INDEPENDENT AUDITORS' REPORT  Management's responsibility for the consolidated financial statements Auditors' responsibility Opinion - 37 - 9 e ] e Z ] j Õ j e g ^ = j f k l Q g m f _ ? d g Z Y d D a e a l ] \ $^{1}$  CPA auditor, CA, public accountancy permit no. A120803 Montréal, Canada  December 12, 2014 To the shareholders of  METRO INC. We have audited the accompanying consolidated financial statements of METRO INC., which comprise the consolidated  statements of financial position as at September 27, 2014 and September 28, 2013, and the consolidated statements  of income, comprehensive income, changes in equity and cash flows for the years then ended, and a summary of  significant accounting policies and other explanatory information. Management is responsible for the preparation and fair presentation of these consolidated financial statements in  accordance with International Financial Reporting Standards, and for such internal control as management determines  is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,  whether due to fraud or error. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted  our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply  with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated  financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated  financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks  of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk  assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the  consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not  for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes  evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by  management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for  our audit opinion.  In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of  METRO INC. as at September 27, 2014 and September 28, 2013, and its financial performance and its cash flows for  the years then ended in accordance with International Financial Reporting Standards.