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## Notes to consolidated financial statements 

September 27, 2014 and September 28, 2013 

(Millions of dollars, unless otherwise indicated) 

In the normal course of business, the following transactions have been entered into with related parties: 

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Compensation for the principal of ficers was as follows: 

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## 29. MANAGEMENT OF CAPITAL 

The Corporation aims to maintain a capital level that enables it to meet several objectives, namely: 

• Striving for a percentage of non-current debt to total combined non-current debt and equity (non-current debt/total capital ratio) of less than 50%. 

• Maintaining an adequate credit rating to obtain an investment grade rating for its term notes. 

• Paying total annual dividends representing a range of 20% to 30% of the prior fiscal year's net earnings, excluding non recurring items, with a target of 25%. 

In its capital structure, the Corporation considers its stock option and PSU plans for key employees and of ficers. In addition, the Corporation's stock redemption plan is one of the tools it uses to achieve its objectives. 

The Corporation is not subject to any capital requirements imposed by a regulator. 

The Corporation's fiscal 2014 annual results regarding its capital management objectives were as follows: 

• a non-current debt/total capital ratio of 28.0% (18.8% as at September 28, 2013); 

• a BBB credit rating confirmed by S&Pand DBRS (same rating in 2013); 

• a dividend representing 21.8 % of net earnings, excluding non recurring items, for the previous fiscal year ( 18.7% in 2013 ). 

The capital management objectives remain the same as for the previous fiscal year except for the total annual dividend with a target of 25% instead of 20%. 

