----

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**UNITED        STATES **

**SECURITIES        AND EXCHANGE COMMISSION **

**WASHINGTON,        DC 20549 **

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**FORM        10-Q **

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| **x** | **QUARTERLY                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934** |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

**For        the quarterly period ended August 3, 2008 **

**OR        **

| ** ̈** | **TRANSITION                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934** |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

**For        the transition period from **
**            **
**        to **
**            **
** **

**Commission        file numbers: 333-143444 and 333-134550 **

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**Dollarama        Group Holdings L.P. **

**Dollarama        Group L.P. **

**(Exact        name of registrant as specified in its charter) **

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|                                                                                          |                                                                       |
|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|
| **Quebec,                  Canada**                                                           | **Not                  Applicable**                                        |
| **(State                  or other jurisdiction** **of                  incorporation)** | **(IRS                  Employer****Identification                  No.)** |

| **5805                  Royalmount Avenue, Montreal**         | **H4P                  0A1**       |
|---------------------------------------------------------------|------------------------------------|
| **(Address                  of principal executive offices)** | **(Postal                  Code)** |

**(514)        737-1006 **

**(Registrant’s        telephone number, including area code) **

**Not        Applicable **

**(Former        name, former address and former fiscal year, if changed since last report)        **

----

**Securities        Registered Pursuant to Section 12(b) of the Act: **

| ***Title                  of Each Class*** |   | ***Name of Each Exchange on Which Registered***  |
|--------------------------------------------|--------|-------------------------------------------------------------------------------------|
| **Not                  applicable**        |   | **Not                  applicable**                                                 |

**Securities        Registered Pursuant to Section 12(g) of the Act:**

| ***Title                  of Each Class*** |   | ***Name of Each Exchange on Which Registered***  |
|--------------------------------------------|--------|-------------------------------------------------------------------------------------|
| **Not                  applicable**        |   | **Not applicable**                                                             |

----

| Large                  accelerated filer   ̈     | Accelerated                  filer   ̈         |
|----------------------------------------------------------------|--------------------------------------------------------------|
| Non-accelerated                  filer  x       | Smaller                  reporting company   ̈ |
| (Do                  not check if a smaller reporting company) |                                                         |

----

----

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**DOLLARAMA        GROUP HOLDINGS L.P. **

**DOLLARAMA        GROUP L.P. **

**FORM        10-Q **

**TABLE        OF CONTENTS **

|                                               |                                                                                                                          | **PAGE NO.**  |
|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|-------------------------|
| **PART                  I. FINANCIAL INFORMATION** |                                                                                                                          |
|                                               |                                                                                                                          |                    |
| Item 1.                                       | Consolidated                  Financial Statements:                                                                           | 3                       |
|                                               |                                                                                                                          |                    |
|                                               | Consolidated                  Balance Sheets                                                                                  | 3                       |
|                                               |                                                                                                                          |                    |
|                                               | Consolidated                  Statements of Partners’ Capital                                                           | 4                       |
|                                               |                                                                                                                          |                    |
|                                               | Consolidated                  Statements of Earnings                                                                          | 6                       |
|                                               |                                                                                                                          |                    |
|                                               | Consolidated                  Statements of Cash Flows                                                                        | 8                       |
|                                               |                                                                                                                          |                    |
|                                               | Notes                  to Consolidated Financial Statements                                                                   | 10                      |
|                                               |                                                                                                                          |                    |
| Item 2.                                       | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations | 24                      |
|                                               |                                                                                                                          |                    |
| Item 3.                                       | Quantitative                  and Qualitative Disclosures about Market Risk                                                   | 36                      |
|                                               |                                                                                                                          |                    |
| Item 4.                                       | Controls                  and Procedures                                                                                      | 37                      |
|                                               |                                                                                                                          |
| **PART                  II. OTHER INFORMATION**    |                                                                                                                          |
|                                               |                                                                                                                          |                    |
| Item 1.                                       | Legal                  Proceedings                                                                                            | 37                      |
|                                               |                                                                                                                          |                    |
| Item 1A.                                 | Risk                  Factors                                                                                                 | 37                      |
|                                               |                                                                                                                          |                    |
| Item 6.                                       | Exhibits                                                                                                                      | 37                      |
|                                               |                                                                                                                          |
| SIGNATURES                                    | 38                                                                                                                            |

----

**PART        I - FINANCIAL INFORMATION**

| **ITEM 1.** | **CONSOLIDATED                  FINANCIAL STATEMENTS** |
|------------------|--------------------------------------------------------|

**Dollarama        Group Holdings L.P. and**

**Dollarama        Group L.P.**

----

|                                                                                       |   | **Dollarama Group Holdings L.P.** |      | **Dollarama Group L.P.**              |   |
|--------------------------------------------------------------------------------------------|--------|--------------------------------------------------|-----------|-------------------------------------------------|--------|
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |
|                                                                                       |   | **As of****August 3,****2008****$**    |      | **As of****February 3,****2008****$** |   | **As of****August 3,****2008****$** |   | **As of****February 3,****2008****$** |   |
|                                                                                       |   | (unaudited)                                      |      |                                            |   | (unaudited) |   |   |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |
| **Assets**                                                                                 |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Current                    assets**                                                      |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| Cash                    and cash equivalents                                               |   |                                             | 54,825    |                                            |   | 26,214 |   |   | 54,809 |   |   | 26,200 |   |
| Accounts                    receivable                                                     |   |                                             | 2,029     |                                            |   | 3,363 |   |   | 2,029 |   |   | 3,363 |   |
| Income                    taxes recoverable                                                |   |                                             | 1,612     |                                            |   | 1,522 |   |   | 1,599 |   |   | 1,504 |   |
| Deposits                    and prepaid expenses                                           |   |                                             | 12,790    |                                            |   | 11,519 |   |   | 12,790 |   |   | 11,519 |   |
| Derivative                    financial instruments (note 5)                               |   |                                             | 8,863     |                                            |   | - |   |   | 8,863 |   |   | - |   |
| Merchandise                    inventories                                                 |   |                                             | 191,039   |                                            |   | 198,500 |   |   | 191,039 |   |   | 198,500 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 271,158   |                                            |   | 241,118 |   |   | 271,129 |   |   | 241,086 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Property                    and equipment**                                              |   |                                             | 118,031   |                                            |   | 111,936 |   |   | 118,031 |   |   | 111,936 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Goodwill**                                                                               |   |                                             | 727,782   |                                            |   | 727,782 |   |   | 727,782 |   |   | 727,782 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Other                    intangible assets**                                             |   |                                             | 115,904   |                                            |   | 117,147 |   |   | 115,904 |   |   | 117,147 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 1,232,875 |                                            |   | 1,197,983 |   |   | 1,232,846 |   |   | 1,197,951 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Liabilities**                                                                            |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Current                    liabilities**                                                 |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| Accounts                    payable                                                        |   |                                             | 32,216    |                                            |   | 23,500 |   |   | 31,389 |   |   | 22,910 |   |
| Accrued                    expenses and other                                              |   |                                             | 40,560    |                                            |   | 43,062 |   |   | 37,460 |   |   | 40,084 |   |
| Derivative                    financial instruments (note 5)                               |   |                                             | 81,571    |                                            |   | 94,239 |   |   | 81,571 |   |   | 94,239 |   |
| Current                    portion of long-term debt (note 3)                              |   |                                             | 26,700    |                                            |   | 25,734 |   |   | 26,700 |   |   | 25,734 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 181,047   |                                            |   | 186,535 |   |   | 177,120 |   |   | 182,967 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Long-term                    debt**                    (note 3)                          |   |                                             | 665,139   |                                            |   | 653,006 |   |   | 470,262 |   |   | 474,553 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Other                    liabilities**                                                   |   |                                             | 27,131    |                                            |   | 27,281 |   |   | 27,131 |   |   | 27,281 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 873,317   |                                            |   | 866,822 |   |   | 674,513 |   |   | 684,801 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Commitments,                    contingencies and guarantee**(note                    4) |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Partners’                    Capital**                                             |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **General                    partner**                                                     |   |                                             | 374       |                                            |   | 374 |   |   | 374 |   |   | 374 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Limited                    partner**                                                     |   |                                             | 161,346   |                                            |   | 163,158 |   |   | 345,581 |   |   | 347,395 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Contributed                    surplus**                                                 |   |                                             | 3,092     |                                            |   | 2,649 |   |   | 3,092 |   |   | 2,649 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Retained                    earnings**                                                   |   |                                             | 191,365   |                                            |   | 172,504 |   |   | 205,905 |   |   | 170,256 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
| **Accumulated                    other comprehensive income (loss)**                       |   |                                             | 3,381     |                                            |   | (7,524 | ) |   | 3,381 |   |   | (7,524 | ) |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 359,558   |                                            |   | 331,161 |   |   | 558,333 |   |   | 513,150 |   |
|                                                                                       |   |                                             |      |                                            |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                             | 1,232,875 |                                            |   | 1,197,983 |   |   | 1,232,846 |   |   | 1,197,951 |   |

