our pharmaceutical division continued its growth thanks to  its strategy of putting health and the pharmacists’ expertise  at the heart of the customer’s experience. we opened 13 new  Brunet Target affiliated pharmacies in Québec, which has  increased our presence in the greater Montréal area. on August 8, 2014, we acquired a 75% interest in Boulangerie  Première Moisson, the famous Québec bakery that operates  in the Montréal region. late in the year, we also acquired two  supermarkets in ontario, which were immediately converted  to our Food Basics banner. Given our excellent financial situation, the Company’s Board  of directors has approved a change to our dividend policy. we  will now aim for an annual dividend payout of 20% to 30% of  the net earnings of the previous fiscal year, the target being  set at 25%, compared to a target of 20% previously. OUTLOOk (3) Competition will remain intense in 2015 and consumers will  be more demanding than ever. digital media and technology  alter shopping habits. However, we expect slower growth of  industry square footage as well as a return to more normal  levels of food price inflation. we will continue in 2015 to execute our strategy based on  a differentiated customer experience in each of our store  formats. It will be supported by investments in our network  of stores of close to $300 million, increasing our operational  efficiency and developing our talent. In our Metro supermarkets, we will spare no effort over the  coming years to improve product quality, assortment and  presentation, as well as customer service. we created a new  Vice President position, Customer experience, Metro banner,  in order to accelerate our efforts aimed at simplifying our  customers’ lives and exceeding their expectations, notably  regarding healthy eating. Boulangerie Première Moisson represents an interesting  growth opportunity and strengthens the Metro banner Fresh positioning.  we will continue to leverage our loyalty programs and develop  our digital ecosystem in 2015. The fall 2013 launch of our new  website and mobile app enabled us to increase the frequency  of communications with our customers and to offer new  personalized tools to our loyal customers.  we intend to continue our investments in the super C and  Food Basics discount stores and plan to open a few new stores.  new Adonis stores will also be added in the coming year to the current eight stores, two of which are located in ontario. Eric R. La Flèche  PResIdenT And CHIeF exeCuTIVe oFFICeR Finally, I would like to thank sincerely our 65,000 employees  who strive to exceed our customers’ expectations every single  day. I also thank our directors for their unwavering support  and of course our shareholders, for their trust and confidence. we remain on the lookout for any opportunity to grow our  market share in the food and pharmacy sector. our financial  situation is very healthy and we will continue to rigorously  manage our costs. our acquisition decisions will continue to  reflect disciplined financial management in the best long-term  interest of the Company and its shareholders. our success rests on the strength of our team. developing  talent is at the heart of our action. we will therefore continue to develop strong talent pools that reflect our customers’  diversity and that will be ready to meet tomorrow’s  competitive challenges.  our pharmacy sector will continue its growth by expanding,  renovating or opening new locations. The Brunet banner will  continue to focus on its community pharmacy positioning and  add new services. (1)  see table on “net earnings from continuing operations adjustments” on page 19 in the Md&A. (2)  see section on ‘’IFRs and non-IFRs measurements’’ on page 31 in the Md&A. (3)  see section on “Forward-looking information” on page 31 in the Md&A. meSSAGe FROm THe PReSIdeNT ANd CeO 2014 ANNUAL RePORT  meTRO 5