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In 2005, MeTRo truly consolidated its position in ontario by acquiring A&P Canada for $1.7 billion. At the time, A&P Canada operated 234 stores in ontario with $4.6 billion in annual sales. It was a crucial time in our history. with that acquisition, we became the second largest player in ontario. we took advantage of a unique opportunity to go from a solid regional base to a much broader platform, with greater geographic diversification. MeTRo then continued its growth and consolidated its position, particularly in ontario, where its five conventional supermarket banners were brought together under the Metro banner. 

In 2008, the time had come to make way for a young senior executive who had earned his stripes in several positions within MeTRo. eric R. la Flèche was appointed President and Chief executive officer and I became executive Chair of the Board. 

The Company continued to grow and made several acquisitions: GP food stores in fiscal 2010 to consolidate our presence in eastern Québec; Marché Adonis in fiscal 2012 to better meet the needs of cultural communities and increase our ethnic product offering; Boulangerie Première Moisson last summer, the reference in bakery in Québec. MeTRo is always on the lookout for good opportunities. our acquisitions have always been guided by disciplined financial management, in the best long-term interest of MeTRo and its shareholders. 

MeTRo has experienced constant growth since 1990, which as you know represents an exceptional performance in such a competitive market. over the past 24 years: 

— sales have gone from $2.2 billion to $11.6 billion. 

— Retail square footage has gone from 5.1 million to 20.1 million square feet. 

— From a loss of $9 million, net earnings reached $456.2 million. 

— Market capitalization went from $55 million to $7.5 billion. 

— net earnings per share went from a $0.16 loss to a profit of $5.13 per share. 

— And the share price of $0.74 reached $90.80 as at december 1, 2014. 

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## LOeB 

entry into the ontario 

market with the acquisition of 40 loeb supermarkets 

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## A&P CANAdA 

Consolidating our position 

in ontario by acquiring A&P Canada 

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## GP FOOd STOReS 

As a result, MeTRo is now one of the largest companies in Canada. 

It has been a wonderful experience, which also included tough and even critical periods along the way. But my vision always remained the same, namely to make decisions based not only to foster MeTRo’s short-term growth, but especially its long-term growth, for the benefit of all stakeholders. 

I am of course very proud of MeTRo’s growth. A company’s success over a long period of time stems from two key factors: a solid balance sheet to ensure its sustainability and first and foremost competent, engaged and passionate individuals who make up a winning team. I therefore have no concerns about the Company’s future. 

In closing, I would like to thank MeTRo’s shareholders for their support, my fellow Board colleagues for their contribution and more particularly Paul Gobeil, my partner for all these years, and all the members of MeTRo team. It has been a great pleasure and a privilege to be part with you of MeTRo’s growth. 

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## mARCHé AdONIS 

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## PRemIèRe mOISSON 

