LMS |  “LMS felt the full effects of the global financial  crisis we all experienced. It has made it through  those events with a strong balance sheet and an  even stronger platform for success. LMS has a  great future ahead of it as it is the supplier of  choice in Western Canadian infrastructure and  high rise development projects. We are looking  forward to the future with LMS as our partner”.  LMS  is a Western Canadian based concrete reinforcing  steel contractor and fabricator. LMS is well established  as a leading player in the markets in which it operates  across Western Canada. LMS fabricates and installs  rebar for construction projects primarily in British  Columbia, Alberta, Saskatchewan, and Manitoba. LMS  projects include infrastructure, commercial and residential rebar installation and supply. Its customers  are typically general contractors or developers.  S SteveKing,ChiefExecutiveOfficer  AlarisRoyaltyCorp.  ASSET CLASS: Industrials and Materials (Rebar Installation and Supply)  $51,000,000  TOTAL ALARIS CAPITAL INJECTED: PARTNERSHIP HIGHLIGHTS: LMS EXECUTIVE TEAM:  Office and Yard Locations:  Surrey, British Columbia  Calgary, Alberta  www.lmsgroup.ca  GLYPH<g131> LMS works on some 70 projects at any given time,  installing its own rebar for the most part but in some  cases serving strictly as a trusted supplier. GLYPH<g131> LMS ensures a steady supply of steel for its fabricating  yard and, by extension, its customers. This is achieved  thanks to strong ties with local and offshore steel  sources.  GLYPH<g131> As an installer and supplier, LMS has the advantage of having  very low fixed costs and fixed assets, which allows the  company to be profitable during a downturn as it can adjust  its labour force to match the activity level. GLYPH<g131> LMS projects include infrastructure, commercial and  residential.  GLYPH<g131> Current royalty payment to Alaris is $2.0M.  GLYPH<g131> Fiscal year end is September 30$^{th}$.  Ron McNeil  Co-Chair & Founder  Ivan Harmatny  Co-Chair & Founder  Norm Streu  Chief Operating Officer  Michele Berg  Chief Financial Officer  Greg Hubbard  Vice President Operations  Alaris Royalty Corp. 2011 Annual Report  12 