Our largest market has spent the past year in a deep recession that stubbornly defies efforts to turn it around. Despite the economic turmoil that has ensued, I am pleased to report that Couche-Tard has completed a profitable and, in fact, record year. I am equally pleased to inform you that we have left no stone unturned in our efforts to continue to deliver strong and sustainable returns.

And writing these words gives me considerable satisfaction and pride in our operation.

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It was a year like no other

Around the world, sophisticated economies deteriorated on an unprecedented scale. By February, 2009, 34 governments were injecting trillions of dollars of taxpayer funds to avert economic catastrophe. In the United States, the work force was shrinking at the incredible rate of half a million jobs a month.

Yet, here at Couche-Tard, we benefited from some of these developments, notably the collapse of crude oil pricing, to record the strongest net earnings in our history.

Revenues grew modestly by 2.7% to $15.8 billion. This was mainly due to acquisitions and same-store merchandise sales; motor fuel retail price declined in Canada and both price and volume declined in the U.S. Net earnings of $253.9 million, however, were up 34.1% over fiscal 2008. This was mostly due to improved motor fuel margins, recently acquired stores and sound cost management.

A Big Year for the Network

It was a big year for activity on the ground, as our network grew to just under 6,000 stores.

We added a net total of 324 units to our North American network during the last fiscal year. Then, just after the year closed, we signed a deal with Exxon Mobil for 43 company-operated stores in Phoenix and all the U.S. rights for the “On the Run” trademark, along with contracts for some 450 franchised stores.

The rapid and effective integration of new assets is a critical component of our success. Each Division Vice-President is responsible for the integrations within his division and it was a great effort from everyone.

We also completed 211 IMPACT conversions, meaning 61% of our corporate stores now have been remodelled.

I should also mention that we are now the first convenience store chain in Ho Chi Minh city, after signing a master franchise and licence agreement for the exclusive development right of the Circle K brand in the Socialist Republic of Vietnam.

Back in the U.S., our colleagues in the Southeast, Florida and Gulf divisions had more than economic storms to weather, being hammered yet again in hurricane season. They faced two huge storms – Gustav, which came ashore in Louisiana and resulted in the largest population evacuation in U.S. history, followed by Ike, which shut down the Texas oil refineries and disrupted the supply chain.

Convenience stores often play a major role in such times of stress. Once again, the Circle K community rallied to the challenge with countless acts of kindness and support both for colleagues and others affected by the storms.

A Time for Thanks

I want to express my sincere appreciation for the efforts of employees in realizing the performance of the year under review.

Couche-Tard has evolved into a unique organization, now nudging on 6,000 stores in 11 major North American markets. This has happened mostly through a unique business model which has at its core the extraordinary strength of motivated, empowered people.

Convenience stores are the most fundamental, one-on-one businesses. Couche-Tard has grown because customers like to come back to a store that is on their way, or nearby, and where they are treated promptly in a fair and friendly way. This is thanks to our people.

It leaves no doubt in my mind that the future for Couche-Tard is a bright one – and that it will be well-earned.

Finally, I want to thank all of our loyal customers. We will continue to ensure that Couche-Tard always has a place of choice in your hearts.