Message from the Chair of the Board subject to being re-elected at the shareholders Meeting in  January of 2015, Réal Raymond will become the next Chair of  the Board of MeTRo. Mr. Raymond has been a MeTRo director  since 2008 and lead director since 2010. He spent his whole  career at national Bank and was President and Chief executive  officer from 2002 to 2007. we are proposing two new directors,  Maryse Bertrand and stephanie Coyles. Between now and 2016,  two more members will reach the age limit and the Board is  preparing an orderly transition. After the next Annual Meeting, I will be leaving MeTRo as  Chair of the Board, a position that I have held since 2008,  after 24 years filled with challenges, growth and changes.  It has been an extraordinary journey, which began on  october 1, 1990, when I joined MeTRo as President and Ceo and Paul Gobeil as Vice-Chair of the Board. The Company was going through difficult times. In fact,  for the second straight year, MeTRo recorded losses of  $9 million, despite sales of $2.2 billion. The share traded  at $0.74. we carried out a major restructuring and it was  what MeTRo needed to get back to profitability. one year  later, for fiscal year 1991, profits reached $9.4 million, an  $18.4 million turnaround. That turnaround enabled us, in 1992, to acquire half of the  steinberg supermarkets in Québec, the largest grocery store  chain for several decades, which was in financial trouble at  the time. we invested $100 million to buy 48 supermarkets  mainly located on the Island of Montréal, where MeTRo was  not very present, representing a volume of $600 million. It  was a crucial transaction that transformed MeTRo into a  retailer in addition to a distributor. The food distribution industry continues to be very competitive.  The management team was however able to adapt to the  challenges by reviewing its merchandising programs and by focusing its actions on customer satisfaction and tight cost control. These efforts translated into good results, as adjusted net  earnings (1)  reached a record level and the share price increased  significantly. I would like to take this opportunity to congratulate  all members of the MeTRo team under the leadership of  eric R. la Flèche for their sustained efforts and their commitment. In 1998, the industry experienced a major consolidation.  sobeys purchased oshawa Group (IGA). loblaws acquired  Provigo and had to divest several loeb stores, mainly located  in the ottawa region, as a result of too much concentration.  That was MeTRo’s opportunity to make its entry into the  ontario market in 1999 by acquiring 40 loeb supermarkets  for $150 million and with sales of $500 million. Three directors are leaving the Board this year. John H. Tory,  director since 2011, resigned from the Board following his  election as Mayor of Toronto, while both Paul Gobeil and I  have reached the Board’s mandatory retirement age. I would  like to thank John for his contribution and wish him great  success in his new public responsibilities. I would particularly  like to acknowledge Paul Gobeil’s contribution to the success  of MeTRo, which he joined at the same time as I did, in 1990,  as Vice-Chair of the Board. BOARd OF dIReCTORS ReTROSPeCTIve Pierre H. Lessard, architect and builder of METRO STeINBeRG 48 steinberg supermarkets Pierre H. lessard and Paul  Gobeil join MeTRo  respectively as President and  Chief executive officer and  Vice-Chair of the Board (1)  see section on ‘’IFRs and non-IFRs measurements’’ on page 31 in the Md&A. 1990  1992  2 meTRO 2014 ANNUAL RePORT 