##### Table of Contents







UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







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

For the quarterly period ended May 3, 2009

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: 333-134550 and
333-143444





Dollarama Group L.P.

Dollarama
Group Holdings L.P.

(Exact name of registrants as specified in their charters)







|                                               |  |                                  
|---------------------------------------------- |  | ---------------------------------
|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

(Registrants 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                           





Indicate by check mark whether the registrants
(1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and
(2) have been subject to such filing requirements for the past 90 days.    Yes   ̈    No  x

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such
files).    Yes   ̈    No   ̈

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, or smaller reporting companies. See definitions of large accelerated filer, accelerated filer,
and smaller reporting company in Rule 12b-2 of the Exchange Act.



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

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange
Act).    Yes   ̈    No  x

This Form 10-Q is a combined quarterly report being filed separately by two registrants: Dollarama Group L.P. and Dollarama Group Holdings L.P. Unless the context indicates otherwise, any reference in this report to Holdings
refers to Dollarama Group Holdings L.P. and any reference to Group L.P. refers to Dollarama Group L.P., the wholly-owned subsidiary of Holdings. The Partnership, we, us, and our refer to
Dollarama Group L.P., together with Dollarama Group Holdings L.P. and its consolidated subsidiaries.









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##### Table of Contents



DOLLARAMA GROUP L.P.

DOLLARAMA GROUP HOLDINGS L.P.

FORM 10-Q

TABLE OF CONTENTS



|                              |  |                                                                                       |  |     
|----------------------------- |  | ------------------------------------------------------------------------------------- |  | ----
|                              |  |                                                                                       |  | PAGE
|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                                                 |  | 7   
|                              |  |                                                                                      
|                              |  | Notes to Consolidated Financial Statements                                            |  | 8   
|                              |  |                                                                                      
|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 4T.                      |  | Controls and Procedures                                                               |  | 37  
|                              | 
|PART II. OTHER INFORMATION    |  |                                                                                      
|                              |  |                                                                                      
|Item 1.                       |  | Legal Proceedings                                                                     |  | 38  
|                              |  |                                                                                      
|Item 1A.                      |  | Risk Factors                                                                          |  | 38  
|                              |  |                                                                                      
|Item 6.                       |  | Exhibits                                                                              |  | 38  
|                              | 
|SIGNATURES                    |  | 39                                                                                   

This combined Form 10-Q is separately filed by Dollarama Group L.P. and Dollarama Group Holdings L.P. Each
Registrant hereto is filing on its own behalf all of the information contained in this annual report that relates to such Registrant. Each Registrant hereto is not filing any information that does not relate to such Registrant, and therefore makes
no representation as to any such information.



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##### Table of Contents

PART I - FINANCIAL INFORMATION



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

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Interim Consolidated Balance Sheet





(expressed in thousands of Canadian dollars)



|                                           |  |                      |  |                               |  |                  |  |                       
|------------------------------------------ |  | -------------------- |  | ----------------------------- |  | ---------------- |  | ----------------------
|                                           |  | Dollarama Group L.P. |  | Dollarama Group Holdings L.P.
|                                           |  | As ofMay 3,2009$     |  | As ofFebruary 1,2009$         |  | As ofMay 3,2009$ |  | As ofFebruary 1 ,2009$
|                                           |  | (unaudited)          |  |                               |  | (unaudited)      |  |                       
|Assets                                     |  |                      |  |                               |  |                  |  |                       
|                                           |  |                      |  |                              
|Current assets                             |  |                      |  |                               |  |                  |  |                       
|Cash and cash equivalents                  |  | 66,729               |  | 66,123                        |  | 66,751           |  | 66,141                
|Accounts receivable                        |  | 2,349                |  | 2,998                         |  | 2,349            |  | 2,998                 
|Income taxes recoverable                   |  | 214                  |  | 55                            |  | 259              |  | 80                    
|Deposits and prepaid expenses              |  | 15,915               |  | 4,705                         |  | 15,918           |  | 4,710                 
|Merchandise inventories                    |  | 252,514              |  | 249,644                       |  | 252,514          |  | 249,644               
|Derivative financial instruments (note 5)  |  | 14,752               |  | 33,175                        |  | 14,752           |  | 33,175                
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 352,473              |  | 356,700                       |  | 352,543          |  | 356,748               
|                                           |  |                      |  |                              
|Property and equipment                     |  | 131,861              |  | 129,878                       |  | 131,861          |  | 129,878               
|Goodwill                                   |  | 727,782              |  | 727,782                       |  | 727,782          |  | 727,782               
|Other intangible assets                    |  | 114,664              |  | 115,210                       |  | 114,664          |  | 115,210               
|Derivative financial instruments (note 5)  |  | 13,760               |  | 33,423                        |  | 13,760           |  | 33,423                
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 1,340,540            |  | 1,362,993                     |  | 1,340,610        |  | 1,363,041             
|                                           |  |                      |  |                               |  |                  |  |                       
|Liabilities                                |  |                      |  |                               |  |                  |  |                       
|Current liabilities                        |  |                      |  |                               |  |                  |  |                       
|Accounts payable                           |  | 35,108               |  | 38,165                        |  | 35,989           |  | 39,027                
|Accrued expenses and other                 |  | 45,375               |  | 34,850                        |  | 53,417           |  | 37,760                
|Derivative financial instruments (note 5)  |  | 10,633               |  |                              |  | 10,633           |  |                      
|Current portion of long-term debt (note 3) |  | 7,696                |  | 15,302                        |  | 7,696            |  | 15,302                
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 98,812               |  | 88,317                        |  | 107,735          |  | 92,089                
|                                           |  |                      |  |                              
|Long-term debt (note 3)                    |  | 544,931              |  | 562,017                       |  | 781,403          |  | 806,384               
|                                           |  |                      |  |                              
|Other liabilities                          |  | 28,907               |  | 28,098                        |  | 28,907           |  | 28,098                
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 672,650              |  | 678,432                       |  | 918,045          |  | 926,571               
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  |                      |  |                              
|Commitments and contingencies (note 4)     |  |                      |  |                               |  |                  |  |                       
|                                           |  |                      |  |                              
|Partners Capital                          |  |                      |  |                               |  |                  |  |                       
|General partner                            |  | 374                  |  | 374                           |  | 374              |  | 374                   
|Limited partner                            |  | 343,468              |  | 345,958                       |  | 159,239          |  | 161,725               
|Contributed surplus                        |  | 3,751                |  | 3,390                         |  | 3,751            |  | 3,390                 
|Retained earnings                          |  | 293,489              |  | 275,378                       |  | 232,393          |  | 211,520               
|Accumulated other comprehensive income     |  | 26,808               |  | 59,461                        |  | 26,808           |  | 59,461                
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 667,890              |  | 684,561                       |  | 422,565          |  | 436,470               
|                                           |  |                      |  |                               |  |                  |  |                       
|                                           |  | 1,340,540            |  | 1,362,993                     |  | 1,340,610        |  | 1,363,041             
|                                           |  |                      |  |                               |  |                  |  |                       

The accompanying notes are an integral part of the interim consolidated financial statements.



3



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Dollarama Group L.P.

Interim Consolidated Statement of Partners Capital

(Unaudited)





(expressed in thousands of Canadian dollars)



|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|--------------------------------------------------------------------------------------- |  | ---------------------- |  | ---------------------- | - |  | ------------------- |  | ----------------- |  | ------------------------------------------- | - |  | ------- | -
|                                                                                        |  | Generalpartnercapital$ |  | Limitedpartnercapital$ |   |  | Contributedsurplus$ |  | Retainedearnings$ |  | Accumulatedothercomprehensiveincome (loss)$ |   |  | Total$  |  
|Balance  February 3, 2008                                                              |  | 374                    |  | 347,395                |   |  | 2,649               |  | 185,269           |  | (7,524                                      | ) |  | 528,163 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Other comprehensive income                                                              |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Net earnings for the period                                                             |  |                       |  |                       |   |  |                    |  | 9,632             |  |                                            |   |  | 9,632   |  
|Unrealized gain on derivative financial instruments, net of reclassification adjustment |  |                       |  |                       |   |  |                    |  |                  |  | 8,999                                       |   |  | 8,999   |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Total comprehensive income                                                              |  |                       |  |                       |   |  |                    |  | 9,632             |  | 8,999                                       |   |  | 18,631  |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Stock-based compensation (note 6)                                                       |  |                       |  |                       |   |  | 222                 |  |                  |  |                                            |   |  | 222     |  
|Capital distributions                                                                   |  |                       |  | (892                   | ) |  |                    |  |                  |  |                                            |   |  | (892    | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Balance  May 4, 2008                                                                   |  | 374                    |  | 346,503                |   |  | 2,871               |  | 194,901           |  | 1,475                                       |   |  | 546,124 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Balance  February 1, 2009                                                              |  | 374                    |  | 345,958                |   |  | 3,390               |  | 275,378           |  | 59,461                                      |   |  | 684,561 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Other comprehensive loss                                                                |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Net earnings for the period                                                             |  |                       |  |                       |   |  |                    |  | 18,111            |  |                                            |   |  | 18,111  |  
|Unrealized loss on derivative financial instruments, net of reclassification adjustment |  |                       |  |                       |   |  |                    |  |                  |  | (32,653                                     | ) |  | (32,653 | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Total comprehensive loss                                                                |  |                       |  |                       |   |  |                    |  | 18,111            |  | (32,653                                     | ) |  | (14,542 | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Stock-based compensation (note 6)                                                       |  |                       |  |                       |   |  | 361                 |  |                  |  |                                            |   |  | 361     |  
|Capital distributions                                                                   |  |                       |  | (2,490                 | ) |  |                    |  |                  |  |                                            |   |  | (2,490  | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  
|Balance  May 3, 2009                                                                   |  | 374                    |  | 343,468                |   |  | 3,751               |  | 293,489           |  | 26,808                                      |   |  | 667,890 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |  |                                             |   |  |         |  

The sum of retained earnings and accumulated other comprehensive income amounted to $320,297 as of May 3,
2009 (February 1, 2009  $334,839).

The accompanying notes are an integral part of the interim consolidated financial
statements.



4



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##### Table of Contents

Dollarama Group Holdings L.P.

Interim Consolidated Statement of Partners Capital

(Unaudited)





(expressed in thousands of Canadian dollars)



|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|--------------------------------------------------------------------------------------- |  | ---------------------- |  | ---------------------- | - |  | ------------------- |  | ----------------- | - |  | ------------------------------------------- | - |  | ------- | -
|                                                                                        |  | Generalpartnercapital$ |  | Limitedpartnercapital$ |   |  | Contributedsurplus$ |  | Retainedearnings$ |   |  | Accumulatedothercomprehensiveincome (loss)$ |   |  | Total$  |  
|Balance  February 3, 2008                                                              |  | 374                    |  | 163,158                |   |  | 2,649               |  | 187,517           |   |  | (7,524                                      | ) |  | 346,174 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Other comprehensive income                                                              |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Net loss for the period                                                                 |  |                       |  |                       |   |  |                    |  | (549              | ) |  |                                            |   |  | (549    | )
|Unrealized gain on derivative financial instruments, net of reclassification adjustment |  |                       |  |                       |   |  |                    |  |                  |   |  | 8,999                                       |   |  | 8,999   |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Total comprehensive income                                                              |  |                       |  |                       |   |  |                    |  | (549              | ) |  | 8,999                                       |   |  | 8,450   |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Stock-based compensation (note 6)                                                       |  |                       |  |                       |   |  | 222                 |  |                  |   |  |                                            |   |  | 222     |  
|Capital distributions                                                                   |  |                       |  | (891                   | ) |  |                    |  |                  |   |  |                                            |   |  | (891    | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Balance  May 4, 2008                                                                   |  | 374                    |  | 162,267                |   |  | 2,871               |  | 186,968           |   |  | 1,475                                       |   |  | 353,955 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Balance  February 1, 2009                                                              |  | 374                    |  | 161,725                |   |  | 3,390               |  | 211,520           |   |  | 59,461                                      |   |  | 436,470 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Other comprehensive loss                                                                |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Net earnings for the period                                                             |  |                       |  |                       |   |  |                    |  | 20,873            |   |  |                                            |   |  | 20,873  |  
|Unrealized loss on derivative financial instruments, net of reclassification adjustment |  |                       |  |                       |   |  |                    |  |                  |   |  | (32,653                                     | ) |  | (32,653 | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Total comprehensive loss                                                                |  |                       |  |                       |   |  |                    |  | 20,873            |   |  | (32,653                                     | ) |  | (11,780 | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Stock-based compensation (note 6)                                                       |  |                       |  |                       |   |  | 361                 |  |                  |   |  |                                            |   |  | 361     |  
|Capital distributions                                                                   |  |                       |  | (2,486                 | ) |  |                    |  |                  |   |  |                                            |   |  | (2,486  | )
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  
|Balance  May 3, 2009                                                                   |  | 374                    |  | 159,239                |   |  | 3,751               |  | 232,393           |   |  | 26,808                                      |   |  | 422,565 |  
|                                                                                        |  |                        |  |                        |   |  |                     |  |                   |   |  |                                             |   |  |         |  

The sum of retained earnings and accumulated other comprehensive income amounted to $259,201 as of May 3,
2009 (February 1, 2009  $270,981).

The accompanying notes are an integral part of the interim consolidated financial
statements.