----

**Dollarama        Group Holdings L.P. **

----

|                                                                                                                           |   | **General****partner****capital****$** |    | **Limited****partner****capital****$** |   | **Contributed****surplus****$** |   | **Retained****earnings****$** |      | **Accumulated****other****comprehensive****income (loss)****$** |   | **Total****$** |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|----------------------------------------|--------|---------------------------------|--------|-------------------------------|-----------|----------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |
| **Balance –                    February 4, 2007**                                                                   |   |                                   | **374** |                                   |   | **167,103**                     |   |                          | **1,337** |                                                                 |   | **83,635**     |   |   | **6,782** |   |   | **259,231** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Other                    comprehensive income                                                                                  |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Net                    earnings for the period                                                                                 |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 44,231         |   |   | - |   |   | 44,231 |   |
| Unrealized                    loss on derivative financial instruments, net of reclassification                    adjustments |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | -              |   |   | (19,161 | ) |   | (19,161 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Total                    comprehensive income                                                                                  |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 44,231         |   |   | (19,161 | ) |   | 25,070 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Stock-based                    compensation (note 6)                                                                           |   |                                   | -       |                                   |   | -                               |   |                          | 868       |                                                                 |   | -              |   |   | - |   |   | 868 |   |
| Capital                    distributions                                                                                       |   |                                   | -       |                                   |   | (2,143                          | )      |                          | -         |                                                                 |   | -              |   |   | - |   |   | (2,143 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance –                    August 5, 2007**                                                                     |   |                                   | **374** |                                   |   | **164,960**                     |   |                          | **2,205** |                                                                 |   | **127,866**    |   |   | **(12,379** | **)** |   | **283,026** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance                    – February 3, 2008**                                                                        |   |                                   | **374** |                                   |   | **163,158**                     |   |                          | **2,649** |                                                                 |   | **172,504**    |   |   | **(7,524** | **)** |   | **331,161** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Other                    comprehensive income                                                                                  |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Net                    earnings for the period                                                                                 |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 18,861         |   |   | - |   |   | 18,861 |   |
| Unrealized                    gain on derivative financial instruments, net of reclassification                    adjustments |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | -              |   |   | 10,905 |   |   | 10,905 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Total                    comprehensive income                                                                                  |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 18,861         |   |   | 10,905 |   |   | 29,766 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Stock-based                    compensation (note 6)                                                                           |   |                                   | -       |                                   |   |                            |   |                          | 443       |                                                                 |   | -              |   |   | - |   |   | 443 |   |
| Capital                    distributions                                                                                       |   |                                   | -       |                                   |   | (1,812                          | )      |                          | -         |                                                                 |   | -              |   |   | - |   |   | (1,812 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance                    – August 3, 2008**                                                                          |   |                                   | **374** |                                   |   | **161,346**                     |   |                          | **3,092** |                                                                 |   | **191,365**    |   |   | **3,381** |   |   | **359,558** |   |

----

**Dollarama        Group L.P.**

----

|                                                                                                                           |   | **General****partner****capital****$** |    | **Limited****partner****capital****$** |   | **Contributed****surplus****$** |   | **Retained****earnings****$** |      | **Accumulated****other****comprehensive****income (loss)****$** |   | **Total****$** |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|----------------------------------------|--------|---------------------------------|--------|-------------------------------|-----------|----------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |
| **Balance –                    February 4, 2007**                                                                   |   |                                   | **374** |                                   |   | **389,313**                     |   |                          | **1,337** |                                                                 |   | **93,478**     |   |   | **6,782** |   |   | **491,284** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Other                    comprehensive income                                                                                  |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Net                    earnings for the period                                                                                 |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 32,435         |   |   | - |   |   | 32,435 |   |
| Unrealized                    loss on derivative financial instruments, net of reclassification                    adjustments |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | -              |   |   | (19,161 | ) |   | (19,161 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Total                    comprehensive income                                                                                  |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 32,435         |   |   | (19,161 | ) |   | 13,274 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Stock-based                    compensation (note 6)                                                                           |   |                                   | -       |                                   |   | -                               |   |                          | 868       |                                                                 |   | -              |   |   | - |   |   | 868 |   |
| Capital                    distributions                                                                                       |   |                                   | -       |                                   |   | (29,513                         | )      |                          | -         |                                                                 |   | -              |   |   | - |   |   | (29,513 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance                    – August 5, 2007**                                                                          |   |                                   | **374** |                                   |   | **359,800**                     |   |                          | **2,205** |                                                                 |   | **125,913**    |   |   | **(12,379** | **)** |   | **475,913** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance                    – February 3, 2008**                                                                        |   |                                   | **374** |                                   |   | **347,395**                     |   |                          | **2,649** |                                                                 |   | **170,256**    |   |   | **(7,524** | **)** |   | **513,150** |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Other                    comprehensive income                                                                                  |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Net                    earnings for the period                                                                                 |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 35,649         |   |   | - |   |   | 35,649 |   |
| Unrealized                    gain on derivative financial instruments, net of reclassification                    adjustments |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | -              |   |   | 10,905 |   |   | 10,905 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Total                    comprehensive income                                                                                  |   |                                   | -       |                                   |   | -                               |   |                          | -         |                                                                 |   | 35,649         |   |   | 10,905 |   |   | 46,554 |   |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| Stock-based                    compensation (note 6)                                                                           |   |                                   | -       |                                   |   | -                               |   |                          | 443       |                                                                 |   | -              |   |   | - |   |   | 443 |   |
| Capital                    distributions                                                                                       |   |                                   | -       |                                   |   | (1,814                          | )      |                          | -         |                                                                 |   | -              |   |   | - |   |   | (1,814 | ) |
|                                                                                                                           |   |                                   |    |                                   |   |                            |   |                          |      |                                                                 |   |           |   |   |   |   |   |   |   |
| **Balance                    – August 3, 2008**                                                                          |   |                                   | **374** |                                   |   | **345,581**                     |   |                          | **3,092** |                                                                 |   | **205,905**    |   |   | **3,381** |   |   | **558,333** |   |

