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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 Consolidated Statement of Cash Flows for the years ended (Expressed in thousands of Canadian dollars) January 29, January 31, 2017 2016 Note 445,636 385,146 17 57,748 48,085 11 Operating activities Net earnings for the year Adjustments for: Depreciation of property, plant and equipment and amortization of intangible assets Amortization of deferred tenant allowances Amortization of deferred leasing costs Amortization of debt issue costs Recognition of realized gains on foreign exchange contracts Cash settlement of gains on foreign exchange contracts Deferred lease inducements Deferred tenant allowances Share-based compensation Financing costs on long-term debt Deferred income taxes Loss on disposal of assets (4,795) 519 1,481 (46,269) (4,929) 584 1,301 (76,665) 16,108 97,921 11 11 6,020 8,970 6,932 12 268 13 16,105 4,811 11,275 6,114 (304) 4,118 641 478,098 (28,861) 449,237 40 18 508,763 (3,595) 505,168 Changes in non-cash working capital components Net cash generated from operating activities Investing activities Additions to property, plant and equipment Additions to intangible assets Proceeds on disposal of property, plant and equipment Net cash used in investing activities 6 7 (153,574) (12,640) 462 (165,752) (83,231) (11,199) 670 (93,760) 7 Additions to intangible assets Proceeds on disposal of property, plant and equipment Net cash used in investing activities 3,574) (12,640) 462 (165,752) (83,231) (11,199) 670 (93,760) continued January 29, January 31, Note 2017 2016 Financing activities Proceeds from long-term debt-Series 1 Floating Rate Notes 9 124,834 Net proceeds (repayments) from (of) Credit Facility 9 (120,000) 235,000 Proceeds from long-term debt-2.337% Fixed Rate Notes 9 525,000 Payment of debt issue costs (2,319) (1,003) Repayment of finance lease (588) (978) Issuance of common shares 4,892 Dividends paid (46,936) (45,116) Repurchase and cancellation of shares (696,628) (651,941) Net cash used in financing activities (336,579) (336,502) Increase in cash and cash equivalents 2,837 18,975 Cash and cash equivalents-beginning of year 59,178 40,203 Cash and cash equivalents-end of year 62,015 59,178 The accompanying notes are an integral part of these consolidated financial statements. 2,702 EXHIBIT 5.20B Excerpt from Dollarama Inc.'s 2017 Annual Report 18. Consolidated statement of cash flows information The changes in non-cash working capital components on the dates indicated below are as follows: Accounts receivable Deposits and prepaid expenses Merchandise inventories Accounts payable and accrued liabilities January 29, January 31, 2017 2016 $ $ (4,268) (1,114) 1,738 (3,687) 4,480 (61,276) 23,496 17,005 EXHIBIT 5.200 Excerpt from Dollarama Inc's 2017 Annual Report 18. Consolidated statement of cash flows information The changes in non-cash working capital components on the dates indicated below are as follows: Accounts receivable Deposits and prepaid expenses Merchandise inventories Accounts payable and accrued liabilities Income taxes payable January 29, January 31, 2017 2016 $ $ (4,268) (1,114) 1,738 (3,687) 4,480 (61,276) 23,496 17,005 (29,041) 20,211 (3,595) (28,861) 179,019 118,440 28,133 17,482 Cash paid for taxes Cash paid for interest Your answer is partially correct. Did Dollarama increase or decrease the amount of inventory in its stores between 2016 and 2017? Decreased Is this consistent with the nature of the changes reflected in the company's cash flows from investing activities? Yes eTextbook and Media Your answer is partially correct. Your answer is partially correct. What effect did the change in the company's accounts payable and accrued liabilities have on cash flows from operating activities in 2017? (Enter amount in thousands.) Accounts payable and accrued liabilities increased | in 2017 compared to 2016. This increase in payables causes cash flows from operating activities to be | bys lower What does this tell you about the balance owed to these creditors? The increase means that more money is due to creditors at the end of 2017 than at the end of 2016. e Textbook and Media Your answer is correct. 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. Your answer is correct. 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. (Round answers to 1 decimal place, eg. 52.5.%) 2017 2016 Cash flows to total liabilities ratio 33.4 % 28.7 % The ratio has worsened in 2017 eTextbook and Media * Your answer is incorrect. Calculate Dollarama's net free cash flow. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000). Enter amount in thousands.) 2017 2016 Net free cash flow $ 338954 $ 354807 eTextbook and Media

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