Page 4 - GurpreetSingh_AnnualReport_Dorel

LETTER

TO

SHAREHOLDERS

Dear Fellow Shareholder,

Dorel successfully navigated challenging conditions in several markets
in 2016. Generally, I am pleased with the results achieved, particularly
in inventory control and cash flow management. We are considerably

less leveraged than a year ago. Year-over-year, the Company’s net debt
position has been reduced by US$96.0 million. Our focus this year is to

move the needle in our Juvenile and Sports segments where further
progress is required, and to concentrate on markets outside the U.S.
where we already have a solid base.

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