Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the  consolidated financial position of Alaris Royalty Corp. as at December 31, 2011, December 31, 2010 and  January 1, 2010, and its consolidated financial performance and its consolidated cash flows for the years  ended December 31, 2011 and December 31, 2010 in accordance with International Financial Reporting  Standards. Calgary, Canada March 14, 2012 Alaris Royalty Corp. 2011 Annual Report   17 