Title

CORPORATE PRESENTATION

July 2020

FORWARD LOOKING STATEMENTSThis corporate presentation contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws,including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this document may be forward looking statements, including,without limitation: management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Corporation and the Private CompanyPartners, the future financial position or results of the Corporation, business strategy and plans and objectives of or involving the Corporation or the Partners. Many of thesestatements can be identified by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negativethereof. In particular, this document may contain forward-looking statements regarding: the anticipated financial and operating performance of the Corporation’s Partners; theimpact of COVID-19 on the operations of the Corporation and those of its Partners; the Earnings Coverage Ratio for the Partners; amendments to the Corporation’s seniorcredit agreement; the amount of the Corporation’s dividend (both quarterly and on an annualized basis); the use of proceeds from the Corporation’s senior credit facility; theCRA proceedings (including the expected timing and financial impact thereof); the impact of a change in U.S tax legislation; annualized net cash from operating activities;changes in Distributions from Partners; the proposed resolutions to outstanding issues with certain Partners; the restart of Distributions from any partners not currently paying aDistribution or increasing the level of Distribution where a Partner is paying less than the full contracted amount; the timing for collection of deferred or unpaid Distributions;impact of new capital deployment; impact of the reduction in the Corporation’s dividend; and Alaris’ ability to attract new private businesses to invest in. To the extent that anyforward-looking statements herein constitute a financial outlook, including without limitation, estimated revenue, distributions and expenses, dividends to be paid, the impact ofcapital deployment and changes in distributions from Partners, they were approved by management as of the date hereof and have been included to assist readers inunderstanding management’s current expectations regarding Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can beno assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks,uncertainties and assumptions and should not be read as guarantees or assurances of future performance. Accordingly, readers are cautioned not to place undue reliance onany forward-looking information contained in this presentation. Statements containing forward looking information reflect management’s current beliefs and assumptions basedon information in its possession on the date of this presentation. Although management believes that the expectations represented in such forward looking statements arereasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of theCanadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the ongoing impact of theCOVID-19) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: theCanadian and U.S. economies will begin to recover from the ongoing economic downturn created by the response to COVID-19 within the next twelve months; interest rates willnot rise in a material way over the next 12 to 24 months, that those Partners detrimentally affected by COVID-19 will recover from the pandemic’s impact and return to theircurrent operating environments; following a recovery from the COVID-19 impact, the businesses of the majority of our Partners will continue to grow; more private companieswill require access to alternative sources of capital; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alarishas also assumed that that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. Indetermining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and theiragencies as well as prevailing economic conditions at the time of such determinations.

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FORWARD LOOKING STATEMENTSSome of the factors that could affect future results and could cause results to differ materially from those expressed in the forward looking statements contained herein includerisks relating to: the ongoing impact of the COVID-19 pandemic on the Corporation and its Partners (including, without limitation how many Partners will experience a slowdownor closure of their business and the length of time of such slowdown or closure); management’s ability to assess and mitigate the impacts of COVID-19; the dependence of theCorporation on the Partners; risks relating to the Partners and their businesses; reliance on key personnel; general economic conditions, including the ongoing impact ofCOVID-19 on the Canadian, U.S. and global economies; failure to complete or realize the anticipated benefits of transactions; limited diversification of Alaris’ transactions;management of future growth; availability of future financing; inability to close new partner contributions in a timely fashion on anticipated terms, or at all; competition;government regulation; leverage and restrictive covenants under credit facilities; the ability of the Partners to terminate (by way of a redemption) the various agreements withAlaris or a material portion of Alaris investment; unpredictability and potential volatility of the trading price of the common shares; fluctuations in the amount of cash dividends;income tax related risks; ability to recover from the Partners for defaults under the various agreements with Alaris; potential conflicts of interest; dilution; changes in the financialmarkets; risks associated with the Partners and their respective businesses; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels orrestart Distributions (in full or in part); a failure to collect material deferred Distributions; a material change in the operations of a Partner or the industries in which they operate;a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a partner where desired; afailure to obtain by the Corporation or the Partners required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretationsthereof; litigation risk associated with the CRA’s reassessment and the Corporation’s challenge thereof; and material adjustments to the unaudited internal financial reportsprovided to Alaris by the Partners.

Information in the Corporation’s annual management discussion and analysis for the year ended December 31, 2019, identifies additional factors that could affect the operatingresults and performance of the Corporation. Without limitation of the foregoing assumptions and risk factors, the forward looking statements in this presentation regarding therevenues anticipated to be received from the Partners and the Corporation's general and administrative expenses are based on a number of assumptions including no adversedevelopments in the business and affairs of the Partners that would impair their ability to fulfill their payment obligations to the Corporation and no material changes to thebusiness of the Corporation or current economic conditions that would result in an increase in general and administrative expenses.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in thispresentation are made as of the date of this presentation and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events orcircumstances except as expressly required by applicable securities legislation.

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U.S. INVESTOR DISCLOSUREThe securities of Alaris Royalty Corp. have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “US Investment Company Act”) and AlarisRoyalty Corp. is relying on the exemption from registration under the US Investment Company Act provided by Section 3(c)(7) of that Act. As such, securities of Alaris Royalty Corp., and anybeneficial interest therein, may not be purchased, offered, sold, pledged, or otherwise transferred except in accordance with specific restrictions necessary to comply with that exemption.Specifically, securities of Alaris Royalty Corp. must not be offered, purchased, sold or otherwise transferred or pledged, directly or indirectly, in the United States or to U.S. Persons (asdefined in Regulation S under the U.S. Securities Act of 1933, as amended). In addition, beneficial owners of the securities of Alaris Royalty Corp. must be restricted to persons that: (a) arelocated outside the United States and that are not U.S. persons, or (b) are Qualified Purchasers as defined in Section 2(a)(51)(A) of the US Investment Company Act that provide certaincertifications confirming that status; and (c) in either case, are not plans that are “employee benefit plans” (within the meaning of Section 3(3)) of the U.S. Employee Retirement IncomeSecurity Act of 1974, as amended (“ERISA”) that are subject to Part 4 of Subtitle B of Title 1 of ERISA, or plans, individual retirement accounts or other arrangements that are subject toSection 4975 of the U.S. Internal Revenue Code of 1986, as amended, or any other state, local, non-U.S. or other laws or regulations that would have the same effect as the regulationspromulgated under ERISA.

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CORPORATE PROFILE

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Corporate SummaryRevenue (6 months ended June 30, 2020) $54.0 millionQuarterly Dividend(1) $0.31 per share ($1.24 annually)Annualized Total Returns since listing date (Nov 2008) 140% (8% annualized)Number of Employees 15

Market SummaryTicker Symbol: TSX: ADAverage Daily Volume (6 months): 620,000Shares Outstanding: 35,583,883 basicShare Price: $12.45

52 week high: $23.34 (Feb 2020)52 week low: $5.83 (March 2020)

Market Capitalization: ~$443 millionShareholder Breakdown:(based on estimates and fully diluted shares)

Retail - 60%Institutional - 30%Directors & Officers - 10%

Notes:(1) Alaris will begin paying trust distributions at a rate of $0.31 per quarter ($1.24 annually) after conversion to an Income Trust, to be determined at a special meeting of shareholders August 31, 2020. The first of the trust distributions will be declared in September 2020 and paid on October 15, 2020. The rate of dividend prior to the conversion is $0.29 per quarter ($1.16 annually).

(All share price data as of closing price on July 28, 2020)

DEFINING THE CORPORATION

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Alaris’ long term goal is to create the optimal dividend stream available for investors.

Alaris provides capital to private businesses using an innovative structure that fills a niche in the private capital markets.