----

**Dollarama        Group Holdings L.P.**

----

|                                                                                                                                |   | **For the****13-week ****period ended****August 3,****2008****$** |    | **For the****13-week**** period ended****August 5,****2007****$** |   | **For the****26-week**** period ended****August 3,****2008****$** |   | **For the ****26-week**** period ended****August 5,****2007****$** |    |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|---------|
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |
| **Sales**                                                                                                                           |   |                                                                                  | 264,271 |                                                                                  |   | 233,205                                                                               |   |                                                                                        | 501,086 |   |   | 449,080 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| **Cost                    of sales and expenses**                                                                                   |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| Cost                    of sales                                                                                                    |   |                                                                                  | 171,142 |                                                                                  |   | 152,117                                                                               |   |                                                                                        | 331,347 |   |   | 297,413 |   |
| General,                    administrative and store operating expenses                                                             |   |                                                                                  | 52,238  |                                                                                  |   | 41,527                                                                                |   |                                                                                        | 100,767 |   |   | 84,844 |   |
| Amortization                                                                                                                        |   |                                                                                  | 5,565   |                                                                                  |   | 4,239                                                                                 |   |                                                                                        | 10,338  |   |   | 8,338 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
|                                                                                                                                |   |                                                                                  | 228,945 |                                                                                  |   | 197,883                                                                               |   |                                                                                        | 442,452 |   |   | 390,595 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| **Operating                    income**                                                                                             |   |                                                                                  | 35,326  |                                                                                  |   | 35,322                                                                                |   |                                                                                        | 58,634  |   |   | 58,485 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| Amortization                    of financing costs                                                                                  |   |                                                                                  | 1,479   |                                                                                  |   | 2,169                                                                                 |   |                                                                                        | 2,722   |   |   | 3,784 |   |
| Interest                    expense                                                                                                 |   |                                                                                  | 13,186  |                                                                                  |   | 16,613                                                                                |   |                                                                                        | 27,301  |   |   | 33,875 |   |
| Foreign                    exchange loss (gain) on derivative financial instruments                    and long-term debt |   |                                                                                  | 1,102   |                                                                                  |   | (9,396                                                                                | )      |                                                                                        | 9,556   |   |   | (23,624 | ) |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| **Earnings                    before income taxes**                                                                                 |   |                                                                                  | 19,559  |                                                                                  |   | 25,936                                                                                |   |                                                                                        | 19,055  |   |   | 44,450 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| **Provision                    for current income taxes**                                                                           |   |                                                                                  | 149     |                                                                                  |   | 177                                                                                   |   |                                                                                        | 194     |   |   | 219 |   |
|                                                                                                                                |   |                                                                                  |    |                                                                                  |   |                                                                                  |   |                                                                                        |    |   |   |   |   |
| **Net                    earnings for the period**                                                                                  |   |                                                                                  | 19,410  |                                                                                  |   | 25,759                                                                                |   |                                                                                        | 18,861  |   |   | 44,231 |   |

----

**Dollarama          Group L.P.**

----

|                                                                                                                                |   | **For                    the****13-week**** period                    ended****August                    3,****2008****$** |    | **For                    the****13-week****period                    ended August 5,****2007****$** |   | **For                    the****26-week****period                    ended****August                    3,****2008****$** |   | **For                    the****26-week**** period                    ended****August                    5,****2007****$** |    |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |
| **Sales**                                                                                                                           |   |                                                                                                                            | 264,271 |                                                                                                |   | 233,205                                                                                                                   |   |                                                                                                                            | 501,086 |   |   | 449,080 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| **Cost                    of sales and expenses**                                                                                   |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| Cost                    of sales                                                                                                    |   |                                                                                                                            | 171,142 |                                                                                                |   | 152,117                                                                                                                   |   |                                                                                                                            | 331,347 |   |   | 297,413 |   |
| General,                    administrative and store operating expenses                                                             |   |                                                                                                                            | 52,227  |                                                                                                |   | 41,526                                                                                                                    |   |                                                                                                                            | 100,756 |   |   | 84,843 |   |
| Amortization                                                                                                                        |   |                                                                                                                            | 5,565   |                                                                                                |   | 4,239                                                                                                                     |   |                                                                                                                            | 10,338  |   |   | 8,338 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
|                                                                                                                                |   |                                                                                                                            | 228,934 |                                                                                                |   | 197,882                                                                                                                   |   |                                                                                                                            | 442,441 |   |   | 390,594 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| **Operating                    income**                                                                                             |   |                                                                                                                            | 35,337  |                                                                                                |   | 35,323                                                                                                                    |   |                                                                                                                            | 58,645  |   |   | 58,486 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| Amortization                    of financing costs                                                                                  |   |                                                                                                                            | 1,086   |                                                                                                |   | 1,078                                                                                                                     |   |                                                                                                                            | 2,083   |   |   | 2,146 |   |
| Interest                    expense                                                                                                 |   |                                                                                                                            | 8,574   |                                                                                                |   | 10,836                                                                                                                    |   |                                                                                                                            | 17,440  |   |   | 21,863 |   |
| Foreign                    exchange loss (gain) on derivative financial instruments                    and long-term debt |   |                                                                                                                            | (466    | )                                                                                                   |   | 976                                                                                                                       |   |                                                                                                                            | 3,302   |   |   | 1,842 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| **Earnings                    before income taxes**                                                                                 |   |                                                                                                                            | 26,143  |                                                                                                |   | 22,433                                                                                                                    |   |                                                                                                                            | 35,820  |   |   | 32,635 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| **Provision                    for current income taxes**                                                                           |   |                                                                                                                            | 126     |                                                                                                |   | 158                                                                                                                       |   |                                                                                                                            | 171     |   |   | 200 |   |
|                                                                                                                                |   |                                                                                                                            |    |                                                                                                |   |                                                                                                                      |   |                                                                                                                            |    |   |   |   |   |
| **Net                    earnings for the period**                                                                                  |   |                                                                                                                            | 26,017  |                                                                                                |   | 22,275                                                                                                                    |   |                                                                                                                            | 35,649  |   |   | 32,435 |   |

----

**Dollarama        Group Holdings L.P.**

----

|                                                                              |   | **For the****13-week ****period ended ****August 3,****2008****$** |   | **For the****13-week**** period ended****August 5,****2007****$** |   | **For the****26-week****period ended ****August 3,****2008****$** |   | **For the****26-****week****period ended****August 5,****2007****$** |    |
|-----------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|---------|
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |
| **Operating                    activities**                                       |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| Net                    earnings for the period                                    |   |                                                                                        | 19,410 |                                                                                  |   | 25,759                                                                                |   |                                                                                | 18,861  |   |   | 44,231 |   |
| Adjustments                    for                                                |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| Amortization                    of property and equipment                         |   |                                                                                        | 5,545  |                                                                                  |   | 4,101                                                                                 |   |                                                                                | 10,713  |   |   | 8,057 |   |
| Amortization                    of intangible assets                              |   |                                                                                        | 591    |                                                                                  |   | 918                                                                                   |   |                                                                                | 1,285   |   |   | 1,848 |   |
| Change                    in fair value of derivatives                            |   |                                                                                        | (4,279 | )                                                                                     |   | 17,608                                                                                |   |                                                                                | (10,626 | ) |   | 52,392 |   |
| Amortization                    of financing costs                                |   |                                                                                        | 1,479  |                                                                                  |   | 2,169                                                                                 |   |                                                                                | 2,722   |   |   | 3,784 |   |
| Foreign                    exchange loss (gain) on long-term debt                 |   |                                                                                        | 4,634  |                                                                                  |   | (33,265                                                                               | )      |                                                                                | 19,947  |   |   | (81,600 | ) |
| Amortization                    of unfavourable lease rights                      |   |                                                                                        | (571   | )                                                                                     |   | (780                                                                                  | )      |                                                                                | (1,660  | ) |   | (1,567 | ) |
| Deferred                    lease inducements                                     |   |                                                                                        | 342    |                                                                                  |   | 425                                                                                   |   |                                                                                | 791     |   |   | 1,134 |   |
| Deferred                    leasing costs                                         |   |                                                                                        | -      |                                                                                  |   | (420                                                                                  | )      |                                                                                | (160    | ) |   | (420 | ) |
| Deferred                    tenant allowances                                     |   |                                                                                        | 816    |                                                                                  |   | 527                                                                                   |   |                                                                                | 1,314   |   |   | 1,767 |   |
| Amortization                    of deferred tenant allowances                     |   |                                                                                        | (325   | )                                                                                     |   | (227                                                                                  | )      |                                                                                | (595    | ) |   | (431 | ) |
| Stock-based                    compensation                                       |   |                                                                                        | 221    |                                                                                  |   | 125                                                                                   |   |                                                                                | 443     |   |   | 868 |   |
| Amortization                    of deferred leasing costs                         |   |                                                                                        | 57     |                                                                                  |   | 37                                                                                    |   |                                                                                | 118     |   |   | 74 |   |
| Capitalized                    interest on long-term debt                         |   |                                                                                        | 10,071 |                                                                                  |   | -                                                                                     |   |                                                                                | 10,071  |   |   | - |   |
| Other                                                                             |   |                                                                                        | 14     |                                                                                  |   | 11                                                                                    |   |                                                                                | 13      |   |   | 24 |   |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
|                                                                              |   |                                                                                        | 38,005 |                                                                                  |   | 16,988                                                                                |   |                                                                                | 53,237  |   |   | 30,161 |   |
| Changes                    in non-cash working capital components                 |   |                                                                                        | (150   | )                                                                                     |   | (35,283                                                                               | )      |                                                                                | 13,648  |   |   | (35,972 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
|                                                                              |   |                                                                                        | 37,855 |                                                                                  |   | (18,295                                                                               | )      |                                                                                | 66,885  |   |   | (5,811 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| **Investing                    activities**                                       |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| Purchase                    of property and equipment                             |   |                                                                                        | (7,759 | )                                                                                     |   | (9,383                                                                                | )      |                                                                                | (16,912 | ) |   | (20,002 | ) |
| Proceeds                    on disposal of property and equipment                 |   |                                                                                        | 29     |                                                                                  |   | 55                                                                                    |   |                                                                                | 91      |   |   | 93 |   |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
|                                                                              |   |                                                                                        | (7,730 | )                                                                                     |   | (9,328                                                                                | )      |                                                                                | (16,821 | ) |   | (19,909 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| **Financing                    activities**                                       |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| Financing                    costs                                                |   |                                                                                        | -      |                                                                                  |   | (49                                                                                   | )      |                                                                                | (208    | ) |   | (268 | ) |
| Increase                    in bank indebtedness                                  |   |                                                                                        | -      |                                                                                  |   | 10,000                                                                                |   |                                                                                | -       |   |   | 10,000 |   |
| Repayment                    of long-term debt                                    |   |                                                                                        | (6,623 | )                                                                                     |   | (16,260                                                                               | )      |                                                                                | (19,433 | ) |   | (16,935 | ) |
| Capital                    distributions                                          |   |                                                                                        | (921   | )                                                                                     |   | (1,111                                                                                | )      |                                                                                | (1,812  | ) |   | (2,143 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
|                                                                              |   |                                                                                        | (7,544 | )                                                                                     |   | (7,420                                                                                | )      |                                                                                | (21,453 | ) |   | (9,346 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| **Increase                    (decrease) in cash and cash equivalents**           |   |                                                                                        | 22,581 |                                                                                  |   | (35,043                                                                               | )      |                                                                                | 28,611  |   |   | (35,066 | ) |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| **Cash                    and cash equivalents – Beginning of period** |   |                                                                                        | 32,244 |                                                                                  |   | 47,680                                                                                |   |                                                                                | 26,214  |   |   | 47,703 |   |
|                                                                              |   |                                                                                        |   |                                                                                  |   |                                                                                  |   |                                                                                |    |   |   |   |   |
| **Cash                    and cash equivalents – End of period**            |   |                                                                                        | 54,825 |                                                                                  |   | 12,637                                                                                |   |                                                                                | 54,825  |   |   | 12,637 |   |