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Interim Consolidated Statement of Earnings

(Unaudited)





(expressed in thousands of Canadian dollars)



|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|----------------------------------------------------------------------------------- |  | ------------------------------------- |  | ------------------------------------- |  | ------------------------------------- | - |  | ------------------------------------- | -
|                                                                                    |  | Dollarama Group L.P.                  |  | Dollarama Group Holdings L.P.         | 
|                                                                                    |  | For the13-weekperiod endedMay 3,2009$ |  | For the13-weekperiod endedMay 4,2008$ |  | For the13-weekperiod endedMay 3,2009$ |   |  | For the13-weekperiod endedMay 4,2008$ |  
|Sales                                                                               |  | 273,409                               |  | 236,815                               |  | 273,409                               |   |  | 236,815                               |  
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|Cost of sales and expenses                                                          |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|Cost of sales                                                                       |  | 180,179                               |  | 160,205                               |  | 180,179                               |   |  | 160,205                               |  
|General, administrative and store operating expenses                                |  | 58,375                                |  | 48,529                                |  | 58,375                                |   |  | 48,529                                |  
|Amortization                                                                        |  | 6,041                                 |  | 4,773                                 |  | 6,041                                 |   |  | 4,773                                 |  
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|                                                                                    |  | 244,595                               |  | 213,507                               |  | 244,595                               |   |  | 213,507                               |  
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|Operating income                                                                    |  | 28,814                                |  | 23,308                                |  | 28,814                                |   |  | 23,308                                |  
|Interest expense                                                                    |  | 9,726                                 |  | 9,863                                 |  | 15,424                                |   |  | 15,358                                |  
|Foreign exchange loss (gain) on derivative financial instruments and long-term debt |  | 955                                   |  | 3,768                                 |  | (7,505                                | ) |  | 8,454                                 |  
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|Earnings (loss) before income taxes                                                 |  | 18,133                                |  | 9,677                                 |  | 20,895                                |   |  | (504                                  | )
|Provision for current income taxes                                                  |  | 22                                    |  | 45                                    |  | 22                                    |   |  | 45                                    |  
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  
|Net earnings (loss) for the period                                                  |  | 18,111                                |  | 9,632                                 |  | 20,873                                |   |  | (549                                  | )
|                                                                                    |  |                                       |  |                                       |  |                                       |   |  |                                       |  

The accompanying notes are an integral part of the interim consolidated financial statements.



6



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Interim Consolidated Statement of Cash Flows

(Unaudited)





(expressed in thousands of Canadian dollars)



|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|----------------------------------------------- |  | ------------------------------------- | - |  | ------------------------------------- | - |  | ------------------------------------- | - |  | ------------------------------------- | -
|                                                |  | Dollarama Group L.P.                  |   |  | Dollarama Group Holdings L.P.         |  
|                                                |  | For the13-weekperiod endedMay 3,2009$ |   |  | For the13-weekperiod endedMay 4,2008$ |   |  | For the13-weekperiod endedMay 3,2009$ |   |  | For the13-weekperiod endedMay 4,2008$ |  
|Operating activities                            |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Net earnings (loss) for the period              |  | 18,111                                |   |  | 9,632                                 |   |  | 20,873                                |   |  | (549                                  | )
|Adjustments for                                 |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Amortization of property and equipment          |  | 6,109                                 |   |  | 5,168                                 |   |  | 6,109                                 |   |  | 5,168                                 |  
|Amortization of intangible assets               |  | 468                                   |   |  | 694                                   |   |  | 468                                   |   |  | 694                                   |  
|Change in fair value of derivatives             |  | 16,066                                |   |  | (6,347                                | ) |  | 16,066                                |   |  | (6,347                                | )
|Amortization of financing costs                 |  | 1,000                                 |   |  | 997                                   |   |  | 1,216                                 |   |  | 1,243                                 |  
|Foreign exchange loss (gain) on long-term debt  |  | (17,460                               | ) |  | 10,774                                |   |  | (25,571                               | ) |  | 15,313                                |  
|Amortization of unfavourable lease rights       |  | (536                                  | ) |  | (1,089                                | ) |  | (536                                  | ) |  | (1,089                                | )
|Deferred lease inducements                      |  | 473                                   |   |  | 449                                   |   |  | 473                                   |   |  | 449                                   |  
|Deferred leasing costs                          |  |                                      |   |  | (160                                  | ) |  |                                      |   |  | (160                                  | )
|Deferred tenant allowances                      |  | 1,271                                 |   |  | 498                                   |   |  | 1,271                                 |   |  | 498                                   |  
|Amortization of deferred tenant allowances      |  | (399                                  | ) |  | (270                                  | ) |  | (399                                  | ) |  | (270                                  | )
|Stock-based compensation                        |  | 361                                   |   |  | 222                                   |   |  | 361                                   |   |  | 222                                   |  
|Amortization of deferred leasing costs          |  | 78                                    |   |  | 61                                    |   |  | 78                                    |   |  | 61                                    |  
|Other                                           |  | 16                                    |   |  | (1                                    | ) |  | 16                                    |   |  | (1                                    | )
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|                                                |  | 25,558                                |   |  | 20,628                                |   |  | 20,425                                |   |  | 15,232                                |  
|Changes in non-cash working capital components  |  | (6,122                                | ) |  | 8,194                                 |   |  | (989                                  | ) |  | 13,798                                |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|                                                |  | 19,436                                |   |  | 28,822                                |   |  | 19,436                                |   |  | 29,030                                |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Investing activities                            |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Purchase of property and equipment              |  | (8,108                                | ) |  | (9,153                                | ) |  | (8,108                                | ) |  | (9,153                                | )
|Proceeds on disposal of property and equipment  |  |                                      |   |  | 62                                    |   |  |                                      |   |  | 62                                    |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|                                                |  | (8,108                                | ) |  | (9,091                                | ) |  | (8,108                                | ) |  | (9,091                                | )
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Financing activities                            |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Financing costs                                 |  |                                      |   |  |                                      |   |  |                                      |   |  | (208                                  | )
|Repayment of long-term debt                     |  | (8,232                                | ) |  | (12,810                               | ) |  | (8,232                                | ) |  | (12,810                               | )
|Capital distributions                           |  | (2,490                                | ) |  | (892                                  | ) |  | (2,486                                | ) |  | (891                                  | )
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|                                                |  | (10,722                               | ) |  | (13,702                               | ) |  | (10,718                               | ) |  | (13,909                               | )
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Increase in cash and cash equivalents           |  | 606                                   |   |  | 6,029                                 |   |  | 610                                   |   |  | 6,030                                 |  
|Cash and cash equivalents  Beginning of period |  | 66,123                                |   |  | 26,200                                |   |  | 66,141                                |   |  | 26,214                                |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Cash and cash equivalents  End of period       |  | 66,729                                |   |  | 32,229                                |   |  | 66,751                                |   |  | 32,244                                |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  
|Interest paid                                   |  | 13,391                                |   |  | 12,759                                |   |  | 13,391                                |   |  | 12,759                                |  
|                                                |  |                                       |   |  |                                       |   |  |                                       |   |  |                                       |  

The accompanying notes are an integral part of the interim consolidated financial statements.



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars, unless otherwise noted)



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

The unaudited interim
consolidated financial statements are based on accounting policies and methods consistent in their application with those used and described in the annual consolidated financial statements of Dollarama Group L.P. and Dollarama Group Holdings L.P.
(the Partnership) as contained in the most recent Annual Report on Form 10-K (Form 10-K) except as described in note 2 of the unaudited interim consolidated financial statements. The unaudited interim
consolidated financial statements do not include all of the financial statement disclosures included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in Canada (Canadian
GAAP) and therefore should be read in conjunction with the Partnerships most recent Form 10-K.

In the opinion of
management of Dollarama Group GP Inc. and Dollarama Group Holdings ULC Inc., as General Partner of the Partnership, the unaudited interim consolidated financial statements reflect all adjustments, which consist only of normal and recurring
adjustments, necessary to present fairly the financial position and results of operations and cash flows in accordance with Canadian GAAP. The results reported in these financial statements are not necessarily indicative of the results that may be
expected for the entire year. Historically, the last quarter of the year has presented a higher level of activity and produced better results than the first three quarters.



|2 | Summary of significant accounting policies
|- | ------------------------------------------

Changes in accounting policies

Goodwill and intangible assets

Canadian Institute of Chartered Accountants Handbook Section 3064, Goodwill and Intangible Assets, replaces Section 3062,
Goodwill and Other Intangible Assets, and establishes standards for the recognition, measurement and disclosure of goodwill and intangible assets. The provisions relating to the definition and initial recognition of intangible assets are
equivalent to the corresponding provisions of International Accounting Standard (IAS) 38, Intangible Assets. Section 1000, Financial Statement Concepts, is amended to clarify criteria for recognition of an
asset. Section 3450, Research and Development Costs, is replaced by guidance in Section 3064. CICA Abstract EIC-27, Revenues and Expenditures During the Pre-operating Period, is no longer applicable for entities
that have adopted Section 3064. AcG-11, Enterprises in the Development Stage, is amended to delete references to deferred costs and to provide guidance on development costs as intangible assets under Section 3064. This new
standard is effective for interim and annual financial statements for years beginning on or after October 1, 2008. This Section was adopted as of February 2, 2009 with no impact on the interim consolidated financial statements.



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Business combinations, consolidated financial statements and non-controlling interests

CICA Handbook Section 1582, Business Combinations; Section 1601, Consolidated Financial Statements; and
Section 1602, Non-controlling Interests, replace Section 1581, Business Combinations, and Section 1600, Consolidated Financial Statements, and establish a new section for accounting for a
non-controlling interest in a subsidiary. These sections provide the Canadian equivalent to International Financial Reporting Standard 3, Business Combinations (January 2008), and IAS 27, Consolidated and Separate Financial
Statements (January 2008). Section 1582 is effective for business combinations for which the acquisition date is on or after the first quarter beginning on January 31, 2011 with early adoption permitted. Sections 1601 and 1602 apply
to interim and annual consolidated financial statements relating to years beginning on January 20, 2011 with early adoption permitted. This section was adopted as of February 2, 2009 with no impact on the interim financial statements.



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



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

Long-term debt outstanding consists
of the following:



|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                  |  |                      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------- |  | ---------------------
|Dollarama Group L.P.                                                                                                                                                                                                                                                                                                                                                                                                             |  |                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | As ofMay 3,2009$ |  | As ofFebruary 1,2009$
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | (unaudited)      |  |                      
|Senior subordinated notes (US$200,000,000), maturing in August 2012, bearing interest at 87/8%, payable semi-annually                                                                                                                                                                                                                                                                                                            |  | 237,180          |  | 245,300              
|Term bank loan $236,151,010 (February 1, 2009  US$236,759,643), maturing in November 2011, repayable in quarterly capital
installments 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    |  | 280,052          |  | 290,386              
|Term bank loan, maturing in May 2010, repayable in quarterly capital installments 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 |  | 45,695           |  | 53,195               
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 562,927          |  | 588,881              
|Less: Current portion                                                                                                                                                                                                                                                                                                                                                                                                            |  | 7,696            |  | 15,302               
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 555,231          |  | 573,579              
|Less: Financing costs                                                                                                                                                                                                                                                                                                                                                                                                            |  | 10,300           |  | 11,562               
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  | 544,931          |  | 562,017              
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |                  |  |                      



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



|                                                                                                                                                                                                                                                                                                                   |  |                  |  |                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------- |  | ---------------------
|Dollarama Group Holdings L.P.                                                                                                                                                                                                                                                                                      |  |                 
|                                                                                                                                                                                                                                                                                                                   |  |                 
|                                                                                                                                                                                                                                                                                                                   |  | As ofMay 3,2009$ |  | As ofFebruary 1,2009$
|                                                                                                                                                                                                                                                                                                                   |  | (unaudited)      |  |                      
|Balance as per Dollarama Group L.P.                                                                                                                                                                                                                                                                                |  | 562,927          |  | 588,881              
|Senior subordinated deferred interest notes US$203,449,093; (February 1, 2009  US$203,449,093), 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 |  | 241,270          |  | 249,530              
|                                                                                                                                                                                                                                                                                                                   |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                   |  | 804,197          |  | 838,411              
|Less: Current portion                                                                                                                                                                                                                                                                                              |  | 7,696            |  | 15,302               
|                                                                                                                                                                                                                                                                                                                   |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                   |  | 796,501          |  | 823,109              
|Less: Financing costs                                                                                                                                                                                                                                                                                              |  | 15,098           |  | 16,725               
|                                                                                                                                                                                                                                                                                                                   |  |                  |  |                      
|                                                                                                                                                                                                                                                                                                                   |  | 781,403          |  | 806,384              
|                                                                                                                                                                                                                                                                                                                   |  |                  |  |                      



|4 | Commitments and contingencies
|- | -----------------------------

Commitments

As of May 3, 2009, contractual obligations for operating leases amounted to approximately $492,919,000. The leases extend over various
periods up to the year 2024. The basic annual rent, exclusive of contingent rentals, for the next five years and thereafter is as follows:



|           |  |        
|---------- |  | -------
|           |  | $      
|2010       |  | 69,215 
|2011       |  | 66,306 
|2012       |  | 62,220 
|2013       |  | 57,470 
|2014       |  | 52,739 
|Thereafter |  | 184,969



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



The rent and contingent rent expense of operating leases for store, warehouse, distribution centre
and corporate headquarters included in the interim consolidated statement of earnings are as follows:



|                |  |                              |  |                             
|--------------- |  | ---------------------------- |  | ----------------------------
|                |  | For the 13-week period ended |  | For the 13-week period ended
|                |  | May 3,2009$                  |  | May 4,2008$                 
|Basic rent      |  | 18,227                       |  | 16,252                      
|Contingent rent |  | 596                          |  | 383                         
|                |  |                              |  |                             
|                |  | 18,823                       |  | 16,635                      
|                |  |                              |  |                             

Contingencies

An action against the Partnership for alleged personal injuries sustained by a customer in one of its stores (Guiseppa Calvo v. S. Rossy Inc.) was filed on May 8, 2006 in the Ontario Superior Court of Justice.
The plaintiff is alleging damages of $1.0 million. The Partnership believes that the potential amount to be paid for this claim would be covered by its insurance policy. It is not possible at this time to determine the outcome of this matter, and
accordingly no provision for this claim has been made in the accounts.

