA”), which is a positive development for the Canadian sugar industry. Under the agreement, Canada will not have  direct access to the European Union market but will be able to secure additional exports of sugar-containing products  (“SCP”).The initial SCP volume is set at 30,000 metric tonnes growing in 5 year increments to 51,840 metric tonnes over  15 years. Although the CETA agreement is positive news for the Canadian sugar industry, the new trade agreement is not  expected to have any impact in fiscal 2014 as it may take up to two years for it to be ratified by all parties. We would like to take this opportunity to thank all employees and management across Canada for their dedication and hard  work.We have faced and surmounted many challenges this year.The effort overall is greatly appreciated and together we will  continue to maximize each opportunity as presented to benefit the shareholders of Rogers Sugar Inc.  Edward Makin President and Chief Executive Officer November 14, 2013 Annual Report 2013 3