----

**Dollarama        Group L.P.**

----

|                                                                              |   | **For the****13-week****period ended****August 3,****2008****$** |   | **For the****13-week****period ended****August 5,****2007****$** |   | **For the****26-week****period ended****August 3,****2008****$** |   | **For the****26-week****period ended****August 5,****2007****$** |    |
|-----------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|---------|
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |
| **Operating                    activities**                                       |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| Net                    earnings for the period                                    |   |                                                                            | 26,017 |                                                                            |   | 22,275                                                                          |   |                                                                            | 35,649  |   |   | 32,435 |   |
| Adjustments                    for                                                |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| Amortization                    of property and equipment                         |   |                                                                            | 5,544  |                                                                            |   | 4,101                                                                           |   |                                                                            | 10,713  |   |   | 8,057 |   |
| Amortization                    of intangible assets                              |   |                                                                            | 591    |                                                                            |   | 918                                                                             |   |                                                                            | 1,285   |   |   | 1,848 |   |
| Change                    in fair value of derivatives                            |   |                                                                            | (4,279 | )                                                                               |   | 17,608                                                                          |   |                                                                            | (10,626 | ) |   | 52,392 |   |
| Amortization                    of financing costs                                |   |                                                                            | 1,086  |                                                                            |   | 1,078                                                                           |   |                                                                            | 2,083   |   |   | 2,146 |   |
| Foreign                    exchange loss (gain) on long-term debt                 |   |                                                                            | 3,251  |                                                                            |   | (22,893                                                                         | )      |                                                                            | 14,025  |   |   | (56,134 | ) |
| Amortization                    of unfavourable lease rights                      |   |                                                                            | (571   | )                                                                               |   | (780                                                                            | )      |                                                                            | (1,660  | ) |   | (1,567 | ) |
| Deferred                    lease inducements                                     |   |                                                                            | 342    |                                                                            |   | 425                                                                             |   |                                                                            | 791     |   |   | 1,134 |   |
| Deferred                    leasing costs                                         |   |                                                                            | -      |                                                                            |   | (420                                                                            | )      |                                                                            | (160    | ) |   | (420 | ) |
| Deferred                    tenant allowances                                     |   |                                                                            | 816    |                                                                            |   | 527                                                                             |   |                                                                            | 1,314   |   |   | 1,767 |   |
| Amortization                    of deferred tenant allowances                     |   |                                                                            | (325   | )                                                                               |   | (227                                                                            | )      |                                                                            | (595    | ) |   | (431 | ) |
| Stock-based                    compensation                                       |   |                                                                            | 221    |                                                                            |   | 125                                                                             |   |                                                                            | 443     |   |   | 868 |   |
| Amortization                    of deferred leasing costs                         |   |                                                                            | 57     |                                                                            |   | 37                                                                              |   |                                                                            | 118     |   |   | 74 |   |
| Other                                                                             |   |                                                                            | 15     |                                                                            |   | 11                                                                              |   |                                                                            | 13      |   |   | 24 |   |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
|                                                                              |   |                                                                            | 32,765 |                                                                            |   | 22,785                                                                          |   |                                                                            | 53,393  |   |   | 42,193 |   |
| Changes                    in non-cash working capital components                 |   |                                                                            | 5,090  |                                                                            |   | (29,371                                                                         | )      |                                                                            | 13,284  |   |   | (36,515 | ) |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
|                                                                              |   |                                                                            | 37,855 |                                                                            |   | (6,586                                                                          | )      |                                                                            | 66,677  |   |   | 5,678 |   |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| **Investing                    activities**                                       |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| Purchase                    of property and equipment                             |   |                                                                            | (7,759 | )                                                                               |   | (9,383                                                                          | )      |                                                                            | (16,912 | ) |   | (20,002 | ) |
| Proceeds                    on disposal of property and equipment                 |   |                                                                            | 29     |                                                                            |   | 55                                                                              |   |                                                                            | 91      |   |   | 93 |   |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
|                                                                              |   |                                                                            | (7,730 | )                                                                               |   | (9,328                                                                          | )      |                                                                            | (16,821 | ) |   | (19,909 | ) |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| **Financing                    activities**                                       |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| Increase                    in bank indebtedness                                  |   |                                                                            | -      |                                                                            |   | 10,000                                                                          |   |                                                                            | -       |   |   | 10,000 |   |
| Repayment                    of long-term debt                                    |   |                                                                            | (6,623 | )                                                                               |   | (650                                                                            | )      |                                                                            | (19,433 | ) |   | (1,325 | ) |
| Capital                    distributions                                          |   |                                                                            | (922   | )                                                                               |   | (28,481                                                                         | )      |                                                                            | (1,814  | ) |   | (29,513 | ) |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
|                                                                              |   |                                                                            | (7,545 | )                                                                               |   | (19,131                                                                         | )      |                                                                            | (21,247 | ) |   | (20,838 | ) |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| **Increase                    (decrease) in cash and cash equivalents**           |   |                                                                            | 22,580 |                                                                            |   | (35,045                                                                         | )      |                                                                            | 28,609  |   |   | (35,069 | ) |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| **Cash                    and cash equivalents – Beginning of period** |   |                                                                            | 32,229 |                                                                            |   | 47,671                                                                          |   |                                                                            | 26,200  |   |   | 47,695 |   |
|                                                                              |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |    |   |   |   |   |
| **Cash                    and cash equivalents – End of period**       |   |                                                                            | 54,809 |                                                                            |   | 12,626                                                                          |   |                                                                            | 54,809  |   |   | 12,626 |   |

----

**Dollarama        Group Holdings L.P. and**

**Dollarama        Group L.P.**

**August        3, 2008**

----

| **1** | **Basis                  of presentation** |
|-------|--------------------------------------------|

| **2** | **Changes                  in accounting policies** |
|-------|-----------------------------------------------------|

