Exhibits 5.20A and 5.20B show the consolidated statement of cash flows of Dollarama Inc. for the years ended January 29, 2017, and January 31, 2016, along with related note disclosure.

EXHIBIT 5.20A Dollarama Inc.’s 2017 Consolidated Statement of Cash Flows

EXHIBIT 5.20B Excerpt from Dollarama Inc.’s 2017 Annual Report

Required

a. How did Dollarama’s net income in 2017 compare with the cash flows from operating activities? What was the largest difference between these two amounts?

b. Did Dollarama increase or decrease the amount of inventory in its stores between 2016 and 2017? Is this consistent with the nature of the changes reflected in the company’s cash flows from investing activities?

c. What effect did the change in the company’s accounts payable and accrued liabilities have on cash flows from operating activities in 2017? What does this tell you about the balance owed to these creditors?

d. Examine the financing activities section of Dollarama’s statement of cash flows and comment on the main differences between 2017 and 2016.

e. Dollarama’s total liabilities were $1,763,167 at January 29, 2017, and $1,347,022 at January 31, 2016. Calculate the company’s cash flows to total liabilities ratio and comment on whether this has improved or worsened from 2016 to 2017.

f. Calculate Dollarama’s net free cash flow and discuss the company’s ability to generate the cash required to continue to grow the company’s operations and repay its debt.

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Consolidated Statement of Cash Flows for the years ended (Expressed in thousands of Canadian dollars) January 29, January 31, Note 2017 2016 Operating activities Net earnings for the year 385,146 445,636 Adjustments for: Depreciation of property, plant and equipment and amortization of intangible assets 17 57,748 48,085 Amortization of deferred tenant allowances (4,795) (4,929) 11 Amortization of deferred leasing costs 519 584 Amortization of debt issue costs 1,481 1,301 Recognition of realized gains on foreign exchange (46,269) (76,665) contracts Cash settlement of gains on foreign exchange 16,108 97,921 contracts Deferred lease inducements 6,020 4,811 11 8,970 Deferred tenant allowances 11 11,275 Share-based compensation 6,932 12 6,114 Financing costs on long-term debt 268 (304) Deferred income taxes 4,118 13 16,105 Loss on disposal of assets 40 641 508,763 478,098 Changes in non-cash working capital components (3,595) (28,861) 18 Net cash generated from operating activities 505,168 449,237 Investing activities Additions to property, plant and equipment (153,574) (83,231) Additions to intangible assets Proceeds on disposal of property, plant and equipment Net cash used in investing activities (12,640) (11,199) 462 670 (165,752) (93,760) January 29, January 31, Note 2017 2016 Financing activities Proceeds from long-term debt-Series 1 Floating Rate Notes Net proceeds (repayments) from (of) Credit Facility Proceeds from long-term debt-2.337% Fixed Rate Notes Payment of debt issue costs 124,834 (120,000) 235,000 525,000 (2,319) (1,003) Repayment of finance lease (588) (978) Issuance of common shares 4,892 2,702 Dividends paid Repurchase and cancellation of shares (46,936) (45,116) (696,628) (336,579) (651,941) (336,502) Net cash used in financing activities Increase In cash and cash equlvalents Cash and cash equlvalents–beginning of year 2,837 18,975 59,178 40,203 Cash and cash equlvalents-end of year 62,015 59,178 The accompanying notes are an integral part of these consolidated financial statements.