INVESTMENT HIGHLIGHTSThe best companies in the world are never for sale. Alaris’ unique investment structure

generates attractive returns from a universe of businesses that would be otherwise unavailable to traditional equity investors

• Unique investment strategy combines equity like returns with debt like protections• Existing portfolio is generating an attractive baseline cash yield of 13%, with potential for

incremental growth• Robust and consistent investment pipeline • Highly scalable business model with low overhead costs, resulting in EBITDA margins in

excess of 80%• Highly experienced management team with a demonstrated track record of generating

realized returns of 17% on exited investments

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ALARIS REPRESENTS A UNIQUE ASSET CLASS

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• Attractive initial cash yields with participation in growth through an annual adjustment

• Adjustment tied to top-line growth in the underlying business

• Exposure to market-leading businesses that are not otherwise accessible to traditional equity investors

• In the event its investment is repurchased, Alaris is entitled to receive a premium in addition to the return of its original invested capital

• Comprehensive set of rights and remedies• Consent rights over material changes in the

underlying business of the Partner Companies• Non-payment of distributions constitutes an event of

default• Uncured remedies include the ability to assume a

more active role in management, and if necessary, take voting control

• Ultimately, Alaris can require the repurchase of its investment or engage in a controlled sales process

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(1) Reflects weighted average initial yield of realized investments(2) Reflects IRR with impact of distribution adjustments and debt contributions (excludes Group SM, KMH and SHS)(3) Reflects incremental IRR achieved from redemption premiums (excludes Group SM, KMH and SHS)(4) Reflects impact on IRR from remediated investments (includes Group SM, KMH and SHS)

BENEFITS TO SHAREHOLDERSFive Pillars to the Optimal Dividend

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Low Volatility of Cash Flows

Alaris’ preferred distributions are: based on top-line

performance and paid in priority to other equity

covered by a cash-flow buffer and protective covenants

paid monthly providing monthly cash returns vs returns on an exit

volatility reducing collars on >90% of current distributions

Visibilityof Cash Flows

Alaris adjusts its distributions from Partner’s annually and for 12 months

Financial health of Partners is monitored closely each month

The Corporation has relatively low SG&A expenses relative to profitability which has proven the scalability of the model

Diversificationof Revenue Streams

Currently have 17 Partners

Long-term goal is to have no single revenue stream >10% of total revenue

Liquidityfor Shareholders

Average daily trading volumes provide adequate liquidity for shareholders

Growth in Cash Flow Per Share

Historic organic growth in Partner revenues of 1% to 6% per year

Add to cash flow per share through accretive capital deployments

Historic growth led to 11 consecutive dividend increases since April 2010

BENEFITS TO BUSINESS OWNERSNon-Voting Preferred Equity Allows the entrepreneur to continue to run their successful

businesses with minimal interference by AlarisLong-Term Capital Partner Alaris does not require an exit

This allows the entrepreneur to focus on long-term goals rather than short-term goals of its equity sponsor

Tax Efficient The distributions paid to Alaris are essentially pre-tax as they lower the taxable income of remaining partners

Lower Participation in Growth Alaris reduces its participation in the growth of the business through the use of collars on its distribution and by basing the performance metric on the organic change in the business versus total growth

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Debt Alaris Traditional Private Equity

Operating Control None None ⊗ Needs control

Time Horizon ⊗ 3 – 5 years Indefinite ⊗ 3-6 years

Growth Participation Minimal Capped ⊗ Full carry

Future Funding ⊗ Maxes out Unlimited ⊗ Maxes out

Dilution ⊗ Warrants Preferred shares ⊗ Common equity

Deal Fees ⊗ Yes No ⊗ Yes

ALARIS VERSUS OTHER SOURCES OF CAPITAL: WHY CHOOSE ALARIS?

ALARIS’ IDEAL PARTNER CRITERIA

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Old Economy Business Required services or products in mature industries Businesses with a risk of obsolescence or a declining asset base

are not a good fit

Track Record of Free Cash Flow

Alaris looks at historical free cash flow to predict sustainability of its distribution

More free cash flow is required if a business displays more volatility of cash flows

Low Levels of Debt and Capital Expenditure Requirements

Debt levels can vary amongst our Partners depending on industry, but typically a business must have low levels of debt in its capital structure

If a business requires excessive capital expenditures to maintain current cash flow it is likely not a candidate for Alaris

Management Continuity

Alaris does not manage the business of its Partners, therefore it relies on the ownership group/management team to continue to run the business

Alaris invests in companies that are “not for sale”, where management wants to stay in and grow instead of exiting

PARTNER REVENUE SUMMARY

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2.90%2.60%

5.00%

1.00%

5.50%

2.10%2.50%

2.00%

6.00%

4.10%4.50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

% organic change in organic revenue

(1) These are contracted amounts due to Alaris for the next 12 month period and for those denominated in USD based on a rate of USDCAD $1.3500. Actual amounts received may vary based on the impact of COVID-19 and changes in the exchange rate.

(2) Distributions from PFGP and BCC were deferred for Q2 2020 as a result of COVID-19 and its impact to each of their businesses. BCC is expected to resume distribution for Q3 while PFGP timing is still unknown. Plans to make up deferred distributions will be determined at a later date but Alaris does expect to collect all deferred distributions from BCC and PFGP.

(3) SCR is paying partial distributions to Alaris of $350 thousand per month ($4.2m annually).(4) Kimco began paying partial distributions in July 2020 at US$100,000 per month.(5) ccComm and Providence are not currently paying distributions to allow for any excess funds to be

used in the business, Alaris will record distributions as received when their cash flows allow.

Partner Annual Distribution

(CAD$000s) (1) % of total

DNT 15,730 15.4%Federal Resources 14,436 14.1%PF Growth Partners(2) 13,285 13.0%Body Contour Centers(2) 9,187 9.0%GWM Holdings 8,135 8.0%Accscient 7,525 7.4%LMS 7,446 7.3%Amur Financial 6,500 6.4%Unify 4,388 4.3%SCR(3) 4,200 4.1%Heritage 3,413 3.3%Carey 3,260 3.2%Fleet 2,003 2.0%Kimco(4) 1,620 1.6%Stride 1,134 1.1%ccComm(5) - 0.0%Providence(5) - 0.0%Total Annualized Partner Revenue 102,262$ 100.0%Interest income 2,314 Total Revenue 104,576$

DIVERSIFICATION

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• Alaris has approximately 81% of its fair value of investments in US based companies.• Today, 25% of invested dollars are exposed to business services, 42% to industrials, 24% to consumer products and

services and 9% consumer financial services.

PREFERRED EQUITY RETURNS FROM EXITS TO DATE

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Alaris has generated $408.9 million in total returns (+63%) on partners that have either repurchased all of Alaris’ units, ceased operations or where Alaris carries no fair value for preferred units from such partner.

The monthly distribution Alaris receives from its Partners ensures Alaris is getting a return on investment from Day 1, rather than on an exit event. This greatly reduces the investment risk.

(1) MAHC repurchased Alaris’ units after 1 year, resulting in an additional 24 months of distributions being paid to Alaris on exit. This resulted in an IRR much higher than what is expected. (2) Alaris no longer has preferred units in KMH. However, KMH continues to have a financial obligation to Alaris regarding notes outstanding.(3) Sandbox exit capital received excludes an additional US$4.0 million currently held in escrow and the potential for a US$2.0 million earnout. Returns on senior debt are included.(4) SHS went into receivership in December 2013, therefore no exit capital was received.(5) Alaris is not recording any value for remaining preferred units in SM. However, SM continues to have a financial obligation in the future should the business turn around.(6) Promissory notes outstanding with any partners are not included in the table above.(7) All returns are in Canadian dollars.