**Capital        disclosures**

**Financial        instruments – Disclosure and presentation**

----

**Dollarama          Group Holdings L.P. and**

**Dollarama          Group L.P.**

**August          3, 2008 **

----

**Inventories**

**Intangible        assets**

----

**Dollarama        Group Holdings L.P. and**

**Dollarama        Group L.P.**

**August        3, 2008 **

----

| **3** | **Long-term                  debt** |
|-------|-------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | **As of****August 3,****2008****$** |    | **As of****February 3,****2008****$** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|-------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          |    |                                            |   |
| Senior                      subordinated notes (US$200,000,000), maturing in August 2012, bearing                      interest at 87⁄8%, payable semi-annually                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                          | 205,420 |                                            |   | 198,800 |   |
| Term                      bank loan of US$237,976,918 (February 3, 2008 - US$239,194,191),                      maturing in November 2011, repayable in quarterly capital instalments                      of                      US$608,637. Advances under the term bank loan bear interest                      at rates                      ranging from 0.75% to 1.0% above the bank’s prime rate. However,                      borrowings under the term bank loan by way of LIBOR loans bear                      interest at                      rates ranging from 1.75% to 2.0% per annum above the bank’s                      LIBOR |   |                                          | 244,426 |                                            |   | 237,759 |   |
| Term                      bank loan, maturing in May 2010, repayable in quarterly capital                      instalments varying from $1,500,000 to $7,500,000. Advances                      under the term                      bank loan bear interest at rates varying from 0.75% to 1.25%                      per annum                      above the bank’s prime rate. However, borrowings under the term bank loan                      by way of bankers’ acceptances bear interest at rates varying from 1.75%                      to 2.25% per annum above the bankers’ acceptance rate                                            |   |                                          | 59,195  |                                            |   | 77,390 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          |    |                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          | 509,041 |                                            |   | 513,949 |   |
| Less:                      Current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                          | 26,700  |                                            |   | 25,734 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          |    |                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          | 482,341 |                                            |   | 488,215 |   |
| Less:                      Financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                          | 12,079  |                                            |   | 13,662 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          |    |                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                          | 470,262 |                                            |   | 474,553 |   |

----

**Dollarama        Group Holdings L.P. and**

**Dollarama        Group L.P.**

**August        3,        2008 **

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | **As                    of****August                    3,****2008****$** |    | **As                    of****February                    3,****2008****$** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|---------|-----------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      |    |                                                                        |   |
| Balance                    as per Dollarama Group L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                      | 509,041 |                                                                        |   | 513,949 |   |
| Senior                    subordinated deferred interest notes (US$194,785,000; February 3,                    2008 – US$185,000,000), maturing in August 2012, interest                    accrues semi-annually in arrears commencing in June 2007 at a                    rate per                    annum equal to 6-month LIBOR plus 5.75%, increasing to 6.25%                    in                    December 2008 and 6.75% in December 2009 |   |                                                                      | 200,064 |                                                                        |   | 183,890 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      |    |                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      | 709,105 |                                                                        |   | 697,839 |   |
| Less:                    Current portion                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                      | 26,700  |                                                                        |   | 25,734 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      |    |                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      | 682,405 |                                                                        |   | 672,105 |   |
| Less:                    Financing costs and discount                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                      | 17,266  |                                                                        |   | 19,099 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      |    |                                                                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                      | 665,139 |                                                                        |   | 653,006 |   |

| **4** | **Commitments,                  contingencies and                  guarantee** |
|-------|--------------------------------------------------------------------------------|

|       |   | **$**  |    |
|------------|--------|--------|---------|
|       |   |   |    |
| 2009       |   |   | 63,076  |   |
| 2010       |   |   | 60,719  |   |
| 2011       |   |   | 57,584  |   |
| 2012       |   |   | 53,325  |   |
| 2013       |   |   | 48,433  |   |
| Thereafter |   |   | 184,699 |   |

----

**Dollarama        Group Holdings L.P. and**

**Dollarama        Group L.P.**

**August        3,        2008 **

----

|                             |   | **For the****13-week period ended** |   | **For the****26-week period ended** |   |
|----------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------|--------|
|                             |   | **August 3,****2008****$**                    |   | **August 5,****2007****$**                    |   | **August 3,****2008****$** |   | **August 5,****2007****$** |   |
|                             |   |                                               |   |                                               |   |   |   |   |   |
| Basic                  rent      |   |                                               | 16,122 |                                               |   | 13,637 |   |   | 32,374 |   |   | 27,139 |   |
| Contingent                  rent |   |                                               | 511    |                                               |   | 112 |   |   | 894 |   |   | 406 |   |
|                             |   |                                               |   |                                               |   |   |   |   |   |   |   |   |   |
|                             |   |                                               | 16,633 |                                               |   | 13,749 |   |   | 33,268 |   |   | 27,545 |   |

*(Guiseppa Calvo*
*Rosey Inc.) *

----

**Dollarama          Group Holdings L.P. and**

**Dollarama            Group L.P.**

**August            3,            2008 **

----

| **5** | **Derivative                  financial instruments** |
|-------|-------------------------------------------------------|

|                                                                                    |   |  **Fair value**                               |    |                                            |   |                                        |   |
|-----------------------------------------------------------------------------------------|--------|---------------------------------------------------------|---------|-------------------------------------------------|--------|---------------------------------------------|--------|
|                                                                                    |   |                                                    |    |                                            |   |                                        |   |   |   |
|                                                                                    |   | **As of****August 3,**** ****2008****$** |    | **As of****February 3,****2008****$** |   | **Qualify****for hedge****accounting** |   | **Nature****of hedging****relationship** |   |
|                                                                                    |   |                                                    |    |                                            |   |                                        |   |   |   |
| Foreign                  currency and interest rate swap agreements                |   |                                                    | (42,478 | )                                               |   | (50,806                                     | )      |   | No |   |   | - |   |
| Foreign                  exchange forward contracts                                     |   |                                                    | 8,863   |                                            |   | (4,507                                      | )      |   | Yes |   |   | Cash                  flowhedge |   |
| Foreign                  currency swap agreements                                       |   |                                                    | (26,864 | )                                               |   | (24,891                                     | )      |   | Yes |   |   | Cash                  flowhedge |   |
| Foreign                  currency swap agreement                                        |   |                                                    | (12,229 | )                                               |   | (14,035                                     | )      |   | No |   |   | - |   |
|                                                                                    |   |                                                    |    |                                            |   |                                        |   |   |   |   |   |   |   |
|                                                                                    |   |                                                    | (72,708 | )                                               |   | (94,239                                     | )      |   |   |   |   |   |   |
|                                                                                    |   |                                                    |    |                                            |   |                                        |   |   |   |   |   |   |   |
| Derivative                  financial instruments – current assets      |   |                                                    | 8,863   |                                            |   | -                                           |   |   |   |   |   |   |   |
| Derivative                  financial instruments – current liabilities |   |                                                    | (81,571 | )                                               |   | (94,239                                     | )      |   |   |   |   |   |   |
|                                                                                    |   |                                                    |    |                                            |   |                                        |   |   |   |   |   |   |   |
|                                                                                    |   |                                                    | (72,708 | )                                               |   | (94,239                                     | )      |   |   |   |   |   |   |

**Foreign        exchange swap agreements**

|                                                                   |   |          |        |                                        |   |                                           |   |
|------------------------------------------------------------------------|--------|---------------|-------------|---------------------------------------------|--------|------------------------------------------------|--------|
| **Date**                                                               |   | **Frequency** |        | **Amount paid by****Partnership** |   | **Amount received from lender** |   |
|                                                                   |   |          |        |                                        |   |                                           |   |
| August                  15, 2008                                       |   |          | Once        |                                        |   | US$70,000                                      |   |   | CA$70,679 |   |
| August                  15, 2012                                       |   |          | Once        |                                        |   | CA$70,679                                      |   |   | US$70,000 |   |
| February                  15, 2009 to August                  15, 2012 |   |          | Semi-annual |                                        |   | CA$3,191                                       |   |   | US$3,106 |   |

----

**Dollarama          Group Holdings L.P. and**

**Dollarama            Group L.P.**

**August            3,            2008 **

----

**Changes        in fair value**

| **6** | **Stock-based                    compensation** |
|-------|-------------------------------------------------|