The Partnership believes that this suit is without substantial merit
and should not result in a judgment which would have a material adverse effect on its consolidated financial statements.



12



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



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

A summary of the
aggregate contractual or notional amounts, balance sheet location and estimated fair values of derivative financial instruments as of May 3, 2009 and February 1, 2009 is as follows:



|                                         |  |                             |  |                        |  |                                |   |  |                              
|---------------------------------------- |  | --------------------------- |  | ---------------------- |  | ------------------------------ | - |  | -----------------------------
|                                         |  | As of May 3, 2009          
|                                         |  | ContractualnominalvalueUS$  |  | Balance sheet location |  | Fair value Asset (liability)$ |   |  | Nature of hedgingrelationship
|Hedging instruments                      |  |                             |  |                        |  |                                |   |  |                              
|Foreign exchange forward contracts       |  | 90.0                        |  | Current assets         |  | 14,752                         |   |  | Cash flow hedge              
|Foreign exchange forward contracts       |  | 200.0                       |  | Current liabilities    |  | (6,281                         | ) |  | Cash flow hedge              
|Foreign currency swap agreements         |  | 130.0                       |  | Long-term assets       |  | 13,760                         |   |  | Cash flow hedge              
|Foreign currency swap agreements         |  | 70.0                        |  | Current liabilities    |  | (1,477                         | ) |  | Cash flow hedge              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  | 490.0                       |  |                        |  | 20,754                         |   |  |                              
|Non-hedging instruments                  |  |                             |  |                        |  |                                |   |  |                              
|Foreign currency and interest rate swaps |  | 236.1                       |  | Current liabilities    |  | (2,875                         | ) |  |                              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  | 726.1                       |  |                        |  | 17,879                         |   |  |                              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         | 
|                                         |  | As of February 1, 2009     
|                                         |  | Contractualnominalvalue US$ |  | Balance sheet location |  | Fair value Asset$             |   |  | Nature of hedgingrelationship
|Hedging instruments                      |  |                             |  |                        |  |                                |   |  |                              
|Foreign exchange forward contracts       |  | 174.0                       |  | Current assets         |  | 33,175                         |   |  | Cash flow hedge              
|Foreign currency swap agreements         |  | 200.0                       |  | Long-term assets       |  | 25,447                         |   |  | Cash flow hedge              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  | 374.0                       |  |                        |  | 58,622                         |   |  |                              
|Non-hedging instruments                  |  |                             |  |                        |  |                                |   |  |                              
|Foreign currency and interest rate swaps |  | 236.7                       |  | Long-term assets       |  | 7,976                          |   |  |                              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  | 610.7                       |  |                        |  | 66,598                         |   |  |                              
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  |                             |  |                       
|                                         |  |                             |  |                        |  | As ofMay 3,2009$               |   |  | As of February 1, 2009 $     
|Derivative financial instruments         |  |                             |  |                        |  |                                |   |  |                              
|Current assets                           |  |                             |  |                        |  | 14,752                         |   |  | 33,175                       
|Long-term assets                         |  |                             |  |                        |  | 13,760                         |   |  | 33,423                       
|Current liabilities                      |  |                             |  |                        |  | (10,633                        | ) |  |                             
|                                         |  |                             |  |                        |  |                                |   |  |                              
|                                         |  |                             |  |                        |  | 17,879                         |   |  | 66,598                       
|                                         |  |                             |  |                        |  |                                |   |  |                              



13



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



The Partnership is exposed to certain risks relating to its ongoing business operations. The primary
risks managed by using derivative instruments are currency risk and interest rate risk. Foreign exchange forward contracts are entered into to manage the currency fluctuation risk associated with forecasted US dollar merchandise purchases sold in
the stores. Foreign currency swap agreements and foreign currency and interest rate swaps are entered into to manage currency fluctuation risk and interest rate risk associated with the Partnerships US dollar borrowings.

The Partnership formally documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategies
for undertaking the hedge transactions.

Derivative financial instruments are classified as held for trading or designated as hedging
instruments. The derivative financial instruments are recorded at fair value determined using market prices. All gains and losses from changes in fair value of derivative financial instruments not designated as hedges are recognized in earnings. The
Partnership has designated its derivatives as hedges of the variability in highly probable future cash flows attributable to a recognized asset or liability or a forecasted transaction (cash flow hedges). All gains and losses from changes in fair
value of derivative financial instruments designated as cash flow hedges are recorded in accumulated other comprehensive income.

As of
May 3, 2009, the Partnership has assessed the significance to the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to
the overall valuation of its derivatives.



14



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Dollarama Group L.P.



|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|---------------------------------------------------------------------------------- |  | ---- | --- |  | ----------------------------------------------------------------------------------- | - |  | ------------------------------------------------------------------------------- | - |  | --------------------------------------------------------------------------- | - |  | ---------------------------------------------------- | - |  | ----------------------------------- | -
|                                                                                   |  |      |     |  | For the 13-week period ended May 3, 2009                                            |  
|                                                                                   |  |      |     |  | Impact onbalance sheet                                                              |   |  | Impact onothercomprehensiveloss                                                 |   |  | Impact onearnings                                                           |   |  | Impact on cash flows                                 |  
|                                                                                   |  | Note |     |  | Change infair valueduring theyear onlong-termdebt andderivativefinancialinstruments |   |  | Unrealizedloss onderivativefinancialinstrumentsnet ofreclassificationadjustment |   |  | Foreignexchangegain (loss)onlong-termdebt andderivativefinancialinstruments |   |  | Changes infair valueofderivativefinancialinstruments |   |  | Foreignexchangegain onlong-termdebt |  
|Long-term debt                                                                     |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Senior subordinated loans                                                          |  | 3    |     |  | 8,120                                                                               |   |  |                                                                                |   |  | 8,120                                                                       |   |  |                                                     |   |  | (8,120                              | )
|Term B loan                                                                        |  | 3    |     |  | 9,582                                                                               |   |  |                                                                                |   |  | 9,582                                                                       |   |  |                                                     |   |  | (9,582                              | )
|Other foreign exchange gains and losses                                            |  |      |     |  |                                                                                     |   |  |                                                                                |   |  | 35                                                                          |   |  |                                                     |   |  | 242                                 |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                |   |  | 17,737                                                                      |   |  |                                                     |   |  | (17,460                             | )
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Derivative financial instruments                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Hedging                                                                            |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Foreign exchange forward contracts, net of reclassification                        |  | 5    | (b) |  | (24,704                                                                             | ) |  | (24,704                                                                         | ) |  |                                                                            |   |  |                                                     |   |  |                                    |  
|Impact of three-month lag on foreign exchange forward contracts                    |  | 5    | (b) |  |                                                                                    |   |  | (2,525                                                                          | ) |  |                                                                            |   |  | (2,525                                               | ) |  |                                    |  
|Foreign currency swap agreements                                                   |  | 5    | (c) |  | (13,164                                                                             | ) |  | (5,044                                                                          | ) |  | (8,120                                                                      | ) |  | 8,120                                                |   |  |                                    |  
|Realized gain (loss) on foreign currency agreement interest payments               |  | 5    | (c) |  |                                                                                     |   |  | (380                                                                            | ) |  | 503                                                                         |   |  | (380                                                 | ) |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  | (32,653                                                                         | ) |  | (7,617                                                                      | ) |  | 5,215                                                |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Non-hedging                                                                        |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Foreign currency and interest rate swap agreements                                 |  | 5    | (a) |  | (10,851                                                                             | ) |  |                                                                                |   |  | (10,851                                                                     | ) |  | 10,851                                               |   |  |                                    |  
|Realized gain (loss) on foreign currency and interest rate swaps interest payments |  | 5    | (a) |  |                                                                                    |   |  |                                                                                |   |  | (224                                                                        | ) |  |                                                     |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                |   |  | (11,075                                                                     | ) |  | 10,851                                               |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  | (32,653                                                                         | ) |  | (955                                                                        | ) |  | 16,066                                               |   |  | (17,460                             | )
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Dollarama Group Holdings L.P.                                                      |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Long-term debt                                                                     |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Total as per Dollarama Group L.P.                                                  |  |      |     |  |                                                                                     |   |  | (32,653                                                                         | ) |  | (955                                                                        | ) |  | 16,066                                               |   |  | (17,460                             | )
|Senior subordinated deferred interest notes                                        |  | 5    | (c) |  | 8,111                                                                               |   |  |                                                                                |   |  | 8,111                                                                       |   |  |                                                     |   |  | (8,111                              | )
|Other foreign exchange gains and losses                                            |  |      |     |  |                                                                                     |   |  |                                                                                |   |  | 349                                                                         |   |  |                                                     |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Total Dollarama Group Holdings L.P.                                                |  |      |     |  |                                                                                     |   |  | (32,653                                                                         | ) |  | 7,505                                                                       |   |  | 16,066                                               |   |  | (25,571                             | )
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                 |   |  |                                                                             |   |  |                                                      |   |  |                                     |  



15



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Dollarama Group L.P.



|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|---------------------------------------------------------------------------------- |  | ---- | --- |  | ----------------------------------------------------------------------------------- | - |  | ---------------------------------------------------------------------------------- | - |  | --------------------------------------------------------------------------- | - |  | ---------------------------------------------------- | - |  | ----------------------------------- | -
|                                                                                   |  |      |     |  | For the 13-week period ended May 4, 2008                                            |  
|                                                                                   |  |      |     |  | Impact onbalance sheet                                                              |   |  | Impact on othercomprehensive income                                                |   |  | Impact onearnings                                                           |   |  | Impact on cash flows                                 |  
|                                                                                   |  | Note |     |  | Change infair valueduring theyear onlong-termdebt andderivativefinancialinstruments |   |  | Unrealized gain onderivative financialinstruments net ofreclassificationadjustment |   |  | Foreignexchangegain (loss)onlong-termdebt andderivativefinancialinstruments |   |  | Changes infair valueofderivativefinancialinstruments |   |  | Foreignexchangegain onlong-termdebt |  
|Long-term debt                                                                     |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Senior subordinated loans                                                          |  | 3    |     |  | (5,060                                                                              | ) |  |                                                                                   |   |  | (5,060                                                                      | ) |  |                                                     |   |  | 5,060                               |  
|Term B loan                                                                        |  | 3    |     |  | (6,181                                                                              | ) |  |                                                                                   |   |  | (6,181                                                                      | ) |  |                                                     |   |  | 6,181                               |  
|Other foreign exchange gains and losses                                            |  |      |     |  |                                                                                     |   |  |                                                                                   |   |  | 522                                                                         |   |  |                                                     |   |  | (467                                | )
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                   |   |  | (10,719                                                                     | ) |  |                                                     |   |  | 10,774                              |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Derivative financial instruments                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Hedging                                                                            |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Foreign exchange forward contracts, net of reclassification                        |  | 5    | (b) |  | 10,350                                                                              |   |  | 10,350                                                                             |   |  |                                                                            |   |  |                                                     |   |  |                                    |  
|Impact of three-month lag on foreign exchange forward contracts                    |  | 5    | (b) |  |                                                                                    |   |  | 3,498                                                                              |   |  |                                                                            |   |  | 3,498                                                |   |  |                                    |  
|Foreign currency swap agreements                                                   |  | 5    | (c) |  | 211                                                                                 |   |  | (4,849                                                                             | ) |  | 5,060                                                                       |   |  | (5,060                                               | ) |  |                                    |  
|Realized gain (loss) on foreign currency agreement interest payments               |  | 5    | (c) |  |                                                                                     |   |  |                                                                                   |   |  | (1,412                                                                      | ) |  |                                                     |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  | 8,999                                                                              |   |  | 3,648                                                                       |   |  | (1,562                                               | ) |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Non-hedging                                                                        |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Foreign currency and interest rate swap agreements                                 |  | 5    | (a) |  | 4,785                                                                               |   |  |                                                                                   |   |  | 4,785                                                                       |   |  | (4,785                                               | ) |  |                                    |  
|Realized gain (loss) on foreign currency and interest rate swaps interest payments |  | 5    | (a) |  |                                                                                    |   |  |                                                                                   |   |  | (1,482                                                                      | ) |  |                                                     |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                   |   |  | 3,303                                                                       |   |  | (4,785                                               | ) |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |   |  | 8,999                                                                              |   |  | (3,768                                                                      | ) |  | (6,347                                               | ) |  | 10,774                              |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                  
|Dollarama Group Holdings L.P.                                                      | 
|                                                                                   |  |      |     |  |                                                                                     |  
|Long-term debt                                                                     |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|Total as per Dollarama Group L.P.                                                  |  |      |     |  |                                                                                     |   |  | 8,999                                                                              |   |  | (3,768                                                                      | ) |  | (6,347                                               | ) |  | 10,774                              |  
|Senior subordinated deferred interest notes                                        |  | 5    | (c) |  | (4,539                                                                              | ) |  |                                                                                   |   |  | (4,539                                                                      | ) |  |                                                     |   |  | 4,539                               |  
|Other foreign exchange gains and losses                                            |  |      |     |  |                                                                                     |   |  |                                                                                   |   |  | (147                                                                        | ) |  |                                                     |   |  |                                    |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  
|                                                                                   |  |      |     |  |                                                                                     |  
|Total Dollarama Group Holdings L.P.                                                |  |      |     |  |                                                                                     |   |  | 8,999                                                                              |   |  | (8,454                                                                      | ) |  | (6,347                                               | ) |  | 15,313                              |  
|                                                                                   |  |      |     |  |                                                                                     |   |  |                                                                                    |   |  |                                                                             |   |  |                                                      |   |  |                                     |  



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



| | a) | Foreign currency and interest rate swap agreements
| | -- | --------------------------------------------------

The
Partnership entered into swap agreements consisting of a combination of a foreign currency swap and an interest rate swap that were undertaken to address two risks with its US dollar LIBOR-based term bank loans (note 3).