$millions CAD

Number of Years

InvestedCapital

InvestedDistributions

ReceivedExit Capital

ReceivedTotal

Return% total Return IRR %

MAHC(1) 1.0 (18.4)$ 7.2$ 20.0$ 8.8$ 48% 53%Sequel 4.2 (77.4) 59.8 120.9 103.3 133% 29%Agility 5.4 (20.2) 18.5 28.3 26.5 131% 25%LifeMark 11.3 (67.5) 75.6 123.4 131.5 195% 24%MediChair 6.8 (6.5) 6.4 10.0 9.9 152% 24%SBI 2.4 (106.8) 42.7 122.7 58.6 55% 24%EOR 13.2 (7.2) 17.4 12.6 22.8 317% 22%Killick 4.0 (41.3) 19.7 45.0 23.5 57% 20%Quetico 3.0 (28.2) 13.1 30.4 15.4 55% 19%Labstat 6.0 (47.2) 43.8 61.3 57.9 123% 19%Solowave 5.8 (42.5) 31.9 44.5 33.9 80% 17%KMH(2) 7.0 (54.8) 21.3 13.5 (20.0) -37% -13%Sandbox(3) 3.9 (78.9) 25.7 33.7 (19.5) -25% -16%SHS(4) 0.9 (15.0) 1.0 1.1 (12.9) -86% -44%Group SM(5) 4.6 (40.5) 9.8 - (30.7) -76% -67%Totals from exits (652.3)$ 393.7$ 667.5$ 408.9$ 63%

EARNINGS COVERAGE HEAT MAP• The table to the left displays the range of earnings

coverage ratios (“ECR”) for each of our Partners over the last 4 quarters. Generally speaking, a ratio above 1.0x provides enough earnings to cover distributions to Alaris, interest and principal payments to lenders as well as unfunded capital expenditures.

• Of the 17 partners listed, three fall below less than 1.0x earnings coverage, two are in the 1.2x to 1.5x range, seven are in the 1.5x to 2.0x range and five are in the >2.0x earnings coverage range.

• In Q2-20 vs Q1-20, 10 Partners had no change in the ECR range, 4 had increases to their ECR range and 2 had a decrease in the ECR range, and there was 1 new Partner.

• These ECRs are based on historical results and in most cases prior to any impact of the COVID-19 pandemic. Partner company ECRs may decrease in future periods as a result of the eventual impact to the businesses of COVID-19.

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Earnings Coverage Heat Map

Q3-19 Q4-19 Q1-20 Q2-20 GuideDNT 1.2x-1.5x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 2.0x 1.0x to 1.2xPlanet Fitness 1.2x-1.5x 1.5x-2.0x 1.2x-1.5x 1.5x-2.0x 1.2x to 1.5xProvidence (MyDyer) 2.0x >2.0x >2.0x >2.0xSCR 1.5x-2.0x 1.5x-2.0x >2.0x 1.5x-2.0xKimco 2.0x >2.0x Stride n.a. 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x Carey n.a. n.a. n.a. 1.5x-2.0xSCR and Kimco's ECRs are based on their current fixed distributions as opposed to fully contracted

INVESTMENT HISTORY

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Since Inception

Capital Deployed (millions $)

$178

$108

$172 $185 $193

2015 2016 2017 2018 2019

• Since Inception:• Invested over $1.3 billion in 32 Partners and more than 63 tranches• Collected over $600 million of distributions• Over $665 million of capital received through exit events (repurchases)

• 5 year average of ~$167 million of capital deployed• Year to date 2020 Alaris has deployed $28 million

BALANCE SHEET

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Summary of Debt Capacity and CovenantsMillions CAD$Figure 1

ProformaJune 30, 2020

Senior debt outstanding $176.2

Senior debt to EBITDA 1.98x

Senior debt to EBITDA Covenant(1) 3.00x(1)

Credit Available for Investment Purposes $157.7

Convertible Debentures Outstanding $100.0

Current Fixed Charge Ratio 1.63:1.00

Fixed Charge Covenant 1.00:1.00

Tangible Net Worth (TNW) $545.8

TNW Covenant $450.0

(1) This covenant includes a maximum funded debt to contracted EBITDA of 2.5:1, which can be increased to 3.0:1 up to March 31, 2021 (actual ratio is 1.98:1 at June 30, 2020)

DIVIDEND HISTORY AND SUSTAINABILITY• Since 2008 Alaris has provided consistent dividend income through its

monthly dividend.

• In March 2020, Alaris made the decision to change its dividend from monthly to quarterly. The first payment of such quarterly dividend was in July. This dividend covered dividends for April, May and June 2020.

• The new annualized dividend for the July payment was changed to $1.16 per share ($0.29 per quarter). This was a reduction of 30% from the previous annualized dividend of $1.65.

• The new dividend rate not only reflects what we expect to be a short-term cash flow disruption associated with the COVID-19 pandemic, but moving forward it will allow us to achieve our long-term payout ratio objectives as well as being able to internally fund a portion of our annual deployment once our cash flow streams from our partners normalize.

• Alaris announced that it will be converting to an income trust after shareholder approval on August 31, 2020. At that time it will be paying trust distributions vs a corporate dividend and it intends on raising trust distributions to $0.31 per quarter ($1.24 annually). This is a 7% increase compared to the current dividend paid.

• With a large amount of capital available on our balance sheet and a lower dividend, we are in a very good position to take advantage of the opportunities that will present themselves coming out of this pandemic.

• Since inception, Alaris has paid over 140 consecutive monthly dividends totaling more than $16 per share and over $450 million gross.

• If you were to have invested $100,000 at the IPO price of $12 per share in 2008 you would have received a cumulative total of $137,145 in dividends (bottom right table) and your initial investment would be worth $103,750 on July 28, 2020 (based on closing price of $12.45) for a total return of $240,895.

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TRUST CONVERSIONOn July 23, 2020, Alaris announced that its Board of Directors approved the conversion of the corporation to an income trust (the “Arrangement”) pending shareholder approval at a special meeting to be held August 31, 2020. The Board unanimously determined that the Arrangement is fair to shareholders and in the best interests of Alaris and unanimously recommends that the shareholders vote for the Arrangement. The Board made its determination based upon consultation with its legal and other advisors, and based in part on the fairness opinion received from Acumen Capital Finance Partners Limited ("Acumen"). The determination of the Board is based on various factors to be described more fully in the Information Circular ( and includes (among others) the following anticipated benefits that the Corporation believes will enhance long-term shareholder value:

• a materially simplified cross-border investment structure involving fewer foreign jurisdictions, which should reduce compliance and other administrative costs and Alaris' exposure to changes in foreign laws;

• increasing the amount of cash available for distribution to unitholders and reducing the Payout Ratio; and

• allowing Alaris to comply with applicable US legislation while maintaining an internal efficiency substantially consistent with Alaris' current structure.

Acumen has provided the Board with its opinion that the consideration to be received by shareholders pursuant to the Arrangement is fair, from a financial point of view, to shareholders (other than Non-Eligible US Shareholders), subject to the assumptions, limitations and qualifications set out in such fairness opinion, as further described in the Circular.

As an income trust, Alaris will be paying a trust distribution rather than a corporate dividend. This trust distribution is expected to increase to $0.31 per quarter ($1.24 annually) up 7% from the current corporate dividend of $0.29 per quarter ($1.16 annually). The first trust distribution (pending shareholder approval of the Arrangement) will be declared in September 2020 and paid October 15, 2020.

As a part of the conversion to an income trust, Alaris will be changing its name to Alaris Equity Partners Income Trust.

For more information, please visit our website at www.alarisroyalty.com and search for documents under the “investor section”. Or, click on the links below:

• Information Circular - Trust Conversion

• Trust Conversion Announcement

• Notice of Meeting

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http://www.alarisroyalty.com/https://www.alarisroyalty.com/upload/media_element/attachments/377/Information%20Circular-Trust%20Conversion(reduced)_compressed.pdfhttps://www.alarisroyalty.com/news/article/319-alaris-royalty-corp-announces-director-appointment-and-provides-update-on-conversion-to-an-income-trust-including-its-intention-to-increase-trust-distributionshttps://www.alarisroyalty.com/upload/media_element/attachments/362/Notice%20of%20Meeting-Trust%20Conversion.pdf

SCALABLE MODEL• Alaris’ unique structure, which gives it protections that allow for a non-controlling investment, allows it to be a

monitor of its Partners, not an operator.• For the addition of every 5 new (net) Partners, Alaris would likely have to add 1 employee to the monitoring team.