----

**Dollarama            Group Holdings L.P. and**

**Dollarama              Group L.P.**

**August              3,              2008 **

----

|                                                             |   | **Number of Class B****common share options** |    | **Weighted****average****purchase****price** |   | **Number of Class B****preferred share options** |   | **Weighted****average****purchase****price** |   |
|------------------------------------------------------------------|--------|------------------------------------------------------------------------|---------|----------------------------------------------|--------|---------------------------------------------------------------------------|--------|----------------------------------------------|--------|
|                                                             |   |                                                                   |    |                                         |   |                                                                      |   |                                         |   |   |   |   |   |
|                                                             |   | **Service**                                                            |    | **Performance**                              |   |                                                                      |   | **Service**                                  |   | **Performance** |   |   |   |
|                                                             |   |                                                                   |    |                                         |   | $                                                                         |   |                                         |   |   |   | $ |   |
|                                                             |   |                                                                   |    |                                         |   |                                                                      |   |                                         |   |   |   |   |   |
| **Outstanding –                    February 4, 2007** |   |                                                                   | 613,931 |                                         |   | 1,227,862                                                                 |   |                                         | 1.00   |   |   | 1,752,662 |   |   | 3,505,324 |   |   | 0.70 |   |
| Granted                                                          |   |                                                                   | 266,491 |                                         |   | 532,982                                                                   |   |                                         | 8.41   |   |   | 760,800 |   |   | 1,521,600 |   |   | 1.30 |   |
|                                                             |   |                                                                   |    |                                         |   |                                                                      |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| **Outstanding                    – February 3, 2008**      |   |                                                                   | 880,422 |                                         |   | 1,760,844                                                                 |   |                                         | 3.24   |   |   | 2,513,462 |   |   | 5,026,924 |   |   | 0.88 |   |
|                                                             |   |                                                                   |    |                                         |   |                                                                      |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| **Outstanding                    – August 3, 2008**        |   |                                                                   | 880,422 |                                         |   | 1,760,844                                                                 |   |                                         | 3.24   |   |   | 2,513,462 |   |   | 5,026,924 |   |   | 0.88 |   |
|                                                             |   |                                                                   |    |                                         |   |                                                                      |   |                                         |   |   |   |   |   |   |   |   |   |   |   |
| **Exercisable                    – August 3, 2008**        |   |                                                                   | 404,053 |                                         |   | -                                                                         |   |                                         |   |   |   | 1,153,500 |   |   | - |   |   |   |   |

| **7** | **Capital                    disclosures** |
|-------|--------------------------------------------|

|                                                                       |   | **Dollarama Group Holdings L.P.** |   | **Dollarama Group L.P.**            |   |
|----------------------------------------------------------------------------|--------|--------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                       |   |                                             |   |                                          |   |   |   |   |   |   |   |
|                                                                       |   |                                             |   | **As of****August 3,****2008****$** |   | **As of****February 3,****2008****$** |   | **As of****August 3,****2008****$** |   | **As of****February 3,****2008****$** |   |
|                                                                       |   |                                             |   |                                          |   |   |   |   |   |   |   |
|                                                                       |   |                                             |   |                                          |   |   |   |   |   |   |   |
| Long-term                    debt, including current portion               |   |                                             |   |                                          |   | 691,839 |   |   | 678,740 |   |   | 496,962 |   |   | 500,287 |   |
| Foreign                    currency and interest rate swap agreements |   |                                             |   |                                          |   | 26,864 |   |   | 38,926 |   |   | 39,094 |   |   | 38,926 |   |
| Partners’                    capital                                 |   |                                             |   |                                          |   | 356,177 |   |   | 338,685 |   |   | 554,952 |   |   | 520,674 |   |
|                                                                       |   |                                             |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                    capital                                           |   |                                             |   |                                          |   | 1,074,880 |   |   | 1,056,351 |   |   | 1,091,008 |   |   | 1,059,887 |   |

|   | · | provide                    a strong capital base so as to maintain investor, creditor and                    market                    confidence and to sustain future development of the                    business; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | maintain                    a flexible capital structure that optimizes the cost of capital                    at                    acceptable risk and preserves the ability to meet financial obligations;                    and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ensure                    sufficient liquidity to pursue its organic growth                    strategy. |
|--------|--------|----------------------------------------------------------------------------------------------------------|

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

|   | · | the                    leverage ratio, defined as debt adjusted for value of lease obligations                    to                    the sum of (i) adjusted earnings before interest, taxes, depreciation                    and                    amortization, adjusted for annualized earnings for new stores                    (defined as                    “consolidated adjusted EBITDA”), and (ii) lease expense (EBITDA plus (ii)                    is defined as “consolidated EBITDAR”);                    and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                    interest coverage ratio, defined as adjusted EBITDA to net interest                    expense (interest expense incurred net of interest income                    earned). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8** | **Financial                    instruments** |
|-------|----------------------------------------------|

**Classification          of financial instruments**

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

**Financial          risk factors**

|   | a) | Market                    risk |
|--------|----|--------------------------------|

|   | i) | Currency                    risk |
|--------|----|----------------------------------|

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

|   | ii) | Interest                    rate risk |
|--------|-----|---------------------------------------|

|   | b) | Credit                    risk |
|--------|----|--------------------------------|

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

|   | c) | Liquidity                    risk |
|--------|----|-----------------------------------|

|                                                                  |   |   |   | **Carrying****amount****$** |   | **Contractual****cash flows****$** |   | **Under****1 year****$** |    | **From 1 to ****2 years****$** |   | **From 2 to ****5 years****$** |   | **Over****5 years****$** |   |
|-----------------------------------------------------------------------|--------|--------|--------|-----------------------------|--------|-----------------------------------------|--------|-------------------------------|---------|----------------------------------------------------|--------|----------------------------------------------------|--------|-------------------------------|--------|
|                                                                  |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |
| **Non-derivative                    financial liabilities**           |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| Accounts                    payable                                   |   |   |   |                        |   | 31,389                                  |   |                          | 31,389  |                                               |   | 31,389                                             |   |                          | -      |   |   | - |   |   | - |   |
| Accrued                    expenses and other                         |   |   |   |                        |   | 37,460                                  |   |                          | 37,460  |                                               |   | 37,460                                             |   |                          | -      |   |   | - |   |   | - |   |
| Senior                    subordinated notes                          |   |   |   |                        |   | 205,420                                 |   |                          | 205,420 |                                               |   | -                                                  |   |                          | -      |   |   | 205,420 |   |   | - |   |
| Term                    bank loans – A                     |   |   |   |                        |   | 59,195                                  |   |                          | 59,195  |                                               |   | 27,000                                             |   |                          | 32,195 |   |   | - |   |   | - |   |
| Term                    bank loans – B                          |   |   |   |                        |   | 244,426                                 |   |                          | 244,426 |                                               |   | 2,500                                              |   |                          | 2,500  |   |   | 239,426 |   |   | - |   |
|                                                                  |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| **Derivative                    financial instruments**               |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| Foreign                    currency and interest rate swap agreements |   |   |   |                        |   | 42,478                                  |   |                          | 42,478  |                                               |   | 8,716                                              |   |                          | 12,926 |   |   | 20,836 |   |   | - |   |
| Foreign                    currency swap agreements                   |   |   |   |                        |   | 39,093                                  |   |                          | 39,093  |                                               |   | 12,229                                             |   |                          | -      |   |   | 26,864 |   |   | - |   |
|                                                                  |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| Total                    Dollarama Group L.P.                         |   |   |   |                        |   | 659,461                                 |   |                          | 659,461 |                                               |   | 119,294                                            |   |                          | 47,621 |   |   | 492,546 |   |   | - |   |
|                                                                  |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| **Non-derivative                    financial liabilities**           |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| Accounts                    payable                                   |   |   |   |                        |   | 827                                     |   |                          | 827     |                                               |   | 827                                                |   |                          | -      |   |   | - |   |   | - |   |
| Accrued                    expenses and other                         |   |   |   |                        |   | 3,100                                   |   |                          | 3,100   |                                               |   | 3,100                                              |   |                          | -      |   |   | - |   |   | - |   |
| Senior                    subordinated deferred interest notes        |   |   |   |                        |   | 200,064                                 |   |                          | 200,064 |                                               |   | -                                                  |   |                          | -      |   |   | 200,064 |   |   | - |   |
|                                                                  |   |   |   |                        |   |                                    |   |                          |    |                                               |   |                                               |   |                          |   |   |   |   |   |   |   |   |
| Total                    Dollarama Group Holdings L.P.                |   |   |   |                        |   | 863,452                                 |   |                          | 863,452 |                                               |   | 123,221                                            |   |                          | 47,621 |   |   | 692,610 |   |   | - |   |

