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## SHARE TRADING 

The value of METRO shares remained in the $60.00 to $74.80range throughout fiscal 2014($56.52to $75.81in 2013). A total of 71.7 million shares traded on the TSX during this fiscal year (73.8 million in 2013). The closing price on Friday, September 26, 2014 was $ 73.87, compared to $ 64.74  at the end of fiscal 2013 . Since fiscal year-end, the value of METRO shares has remained in the $ 72.80  to $ 91.46  range. The closing price on November 28, 2014 was $ 89.31. METRO shares have maintained sustained growth over the last 10 years, reflecting a performance superior to that of the S&P/TSX index and the Canadian Food Industry sector index. 

## COMP ARATIVE SHARE PERFORMANCE (10 YEARS)* 

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## SOURCES OF FINANCING 

Our operating activities as well as increased non-current debt generated respectively cash flows in the amount of $ 432.3 million and $396.3million in 2014. These major cash flows were used to finance our investing activities, including $ 207.4 million in fixed and intangible assets acquisition and $100.3 million in business acquisitions, to redeem shares for an amount of $459.7million, to pay dividends of $100.6million, and to carry out other investing and financing activities. 

At 2014  fiscal year-end, our financial position mainly consisted of cash and cash equivalents in the amount of $ 36.0 million, Series ANotes in the amount of $200.0 million maturing in 2015, a revolving credit facility of $600.0 million maturing in 2019, $ 391.7  million of which were used, and Series B Notes in the amount of $ 400.0 million maturing in 2035. 

W e believe that cash flows from next year's operating activities should be sufficient to finance the Corporation's investing activities, including approximately $300 million$^{(3)}$ in fixed and intangible asset acquisitions. 

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. 