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$0$10$20$30$40$50$60$70$80$90

$100$110$120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Alaris’ model is highly scalableRevenue Growth vs Operating Expenses

Revenue SG&A

RECENT FINANCIAL RESULTS

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Three months ended June 30, 2020 vs same period 2019:• 23.8% decrease in revenue from Partners to

$20.2 million• 28.2% decrease in Normalized EBITDA to $17.3

million• 15.0% decrease in net cash from operating

activities to $13.6 million• 31.5% decrease in dividends declared to $10.3

million(1)

Per Share Highlights:• 24.0% decrease in revenue from Partners to $0.57• 27.3% decrease in Normalized EBITDA $0.48• 13.6% decrease in net cash from operating activities to $0.38• 29.7% decrease in dividends declared at $0.29

Six months ended June 30, 2020 vs same period 2019:

Per Share Highlights:

Notes:(1) Alaris began paying a quarterly dividend with first such payment in July 2020. Therefore Q2 dividends only included a payment made in April 2020.

• 0.3% increase in revenue from Partners to $54.2 million

• 20.8% decrease in Normalized EBITDA to $38.7 million

• 8.7% increase in net cash from operating activities to $40.2 million

• 15.6% decrease in dividends declared to $25.4 million(1)

• 0.7% decrease in revenue from Partners to $1.50• 20.1% decrease in Normalized EBITDA to $1.07• 9.9% increase in net cash from operating activities to $1.11• 14.8% decrease in dividends declared at $0.7025

HISTORIC FINANCIAL SUMMARY

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(millions CAD$) 2015A 2016A 2017A 2018A 2019ARevenue 82.80$ 100.04$ 89.07$ 100.08$ 115.97$

% change 19% 21% -11% 12% 16%SG&A 7.90$ 9.17$ 8.06$ 12.13$ 10.72$

% change 3% 16% -12% 50% -12%Normalized EBITDA 71.40$ 81.84$ 76.98$ 80.81$ 100.94$

% change 24% 15% -6% 5% 25%Net cash from ops 55.90$ 73.30$ 67.25$ 78.31$ 74.78$

% change 12% 31% -8% 16% -5%Dividends 52.60$ 58.84$ 59.03$ 59.20$ 60.37$

% change 18% 12% 0% 0% 2%Payout ratio 94% 80% 88% 76% 81%Shares outstanding (millions) 33.96 36.34 36.45 36.50 36.71

Dividends

2008200920102011201220132014201520162017201820192020

Periods0111111111111

200901234567891011

2010012345678910

20110123456789

2012012345678

201301234567

20140123456

2015012345

201601234

20170123

2018012

201901

20200

00012345678

2008200920102011201220132014201520162017201820192020

JanuaryNA$ 0.120$ 0.070$ 0.085$ 0.095$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138$ 0.138

FebruaryNA$ 0.120$ 0.070$ 0.085$ 0.095$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138$ 0.138

MarchNA$ 0.120$ 0.070$ 0.085$ 0.095$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138

AprilNA$ 0.070$ 0.080$ 0.085$ 0.095$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138

MayNA$ 0.070$ 0.080$ 0.085$ 0.095$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138

JuneNA$ 0.070$ 0.080$ 0.085$ 0.100$ 0.105$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138

JulyNA$ 0.070$ 0.080$ 0.085$ 0.100$ 0.115$ 0.125$ 0.130$ 0.135$ 0.135$ 0.135$ 0.138

August$ 0.120$ 0.070$ 0.080$ 0.085$ 0.100$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.135$ 0.138

September$ 0.120$ 0.070$ 0.080$ 0.085$ 0.100$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.135$ 0.138

October$ 0.120$ 0.070$ 0.080$ 0.085$ 0.100$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.135$ 0.138

November$ 0.120$ 0.070$ 0.080$ 0.095$ 0.100$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.135$ 0.138

December$ 0.120$ 0.070$ 0.080$ 0.095$ 0.100$ 0.120$ 0.125$ 0.135$ 0.135$ 0.135$ 0.138$ 0.1388.00%92.86%

Dividends per share paid$ 0.600$ 0.990$ 0.930$ 1.040$ 1.175$ 1.345$ 1.470$ 1.555$ 1.620$ 1.620$ 1.623$ 1.650$ 0.275

Dividends paid (gross $)$ 20.000$ 25.000$ 30.000$ 35.000$ 40.000$ 45.000$ 50.000$ 60.000$ 70.000

annualized start year$ 1.440$ 1.440$ 0.840$ 0.960$ 1.140$ 1.200$ 1.440$ 1.500$ 1.620$ 1.620$ 1.620$ 1.650$ 1.650

Gross % change0.0%(41.7%)(33.3%)(20.8%)(16.7%)0.0%4.2%12.5%12.5%12.5%14.6%14.6%

% chg y.o.y(6%)12%13%14%9%6%4%0%0%2%(83%)

% chg gross12%26%45%58%67%74%74%74%77%(70%)

CAGR4.95%7.26%8.38%10.83%10.58%9.79%7.52%5.78%0.00%

CAGR periods1234555555

5 year CAGR11%9%7%12%7%4%

6 year CAGR16%14%8%5%2%1%

Increases in period12131200100

Cumulative increases13478101010111111

Current Annualized$1.620$1.620$1.620$1.620$1.650$0.000

Annualized Jan 1, 2010$0.840$1.020$1.140$1.440$1.440$1.440

Gross Change92.9%58.8%42.1%12.5%14.6%(100.0%)

CAGR14.0%9.7%7.3%2.4%2.8%(100.0%)

Annualized at Q2-15$0.960$1.020$1.200$1.260$1.440$1.500

Annualized at Q2-10$1.500$1.620$1.620$1.620$1.650$0.000

56.3%58.8%35.0%28.6%14.6%(100.0%)

9.3%9.7%6.2%5.2%2.8%(100.0%)

200920102011201220132014201520162017201820192020

Q1$ - 0$ 0.360$ 0.210$ 0.255$ 0.285$ 0.315$ 0.360$ 0.375$ 0.405$ 0.405$ 0.405$ 0.413$ 0.275(42%)21%12%11%14%4%

Q2$ - 0$ 0.210$ 0.240$ 0.255$ 0.290$ 0.315$ 0.360$ 0.375$ 0.405$ 0.405$ 0.405$ 0.413$ - 014%6%14%9%14%4%

Q3$ 0.240$ 0.210$ 0.240$ 0.255$ 0.300$ 0.355$ 0.375$ 0.400$ 0.405$ 0.405$ 0.405$ 0.413$ - 014%6%18%18%6%7%

Q4$ 0.360$ 0.210$ 0.240$ 0.275$ 0.300$ 0.360$ 0.375$ 0.405$ 0.405$ 0.405$ 0.408$ 0.413$ - 014%15%9%20%4%8%

$ 0.600$ 0.990$ 0.930$ 1.040$ 1.175$ 1.345$ 1.470$ 1.555$ 1.620$ 1.620$ 1.623$ 1.650$ 0.275

0%6%4%5%0%0%0%0%0%1%(33%)

(42%)14%0%2%0%0%0%0%0%0%0%(100%)

0%0%0%3%13%4%7%0%0%0%0%ERROR:#DIV/0!

0%0%8%0%1%0%1%0%0%1%0%ERROR:#DIV/0!