**Foreign          currencies**

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

|                                                                                                                                  |   | **For the****13-week****period ended****August 3,****2008****$** |   | **For the****13-week****period ended****August 5,****2007****$** |   | **For the****26-week****period ended****August 3,****2008****$** |   | **For the****26-week ****period ended****August 5,****2007****$** |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|
|                                                                                                                                  |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                                  |   |
| Foreign exchange loss (gain) on derivative financial instruments and long-term debt |   |                                                                            | 1,102  |                                                                            |   | (9,396                                                                          | )      |                                                                                  | 9,556  |   |   | (23,624 | ) |
| Foreign                    exchange loss (gain) included in cost of sales                                                             |   |                                                                            | 2,350  |                                                                            |   | (1,166                                                                          | )      |                                                                                  | 8,442  |   |   | (1,358 | ) |
|                                                                                                                                  |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                                  |   |   |   |   |   |
| Aggregate                    foreign exchange loss (gain) included in net earnings                                                    |   |                                                                            | 3,452  |                                                                            |   | (10,562                                                                         | )      |                                                                                  | 17,998 |   |   | (24,982 | ) |

|                                                                                                                                         |   | **For the****13-week****period ended****August 3,****2008****$** |   | **For the****13-week****period ended****August 5,****2007****$** |   | **For the****26-week****period ended****August 3,****2008****$** |   | **For the****26-week****period ended****August 5,****2007****$** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|
|                                                                                                                                         |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |   |
| Foreign                    exchange loss (gain) on derivative financial instruments and                    long-term                    debt |   |                                                                            | (466   | )                                                                               |   | 976                                                                             |   |                                                                            | 3,302  |   |   | 1,842 |   |
| Foreign                    exchange loss (gain) included in cost of sales                                                                    |   |                                                                            | 2,350  |                                                                            |   | (1,166                                                                          | )      |                                                                            | 8,442  |   |   | (1,358 | ) |
|                                                                                                                                         |   |                                                                            |   |                                                                            |   |                                                                            |   |                                                                            |   |   |   |   |   |
| Aggregate                    foreign exchange loss (gain) included in net earnings                                                           |   |                                                                            | 1,884  |                                                                            |   | (190                                                                            | )      |                                                                            | 11,744 |   |   | (484 | ) |

| **9** | **Related                    party transactions** |
|-------|---------------------------------------------------|

----

**Dollarama              Group Holdings L.P. and**

**Dollarama                Group L.P.**

**August                3,                2008 **

----

| **10** | **Reconciliation                    of accounting principles generally accepted in Canada and the                    United                    States** |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **ITEM 2.** | **MANAGEMENT’S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |
|------------------|----------------------------------------------------------------------------------------------------------------|

*The      following discussion and analysis of our financial condition and results of      operations should be read in conjunction with our unaudited consolidated      financial statements and notes thereto appearing in this report along with      the      consolidated financial statements for the fiscal year ended February 3,      2008 and related notes and Management’s Discussion and Analysis presented in our      Annual Report on Form 10-K. *

*Our      functional and reporting currency is the Canadian dollar. Financial data has      been prepared in conformity with Canadian GAAP. Certain measures used in this      discussion and analysis do not have any standardized meaning under Canadian      GAAP. When used, these measures are defined in such terms as to allow the      reconciliation to the closest Canadian GAAP measure. It is unlikely that these      measures could be compared to similar measures presented by other      companies.*

**Registrants      **

**Forward-Looking      Statements **

**Overview      **

**Factors      Affecting Our Results of Operations **

***Sales***

----

***Cost      of Sales***

***General,      Administrative and Store Operating Expenses***

**Enhanced      Merchandising Strategy**

----

**Economic      or Industry-Wide Factors Affecting the Company **

**Critical      Accounting Policies **

***Valuation      of Merchandise Inventories***

***Property      and Equipment***

***Goodwill      and Trade Name***

***Impairment      of Long-Lived Assets***

----

***Operating      Leases***

**Financial      Instruments **

***Fair      market value of financial instruments***

***Derivative      financial instruments***

***Foreign      exchange forward contracts***

***Interest      rate swap agreements***

***Others***

----

**Results      of Operations **

***13-Week      Period Ended August 3, 2008 Compared to 13-Week Period Ended August 5, 2007***

|                                                                                                                    |   | **Holdings**                                            |   | **Group                L.P.**                           |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                                                                                    |   | **13-Week Period****Ended****August 3, 2008** |   | **13-Week Period****Ended****August 5, 2007** |   | **13-Week Period****Ended****August 3, 2008** |   | **13-Week Period****Ended****August 5, 2007** |   |
| **Statements                of Earnings Data:**                                                                         |   |                                                         |        |                                                         |   |  |   |   |  |   |   |  |   |
| Sales                                                                                                              |   |                                                         | 100.0% |                                                         |   | 100.0% |   |   | 100.0% |   |   | 100.0% |   |
| Cost                of sales                                                                                       |   |                                                         | 64.8%  |                                                         |   | 65.2% |   |   | 64.8% |   |   | 65.2% |   |
| General,                administrative and store operating expenses                                                |   |                                                         | 19.8%  |                                                         |   | 17.8% |   |   | 19.8% |   |   | 17.8% |   |
| Amortization                                                                                                       |   |                                                         | 2.1%   |                                                         |   | 1.8% |   |   | 2.1% |   |   | 1.8% |   |
| Amortization                of financing costs                                                                     |   |                                                         | 0.5%   |                                                         |   | 1.0% |   |   | 0.5% |   |   | 0.5% |   |
| Interest                expense                                                                                    |   |                                                         | 5.0%   |                                                         |   | 7.1% |   |   | 3.2% |   |   | 4.6% |   |
| Foreign                exchange loss (gain) on derivative financial instruments and long-term                debt  |   |                                                         | 0.4%   |                                                         |   | (4.0)% |   |   | (0.2)% |   |   | 0.4% |   |
| Income                taxes                                                                                        |   |                                                         | 0.1%   |                                                         |   | 0.1% |   |   | 0.0% |   |   | 0.1% |   |
|                                                                                                                    |   |                                                         |        |                                                         |   |  |   |   |  |   |   |  |   |
| Net                earnings (loss)                                                                                 |   |                                                         | 7.3%   |                                                         |   | 11.0% |   |   | 9.8% |   |   | 9.6% |   |

*Sales      *

*Cost      of Sales *

*General,      Administrative and Store Operating Expenses *

----

*Amortization      *

*Amortization      of Financing Costs *

*Interest      Expense *

*Foreign      Exchange Gain/Loss on Derivative Financial Instruments and Long-Term Debt*

*Income      Taxes *

*Net      Earnings *

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***26-Week      Period Ended August 3, 2008 Compared to 26-Week Period Ended August 5, 2007***

|                                                                                                                    |   | **Holdings**                                            |   | **Group                L.P.**                           |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                                                                                                    |   | **26-Week Period****Ended****August 3, 2008** |   | **26-Week Period****Ended****August 5, 2007** |   | **26-Week Period****Ended****August 3, 2008** |   | **26-Week Period****Ended****August 5, 2007** |   |
| **Statements                of Earnings Data:**                                                                         |   |                                                         |        |                                                         |   |  |   |   |  |   |   |  |   |
| Sales                                                                                                              |   |                                                         | 100.0% |                                                         |   | 100.0% |   |   | 100.0% |   |   | 100.0% |   |
| Cost                of sales                                                                                       |   |                                                         | 66.1%  |                                                         |   | 66.2% |   |   | 66.1% |   |   | 66.2% |   |
| General,                administrative and store operating expenses                                                |   |                                                         | 20.1%  |                                                         |   | 18.9% |   |   | 20.1% |   |   | 18.9% |   |
| Amortization                                                                                                       |   |                                                         | 2.1%   |                                                         |   | 1.9% |   |   | 2.1% |  |   | 1.9% |   |
| Amortization                of financing costs                                                                     |   |                                                         | 0.6%   |                                                         |   | 1.0% |   |   | 0.4% |  |   | 0.5% |   |
| Interest                expense                                                                                    |   |                                                         | 5.4%   |                                                         |   | 7.5% |   |   | 3.5% |   |   | 4.9% |   |
| Foreign                exchange loss (gain) on derivative financial instruments and long-term                debt  |   |                                                         | 1.9%   |                                                         |   | (5.3)% |   |   | 0.7% |  |   | 0.4% |   |
| Income                taxes                                                                                        |   |                                                         | 0.0%   |                                                         |   | 0.0% |   |   | 0.0% |  |   | 0.0% |   |
|                                                                                                                    |   |                                                         |        |                                                         |   |  |   |   |  |   |   |  |   |
| Net                earnings (loss)                                                                                 |   |                                                         | 3.7%   |                                                         |   | 9.8% |   |   | 7.0% |  |   | 7.2% |   |

