TABLE OF CONTENTS Page The following Management's Discussion and Analysis sets out the financial position and consolidated results of METRO INC. for t he  fiscal year ended September 27, 2014, and should be read in conjunction with the annual consolidated financial statements and t he  accompanying notes as at September 27, 2014. Certain comparative figures in this report have been restated as a consequence of  amendments to the accounting policy related to employee benefits which the Corporation adopted in fiscal 2014 (see note 3 of th e  consolidated financial statements). This report is based upon information as at November 28, 2014 unless otherwise indicated. Additional  information, including the Annual Information Form and Certification Letters for fiscal 2014, is available on the SEDAR website  at  www.sedar.com. - 12 - Event after the reporting period ..................................................................................................................... Forward-looking information .......................................................................................................................... Overview ....................................................................................................................................................... 13 Goal, mission and strategies ......................................................................................................................... 13 Key performance indicators ........................................................................................................................... 14 Key achievements in fiscal 2014 ................................................................................................................... 14  15 Selected annual information .......................................................................................................................... 16 Outlook .......................................................................................................................................................... 17 Operating results ........................................................................................................................................... 18 Quarterly highlights ....................................................................................................................................... 20 Cash position ................................................................................................................................................ 22 Financial position .......................................................................................................................................... 23 Sources of financing ...................................................................................................................................... 25 Contractual obligations .................................................................................................................................. 26 Related party transactions ............................................................................................................................. 26 Fourth quarter ............................................................................................................................................... 27 Derivative financial instruments ..................................................................................................................... 29 New accounting policies ................................................................................................................................ 29  31 IFRS and Non-IFRS measurements .............................................................................................................. 31 Controls and procedures ............................................................................................................................... 31 Significant judgements and estimates ........................................................................................................... 32 Risk management ......................................................................................................................................... 33 Management's responsibility for financial reporting ....................................................................................... 36 Independent auditors' report .......................................................................................................................... 37 Annual consolidated financial statements ...................................................................................................... 39