TTM

8333.3333333333

Q2Q3Q4

1Aug-08$ 0.1201.44$ 1,000.000$ 1,000

2Sep-08$ 0.1201.44$ 1,000.000$ 2,000

3Oct-08$ 0.1201.44$ 1,000.000$ 3,000

4Nov-08$ 0.1201.44$ 1,000.000$ 4,000

5Dec-08$ 0.1201.44$ 1,000.000$ 5,000

6Jan-09$ 0.1201.44$ 1,000.000$ 6,000

7Feb-09$ 0.1201.44$ 1,000.000$ 7,000

8Mar-09$ 0.1201.44$ 1,000.000$ 8,000

9Apr-09$ 0.0700.84$ 583.333$ 8,583

10May-09$ 0.0700.84$ 583.333$ 9,167

11Jun-09$ 0.0700.84$ 583.333$ 9,750

12Jul-09$ 0.070$ 1.2400.84$ 583.333$ 10,333

13Aug-09$ 0.070$ 1.1900.84$ 583.333$ 10,917

14Sep-09$ 0.070$ 1.1400.84$ 583.333$ 11,500

15Oct-09$ 0.070$ 1.0900.84$ 583.333$ 12,083

16Nov-09$ 0.070$ 1.0400.84$ 583.333$ 12,667

17Dec-09$ 0.070$ 0.9900.84$ 583.333$ 13,250

18Jan-10$ 0.070$ 0.9400.84$ 583.333$ 13,833

19Feb-10$ 0.070$ 0.8900.84$ 583.333$ 14,417

20Mar-10$ 0.070$ 0.8400.84$ 583.333$ 15,000

21Apr-10$ 0.080$ 0.8500.96$ 666.667$ 15,667

22May-10$ 0.080$ 0.8600.96$ 666.667$ 16,333

23Jun-10$ 0.080$ 0.8700.96$ 666.667$ 17,000

24Jul-10$ 0.080$ 0.8800.96$ 666.667$ 17,667

25Aug-10$ 0.080$ 0.8900.96$ 666.667$ 18,333

26Sep-10$ 0.080$ 0.9000.96$ 666.667$ 19,000

27Oct-10$ 0.080$ 0.9100.96$ 666.667$ 19,667

28Nov-10$ 0.080$ 0.9200.96$ 666.667$ 20,333

29Dec-10$ 0.080$ 0.9300.96$ 666.667$ 21,000

30Jan-11$ 0.085$ 0.9451.02$ 708.333$ 21,708

31Feb-11$ 0.085$ 0.9601.02$ 708.333$ 22,417

32Mar-11$ 0.085$ 0.9751.02$ 708.333$ 23,125

33Apr-11$ 0.085$ 0.9801.02$ 708.333$ 23,833

34May-11$ 0.085$ 0.9851.02$ 708.333$ 24,542

35Jun-11$ 0.085$ 0.9901.02$ 708.333$ 25,250

36Jul-11$ 0.085$ 0.9951.02$ 708.333$ 25,958

37Aug-11$ 0.085$ 1.0001.02$ 708.333$ 26,667

38Sep-11$ 0.085$ 1.0051.02$ 708.333$ 27,375

39Oct-11$ 0.085$ 1.0101.02$ 708.333$ 28,083

40Nov-11$ 0.095$ 1.0251.14$ 791.667$ 28,875

41Dec-11$ 0.095$ 1.0401.14$ 791.667$ 29,667

42Jan-12$ 0.095$ 1.0501.14$ 791.667$ 30,458

43Feb-12$ 0.095$ 1.0601.14$ 791.667$ 31,250

44Mar-12$ 0.095$ 1.0701.14$ 791.667$ 32,042

45Apr-12$ 0.095$ 1.0801.14$ 791.667$ 32,833

46May-12$ 0.095$ 1.0901.14$ 791.667$ 33,625

47Jun-12$ 0.100$ 1.1051.2$ 833.333$ 34,458

48Jul-12$ 0.100$ 1.1201.2$ 833.333$ 35,292

49Aug-12$ 0.100$ 1.1351.2$ 833.333$ 36,125

50Sep-12$ 0.100$ 1.1501.2$ 833.333$ 36,958

51Oct-12$ 0.100$ 1.1651.2$ 833.333$ 37,792

52Nov-12$ 0.100$ 1.1701.2$ 833.333$ 38,625

53Dec-12$ 0.100$ 1.1751.2$ 833.333$ 39,458

54Jan-13$ 0.105$ 1.1851.26$ 875.000$ 40,333

55Feb-13$ 0.105$ 1.1951.26$ 875.000$ 41,208

56Mar-13$ 0.105$ 1.2051.26$ 875.000$ 42,083

57Apr-13$ 0.105$ 1.2151.26$ 875.000$ 42,958

58May-13$ 0.105$ 1.2251.26$ 875.000$ 43,833

59Jun-13$ 0.105$ 1.2301.26$ 875.000$ 44,708

60Jul-13$ 0.115$ 1.2451.38$ 958.333$ 45,667

61Aug-13$ 0.120$ 1.2651.44$ 1,000.000$ 46,667

62Sep-13$ 0.120$ 1.2851.44$ 1,000.000$ 47,667

63Oct-13$ 0.120$ 1.3051.44$ 1,000.000$ 48,667

64Nov-13$ 0.120$ 1.3251.44$ 1,000.000$ 49,667

65Dec-13$ 0.120$ 1.3451.44$ 1,000.000$ 50,667

66Jan-14$ 0.120$ 1.3601.44$ 1,000.000$ 51,667

67Feb-14$ 0.120$ 1.3751.44$ 1,000.000$ 52,667

68Mar-14$ 0.120$ 1.3901.44$ 1,000.000$ 53,667

69Apr-14$ 0.120$ 1.4051.44$ 1,000.000$ 54,667

70May-14$ 0.120$ 1.4201.44$ 1,000.000$ 55,667

71Jun-14$ 0.120$ 1.4351.44$ 1,000.000$ 56,667

72Jul-14$ 0.125$ 1.4451.5$ 1,041.667$ 57,708

73Aug-14$ 0.125$ 1.4501.5$ 1,041.667$ 58,750

74Sep-14$ 0.125$ 1.4551.5$ 1,041.667$ 59,792

75Oct-14$ 0.125$ 1.4601.5$ 1,041.667$ 60,833

76Nov-14$ 0.125$ 1.4651.5$ 1,041.667$ 61,875

77Dec-14$ 0.125$ 1.4701.5$ 1,041.667$ 62,917

78Jan-15$ 0.125$ 1.4751.5$ 1,041.667$ 63,958

79Feb-15$ 0.125$ 1.4801.5$ 1,041.667$ 65,000

80Mar-15$ 0.125$ 1.4851.5$ 1,041.667$ 66,042

81Apr-15$ 0.125$ 1.4901.5$ 1,041.667$ 67,083

82May-15$ 0.125$ 1.4951.5$ 1,041.667$ 68,125

83Jun-15$ 0.125$ 1.5001.5$ 1,041.667$ 69,167

84Jul-15$ 0.130$ 1.5051.56$ 1,083.333$ 70,250

85Aug-15$ 0.135$ 1.5151.62$ 1,125.000$ 71,375

86Sep-15$ 0.135$ 1.5251.62$ 1,125.000$ 72,500

87Oct-15$ 0.135$ 1.5351.62$ 1,125.000$ 73,625

88Nov-15$ 0.135$ 1.5451.62$ 1,125.000$ 74,750

89Dec-15$ 0.135$ 1.5551.62$ 1,125.000$ 75,875

90Jan-16$ 0.135$ 1.5651.62$ 1,125.000$ 77,000

91Feb-16$ 0.135$ 1.5751.62$ 1,125.000$ 78,125

92Mar-16$ 0.135$ 1.5851.62$ 1,125.000$ 79,250

93Apr-16$ 0.135$ 1.5951.62$ 1,125.000$ 80,375

94May-16$ 0.135$ 1.6051.62$ 1,125.000$ 81,500

95Jun-16$ 0.135$ 1.6151.62$ 1,125.000$ 82,625

96Jul-16$ 0.135$ 1.6201.62$ 1,125.000$ 83,750

97Aug-16$ 0.135$ 1.6201.62$ 1,125.000$ 84,875

98Sep-16$ 0.135$ 1.6201.62$ 1,125.000$ 86,000

99Oct-16$ 0.135$ 1.6201.62$ 1,125.000$ 87,125

100Nov-16$ 0.135$ 1.6201.62$ 1,125.000$ 88,250

101Dec-16$ 0.135$ 1.6201.62$ 1,125.000$ 89,375

102Jan-17$ 0.135$ 1.6201.62$ 1,125.000$ 90,500

103Feb-17$ 0.135$ 1.6201.62$ 1,125.000$ 91,625

104Mar-17$ 0.135$ 1.6201.62$ 1,125.000$ 92,750

105Apr-17$ 0.135$ 1.6201.62$ 1,125.000$ 93,875

106May-17$ 0.135$ 1.6201.62$ 1,125.000$ 95,000

107Jun-17$ 0.135$ 1.6201.62$ 1,125.000$ 96,125

108Jul-17$ 0.135$ 1.6201.62$ 1,125.000$ 97,250

109Aug-17$ 0.135$ 1.6201.62$ 1,125.000$ 98,375

110Sep-17$ 0.135$ 1.6201.62$ 1,125.000$ 99,500

111Oct-17$ 0.135$ 1.6201.62$ 1,125.000$ 100,625

112Nov-17$ 0.135$ 1.6201.62$ 1,125.000$ 101,750

113Dec-17$ 0.135$ 1.6201.62$ 1,125.000$ 102,875

114Jan-18$ 0.135$ 1.6201.62$ 1,125.000$ 104,000

115Feb-18$ 0.135$ 1.6201.62$ 1,125.000$ 105,125

116Mar-18$ 0.135$ 1.6201.62$ 1,125.000$ 106,250

117Apr-18$ 0.135$ 1.6201.62$ 1,125.000$ 107,375

118May-18$ 0.135$ 1.6201.62$ 1,125.000$ 108,500

119Jun-18$ 0.135$ 1.6201.62$ 1,125.000$ 109,625

120Jul-18$ 0.135$ 1.6201.62$ 1,125.000$ 110,750

121Aug-18$ 0.135$ 1.6201.62$ 1,125.000$ 111,875

122Sep-18$ 0.135$ 1.6201.62$ 1,125.000$ 113,000

123Oct-18$ 0.135$ 1.6201.62$ 1,125.000$ 114,125

124Nov-18$ 0.135$ 1.6201.62$ 1,125.000$ 115,250

125Dec-18$ 0.138$ 1.6231.65$ 1,145.833$ 116,396

126Jan-19$ 0.138$ 1.6251.65$ 1,145.833$ 117,542

