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## ST OCK OPTIONS PLAN 

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## NORMAL COURSE ISSUER BID PROGRAM 

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. 

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 $. 

## DIVIDEND POLICY 

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 . 