The swap agreements enable the Partnership to convert the interest rate on the debt from US dollar LIBOR to Canadian bankers acceptance rate and fix
the exchange rate on these payments at 1.1922. The swap agreements provide for the Partnership to pay interest on the stated notional amount at a variable rate of Canadian bankers acceptance rate plus 2.9% (in Canadian dollars) and to receive
interest at LIBOR plus 2.5% (in US dollars) with a fixed US/Canadian dollar conversion rate of 1.1922.

The foreign currency swap enables
the Partnership to effectively hedge the exchange rate on its principal payments on the US dollar debt at 1.1922.

Changes in fair value of
the foreign currency and interest rate swap agreements are reported to earnings under Foreign exchange loss (gain) on derivative financial instruments and long-term debt. Accordingly, a loss of $10,851,000 (May 4, 2008  gain of
$4,785,000) was recorded to earnings for the quarter ended May 3, 2009.



| | b) | Foreign exchange forward contracts
| | -- | ----------------------------------

The Partnership uses
foreign exchange forward contracts to manage risks from fluctuations in the US dollar relative to the Canadian dollar for its purchases of merchandise in US dollars. All forward contracts are used only for risk management purposes and are designated
as hedges of specific anticipated purchases of merchandise. Upon redesignation or amendment of a foreign exchange forward contract, the ineffective portion of such contracts is recognized immediately in earnings.

The fair value of the foreign exchange forward contracts is recorded in accumulated other comprehensive income and is reclassified to earnings under
Cost of sales when the underlying inventory is sold. A gain of $17,657,000 has been reclassified from accumulated other comprehensive income to cost of sales for the three-month period ended May 3, 2009 (May 4, 2008  loss of
$6,092,000). In addition to the fair value of the foreign exchange forward contracts representing a gain of $8,471,000 as of May 3, 2009 (February 1, 2009  gain of $33,175,000), accumulated other comprehensive income includes a
gain of $15,132,000 (February 1, 2009  gain of $17,657,000) on foreign exchange forward contracts settled before May 3, 2009, which will be reported to earnings when the related inventory is sold.



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



| | c) | Foreign currency swap agreements
| | -- | --------------------------------

The Partnership entered
into two foreign currency swap agreements with its lenders which were undertaken to modify foreign exchange risk associated with the principal and interest payments on the US$200,000,000 senior subordinated notes (note 3).

The fair value of the foreign currency swap agreements is recorded in accumulated other comprehensive income. A portion of the changes in the fair value
of the foreign currency swap agreements (representing the offsetting impact of the conversion of the senior subordinated notes from US dollars to Canadian dollars at the balance sheet date) is reclassified from accumulated other comprehensive income
to earnings under Foreign exchange loss (gain) on derivative financial instruments and long-term debt. Accordingly, for the quarter ended May 3, 2009, a loss of $8,120,000 (May 4, 2008  gain of $5,060,000) was
reclassified from accumulated other comprehensive income to earnings.



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

Dollarama Capital
Corporation (DCC), a parent company of the Partnership, adopted a management option plan (the Plan) whereby managers, directors and employees of the Partnership may be granted stock options to acquire shares of DCC. The
number and characteristics of stock options granted are determined by the Board of DCC and the options will have a life not exceeding 10 years.

An option on the Class B common shares must be exercised in combination with 2.86 options on the Class B preferred shares (referred to as a Combined Option).



|                               |  |                                       |  |                               |  |                                          |         |                               |             |           |  |     
|------------------------------ |  | ------------------------------------- |  | ----------------------------- |  | ---------------------------------------- | ------- | ----------------------------- | ----------- | --------- |  | ----
|                               |  | Number of Class Bcommon share options |  | Weightedaveragepurchaseprice$ |  | Number of Class Bpreferred share options |         | Weightedaveragepurchaseprice$
|                               |  | Service                               |  | Performance                   |  |                                          | Service |                               | Performance |          
|Outstanding  February 3, 2008 |  | 880,422                               |  | 1,760,844                     |  | 3.24                                     |         | 2,513,462                     |             | 5,026,924 |  | 0.88
|                               |  |                                       |  |                               |  |                                          |         |                               |             |           |  |     
|Outstanding  February 1, 2009 |  | 880,422                               |  | 1,760,844                     |  | 3.24                                     |         | 2,513,462                     |             | 5,026,924 |  | 0.88
|Granted during the period      |  | 35,121                                |  | 70,242                        |  | 11.20                                    |         | 100,274                       |             | 200,548   |  | 1.56
|Outstanding  May 3, 2009      |  | 915,543                               |  | 1,831,086                     |  | 3.55                                     |         | 2,613,736                     |             | 5,227,472 |  | 0.91
|                               |  |                                       |  |                               |  |                                          |         |                               |             |           |  |     
|Exercisable  May 3, 2009      |  | 587,343                               |  |                              |  |                                          |         | 1,676,785                     |             |          |  |     
|                               |  |                                       |  |                               |  |                                          |         |                               |             |           |  |     



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



|7 | Related party transactions
|- | --------------------------

Included in expenses
are management fees of $810,000 for the 13-week period ended May 3, 2009 (May 4, 2008  $795,000) charged by an affiliate of Bain Capital Partners VIII, LP, a private equity firm that controls the Partnerships parent.

Expenses charged by related parties which mainly comprise rent total $2,438,000 for the 13-week period ended May 3, 2009 (May 4,
2008  $2,366,000).

Included in accrued expenses and other is $1,956,000 payable to Bain Capital Partners VIII, LP as of
May 3, 2009 (May 4, 2008  $2,057,000).

These transactions were measured at the exchange amount, which is the amount of
the consideration established and agreed to by the related parties.



|8 | Reconciliation of accounting principles generally accepted in Canada and the United States
|- | ------------------------------------------------------------------------------------------

The Partnership has prepared these interim consolidated financial statements in accordance with Canadian generally accepted accounting principles, which
conform in all material respects to those in the United States except as follows.

Summary of significant new accounting
principles generally accepted in the United States

Accounting pronouncements adopted during the year

Derivative instruments and hedging activities

In March 2008, the Financial Accounting Standards Board (FASB) issued Statement No. 161 (SFAS 161), Disclosures about Derivative Instruments and Hedging Activities  an amendment of FASB Statement
No. 133. This Statement requires additional disclosures for derivative instruments and hedging activities that include how and why an entity uses derivatives, how these instruments and the related hedged items are accounted for under
Statement No. 133 (SFAS 133), Accounting for Derivative Instruments and Hedging Activities, and related interpretations, and how derivative instruments and related hedged items affect the entitys financial
position, results of operations and cash flows. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Disclosure requirements pertaining to this Statement are discussed in
note 5.



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Fair value measurement

In February 2008, the FASB issued Staff Position (FSP) FAS 157-2, Effective Date of FASB Statement No. 157, delaying the
effective date of Statement No. 157 (SFAS 157), Fair Value Measurements, to fiscal years beginning after November 15, 2008 for all non-recurring fair value measurements of non-financial assets and non-financial
liabilities that are recognized or disclosed at fair value in the financial statements on a non-recurring basis. The Partnership adopted the requirements of FAS 157-2 on February 2, 2009 with no significant impact on its consolidated financial
statements.

Intangible assets

In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible Assets. This FSP amends the factors that should be considered in developing renewal or extensions assumptions used to determine the
useful life of a recognized intangible asset under Statement No. 142 (SFAS 142), Goodwill and Other Intangible Assets. FSP FAS 142-3 also provides additional disclosure requirements related to recognized intangible
assets. The guidance for determining useful lives of intangible assets under this FSP is effective for intangible assets acquired in fiscal years beginning after December 15, 2008. Disclosure requirements under this FSP are effective for all
intangible assets recognized as of, and subsequent to, fiscal years beginning after December 15, 2008. The adoption of this new standard had no impact on the consolidated financial statements.

Business combinations

In December,
2007, the FASB issued Statement No. 141 (revised 2007) (SFAS 141R), Business Combinations. SFAS 141R establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the
identifiable assets acquired, the liabilities assumed, any non-controlling interest in an acquire, and the goodwill acquired. SFAS 141R also establishes disclosure requirements to enable the evaluation of the nature and financial effects of the
business combination. This Statement is effective for annual reporting periods beginning after December 15, 2008. SFAS 141R is to be applied prospectively to business combinations for which the acquisition date is on or after January 1,
2009. The adoption of this new standard had no impact on the consolidated financial statements.

Non-controlling interests

In December 2007, the FASB issued Statement No. 160 (SFAS 160), Non-controlling Interests in Consolidated
Financial Statements  an amendment of ARB No. 51. SFAS 160 amends Accounting Research Bulletin 51, Consolidated Financial Statements, to establish accounting and reporting standards for the non-controlling
interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated
financial statements. SFAS 160 changes the way the consolidated earnings (loss) statement is presented by requiring consolidated net earnings (loss) to be reported, including the amounts attributable to both the parent interest and the
non-controlling interest. SFAS 160 is effective for fiscal periods, and interim periods within those fiscal years, beginning on or after December 15, 2008. The adoption of this new standard as of February 2, 2009 had no impact on the
consolidated financial statements.



20



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##### Table of Contents

Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Accounting pronouncements not yet applied

Fair value measurement

In April 2009,
the FASB issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly. This FSP emphasizes that even if there
has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. The FSP also amends the
disclosure provisions of SFAS 157 to require entities to disclose in interim and annual periods the inputs and valuation technique(s) used to measure fair value. This FSP is effective for interim and annual periods ending after June 15, 2009
with early adoption permitted. The Partnership is evaluating the impact on disclosure of adopting the new requirement of this FSP.

Interim disclosures about fair value of financial instruments

In April 2009, the FASB issued FSP FAS 107-1 and Accounting
Principles Board (APB) Opinion No. 28-1 (FSP FAS 107-1 and APB 28-1), Interim Disclosures about Fair Value of Financial Instruments. FSP FAS 107-1 and APB 28-1 amends SFAS 107, Disclosures about
Fair Value of Financial Instruments, to require disclosures about fair value of financial instruments for annual and interim reporting periods of publicly traded companies and amends APB 28, Interim Financial Reporting, to require
those disclosures in summarized financial information at interim reporting periods. FSP FAS 107-1 and APB 28-1 is effective in reporting periods ending after June 15, 2009. The Partnership is evaluating the impact of adopting this new FSP.

Recognition and presentation of other-than-temporary impairments

In April 2009, the FASB issued FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments. FSP FAS 115-2
and FAS 124-2 amends the other-than-temporary impairment guidance for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the
financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The provisions of FSP FAS 115-2 and FAS 124-2 are effective for interim and annual
reporting periods ending after June 15, 2009. The Partnership is evaluating the impact of adopting this new requirement of this FSP.



21



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



Supplemental disclosure to comply with accounting principles generally accepted in the United
States

Fair value measurement

SFAS No. 157, Fair Value Measurements, establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. A financial
instruments categorization within the fair value hierarchy is based on the lowest level of input that is available and significant to the fair value measurement. SFAS No. 157 establishes and prioritizes three levels of inputs that may be
used to measure fair value:



|        |  |                                                                                                                                                                                                                                                                                                                                        
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Level 1 |  | Quoted prices in active markets for identical assets or liabilities.                                                                                                                                                                                                                                                                   
|        | 
|Level 2 |  | Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other
inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|        | 
|Level 3 |  | Inputs that are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability.                                                                                                                                                               

The following table presents information about the Partnerships financial assets and
financial liabilities measured at fair value on a recurring basis as of May 3, 2009, in accordance with SFAS No. 157, and indicates the fair value hierarchy of the valuation techniques used by the Partnership to determine such
fair value.

Fair value measurement at reporting date using:



|                                               |  |                      |  |                                                          |  |                                       |  |                                        
|---------------------------------------------- |  | -------------------- |  | -------------------------------------------------------- |  | ------------------------------------- |  | ---------------------------------------
|                                               |  | Dollarama Group L.P.
|Balance sheet classification and nature        |  | May 3,2009$          |  | Quotedprices inactivemarketsforidenticalassets(Level 1)$ |  | Significantobservableinputs(Level 2)$ |  | Significantunobservableinputs(Level 3)$
|Assets                                         |  |                      |  |                                                          |  |                                       |  |                                        
|Cash and cash equivalents                      |  | 66,729               |  | 66,729                                                   |  |                                      |  |                                       
|Accounts receivable                            |  | 2,349                |  |                                                         |  |                                      |  | 2,349                                  
|Derivative financial instruments  Current     |  | 14,752               |  |                                                         |  | 14,752                                |  |                                       
|Derivative financial instruments  Non-current |  | 13,760               |  |                                                         |  | 13,760                                |  |                                       
|                                               |  |                      |  |                                                         
|Liabilities                                    |  |                      |  |                                                          |  |                                       |  |                                        
|Accounts payable                               |  | 35,108               |  |                                                         |  |                                      |  | 35,108                                 
|Accrued expenses and other                     |  | 45,375               |  |                                                         |  |                                      |  | 45,375                                 
|Derivative financial instruments  Current     |  | 10,633               |  |                                                         |  | 10,633                                |  |                                       



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Dollarama Group L.P. and

Dollarama Group Holdings L.P.

