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## DEPRECIA TION AND AMORTIZATION AND NET FINANCIAL COSTS 

T otal depreciation and amortization expense for the fourth quarter amounted to $ 40.1 million versus $ 41.3 million in 2013 . Net financial costs for the fourth quarter of 2014 totalled $ 12.1 million compared to $ 10.5 million for the corresponding quarter last year. 

## SHARE OF AN ASSOCIATE'S EARNINGS 

Our share of earnings in Alimentation Couche-Tard was $16.6 million for the fourthquarter of 2014versus $15.0million for the corresponding quarter of 2013. 

## INCOME TAXES 

2014 fourth quarter income tax expense of $ 37.2 million represented an ef fective tax rate of 24.3 % compared with $ 27.4 million and 25.6 % for the corresponding quarter of 2013. 

## NET EARNINGS 

Net earnings for the fourthquarter of 2014were $115.6 million, an increase of 45.4% over net earnings of $79.5 million for the same quarter of 2013. Fully diluted net earnings per share rose 59.0% to $1.32from $0.83last year. 

## ADJUSTED NET EARNINGS (4) 

Excluding the 2013 fourth quarter $ 29.4 million after-tax restructuring costs for the reorganization of our Ontario store network, net earningsof $115.6 million were up 6.2% in the fourth quarter of 2014. Fourth quarter fully diluted net earnings per share in 2014 were up 14.8% on an adjusted basis. 

## Net earnings adjustments 

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## CASH POSITION 

## Operating activities 

Operating activities generated cash flows of $ 128.5 million in the fourth quarter of 2014 compared to $ 159.6 million in the same quarter of 2013 . The fourth quarter decrease is attributable mainly to changes in non-cash working capital items. 

## Investing activities 

Investing activities required outflows of $ 162.1 million in the fourth quarter of 2014 versus $ 44.1 million in the same quarter of 2013. This increase is mainly due to business acquisitions. 

## Financing activities 

In the fourthquarter of 2014, financing activities generated cash flows of $35.3 million versus outflows of $123.1 million required in the same quarter of 2013 . This change is largely attributable to the lower redemption of shares in 2014 , in the amount of $ 68.0 million versus $ 98.3 million for the same quarter of 2013 , and also to a $ 128.9 million increase in our debt in the fourthquarter of 2014versus a $0.7 million increase in the fourth quarter of 2013. 

