The consolidated statements of cashflows for Cargojet Inc. are in Exhibit 5.24. The company provides domestic air cargo services between 14 major Canadian cities and also operates international routes for cargo customers. EXHIBIT 5.24 Cargojet Inc.'s 2020 Consolidated Statements of Cash Flows CARGOJET INC. Consolidated Statements of Cash Flows Year ended December 31, 2020 and 2019 (in millions of Canadian dollars) Cash flows from operating activities Net (loss) earnings Adjustments to reconcile net cash from operating activities Depreciation of property, plant and equipment and amortization of contract assets Note 2020 2019 $ (87.8) $11.6 5,8 109.1 94.0 Share-based compensation 11 32.9 10.5 Finance costs 18 39.6 43.6 Crew incentive 11 8.5 1.9 Gain on disposal of property, plant and equipment 8 (0.8) (1.3) Impairment of property, plant and equipment 8 0.6 Employee pension liability Inome tax provision 15 Fair value adjustment on stock warrant 255 17 13.2 3.5 44.0 9.2 177.9 0.9 Gain on total return swap 27 (50.8) (7.8) Unrealized foreign exchange gain 19 (2.2) (4.3) Gain on extinguishment of debt 13 (1.1) Other gains and expenses (4.7) Interest paid 24.1 (25.4) Cash generated from operating activities 259.0 131.7 Changes in non-cash working capital items and deposits Contract acquisition asset (6.5) Trade and other receivables 10.0 13.9 Inventories 0.8 (0.7) Prepaid expenses and deposits 0.9 (0.7) Trade other payables 21.9 7.2 Net cash generated from operating activities 292.6 144.9 Cash flows from investing activities Purchase of property, plant and equipment 8 (146.6) (218.1) Proceeds from disposal of property, plant and equipment 19 0.8 1.3 Proceeds from insurance claim 8 3.6 Proceeds from total return swap & settlement of derivative financial instrument 27 14.5 4.1 Acquisition of business (3.1) Settlement of provision - (1.4) Net cash used in investing activities (127.7) (217.2) Cash flows from financing activities Repayment of borrowings (171.3) (61.6) Proceeds from borrowings 99.8 Repayment of obligations under lease liabilities 10, 13 (77.3) (55.5) Options settled in cash 11 (7.1) (2.0) Proceeds from debenture issuance net of issuance costs 14 109.9 109.7 Withholding tax paid on vested RSU's 11 (2.4) (3.2) Dividends paid to shareholders 20 20 (14.6) (12.4) Net cash (used in) provided from financing activities (162.8) 74.8 Net change in cash Cash (bank overdraft), beginning of Year Cash, end of year 2.1 2.5 1.6 (0.9) $3.7 $ 1.6 (b) How did Cargojets net income or loss in 2020 compare with the cash flows from operating activities? (Enter amounts in thousands. Round answers to 1 decimal place, e.g. 52.6.) In 2020, Cargojet had a of $ For the same period cash flows from operating activities were a amount of $ What was the largest difference between these two amounts? (Enter amounts in thousands. Round answer to 1 decimal place, e.g. 52.6.) The largest difference between these two was $ of