127Feb-19$ 0.138$ 1.6281.65$ 1,145.833$ 118,688

128Mar-19$ 0.138$ 1.6301.65$ 1,145.833$ 119,833

129Apr-19$ 0.138$ 1.6321.65$ 1,145.833$ 120,979

130May-19$ 0.138$ 1.6351.65$ 1,145.833$ 122,125

131Jun-19$ 0.138$ 1.6371.65$ 1,145.833$ 123,271

132Jul-19$ 0.138$ 1.6401.65$ 1,145.833$ 124,417

133Aug-19$ 0.138$ 1.6421.65$ 1,145.833$ 125,562

134Sep-19$ 0.138$ 1.6451.65$ 1,145.833$ 126,708

135Oct-19$ 0.138$ 1.6471.65$ 1,145.833$ 127,854

136Nov-19$ 0.138$ 1.6501.65$ 1,145.833$ 129,000

137Dec-19$ 0.138$ 1.6501.65$ 1,145.833$ 130,146

138Jan-20$ 0.138$ 1.6501.65$ 1,145.833$ 131,292

139Feb-20$ 0.138$ 1.6501.65$ 1,145.833$ 132,437

140Mar-20

141Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

$ 15.892$ 100,000.00Investment

$ 132,437.500Dividends if you had invested $100,000 @ $12 IPO

$ 185,833.33Value of investment

$ 318,270.83

218%

$ 5,000.0002008

$ 8,250.0002009

$ 7,750.0002010

$ 8,666.6672011

$ 9,791.6672012

$ 11,208.3332013

$ 12,250.0002014

$ 12,958.3332015

$ 13,500.0002016

$ 13,500.0002017

$ 13,520.8332018

$ 13,750.0002019

$ 2,291.6672020

Annualized Dividend History

396613969239722397533978339814398453987339904399343996539995400264005740087401184014840179402104023840269402994033040360403914042240452404834051340544405754060340634406644069540725407564078740817408484087840909409404096941000410304106141091411224115341183412144124441275413064133441365413954142641456414874151841548415794160941640416714169941730417604179141821418524188341913419444197442005420364206442095421254215642186422174224842278423094233942370424014243042461424914252242552425834261442644426754270542736427674279542826428564288742917429484297943009430404307043101431324316043191432214325243282433134334443374434054343543466434974352543556435864361743647436784370943739437704380043831438621.441.441.441.441.441.441.441.440.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.840000000000000080.960.960.960.960.960.960.960.960.961.021.021.021.021.021.021.021.021.021.021.14000000000000011.14000000000000011.14000000000000011.14000000000000011.14000000000000011.14000000000000011.14000000000000011.20000000000000021.20000000000000021.20000000000000021.20000000000000021.20000000000000021.20000000000000021.20000000000000021.261.261.261.261.261.261.38000000000000011.441.441.441.441.441.441.441.441.441.441.441.51.51.51.51.51.51.51.51.51.51.51.51.561.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.621.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.65000000000000011.6500000000000001

Dividends per share paid

200920102011201220132014201520162017201820190.990000000000000440.929999999999999831.03999999999999981.1751.34500000000000021.471.55500000000000021.621.621.62250000000000011.6499999999999997

$100,000 investment at IPO of $12 per share

3966139692397223975339783398143984539873399043993439965399954002640057400874011840148401794021040238402694029940330403604039140422404524048340513405444057540603406344066440695407254075640787408174084840878409094094040969410004103041061410914112241153411834121441244412754130641334413654139541426414564148741518415484157941609416404167141699417304176041791418214185241883419134194441974420054203642064420954212542156421864221742248422784230942339423704240142430424614249142522425524258342614426444267542705427364276742795428264285642887429174294842979430094304043070431014313243160431914322143252432824331343344433744340543435434664349743525435564358643617436474367843709437394377043800100020003000400050006000700080008583.33333333333399166.66666666666799750.000000000001810333.33333333333610916.6666666666711500.00000000000412083.33333333333812666.66666666667213250.00000000000513833.33333333333914416.66666666667315000.00000000000715666.66666666667316333.33333333333917000.00000000000717666.66666666667518333.33333333334319000.00000000001119666.66666666667920333.33333333334721000.00000000001521708.33333333334722416.66666666667923125.00000000001123833.33333333334324541.66666666667525250.00000000000725958.33333333333926666.66666666667227375.00000000000428083.33333333333628875.00000000000429666.66666666667230458.33333333333931250.00000000000732041.66666666667532833.33333333334333625.00000000000734458.33333333334335291.66666666667936125.00000000001536958.3333333333537791.66666666668638625.00000000002239458.33333333335840333.33333333335841208.33333333335842083.33333333335842958.33333333335843833.33333333335844708.33333333335845666.66666666669346666.66666666669347666.66666666669348666.66666666669349666.66666666669350666.66666666669351666.66666666669352666.66666666669353666.66666666669354666.66666666669355666.66666666669356666.66666666669357708.33333333335858750.00000000002259791.66666666668660833.3333333333561875.00000000001562916.66666666667963958.33333333334365000.00000000000766041.66666666667267083.33333333334368125.00000000001569166.66666666668670250.00000000001571375.00000000001572500.00000000001573625.00000000001574750.00000000001575875.00000000001577000.00000000001578125.00000000001579250.00000000001580375.00000000001581500.00000000001582625.00000000001583750.00000000001584875.00000000001586000.00000000001587125.00000000001588250.00000000001589375.00000000001590500.00000000001591625.00000000001592750.00000000001593875.00000000001595000.00000000001596125.00000000001597250.00000000001598375.00000000001599500.000000000015100625.00000000001101750.00000000001102875.00000000001104000.00000000001105125.00000000001106250.00000000001107375.00000000001108500.00000000001109625.00000000001110750.00000000001111875.00000000001113000.00000000001114125.00000000001115250.00000000001116395.83333333334117541.66666666667118687.5119833.33333333333120979.16666666666122124.99999999999123270.83333333331124416.66666666664125562.49999999997126708.3333333333127854.16666666663128999.99999999996130145.83333333328

