periods, in order to give the required assurance to prospective partners that we have the ability to close  transactions without public market risk. The strength of our balance sheet, as well as the exceptional growth we’ve had over the last few years is due  to the tremendous support that we have had from our shareholders. Through volatile markets, it has been  a tremendous asset for us in our business model to know that we have access to large amounts of equity and  senior debt. I’d like to thank all of our stakeholders for this support and hope to continue to reward our  supporters with the kind of returns that we have been able to achieve for the last few years.  I’d also like to thank our dedicated staff, board of directors, and countless service providers for all of their  hard work in what was a very busy year. Steve King  President and CEO  4  2011 Annual Report  Alaris Royalty Corp.