Okay, so I have a question...? (10 points for best answer)?

Okay now me and my friend were debating this today...it was random but we still debated about it anyway... Now I know all about metabolism and how you should eat more small meals a day to boost it and eat breakfast and all, and also when you work out your metabolism increases... Now I also know when you don't eat your metabolism slows down and stores fat... So me and my friend argued and I said that if you don't eat but exercise anyway, your metabolism will still be sped up, and he says that it will still slow down regardless of how much you exercise because your stomach will go into "survival mode" and automatically slow down...so who's right? SHORT AND SWEET ANSWERS PLEASE... thanks ;D