AnnEarn

20102011201220132014201520162017

000123453

(millions CAD$)2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2018E

Revenue$ 16.70$ 22.10$ 32.10$ 52.70$ 69.30$ 82.80$ 100.04$ 89.07$ 100.08$ 115.97$ 100.08

% change45%64%31%19%21%-11%12%16%21%

SG&A$ 3.40$ 4.10$ 5.00$ 7.70$ 7.90$ 9.17$ 8.06$ 12.13$ 10.72$ 12.13

EBITDA$ 12.70$ 18.70$ 28.00$ 47.70$ 61.60$ 75.59$ 92.30$ 29.00$ 87.95$ 105.25$ 87.95

% change21%22%54%3%16%-12%50%-12%54%

Normalized EBITDA$ 12.71$ 18.70$ 26.10$ 43.90$ 57.40$ 71.40$ 81.84$ 76.98$ 80.81$ 100.94$ 80.81

% change40%68%31%24%15%-6%5%25%13%

Net cash from ops$ 12.40$ 17.00$ 26.50$ 43.80$ 49.70$ 55.90$ 73.30$ 67.25$ 78.31$ 74.78$ 78.31

% change56%65%13%12%31%-8%16%-5%40%

Dividends$ 17.60$ 24.50$ 35.60$ 44.70$ 52.60$ 58.84$ 59.03$ 59.20$ 60.37$ 59.20

% change39%45%26%18%12%0%0%2%13%

Payout ratio104%92%81%90%94%80%88%76%81%76%

Shares outstanding (millions)13.1017.0020.9026.7030.4533.9636.3436.4536.5036.7136.67

Rev per share$ 1.27$ 1.30$ 1.54$ 1.97$ 2.28$ 2.44$ 2.75$ 2.44$ 2.74$ 2.73

EBITDA per share$ 0.97$ 1.10$ 1.34$ 1.79$ 2.02$ 2.23$ 2.54$ 0.80$ 2.41$ 2.40

Normalized EBITDA$ 0.97$ 0.96$ 1.25$ 1.65$ 1.87$ 2.10$ 2.25$ 2.11$ 2.21$ 2.57

Net cash per share$ 0.95$ 1.00$ 1.27$ 1.64$ 1.63$ 1.65$ 2.02$ 1.85$ 2.15$ 2.17

Dividend per share$ 1.17$ 1.33$ 1.468$ 1.55$ 1.62$ 1.62$ 1.622

CAGRCAGRCAGRCAGRCAGR

Rev per share16%10%7%ERROR:#DIV/0!29%

EBITDA per share18%(10%)6%ERROR:#DIV/0!35%

Normalized EBITDA19%11%6%ERROR:#DIV/0!38%

Net cash per share15%8%6%ERROR:#DIV/0!32%

DividendERROR:#DIV/0!7%4%ERROR:#DIV/0!ERROR:#DIV/0!

36,302,736

79346987500

$ (7,399.92)

$ 3,974.45Financial statements subtotal

$ 1,371.00System fees

$ 19,000.00ASC Fees

$ 40,950.00OSC Fees

$ 65,295.45Total

6%$ 3,917.73

5%$ 195.89

$ 69,409.06

Ann Rev

Partner USD DistAnnual Distribution (CAD$000s)(1)% of total1.3097

1Federal Resources10,70014,12413.8%97,39713%Industrials100

2DNT11,90015,70815.3%91,32912%Industrials15000050000

3PF Growth Partners9,50012,54012.2%116,57415%Consumer products/services1ERROR:#REF!ERROR:#REF!

4Body Contour Centers9,00011,88011.6%60,9418%Consumer products/services1ERROR:#REF!ERROR:#REF!

5GWM Holdings6,0007,9207.7%64,1158%Business services1ERROR:#REF!ERROR:#REF!

6Accscient5,6007,3927.2%51,6337%Business services

7Amur Financial- 06,5006.3%70,0009%Consumer financial services1

7Amur Common1,4001.4%Consumer financial servicesERROR:#REF!ERROR:#REF!

8LMS- 07,0006.8%42,3366%Industrials

9ccComm- 0- 00.0%25,0993%Consumer products/services1

10Heritage2,5003,3003.2%20,9303%Industrials1

11Providence(2)2,3003,0363.0%30,3904%Business services1

12SCR(3)4,2004.1%34,5034%Industrials

13Unify3,3004,3564.3%19,1612%Business services1

14Fleet1,5001,9801.9%13,2462%Business services1

15Stride8001,0561.0%7,8411%Business services

16Kimco(4)- 0- 00.0%23,6223%Business services1

Total Annualized Partner Revenue$ 102,392100.0%$ 769,117100.0%12

Interest income29724,3230.9230769231

Total Revenue$ 106,715$ 39,115.91US based

Share Capital (at March 31, 2016)606,127{less RSUs}19014.3939393939

Return on invested capital16.9%ERROR:#REF!

115,367

721,49314.2%

Spot on Sept 30, 20161.320070,794

9.2%

Sectors% of total

Consumer Products/Services26.3%

Consumer Financial Services9.1%

Business ServicesERROR:#REF!

Industrials37.2%

ERROR:#REF!

Canada 19%ERROR:#REF!

USA81%

Investment by Industry Segment %

Consumer Products/ServicesConsumer Financial ServicesBusiness ServicesIndustrials0.263437162356312489.1013460890865761E-200.37249859254183693

Investment by Country

Canada USA0.190918936910769110.80908106308923089

IRR Table

Weighting with SHS$millions CADNumber of Years InvestedCapital InvestedDistributions ReceivedExit Capital ReceivedTotal Return% total ReturnIRR %Exit DateIRR contribution with SHSGain (loss) on Invested Dollars% annualized return

3%MAHC (1)1.0$ (18.4)$ 7.2$ 20.0$ 8.848%53%Dec-160.0168509286$ 1.647.6%

Sequel4.2(77.4)59.8120.9103.3133%29%Sep-17043.531.8%

4%Agility5.4(20.2)18.528.326.5131%25%Feb-180.00877390118.124.2%

12%LifeMark11.3(67.5)75.6123.4131.5195%24%Mar-16

1%MediChair6.8(6.5)6.410.09.9152%24%May-110.00266380763.522.2%

19%SBI2.4(106.8)42.7122.758.655%24%Jan-200.04376840815.922.9%

EOR13.2(7.2)17.412.622.8317%22%Jul-18

7%Killick4.0(41.3)19.745.023.557%20%Jan-15

Quetico3.0(28.2)13.130.415.455%19%Nov-1402.218.2%

Labstat6.0(47.2)43.861.357.9123%19%Jun-18

Solowave5.8(42.5)31.944.533.980%17%Oct-16

KMH(2)7.0(54.8)21.313.5(20.0)-37%-13%

SHS (3)0.9(15.0)1.01.1(12.9)-86%-44%Dec-13

Group SM(4)4.6(40.5)9.8- 0(30.7)-76%-67%

Totals from exits$ (573.4)$ 368.0$ 633.8$ 428.475%$ 74.8

19.0%02.218.2%

79.3238

237.90$ 75.0

75.00163

162.9024

24.44

73.31

236.21

Heat Map Q3

Earnings Coverage Heat Map

Q2-17Q3-17Q1-18Q2-18Q1-19Q2-19Q3-19Q4-19Guide

1DNT1.5x-2.0x1.5x-2.0x1.2x-1.5x1.2x-1.5x1.2x-1.5x1.2x-1.5x1.2x-1.5x2.0x>2.0x1.5x-2.0x1.5x-2.0x1.2x-1.5x1.2x-1.5x1.2x-1.5x1.5x to 2.0x

