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## 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. 

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March 14, 2012 

