ST OCK OPTIONS PLAN NORMAL  COURSE  ISSUER  BID PROGRAM DIVIDEND POLICY -  24 - $^{(1)}$ See table on "Operating income before depreciation and amortization and associate's earnings adjustments"  $^{(2)}$ See table on "Net earnings from continuing operations adjustments" $^{(3)}$ See section on "Forward-looking information" $^{(4)}$ See section on "IFRS and non-IFRS measurements"  $^{(5)}$ See table on "Net earnings adjustments" Given  our strong financial position, the Board of Directors has approved a change in the Corporation's dividend policy.  The  annual dividend payout represents a target range of 20% to 30% of the adjusted net earnings $^{(4) }$of the previous fiscal  year , with a target of 25% as opposed to the previous target of 20%. For the 20 $^{th}$ consecutive year, the Corporation paid  quarterly dividends to its shareholders. The annual dividend increased by 19.2 %,  to $ 1.1500  per share compared to  $ 0.9650 in 2013, for total dividends of $100.6 million in 2014compared to $91.5 million in 2013. Dividends paid in 2014 represented  21.8% of adjusted net earnings from continuing operations $^{(4) }$of the preceding fiscal year compared to 20.4%  in 2013 . The  Corporation decided to renew its normal course issuer bid program as an additional option for using excess funds  in  the Corporation’s best interest. The Board of Directors authorized the Corporation to repurchase, in the normal course  of  business, between September 10, 2014and September 9, 2015, up to 5,700,000of its Common Shares representing  approximately 6.7% of its issued and outstanding shares at the close of the T oronto  Stock Exchange on August 29,  2014. Repurchases are made through the stock exchange at market price and in accordance with its policies and  regulations, and in any other manner allowed by the stock exchange and by any other securities regulatory agency ,  including  private transactions. Between September 10, 2014 and November 28, 2014, the Corporation has repurchased  755,200 Common Shares  at  an  average  price  of  74.35 $, for a total  of  56.1 million  $.  Under  the normal course issuer bid program covering the period between September 10, 2013 and September 9, 2014,  the  Corporation  repurchased 7,000,000 Common  Shares  at  an  average price  of $64.38  for  a total of $450.6 million.  As at November 28,  2014 As at September 27,  2014 As at September 28,  2013 Stock options  (Thousands)  1,242 1,375 1,351 Exercise prices (Dollars)  24.73 to 74.06 24.73 to 74.06 24.73 to 66.29 W eighted average exercise price  (Dollars)  53.44 50.91 46.12 PERFORMANCE  SHARE  UNIT  PLAN As at November 28,  2014 As at September 27,  2014 As at September 28,  2013 Performance share units  (Thousands)  268 268 257