*Sales      *

*Cost      of Sales *

*General,      Administrative and Store Operating Expenses *

*Amortization      *

----

*Amortization      of Financing Costs *

*Interest      Expense *

*Foreign      Exchange Gain/Loss on Derivative Financial Instruments and Long-Term Debt*

*Income      Taxes *

*Net      Earnings *

----

**Liquidity      and Capital Resources **

***Cash      Flows***

|                                                                   |   | **Holdings**                                                             |                                                                                                   | **Group                  L.P.**                                          |   |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|--------|
| **(dollars                  in thousands)**                            |   | **13-Week Period****Ended****August 3, 2008**   |                                                                                                   | **13-Week Period****Ended****August 5, 2007**   |   | **13-Week Period****Ended****August 3, 2008**   |   | **13-Week Period****Ended****August 5, 2007**   |   |
| Net                  cash provided by operating activities             |   | $                                                                        | 37,855                                                                                                 |                                                           | $      | (18,295 | )   | $ | 37,855 |     | $ | (6,586 | ) |
| Net                  cash used in investing activities                 |   |                                                                     | (7,730                                                                                                 | )                                                                        |   | (9,328 | ) |   | (7,730 | ) |   | (9,328 | ) |
| Net                  cash used in financing activities                 |   |                                                                     | (7,544                                                                                                 | )                                                                        |   | (7,420 | ) |   | (7,545 | ) |   | (19,131 | ) |
|                                                                        |   |                                                                     |                                                                                                        |                                                                     |   |  |   |   |  |   |   |  |   |
| Net                  increase (decrease) in cash and cash equivalents  |   |                                                                     | 22,581                                                                                                 |                                                                     |   | (35,043 | ) |   | 22,580 |   |   | (35,045 | ) |
| Cash                  and cash equivalents, beginning of period        |   |                                                                     | 32,244                                                                                                 |                                                                     |   | 47,680 |   |   | 32,229 |   |   | 47,671 |   |
|                                                                        |   |                                                                     |                                                                                                        |                                                                     |   |  |   |   |  |   |   |  |   |
| Cash                  and cash equivalents, end of period              |   | $                                                                        | 54,825                                                                                                 |                                                                     | $      | 12,637 |   | $ | 54,809 |   | $ | 12,626 |   |
|                                                                        |   |                                                                     |                                                                                                   |                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                        |   |                                                                     | **Holdings   **                                                                    |                                                                     |   | **Group                  L.P.   **  |   |
| **(dollars                  in thousands)**                            |   |                                                                     | **   26-Week Period   ****Ended****August 3, 2008**  |                                                                     |   | **26-Week Period****Ended****August 5, 2007**  |   |   | **26-Week Period****Ended****August 3, 2008**  |   |   | **26-Week Period****Ended****August 5, 2007**  |   |
| Net                  cash provided by operating activities             |   | $                                                                        | 66,885                                                                                                 |                                                                     | $      | (5,811 | ) | $ | 66,677 |   | $ | 5,678 |   |
| Net                  cash used in investing activities                 |   |                                                                     | (16,821                                                                                                | )                                                                        |   | (19,909 | ) |   | (16,821 | ) |   | (19,909 | ) |
| Net                  cash used in financing activities                 |   |                                                                     | (21,453                                                                                                | )                                                                        |   | (9,346 | ) |   | (21,247 | ) |   | (20,838 | ) |
|                                                                        |   |                                                                     |                                                                                                   |                                                                     |   |   |    |   |   |   |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents  |   |                                                                     | 28,611                                                                                                 |                                                                     |   | (35,066 | ) |   | 28,609 |   |   | (35,069 | ) |
| Cash                  and cash equivalents, beginning of period        |   |                                                                     | 26,214                                                                                                 |                                                                     |   | 47,703 |   |   | 26,200 |   |   | 47,695 |   |
|                                                                        |   |                                                                     |                                                                                                   |                                                                     |   |    |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, end of period              |   | $                                                                        | 54,825                                                                                                 |                                                                     | $      | 12,637 |   | $ | 54,809 |   | $ | 12,626 |   |

*Cash      Flows from Operating Activities *

*Cash      Flows from Investing Activities *

*Cash      Flows from Financing Activities *

----

***Capital      Expenditures***

***Debt      and Commitments***

*Senior      Secured Credit Facility.*

----

*8.875%      Senior Subordinated Notes Due 2012*

----

*Senior      Floating Rate Deferred Interest Notes. *

| **Year**                                                              |   | **Redemption Price**  |   |
|-----------------------------------------------------------------------|--------|---------------------------------|--------|
| June 15,                2007 to December 14, 2008      |   |                            | 100.00 |   |
| December 15,                2008 to December 14, 2009  |   |                            | 102.00 |   |
| December 15,                2009 to December 14, 2010  |   |                            | 101.00 |   |
| December 15,                2010 and thereafter             |   |                            | 100.00 |   |

**Recent      Accounting Pronouncements **

*Intangible      Assets. *

*“Fair      Value Measurements.” *

----

*“Business      Combinations,” (“SFAS 141R”). *

*Disclosures      about Derivative Instruments and Hedging Activities— an amendment of FASB      Statement No. 133, *

**ITEM 3.          **
**QUANTITATIVE          AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK **

***Foreign      Exchange Risk***

***Interest      Rate Risk***

----

**ITEM 4.          **
**CONTROLS          AND PROCEDURES **

**PART      II. OTHER INFORMATION **

**ITEM 1.          **
**LEGAL          PROCEEDINGS **

*(Guiseppa      Calvo*
* S. Rossy Inc.)*

**ITEM 1A.          **
**RISK          FACTORS **

**ITEM 6.**
**EXHIBITS      **

| **Exhibit****Number**  | **Description**                                                                                                     |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------|
| 31.1                   | Rule                13a-14(a)/15d-14(a) Certification of the Chief Executive Officer,                furnished herewith. |
|                        |                                                                                                                     |
| 31.2                   | Rule                13a-14(a)/15d-14(a) Certification of the Chief Financial Officer,                furnished herewith. |
|                        |                                                                                                                     |
| 32.1                   | Section                1350 Certifications, furnished                herewith.                                           |

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**SIGNATURES      **

|                                                    |   | Dollarama                Group Holdings L.P.                                                                                                           |
|---------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                    |   |                                                                                                                                                   |   |
|                                                    |   | By:                                                                                                                                                    | Dollarama                Group Holdings GP ULC, its general partner |
|                                                    |   |                                                                                                                                                   |
|                                                    |   | Dollarama                Group L.P.                                                                                                                    |
|                                                    |   |                                                                                                                                                   |   |
|                                                    |   | By:                                                                                                                                                    | Dollarama                Group GP Inc., |
|                                                    |   |                                                                                                                                                   | its                general partner |
|                                                    |   |                                                                                                                                                   |   |
| Dated:                September                17, 2008 | By:    | /s/                Larry Rossy                     |
|                                                    |   | Name:                                                                                                                                                  | Larry                Rossy |
|                                                    |   | Title:                                                                                                                                                 | Chief                Executive Officer and Director |
|                                                    |   |                                                                                                                                                   |   |
| Dated:                September                17, 2008 | By:    | /s/                Robert Coallier                      |
|                                                    |   | Name:                                                                                                                                                  | Robert                Coallier |
|                                                    |   | Title:                                                                                                                                                 | Chief                Financial Officer and Secretary |

----