The consolidated statements of cash flows and related note disclosure for Sirius XM Canada Holdings Inc. are in Exhibits 5.21A and 5.21B. Sirius broadcasts satellite radio channels to subscribers.

EXHIBIT 5.21A Sirius XM Canada Holdings Inc.’s 2016 Consolidated Statements of Cash Flows

EXHIBIT 5.21B Excerpt from Sirius XM Canada Holdings Inc.’s 2016 Annual Report

Required

a. In total, how much did Sirius’s cash and cash equivalents change during 2013? Was this an increase or a decrease? How did this compare with the previous year?

b. Did Sirius have net income or a net loss in 2016? How did this compare with the cash flows from operating activities? What was the largest difference between these two amounts? 

c. What effect did the change in the company’s trade, other payables, and provisions have on cash flows from operating activities in 2016? What does this tell you about the balance owed to these creditors?

d. Did the balance of deferred revenue increase or decrease during 2016? Was this considered to be an inflow or an outflow of cash? What does this tell you about the trend in the amount of the customers’ prepaid subscription fees?

e. Calculate Sirius’s net free cash flow for 2016 and 2015. Is the trend positive or negative?

f. Sirius’s total liabilities were $439,977 thousand at August 31, 2016, and $436,543 thousand at August 31, 2015. Determine the company’s cash flows to total liabilities ratio. Comment on the change year over year. Would your perspective on the results of this ratio calculation change if you were advised that approximately 38% of Sirius’s liabilities were related to deferred revenue?

g. How did the dividends paid by Sirius to its shareholders compare with the company’s net income and cash flows from operating activities?

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For the year ended August 31, (All amounts in thousands) Notes 2016 2015 Cash provided by (used In) OPERATING ACTIVITIES Net income (loss) for the period 49,730 (6,748) Add (deduct) items not involving cash: Amortization of intangible assets 6. 21,366 21,013 Depreciation of property and equipment 1,296 1,923 Income tax expense Stock-based compensation 10,911 31,164 (78) 3,427 15 Tax paid in lieu of shares issued for stock-based compensation (407) 15 Interest accretion 11 608 572 Foreign exchange (gain) loss (27) 583 (11,562) Net change in non-cash working capital and deferred revenue related to operations 20 19,021 Cash provided by operating activitles 71,837 70,955 INVESTING ACTIVITIES Purchase of property and equipment (3,834) (1,845) (13,098) Purchase of intangible assets (13,526) Prepayment for property and equipment (855) Cash used in Investing activitles (17,360) (15,798) FINANCING ACTIVITIES Payment of dividends (40,524) (53,837) 14 Proceeds from exercise of stock options Cash used In financing activities 15 298 940 (40,226) (52,897) Net Increase In cash during the perlod 14,251 2,260 Cash balance, beginning of period 26,128 23,868 Cash balance, end of perlod 40,379 26,128 See accompanying notes 20. Supplemental cash flow disclosure The net change in non-cash working capital and deferred revenue related to operations balances consist of the following: (All amounts in thousands) For the year ended August 31, Decrease (increase) in assets: Accounts receivable Prepaid expenses 2016 2015 4,019 (80) 219 1,326 (2,304) 524 Inventory