Notes to Interim Consolidated Financial Statements

(Unaudited)

May 3, 2009



(tabular amounts expressed in thousands of Canadian dollars,
unless otherwise noted)



|                                               |  |                               |  |                                                          |  |                                       |  |                                        
|---------------------------------------------- |  | ----------------------------- |  | -------------------------------------------------------- |  | ------------------------------------- |  | ---------------------------------------
|                                               |  | Dollarama Group Holdings L. P
|Balance sheet classification and nature        |  | May 3,2009$                   |  | Quotedprices inactivemarketsforidenticalassets(Level 1)$ |  | Significantobservableinputs(Level 2)$ |  | Significantunobservableinputs(Level 3)$
|Assets                                         |  |                               |  |                                                          |  |                                       |  |                                        
|Cash and cash equivalents                      |  | 66,751                        |  | 66,751                                                   |  |                                      |  |                                       
|Accounts receivable                            |  | 2,349                         |  |                                                         |  |                                      |  | 2,349                                  
|Derivative financial instruments  Current     |  | 14,752                        |  |                                                         |  | 14,752                                |  |                                       
|Derivative financial instruments  Non-current |  | 13,760                        |  |                                                         |  | 13,760                                |  |                                       
|                                               |  |                               |  |                                                         
|Liabilities                                    |  |                               |  |                                                          |  |                                       |  |                                        
|Accounts payable                               |  | 35,989                        |  |                                                         |  |                                      |  | 35,989                                 
|Accrued expenses and other                     |  | 53,417                        |  |                                                         |  |                                      |  | 53,417                                 
|Derivative financial instruments  Current     |  | 10,633                        |  |                                                         |  | 10,633                                |  |                                       

Fair value measurements of the Partnerships cash and cash equivalents are classified under
Level 1 because such measurements are determined using quoted prices in active markets for identical assets.

Derivative financial
instruments include foreign currency and interest rate swap agreements, foreign currency swap agreements, and foreign exchange forward contracts. Fair value measurements of the Partnerships derivative financial instruments are classified under
Level 2 because such measurements are determined using published market prices or estimates based on observable inputs such as interest rates, yield curves, and spot and future exchange rates.

Fair value measurements of accounts receivable, accounts payable, and accrued expenses and other are classified under Level 3 because inputs are generally
unobservable and reflect managements estimates of assumptions that market participants would use in pricing the asset or liability.



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|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 1, 2009 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

This quarterly report is that of Dollarama Group L.P. (Group L.P.) and Dollarama Group Holdings L.P. (Holdings). Currently, the
only assets of Holdings are 100% of the equity of its three direct subsidiaries: (i) Dollarama Group Holdings Corporation, which holds no assets, (ii) Dollarama Holdings GP Inc., which is the general partner of Dollarama Holdings L.P., and
(iii) Dollarama Holdings L.P., which holds no assets other than equity in its two direct subsidiaries. Dollarama Holdings L.P., together with its direct subsidiary Dollarama Group GP Inc., owns 100% of the equity of Group L.P. Group L.P., along
with its direct subsidiaries Dollarama GP Inc. and Dollarama Corporation, own 100% of the equity of Dollarama L.P. Together, Dollarama L.P. and Dollarama Corporation operate the Dollarama business. Group L.P. and Holdings are together with their
consolidated subsidiaries referred to as the Partnership, we, us or our.

Forward-Looking Statements

Except for historical information contained herein, the statements in this document are forward-looking. Forward-looking statements
involve known and unknown risks and uncertainties, including those that are described elsewhere in this report. Such risks and uncertainties may cause actual results in future periods to differ materially from forecasted results. Those risks
include, among others, changes in consumer buying trends, consumer debt level, inflation, unemployment, currency fluctuations, market volatility, refinancing conditions, changes in inventory and equipment costs and availability, seasonal changes in
customer demand, pricing actions by competitors and general changes in economic conditions, and the risks set forth in Part I Item 1A of our Annual Report on Form 10-K for the fiscal year ended February 1, 2009.

Overview

We are the leading operator of dollar
discount retail stores in Canada. Based on our internal review of publicly available information, we believe that we have more than 4 times the number of stores as compared to our next largest competitor in Canada. Our core markets are Ontario and
Québec. As of May 3, 2009, we operated 577 Dollarama stores, including 430 stores located in Ontario and Québec. Our stores offer a varied mix consisting of both consumables and semi-durables, which are sold mainly in individual
or multiple units primarily at a price of $1.00. We have a well diversified supply base, sourcing our merchandise from both North American and overseas suppliers. All of our stores are company-operated, and nearly all are located in high-traffic
areas such as strip malls and shopping centers in metropolitan areas, mid-sized cities, or small towns.

Our strategy is to grow our sales,
net earnings and cash flow by building upon our position as the leading Canadian operator of dollar discount retail stores and to offer a compelling value proposition on a wide variety of everyday merchandise to a broad base of shoppers. As a
result, we continually strive to maintain and improve the efficiency of our operations. On February 2, 2009 the Partnership began offering products in its stores priced at $1.25, $1.50 and $2.00. However, the majority of products in our stores
continue to be priced at $1.00.

Factors Affecting Our Results of Operations

Sales

We recognize sales at
the time the customer tenders payment for and takes possession of the merchandise. All sales are final. Our sales consist of comparable store sales and new store sales. Comparable store sales is a measure of the percentage increase or decrease of
the sales of stores open for at least 13 complete fiscal months relative to the same period in the prior year. We include in our comparable store sales calculation only stores that have been open at least 13 complete fiscal months and remain opened
at the end of the period.



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We include sales from relocated stores and expanded stores in comparable store sales. The primary
drivers of comparable store sales performance are store expansions and relocations, changes in store traffic, and the average number of items purchased by customers per visit. To increase comparable store sales, we focus on expanding our stores and
offering a wide selection of merchandise that offer high quality and good value at attractive and well-maintained updated store formats, in convenient locations.

We have historically experienced seasonal fluctuations in our sales and expect this trend to continue. We generated 29.0% of our sales in fiscal year ended February 1, 2009 during the fourth quarter due to the
Christmas selling season. In anticipation of increased sales activity during the fourth quarter, we typically purchase substantial amounts of inventory and hire a significant number of temporary employees to supplement our permanent store and
warehouse staffs.

Our sales are adversely affected by inflation and other adverse economic developments that affect the level of consumer
spending in Canada where we sell our merchandise.

Cost of Sales

Our cost of sales consists of mainly merchandise inventories (which include warehousing, distribution, shipping and transportation costs to the stores
according to the new accounting rule CICA Section 3031), and store occupancy costs. We record vendor rebates consisting of volume purchase rebates, when earned. The rebates are recorded as a reduction of inventory purchases at cost, which has
the effect of reducing cost of sales. In the past, as a fixed price retailer, increases in operating and merchandise costs could negatively impact our operating results because we generally did not pass on cost increases to our customers. However,
sometimes we were able to redesign some of our direct sourced products to attempt to mitigate the impact of increasing unit costs. Although increase in costs still could negatively impact our business, we believe that our new price model effective
February 2, 2009 should give us greater flexibility to adjust to cost increases on a timely basis.

We have historically reduced our
cost of sales by shifting more of our sourcing to low-cost foreign suppliers. For the fiscal year ended February 1, 2009, the direct overseas sourcing was 58.4% of our purchases compared to 57.5% for the fiscal year ended February 3, 2008
and 53.1% for the fiscal year ended February 4, 2007. We purchase merchandise from foreign suppliers mainly in China, but also from Brazil, India, Indonesia, Taiwan, Thailand, Turkey, and the United States. As a result, our cost of sales is
impacted by the fluctuation of foreign currencies against the Canadian dollar. In particular, we purchase a majority of our imported merchandise from suppliers in China using U.S. dollars. Therefore, our cost of sales is impacted by the fluctuation
of the Chinese renminbi against the U.S. dollar and the fluctuation of the U.S. dollar against the Canadian dollar. While we enter into forward contracts to hedge part of our exposure to fluctuations in the value of the U.S. dollar against the
Canadian dollar, we do not hedge our exposure to fluctuations in the value of the Chinese renminbi against the U.S. dollar.

Shipping and
transportation costs are also a significant component of our cost of sales. When fuel costs increase, shipping and transportation costs increase because the carriers generally pass on such cost increases to the users. Because of the high volatility
of fuel costs, it is difficult to forecast the fuel surcharges we may incur from our contract carriers as compared with past quarters. Our cost of sales is also affected by general inflation in costs of merchandise and costs of certain commodities
relating to raw materials used in our products. During the last three fiscal years, the negative impact of these cost increases on our product margins has been offset primarily by foreign exchange on currency. Recent trends show a decrease in
general inflation in costs of merchandise related to commodities.

Our occupancy costs are driven by our base rent expense. We believe that
we are generally able to negotiate leases at market, or slightly favorable to market, economic terms due to the increased consumer traffic which our stores usually generate in strip malls and shopping centers. We typically enter into leases with
base terms of ten years with options to renew for one or more periods of five years each.

General, Administrative and Store
Operating Expenses

Our general, administrative and store operating expenses consist of store labor and maintenance costs such as
repair costs, which are primarily fixed, and salaries and related benefits of corporate team members, administrative office expenses, professional expenses and other related expenses. Although our average hourly wage rate is higher than the minimum
wage, an increase in the mandated minimum wage could significantly increase our payroll costs unless we realize offsetting productivity gains and cost reductions. We expect our administrative costs to increase as we build our infrastructure to
effectively meet the needs generated by the growth of the Partnership. Administrative and general expenses also include management fees of up to $3.0 million per year plus expenses to be paid pursuant to a management agreement with Bain Capital
Partners, LLC.



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Merchandising Strategy

As part of our ongoing effort to offer more value and higher quality goods to our customers, on February 2, 2009 we began offering in all our stores an additional assortment of products across most categories
priced between $1.00 and $2.00. While the majority of products continue to be priced at $1.00, offering products between the $1.00 and $2.00 price range will expand the Partnerships merchandise selection with new items across most categories.
Products priced at $1.00 are not marked while products priced above $1.00 are clearly labeled to avoid any customer confusion.

Economic or
Industry-Wide Factors Affecting the Partnership

We operate in the Canadian dollar discount retail merchandise business, which is highly
competitive with respect to price, store location, merchandise quality, assortment and presentation, in-stock consistency, and customer service. We compete with discount stores and with many other retailers, including mass merchandise, grocery,
drug, convenience, variety and other specialty stores. These other retail companies operate stores in many of the areas where we operate and many of them engage in extensive advertising and marketing efforts. Additionally, we compete with a number
of companies for prime retail site locations, as well as in attracting and retaining quality employees. We, along with other retail companies, expect continuing pressure resulting from a number of factors including, but not limited to: cost of
goods, recession and instability in the global economy, consumer debt levels and buying patterns, economic conditions, interest rates, market volatility, customer preferences, unemployment, labor costs, inflation, currency exchange fluctuations,
fuel prices, weather patterns, catastrophic events, competitive pressures and insurance costs. We expect this pressure to continue. Due to current economic conditions, consumer spending could decline because of economic pressures, including
unemployment. Reductions in consumer confidence and spending could have an adverse effect on our sales.

Effects of Inflation

The Partnership experienced material increases in vendor prices, labor, energy, transportation and fuel costs during fiscal 2009 which the Partnership
believes was mainly due to inflation. Continued increases in such costs could adversely impact the Partnerships operating results.

Critical
Accounting Policies and Estimates

In preparing our financial statements, management is required to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the period. We evaluate our estimates on an
ongoing basis, based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.

Valuation of Merchandise Inventories

The valuation of store merchandise inventories is determined by the retail inventory method valued at the lower of cost (weighted-average) or net realizable value. Under the retail inventory method, merchandise inventories are converted to
a cost basis by applying an average cost to selling ratio. Merchandise inventories that are at the distribution center or warehouses and inventories that are in-transit from suppliers, are stated at the lower of cost and net realizable value,
determined on a weighted-average cost basis. Merchandise inventories include items that have been marked down to managements best estimate of their net realizable value and are included in cost of sales in the period in which the markdown is
determined. We estimate our markdown reserve based on the consideration of a variety of factors, including but not limited to quantities of slow-moving or carryover seasonal merchandise on hand, historical markdown statistics and future
merchandising plans. The accuracy of our estimates can be affected by many factors, some of which are outside of our control, including changes in economic conditions and consumer buying trends. Historically, we have not experienced significant
differences in our estimates of markdowns compared with actual results.

The Partnership adopted Canadian Institute of Chartered
Accountants (CICA) Section 3031, Inventories during fiscal year ended February 1, 2009. This standard replaces Section 3030 and harmonizes the Canadian standard related to inventories with International
Financial Reporting Standards (IFRS). Section 3031 states that costs directly associated with warehousing, distribution and shipping and transportation to the stores are capitalized as merchandise inventories, whereas in all prior
years, these costs were treated as period costs.



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Property and Equipment

Property and equipment are carried at cost. Property and equipment are amortized over the estimated useful lives of the respective assets as follows:
(i) on the declining balance method, computer equipment and vehicles at 30%; and (ii) on the straight-line method, store and warehouse equipment at 8 to 10 years, computer software at 5 years and leasehold improvements at the terms of the
lease. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset might not be recoverable.

Goodwill and Trade Name

Goodwill and trade name are not subject to amortization and are tested for impairment annually or more frequently if events or circumstances indicate that the assets might be impaired. Impairment is identified by comparing the fair value of
the reporting unit to which it relates to its carrying value. To the extent the reporting units carrying amount exceeds its fair value, we measure the amount of impairment in a manner similar to that of a purchase price allocation, and any
excess of carrying amount over the implied fair value of goodwill is charged to earnings in the period in which the impairment is determined. Future events could cause us to conclude that impairment indicators exist and that goodwill associated with
our business is impaired. Any resulting impairment would be charged to net earnings.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. Factors which we consider could trigger an impairment review include, but are not limited to, the following: (i) significant negative industry or economic trends; and (ii) current, historical or projected
losses that demonstrate continuing losses. Impairment is assessed by comparing the carrying amount of an asset with the expected future net undiscounted cash flows from its use together with its residual value. If such assets are considered to be
impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. The estimates regarding their fair value include assumptions about future conditions relating to our business,
as well as the industry. If actual cash flows differ from those projected by management, additional write-offs may be required.

Operating Leases

We recognize rental expense and inducements received from landlords on a straight-line basis over
the term of the leases. Any difference between the calculated expense and the amounts actually paid is reflected as deferred lease inducements on our balance sheet.

Financial Instruments

Fair market value of financial instruments

We estimate the fair market value of our financial instruments based on current interest rates, credit risk, market value and current pricing of financial
instruments with similar terms. Unless otherwise disclosed herein, the carrying value of these financial instruments, especially those with current maturities such as cash and cash equivalents, accounts receivable, deposits, accounts payable and
accrued expenses, approximates their fair market value.

Derivative financial instruments

We use derivative financial instruments in the management of our foreign currency and interest rate exposures. When hedge accounting is used, we document
relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes linking derivatives to specific assets and liabilities on the balance
sheet or to specific firm commitments or forecasted transactions. We also assess whether the derivatives that are used in hedging transactions are effective in offsetting changes in cash flows of hedged items.

Foreign exchange instruments

We have significant cash flows and long-term debt denominated in U.S. dollars. We use foreign exchange forward contracts and foreign currency swap agreements to mitigate risks from fluctuations in exchange rates. Most forward contracts and
foreign currency swap agreements are used for risk management purposes and are designated as hedges of specific anticipated purchases.



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Interest rate swap agreements

Our interest rate risk is primarily in relation to our floating rate borrowings. We have entered into some swap agreements to mitigate part of this risk.

Others

In the
event a derivative financial instrument designated as a hedge is terminated or ceases to be effective prior to maturity, related realized and unrealized gains or losses are deferred under current assets or liabilities and recognized in earnings in
the period in which the underlying original hedged transaction is recognized. In the event a designated hedged item is sold, extinguished or matures prior to the termination of the related derivative financial instrument, any realized or unrealized
gain or loss on such derivative financial instrument is recognized in earnings.

Derivative financial instruments which are not designated
as hedges or have ceased to be effective prior to maturity are recorded at their estimated fair values under current assets or liabilities with changes in their estimated fair values recorded in earnings. Estimated fair value is determined using
pricing models incorporating current market prices and the contractual prices of the underlying instruments, the time value of money and yield curves.



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Results of Operations

In the following discussion, we address the results of operations of Group L.P and Holdings. The results of operations of Holdings are almost identical to those of Group L.P., with the exception of mainly interest
expense, financing costs and foreign exchange gain or loss associated with Holdings outstanding balance of senior floating rate deferred interest notes. Therefore, discussion related to sales, cost of sales, general, administrative and store
operating expenses and amortization is almost identical for both Group L.P. and Holdings. Beginning with the discussion of interest expense and continuing through the discussion of net earnings, we discuss Group L.P. and Holdings separately.

13-Week Period Ended May 3, 2009 Compared to 13-Week Period ended May 4, 2008

The following tables set forth the major components of Group L.P. and Holdings consolidated statements of earnings, expressed as a percentage of
sales, for the periods indicated:



|                                                                                   |  |                                |   |  |                                |   |  |                                |    |  |                                |   
|---------------------------------------------------------------------------------- |  | ------------------------------ | - |  | ------------------------------ | - |  | ------------------------------ | -- |  | ------------------------------ | --
|                                                                                   |  | Group L.P.                     |   |  | Holdings                       |  
|                                                                                   |  | 13-Week PeriodEndedMay 3, 2009 |   |  | 13-Week PeriodEndedMay 4, 2008 |   |  | 13-Week PeriodEndedMay 3, 2009 |    |  | 13-Week PeriodEndedMay 4, 2008 |   
|Statements of Earnings Data:                                                       |  |                                |   |  |                                |   |  |                                |    |  |                                |   
|Sales                                                                              |  | 100.0                          | % |  | 100.0                          | % |  | 100.0                          | %  |  | 100.0                          | % 
|Cost of sales                                                                      |  | 65.9                           | % |  | 67.6                           | % |  | 65.9                           | %  |  | 67.6                           | % 
|General, administrative andstore operating expenses                                |  | 21.4                           | % |  | 20.5                           | % |  | 21.4                           | %  |  | 20.5                           | % 
|Amortization                                                                       |  | 2.2                            | % |  | 2.0                            | % |  | 2.2                            | %  |  | 2.0                            | % 
|Interest expense                                                                   |  | 3.6                            | % |  | 4.2                            | % |  | 5.6                            | %  |  | 6.5                            | % 
|Foreign exchange loss (gain)on derivative financial instruments and long-term debt |  | 0.3                            | % |  | 1.6                            | % |  | (2.7                           | )% |  | 3.6                            | % 
|Income taxes                                                                       |  | 0.0                            | % |  | 0.0                            | % |  | 0.0                            | %  |  | 0.0                            | % 
|Net earnings (loss)                                                                |  | 6.6                            | % |  | 4.1                            | % |  | 7.6                            | %  |  | (0.2                           | )%

Sales

Our sales increased $36.6 million, or 15.5%, from $236.8 million for the 13-week period ended May 4, 2008 to $273.4 million for the 13-week period ended May 3, 2009. Comparable store sales were up 7.5%. Comparable store sales
include stores that have been open for at least the prior 13 full fiscal months and remain open at the end of the reporting period. Comparable store sales of $251.0 million were driven by a 3.5% increase in store traffic, as well as a 4.0% increase
in the average ticket size per customer. The remaining portion of the sales growth, or $22.4 million, was driven primarily by the incremental full period impact of the 10 stores opened during the quarter ending May 4, 2008 and the opening of 50
new stores in the last four quarters ending May 3, 2009. On February 2, 2009, we introduced our new selection of items at price points of $1.25, $1.50 and $2.00. Although this introduction was made progressively in the first quarter and
the vast majority of our products are still sold at $1.00, it favorably impacted our revenues as a result of the improved traffic and ticket size that our new assortment generated. Our total store square footage increased 9.8% from 5.1 million
at May 4, 2008 to 5.6 million at May 4, 2009.

Cost of Sales

Our cost of sales increased by $20.0 million, or 12.5%, from $160.2 million for the 13-week period ended May 4, 2008, to $180.2 million for the
13-week period ended May 3, 2009. Our margin (sales less cost of sales) increased to 34.1% for the 13-week period ended May 3, 2009 from 32.4% for the 13-week period ended May 4, 2008. The gross margin was driven by a gain on our
foreign exchange contracts, but partially offset by a decrease in our product margins. In addition our costs were affected by higher transportation costs resulting from our decision to truck merchandise during the winter months to the western
provinces as compared to last year when merchandise was shipped by train. As a result of the introduction of our new products priced between the $1.00 and $2.00 price range, we have increased our inventory reserve in expectation of
transition-related costs to our new product assortment. We plan to verify the extent of potential errors in the coming quarters and make adjustments if necessary. Finally, we had a retroactive health and safety assessment in the province of Quebec
of $1.5 million. We are currently contesting the assessment.



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General, Administrative and Store Operating Expenses

General, administrative and store operating expenses increased $9.8 million, or 20.3%, from $48.5 million for the 13-week period ended May 4, 2008,
to $58.4 million for the 13-week period ended May 3, 2009. This increase was primarily due to an increase in the number of stores in operation, higher wages resulting from minimum wage increases of approximately 7.0% and an increase in
administration costs to support the expansion. As a percentage of sales, our general administrative and store operating expenses increased from 20.5% of sales for the 13-week period ended May 4, 2008 to 21.4% for the 13-week period ended
May 3, 2009.

Amortization

Amortization expense increased $1.2 million, from $4.8 million for the 13-week period ended May 4, 2008, to $6.0 million for the 13-week period ended May 3, 2009. $0.9 million of the increase was due to the amortization of
property and equipment resulting from the new store openings and $0.3 million was due to the write-off of unfavorable lease amortization in the prior year.

Interest Expense

For Group L.P., interest expense decreased $0.2 million from $9.9 million for the
13-week period ended May 4, 2008, to $9.7 million for the 13-week period ended May 3, 2009, which reflects the reduced debt outstanding and lower interest rates on variable-rate debt, and partially offset by increase in foreign exchange
rates.

For Holdings, interest expense remained the same at $15.4 million for the 13-week period ended May 3, 2009.

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

For Group L.P., foreign exchange loss on derivative financial instruments and long-term debt decreased $2.8 million from a $3.8 million loss for the
13-week period ended May 4, 2008, to a $1.0 million loss for the 13-week period ended May 3, 2009 due to payments under foreign currency and interest rate swap agreements and a difference in foreign exchange rates.

For Holdings, foreign exchange gain on derivative financial instruments and long-term debt increased $16.0 million from a $8.5 million loss for the
13-week period ended May 4, 2008, to a $7.5 million gain for the 13-week period ended May 3, 2009, due mainly to the favorable difference in exchange rates between the U.S. and Canadian dollar on the senior floating rate deferred interest
notes which are unhedged.

Income Taxes

For both Group L.P. and Holdings, income tax expense decreased $23 thousand from $45 thousand for the 13-week period ended May 4, 2008 to $22 thousand for the 13-week period ended May 3, 2009. Net earnings
for the 13-week period ended May 4, 2008, and May 3, 2009, constitute income of our partners and are therefore subject to income tax in their hands.

Net Earnings

For Group L.P. net earnings increased $8.5 million from $9.6 million for the 13-week
period ended May 4, 2008 to $18.1 million for the 13-week period ended May 3, 2009. The increase in net earnings was primarily driven by the $16.6 million increase in our margin (sales less cost of sales) and the $2.8 million increase in
gain on foreign exchange on derivative financial instruments and long-term debt as well as lower interest costs, partially offset by increases of $9.8 million in general administration and store expenses, and $1.3 million in amortization of property
and equipment expenses associated with the growth of our business.

For Holdings, net earnings increased $21.4 million from a $0.5 million
loss for the 13-week period ended May 4, 2008 to $20.9 million for the 13-week period ended May 3, 2009 due to the same factors described in Group L.P.s net earnings of $8.5 million and by the foreign exchange gain of $13.1 million
on long-term debt on the outstanding senior deferred interest notes which are unhedged and partially offset by an increase in interest expense of $0.2 million.



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Liquidity and Capital Resources

Cash Flows

The following table summarizes the statement of cash flows of Group L.P. and
Holdings:



|                                                     |  |                                |         |   |                                |   |         |                                |  |   |                                |   |  |   |         |  
|---------------------------------------------------- |  | ------------------------------ | ------- | - | ------------------------------ | - | ------- | ------------------------------ |  | - | ------------------------------ | - |  | - | ------- | -
|                                                     |  | Group L.P.                     |         |   | Holdings                       |  
|(dollars in thousands)                               |  | 13-Week PeriodEndedMay 3, 2009 |         |   | 13-Week PeriodEnded May4, 2008 |   |         | 13-Week PeriodEndedMay 3, 2009 |  |   | 13-Week PeriodEndedMay 4, 2008 |  
|Net cash provided by operating activities            |  | $                              | 19,436  |   |                                | $ | 28,822  |                                |  | $ | 19,436                         |   |  | $ | 29,030  |  
|Net cash used in investing activities                |  |                                | (8,108  | ) |                                |   | (9,091  | )                              |  |   | (8,108                         | ) |  |   | (9,091  | )
|Net cash used in financing activities                |  |                                | (10,722 | ) |                                |   | (13,702 | )                              |  |   | (10,718                        | ) |  |   | (13,909 | )
|                                                     |  |                                |         |   |                                |   |         |                                |  |   |                                |   |  |   |         |  
|Net increase (decrease) in cash and cash equivalents |  |                                | 606     |   |                                |   | 6,029   |                                |  |   | 610                            |   |  |   | 6,030   |  
|Cash and cash equivalents, beginning of period       |  |                                | 66,123  |   |                                |   | 26,200  |                                |  |   | 66,141                         |   |  |   | 26,214  |  
|                                                     |  |                                |         |   |                                |   |         |                                |  |   |                                |   |  |   |         |  
|Cash and cash equivalents, end of period             |  | $                              | 66,729  |   |                                | $ | 32,229  |                                |  | $ | 66,751                         |   |  | $ | 32,244  |  
|                                                     |  |                                |         |   |                                |   |         |                                |  |   |                                |   |  |   |         |  

Cash Flows from Operating Activities

Cash flows provided from operating activities totaled $19.4 million in the 13-week period ended May 3, 2009 which is a $9.4 million
decrease compared to cash flows provided from operating activities of $28.8 million in the 13-week period ended May 4, 2008. The cash provided by operating activities in the 13-week period ended May 3, 2009 included net earnings of
$18.1 million, other non-cash adjustments to net income of $7.4 million and a decrease of $6.1 million in non cash working components due mainly to an increase in prepaid expense related to the timing of our payments for store, warehouse and
head-office rent, and to an increase in inventories associated with our new selection of merchandise at prices points of $1.25, $1.50 and $2.00, and offset partially by increased payables. The cash provided by operating activities in the 13-week
period ended May 4, 2008 included net earnings of $9.6 million, other non-cash adjustments to net income of $11.0 million and an increase of $8.2 million in non cash working capital components.

For Holdings the cash flows provided from operating activities were the same as Group L.P. in the 13-week period ended May 3, 2009. The cash flows
provided from operating activities in the 13-week period ended May 4, 2008 were almost identical to Group L.P. The minor differences related primarily to the interest obligations on the senior floating rate deferred interest notes denominated
in U.S. dollars and the foreign exchange loss thereon.

Cash Flows from Investing Activities

Cash flows used for investing activities in the 13-week period ended May 3, 2009 amounted to $8.1 million, a $1.0 million decrease compared
to cash flows used for investing activities of $9.1 million in the 13-week period ended May 4, 2008. The decrease of cash flows used for investing activities is primarily related to less cash used in the continued implementation of our new
enterprise-wide system technology solution encompassing finance, distribution, store replenishment and supply chain which we first introduced during fourth quarter of our fiscal year ended February 4, 2007. Cash used for new stores was slightly
higher in the 13-week period ended May 3, 2009 due to the opening of 13 new stores versus 10 new stores opened during the 13-week period ended May 4, 2008.

Cash Flows from Financing Activities

Cash flows used by Group L.P. for financing activities totaled
$10.7 million in the 13-week period ended May 3, 2009 compared to cash flows used for financing activities of $13.7 million in the 13-week period ended May 4, 2008. Of the $10.7 million used in the current period, Group L.P. made
$8.2 million of payments under the terms of the senior secured credit facility consisting of a $7.5 million scheduled principal repayment on term loan A and a $0.7 million (U.S.$0.6 million) scheduled quarterly principal repayment on term loan B.
The remaining $2.5 million was used to make a capital distribution to our parent company for corporate taxes.

Of the $13.7 million used
for financing activities in the 13-week period ended May 4, 2008, Group L.P. made $12.8 million of payments under the terms of the senior secured credit facility consisting of $12.2 million principal repayments on term loan A and a $0.6 million
(U.S.$0.6 million) scheduled quarterly repayment on term loan B. The remaining $0.9 million was used to make a capital distribution to our parent company for corporate taxes.

For Holdings, the primary difference compared to Group L.P.s cash used by financing activities in the 13-week period ended May 4, 2008 is $0.2
million of financing costs related to the senior floating rate deferred interest notes.



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Capital Expenditures

Capital expenditures for the 13-week period ended May 3, 2009 were $8.1 million offset by tenant allowances of $1.3 million as compared with $9.2
million, offset by tenant allowances of $0.5 million for the 13-week period ended May 4, 2008. Capital expenditures for stores which includes new, expanded, renovated or relocated stores and store improvements were $7.3 million while $0.8
million was spent on projects to improve our information systems, warehouses and distribution center.

In fiscal year ended
February 1, 2009, the average cost to open a new store was approximately $0.6 million, including $0.4 million for capital expenditures and $0.2 million for inventory.

Debt and Commitments

We are
and will continue to be significantly leveraged. Our principal sources of liquidity have been cash flow generated from operations and borrowings under our senior secured credit facility. Our principal cash requirements have been for working capital,
capital expenditures and debt service. In connection with the acquisition of the Dollarama business in 2004 by Dollarama Capital Corporation, an entity formed by funds managed by Bain Capital Partners, LLC, we entered into the senior secured credit
facility, pursuant to which we incurred $120.0 million of term loan A borrowings and U.S.$201.3 million of term loan B borrowings ($240.0 million based on the exchange rate on the closing date of the acquisition), and the senior subordinated bridge
loan facility, pursuant to which we borrowed an aggregate of $240.0 million.

On August 12, 2005, we issued U.S.$200.0 million senior
subordinated notes bearing interest at 8.875% per annum payable semi annually and maturing in August 2012. We used the proceeds from the sale of these 8.875% senior subordinated notes, together with additional term loan B borrowings of
U.S.$45.0 million (approximately $53.4 million based on the exchange rate on May 3, 2009) that we incurred pursuant to an amendment to our senior secured credit facility to (i) repay the outstanding borrowings under the senior subordinated
bridge loan facility, (ii) make a cash distribution to our parent and (iii) pay related fees and expenses. At that time, the outstanding borrowings under the senior subordinated bridge loan including the accrued interest were $240.5
million bearing interest at Canadian Bankers Acceptance rate plus 8.25% per annum and would have otherwise matured in May 2006.

On December 20, 2006, we issued U.S.$200.0 million senior floating rate deferred interest notes bearing interest at 6-month LIBOR plus 5.75% (increasing to 6.25% after two years and 6.75% after three years) per annum, payable semi
annually and maturing in August 2012. We used the proceeds from the sale of these notes to make a cash distribution to our parent and to pay related fees and expenses.

As of May 3, 2009, we and our subsidiaries had approximately $325.7 million of senior secured debt outstanding, consisting of debt outstanding under our senior secured credit facility, and U.S.$200.0 million
($237.2 million based on exchange rate on May 3, 2009) of senior subordinated debt outstanding, consisting of the 8.875% senior subordinated notes, and U.S.$203.4 million ($241.3 million based on exchange rate on May 3, 2009) of senior
subordinated deferred interest debt outstanding, consisting of the senior floating rate deferred interest notes.

Our and our
subsidiaries ability to make scheduled payments of principal, or to pay the interest or additional interest, if any, on, or to refinance our indebtedness, or to fund planned capital expenditures will depend on our future performance, which to
a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, or other factors that are beyond our control. Based upon the current level of our operations, we believe that cash flow from operations, together with
borrowings available under our senior secured credit facility, will be adequate to meet our future liquidity needs. Our assumptions with respect to future liquidity needs may not be correct and funds available to us from the sources described above
may not be sufficient to enable us to service our indebtedness, or cover any shortfall in funding for any unanticipated expenses.

We and our subsidiaries, affiliates and significant shareholders may from time to time seek to retire or purchase our outstanding debt (including publicly issued debt) through cash purchases and/or exchanges, in open
market purchases, privately negotiated transactions, by tender offer or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors.
The amounts involved may be material.

Senior Secured Credit Facility. Our senior secured credit facility consists of a
(i) $45.7 million term loan A facility maturing in May 2010, denominated in Canadian dollars; (ii) U.S.$236.2 million ($280.1 million based on the exchange rate on May 3, 2009) term loan B facility maturing in November 2011,
denominated in U.S. dollars; and (iii) $75.0 million revolving credit facility, denominated in Canadian dollars, which includes a $25.0 million letter of credit subfacility and a $10.0 million swingline loan



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subfacility. In addition, we may, under certain circumstances and subject to receipt of additional commitments from existing lenders or other eligible
institutions, request additional term loan tranches or increases to the revolving loan commitments by an aggregate amount of up to $150.0 million (or the U.S. dollar equivalent thereof).

The interest rates per annum applicable to the loans under our senior secured credit facility, other than swingline loans, equal an applicable margin
percentage plus, at our option, (1) in the case of U.S. dollar denominated loans, (a) a U.S. base rate equal to the greater of (i) the rate of interest per annum equal to the rate which Royal Bank of Canada establishes at its main
office in Toronto from time to time as the reference rate of interest for U.S. dollar loans made in Canada and (ii) the federal funds effective rate (converted to a rate based on a 365 or 366 day period, as the case may be) plus 1.0% per
annum or (b) the rate per annum equal to the rate determined by Royal Bank of Canada to be the offered rate that appears on the page of the Telerate screen 3750 that displays an average British Bankers Association Interest Settlement Rate for
deposits in U.S. dollars for an interest period chosen by us of one, two, three, or six months (or, if available to all applicable lenders, nine or twelve month periods) and (2) in the case of Canadian dollar denominated loans, a Canadian prime
rate equal to the greater of (i) the rate of interest per annum equal to the rate which Royal Bank of Canada establishes at its main office in Toronto from time to time as the reference rate for Canadian dollar loans made in Canada and
(ii) the rate per annum determined as being the arithmetic average of the rates quoted for bankers acceptance for the appropriate interest period as listed on the applicable Reuters Screen CDOR (Certificate of Deposit Offered Rate) page
(plus 0.10% for certain lenders) plus 1.0% per annum.

The applicable margin percentage for Canadian dollar denominated loans is
subject to adjustment based upon the level of the total lease-adjusted leverage ratio. Initially, the applicable margins were 1.25% for Canadian prime rate loans and 2.25% for bankers acceptances. During the three months ended April 30,
2006, the total lease-adjusted leverage ratio level decreased the applicable margin percentage for Canadian dollar denominated loans by 0.25% to 1.00% for Canadian prime rate loans and 2.00% for bankers acceptances, effective May 25,
2006. On the last day of each calendar quarter, we also pay a commitment fee (calculated in arrears) to each revolving credit lender in respect of any unused commitments under the revolving credit facility, subject to adjustment based upon the level
of our total lease-adjusted leverage ratio. Previously, the applicable margin percentage was 2.25% for adjusted LIBOR rate loans and 1.25% for U.S. base rate loans. However, on May 25, 2006, the term B loan was amended. As a result, the margin
percentage of 2.25% for adjusted LIBOR rate loans and 1.25% for U.S. base rate loans was decreased by 0.25%. A further 0.25% reduction will take effect if we reach a lease-adjusted leverage ratio of less than 4.75:1.

Our senior secured credit facility contains a number of restrictive covenants that, subject to significant exceptions, limit our ability and the ability
of our restricted subsidiaries, to, among other things: make investments and loans; make capital expenditures; incur, assume, or permit to exist additional indebtedness, guarantees, or liens; engage in mergers, acquisitions, asset sales or
sale-leaseback transactions; declare dividends, make payments on, or redeem or repurchase equity interests; alter the nature of the business we conduct; engage in certain transactions with affiliates; enter into agreements limiting subsidiary
distributions; and prepay, redeem, or repurchase certain indebtedness including the notes.

The senior secured credit facility contains the
most restrictive covenants related to our indebtedness and requires Dollarama to comply, on a quarterly basis, with certain financial covenants, including a minimum interest coverage ratio test and a maximum leverage ratio test, which becomes more
restrictive over time. At May 3, 2009, the terms of the senior secured credit facility required that we maintain a minimum interest coverage ratio of 2.50:1 and a leverage ratio of no more than 5.00:1. As of May 3, 2009, Dollarama was in
compliance with these financial covenants. The interest coverage ratio is now fixed at 2.50:1, while the leverage ratio will over time be required not to exceed 4.5:1.

Subject to exceptions, our senior secured credit facility requires mandatory prepayments or offer to prepay (with the failure to do so constituting an event of default) of the loans in the event of certain asset sales
or other asset dispositions, issuances of equity securities or debt securities, or if we have annual consolidated excess cash flow. Our senior secured credit facility is guaranteed by all of our existing and future subsidiaries (other than
unrestricted subsidiaries as defined in the senior secured credit facility), and is secured by a first priority security interest in substantially all of our existing and future assets, and a first priority pledge of our capital stock and the
capital stock of those subsidiaries, subject to certain exceptions agreed upon with our lenders and local law requirements.

8.875%
Senior Subordinated Notes Due 2012. The 8.875% senior subordinated notes were issued by Group L.P. and Dollarama Corporation. Interest on the senior subordinated notes accrues at 8.875% per year and is payable on the senior subordinated
notes semi-annually on February 15 and August 15 of each year, beginning February 15, 2006.



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Beginning August 15, 2009, the senior subordinated notes may be redeemed, in whole or in part,
initially at 104.438% of their principal amount, plus accrued and unpaid interest, declining to 100% of their principal amount, plus accrued and unpaid interest, at any time on or after August 15, 2011. Prior to August 15, 2009, the senior
subordinated notes may be redeemed, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium. The indenture governing the 8.875% senior subordinated notes contains
certain restrictions on us, including restrictions on our ability to incur indebtedness, pay dividends, make investments, grant liens, sell assets and engage in certain other activities.

The senior subordinated notes constitute general unsecured obligations of Group L.P. and Dollarama Corporation and are subordinated in right of payment
to our obligations under the senior secured credit facility. The 8.875% senior subordinated notes are currently guaranteed by all of our subsidiaries.

Senior Floating Rate Deferred Interest Notes.The senior floating rate deferred interest notes were issued by Holdings and Dollarama Group Holdings Corporation. Interest on the notes accrues and is payable
semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2007 at a rate per annum equal to 6-month LIBOR plus 5.75%, increasing to 6.25% after two years and 6.75% after three years. On each interest
payment date, we may elect to pay interest in cash or not pay interest in cash, in which case interest accrues on such deferred interest at the same rate and in the same manner applicable to the principal amount of the notes. Interest on the notes
is reset semi-annually.

At any time on or after June 15, 2007, we may redeem the notes, in whole or in part, plus accrued and unpaid
interest, at the redemption prices specified in the following table:



|                                       |  |                 
|-------------------------------------- |  | ----------------
|Year                                   |  | Redemption Price
|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          

In addition, we may redeem all of the notes at a price equal to 100% of the principal amount plus
deferred interest if we become obligated to pay certain tax gross-up amounts. Following a change of control, we will be required to offer to purchase all of the notes at a purchase price of 101% of their principal amount plus deferred interest, plus
accrued and unpaid interest (other than deferred interest), if any, to the date of purchase.

The indenture governing the senior floating
rate deferred interest notes contains certain restrictions on us, including restrictions on our ability to incur indebtedness, pay dividends, make investments, grant liens, sell assets and engage in certain other activities. The senior floating rate
deferred interest notes constitute general senior unsecured obligations of Holdings and Dollarama Group Holdings Corporation and are subordinate to the senior secured credit facility and structurally subordinated in right of payment to the 8.875%
senior subordinated notes and the liabilities of all existing and future liabilities of the subsidiaries of Holdings and Dollarama Group Holdings Corporation. The senior floating rate deferred interest notes are not guaranteed by any of our
subsidiaries.

Contractual Obligations and Commercial Commitments

There have been no material changes to our contractual obligations and commercial commitments other than in the ordinary course of business since the end
fiscal 2009. Refer to the Annual Report on Form 10-K for additional information regarding our contractual obligations and commercial commitments.

Off-Balance Sheet Obligations

We have no off-balance sheet obligations.

Recent Accounting Pronouncements

Accounting
Changes Implemented

CICA 3064 replaces CICA 3062 and establishes standards for the recognition, measurement and disclosure of goodwill
and intangible assets. The provisions relating to the definition and initial recognition of intangible assets are equivalent to the corresponding provisions of IAS 38, Intangible Assets. CICA 1000 is amended to clarify criteria for
recognition of an asset. CICA 3450 is replaced by guidance in CICA 3064. EIC 27 is no longer applicable for entities that have adopted CICA 3064. AcG 11 is amended to delete references to deferred costs and to provide guidance on development costs
as intangible assets under CICA 3064. This new standard is effective for interim and annual financial statements for years beginning on or after October 1, 2008. This Section was adopted as of February 2, 2009 with no impact on the
consolidated financial statements.



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CICA Handbook Section 1582, Business Combinations; Section 1601,
Consolidated Financial Statements; and Section 1602, Non-controlling Interests, replace Section 1581, Business Combinations, and Section 1600, Consolidated Financial
Statements, and establish a new section for accounting for a non-controlling interest in a subsidiary. These sections provide the Canadian equivalent to International Financial Reporting Standard 3, Business Combinations (January
2008), and IAS 27, Consolidated and Separate Financial Statements (January 2008). Section 1582 is effective for business combinations for which the acquisition date is on or after the first quarter beginning on
January 31, 2011 with early adoption permitted. Sections 1601 and 1602 apply to interim and annual consolidated financial statements relating to years beginning on January 20, 2011 with early adoption permitted. This section was adopted as
of February 2, 2009 with no impact on the interim financial statements.

In December, 2007, the Financial Accounting Standards Board
(FASB) issued Statement No. 141 (SFAS 141) (revised 2007), Business Combinations, (SFAS 141R). SFAS 141R establishes principles and requirements for how an acquirer recognizes and measures in its
financial statements the identifiable assets acquired, the liabilities assumed, any non-controlling interest in an acquire, and the goodwill acquired. SFAS 141R also establishes disclosure requirements to enable the evaluation of the nature and
financial effects of the business combination. This statement is effective for annual reporting periods beginning after December 15, 2008. SFAS 141R is to be applied prospectively to business combinations for which the acquisition date is on or
after January 1, 2009. The adoption of this new standard had no impact on the consolidated financial statements.

In December 2007,
the FASB issued Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements (SFAS No. 160). SFAS No. 160 amends Accounting Research Bulletin 51, Consolidated Financial
Statements,to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This Statement clarifies that a noncontrolling interest in a subsidiary is an
ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. SFAS No. 160 changes the way the consolidated earnings (loss) statement is presented by requiring consolidated net
earnings (loss) to be reported including the amounts attributable to both the parent interest and the noncontrolling interest. SFAS No. 160 is effective for fiscal periods, and interim periods within those fiscal years, beginning on or
after December 15, 2008. The adoption of this new standard as of February 2, 2009 had no impact on the consolidated financial statements.

In April 2008, the FASB issued Staff Position (FSP) No. 142-3, Determination of the Useful Life of Intangible Assets. This FSP amends the factors that should be considered in developing renewal or
extensions assumptions used to determine the useful life of a recognized intangible asset under FASB Statement No. 142, Goodwill and Other Intangible Assets. This FSP also provides additional disclosure requirements related
to recognized intangible assets. The guidance for determining useful lives of intangible assets under this FSP is effective for intangible assets acquired in fiscal years beginning after December 15, 2008. Disclosure requirements under this FSP
are effective for all intangible assets recognized as of, and subsequent to, fiscal years beginning after December 15, 2008. The adoption of this new standard had no impact on the consolidated financial statements.

In February 2008, the FASB issued Staff Position (FSP) No. FAS 157-2 delaying the effective date of SFAS No. 157 Fair Value
Measurements to fiscal years beginning after November 15, 2008 for all nonrecurring fair value measurements of nonfinancial assets and nonfinancial liabilities that are recognized or disclosed at fair value in the financial statements
on a nonrecurring basis. The Partnership adopted the full requirements of SFAS 157 on February 2, 2009 with no significant impact on its consolidated financial statements.

In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement
No. 133. This Statement requires additional disclosures for derivative instruments and hedging activities that include how and why an entity uses derivatives, how these instruments and the related hedged items are accounted for under
Statement No. 133 (SFAS133), Hedge Accounting, and related interpretations, and how derivative instruments and related hedged items affect the entitys financial position, results of operations and cash flows. SFAS
161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Disclosure requirements pertaining to this Statement is included in note 5 to the interim consolidated financial
statements.

Future Accounting Changes

In April 2009, the FASB issued Staff Position (FSP) No. 157-4, Determining fair value when the volume and level of activity for the asset or liability have significantly decreased and
identifying transactions that are not orderly. This FSP emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the
objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market
participants at the measurement date under current market conditions. The FSP also amends the disclosure provisions of SFAS 157 to



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require entities to disclose in interim and annual periods the inputs and valuation technique(s) used to measure fair value. The Partnership is evaluating
the impact on disclosure of adopting the new requirement of this FSP.

In April 2009, the FASB issued FSP FAS No.107-1 and Accounting
Principles Board (APB) No. 28-1, Interim Disclosures about Fair Value of Financial Instruments, (FSP FAS No. 107-1 and APB No. 28-1). FSP FAS No. 107-1 and APB No. 28-1 amends SFAS
No. 107, Disclosures about Fair Value of Financial Instruments, to require disclosures about fair value of financial instruments for annual and interim reporting periods of publicly traded companies and amends APB
No. 28, Interim Financial Reporting, to require those disclosures in summarized financial information at interim reporting periods. FSP FAS No. 107-1 and APB No. 28-1 are effective in reporting periods ending after
June 15, 2009. The Partnership is evaluating the impact of adopting this new FSP.

In April 2009, the FASB issued FSP
No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments. FSP No. FAS 115-2 and FAS 124-2 amends the other-than-temporary impairment guidance for debt securities to make the guidance
more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to
other-than-temporary impairments of equity securities. The provisions of FSP No. FAS 115-2 and FAS 124-2 are effective for interim and annual reporting periods ending after June 15, 2009. The Partnership is evaluating the impact of
adopting the new requirement of this FSP.



|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|------- | ----------------------------------------------------------

Foreign Exchange Risk

While all of our sales are in Canadian dollars, we have been steadily increasing our purchases
of merchandise from low-cost overseas suppliers, including suppliers in China, Brazil, India, Indonesia, Taiwan, Thailand, Turkey, and the United States. For the fiscal year ended February 1, 2009, this direct sourcing from foreign suppliers
accounted for in excess of 50% of our purchases. Accordingly, our results of operations are impacted by the fluctuation of foreign currencies against the Canadian dollar. In particular, we purchase a majority of our imported merchandise from
suppliers in China using U.S. dollars. Therefore, our cost of sales is impacted by the fluctuation of the Chinese renminbi against the U.S. dollar and the fluctuation of the U.S. dollar against the Canadian dollar.

We use foreign exchange forward contracts to manage the risk from fluctuations in the U.S. dollar relative to the Canadian dollar. All forward contracts
are used only for risk management purposes and are designated as hedges of specific anticipated purchases of merchandise. We estimate that in the absence of our currency risk management program, every $0.01 depreciation in the Canadian dollar
relative to U.S. dollar exchange rate results in approximately $2.3 million annual decrease in our operating earnings before taxes. The seasonality of our purchases will affect the quarterly impact of this variation. We periodically examine the
derivative financial instruments we use to hedge exposure to foreign currency fluctuation to ensure that these instruments are highly effective at reducing or modifying foreign exchange risk associated with the hedged item.

In addition, a majority of our debt is in U.S. dollars. Therefore, a downward fluctuation in the exchange rate of the Canadian dollar versus the U.S.
dollar would reduce our funds available to service our U.S. dollar-denominated debt.

As required by the terms of our senior secured credit
facility, we have entered into foreign currency and interest rate swap agreements with maturities matching those of the underlying debt to minimize our exposure to exchange rate and interest rate fluctuations in respect of our LIBOR-based U.S.
dollar-denominated term loans.

Similarly, we entered into foreign currency swap agreements to minimize our exposure to exchange rate
fluctuations in respect of our 8.875% senior subordinated notes. These swap agreements qualify for hedge accounting. On August 15, 2008, one of the swap agreements matured. In anticipation of this maturity, on July 22, 2008 we entered into
a new swap agreement to replace the expiring one. This new swap agreement qualifies for hedge accounting.

On December 18, 2008 the
Partnership entered into new foreign currency and interest rate swap agreements with its lenders to replace the existing foreign currency and interest rate swap agreements with a maturity date of January 30, 2009. The new currency and interest
rate swap does not qualify for hedge accounting.



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In addition, the December 18, 2008 swap agreement enables the Partnership to convert the
interest rate on the debt from US dollar LIBOR to Canadian bankers acceptance rate and fix the exchange rate on these payments at 1.20. The agreement provides for the Partnership to pay interest on the stated notional amount at a variable rate
of Canadian bankers acceptance rate plus 2.5% ( in Canadian dollars) and to receive interest at LIBOR plus 1.75% (in US dollars) with a fixed US/Canadian dollar conversion rate of 1.20.

Interest Rate Risk

We use
variable-rate debt to finance a portion of our operations and capital expenditures. These obligations expose us to variability in interest payments due to changes in interest rates. We have approximately $325.7 million in term loans outstanding
under our senior secured credit facility based on the exchange rate on May 3, 2009, bearing interest at variable rates. Each quarter point change in interest rates would result in a $0.9 million change in interest expense on such term loans. We
also have a revolving loan facility which provides for borrowings of up to $75.0 million which bears interest at variable rates. Assuming the entire revolver is drawn, each quarter point change in interest rates would result in a $0.2 million change
in interest expense on our revolving loan facility.

We also have approximately $241.3 million of senior floating rate deferred interest
notes based on the exchange rate on May 3, 2009, bearing interest at variable rates. Each quarter point change in interest rates would result in a $0.6 million change in interest expense on the notes.



|ITEM 4T. | CONTROLS AND PROCEDURES
|-------- | -----------------------

As of May 3, 2009, we
evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as
amended (the Exchange Act)). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of May 3, 2009.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred
during the quarter ended May 3, 2009 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.



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PART II. OTHER INFORMATION



|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

We are from time to time
involved in legal proceedings of a nature considered normal to our business. We believe that none of the litigation in which we are currently involved, individually or in the aggregate, is material to our consolidated financial condition or results
of operations.

An action against us for alleged personal injuries sustained by a customer in one of our stores (Guiseppa Calvo v.
S. Rossy Inc.) was filed May 8, 2006 in the Ontario Superior Court of Justice. The plaintiff is alleging damages of $1.0 million. We believe that our insurance policies will cover any potential amount to be paid for this claim. While we
intend to vigorously defend the claim asserted against us, we cannot predict its outcome.



|ITEM 1A. | RISK FACTORS
|-------- | ------------

There have been no material changes
in our risk factors from those in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended February 1, 2009.



|ITEM 6. | EXHIBITS
|------- | --------



|              |  |                                                                                                                                                                           
|------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description                                                                                                                                                               
|31.1          |  | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, furnished herewith.                      
|              | 
|31.2          |  | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, furnished herewith.                      
|              | 
|32.1          |  | Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished
herewith.
|              | 
|32.2          |  | Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished
herewith.



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.



|                     |  |                               |  |                                                    
|-------------------- |  | ----------------------------- |  | ---------------------------------------------------
|                     |  | Dollarama Group L.P.         
|                     |  |                              
|                     |  | By:                           |  | Dollarama Group GP Inc., its general partner       
|                     | 
|                     |  | Dollarama Group Holdings L.P.
|                     |  |                              
|                     |  | By:                           |  | Dollarama Group Holdings GP ULC,its general partner
|                     |  |                              
|Dated: June 12, 2009 |  | By:                           |  | /s/ Larry Rossy                                    
|                     |  | Name:                         |  | Larry Rossy                                        
|                     |  | Title:                        |  | Chief Executive Officer and Director               
|                     |  |                              
|Dated: June 12, 2009 |  | By:                           |  | /s/ Robert Coallier                                
|                     |  | Name:                         |  | Robert Coallier                                    
|                     |  | Title:                        |  | Chief Financial Officer and Secretary              



39