5Sandbox1.2x-1.5x1.5x-2.0x1.2x-1.5x1.0x-1.2x1.2x-1.5x1.2x-1.5x1.0x to 1.2x>2.0x

6Providence (MyDyer)>2.0x>2.0x>2.0x>2.0x2.0x>2.0x>2.0xFlat14

10Heritagen.an.a>2.0x>2.0x>2.0x>2.0x>2.0xNew0

11SCR

TRACK RECORD OF PER SHARE GROWTH

23

5 year CAGR 7% 5 year CAGR 8% 5 year CAGR 5% 5 year CAGR 2%$2

.44

$2.10

$1.65

$1.57

$2.75

$2.25

$2.02

$1.62

$2.44

$2.11

$1.85

$1.62

$2.74

$2.21

$2.15

$1.62

$3.17

$2.76

$2.04

$1.65

Partner revenue Normalized EBITDA Net cash from ops Dividend

2015 2016 2017 2018 2019

CORPORATE INFORMATION

24

BOARD OF DIRECTORS COMMITTEESJay Ripley, Chairman Transaction (Chair), Compensation and

Audit

Mitch Shier, Director Corporate Governance (Chair), Compensation and Transaction

Mary Ritchie, Director Audit (Chair) and Corporate Governance

Bob Bertram, Director Compensation (Chair), CorporateGovernance and Transaction

Sophia Langlois, Director AAudit

Steve King, Director

AUDITORS KPMG, LLP

BANKINGSYNDICATE

Bank of Montreal (co-lead)HSBC Bank Canada (co-lead)

ANALYSTCOVERAGE

Acumen Capital Finance Partners, Trevor ReynoldsCIBC World Markets, Scott FromsonCormark Securities Inc., Jeff FenwickDesjardins Securities, Gary HoGMP Securities LP, Anoop PriharNational Bank Financial, Zachary EvershedScotia Capital, Phil Hardie

APPENDICES

25

APPENDIX A: SUMMARY OF PARTNERS

26

(MILLIONS $) ACCSCIENT LLCBODY CONTOURCENTERS (DBASONO BELLO)

CCCOMM

Industry Business Services: IT Consulting and Staffing

Financial Services: Mortgage Origination (home equity)

Consumer Discretionary: Cosmetic Surgery

Industrials:Electrical Contractor Services

Consumer Discretionary: Sprint mobile retailer

Industrials:Civil Construction Services

Total Alaris Capital Injected ($000’s)

US$38.0(4 tranches)

$50.0 (preferred units)$20.0 (common equity)

US$46.0 $16.1 (preferred units)$0.90 (common equity)

US$19.2(4 tranches)

US$68.0

Use of Proceeds Recapitalizationand growth capital

Partial Liquidity Partial Liquidity Partial Liquidity Growth capital MBO of majority holder(s)

Annualized Distribution to Alaris ($000’s)

US$5.57 $6.50 (pref. distribution)$0.40 common dividends year to date

US$6.80 US$2.40 US$2.69(currently not paying distribution)

US$11.65

Annual Reset Metric Percentage changein gross profit

Percentage change in gross revenue

Percentage change in same clinic sales

Percentage change in gross sales

Percentage change in net revenue

Percentage change in gross revenue

Distribution Collar +/- 5% per year +/- 6% per year +/- 6% per year +/- 5% per year +/- 6% per year +/- 6% per year

Coverage RatioRange

1.2x to 1.5x >2.0x

APPENDIX A: SUMMARY OF PARTNERS (CONT)

27

(MILLIONS $)

Industry Business Services: FleetManagement

Industrials:Distributor of Products to Federal and Local Agencies

Business Services: Digital Marketing Solutions

Industrials: Masonry Restoration, Waterproofing and Coating Repair

Business Services:Commercial Janitorial and Hospitality Services

Industrials:Rebar Fabrication & Installation

Total AlarisCapital Injected ($000’s)

US$10.0 US$67.0(3 tranches)

US$46.0 US$15.0 US$34.2(3 tranches)

$59.8(4 tranches)

Use of Proceeds Growth capital and partial liquidity

MBO of Equity Sponsor

MBO of Equity Sponsor

MBO MBO of parent company

Estate planning and growth

Annualized Distribution to Alaris ($000’s)

US$1.48 US$10.69 US$6.03 US$2.53 US$5.14(currently paying US$1.2m per year)

$7.44

Annual Reset Metric

Percentage change in net revenue

Percentage change in gross revenue

Percentage change in gross revenue

Percentage change in gross profit

Percentage change in net revenue

Percentage change in gross profit

Distribution Collar

+/- 6% per year +/- 6% per year +/- 8% per year +/- 6% per year +/- 6% per year No collar

Coverage RatioRange

1.5x to 2.0x 1.5x to 2.0x >2.0x >2.0x 1.2x to 1.5x 1.5x to 2.0x

Partner Since June 2018 June 2015 November 2018 January 2018 June 2014 April 2007

Note 1: See the “Private Company Partner Update” section of the Management Discussion and Analysis for the period ended June 30, 2020 for more information related to capital contributed, annualized distributions and earnings coverage ratios.

APPENDIX A: SUMMARY OF PARTNERS (CONT)

28

(MILLIONS $) PF GROWTH PARTNERS

Industry Business Services:Apparel Design, Engineering and Sourcing Services

Consumer Discretionary:Health and Fitness Clubs

Industrials:Mining Services

Industry:IT Consulting

Business Services:IT Consulting

Total Alaris Capital Injected ($000’s)

US$30.0 US$75.2 (preferred)(2)US$17.3 (common)

$40.0 US$6.0 US$25.0(3)

Use of Proceeds Estate planning and growth capital

Estate planning and growth

Estate planning and growth capital

Growth capital and partial liquidity

MBO of majority owner by minority

Annualized Distribution to Alaris ($000’s)

US$4.49(currently not paying distributions)

US$9.63 $5.60(currently paying $4.2 million per year)

US$0.84 US$3.3

Annual Reset Metric Percentage change in same customer sales

Percentage change in same club sales

Percentage change in gross revenue

Percentage change in gross revenue

Percentage change in gross revenue

Distribution Collar +/- 5% per year +/- 5% per year +/- 6% per year +/- 6% per year +/- 5% per year

Coverage Ratio Range

APPENDIX B: OFFERING HISTORYThe following table summaries the equity offerings Alaris has completed since its public listing in November 2008.

29

Date of Announcement Issue Price

Shares Issued (000's)

Gross Proceeds

($000's)Date

Closed

Price on Closing

Date30-Sep-09 6.00$ 2,300 13,800$ 22-Oct-09 7.75$ 27-Apr-10 9.00$ 2,080 18,720$ 18-May-10 9.24$ 29-Nov-10 10.50$ 2,477 26,009$ 26-Dec-10 11.46$ 21-Nov-11 16.25$ 2,465 40,050$ 12-Dec-11 16.80$ 13-Jun-12 19.50$ 2,515 49,043$ 27-Jun-12 20.77$ 18-Dec-12 22.00$ 2,461 54,142$ 11-Jan-13 25.36$ 25-Jun-13 30.90$ 3,427 105,894$ 16-Jul-13 32.91$ 6-Jun-14 26.70$ 3,274 87,418$ 25-Jun-14 29.36$ 25-Jun-15 30.50$ 3,772 115,035$ 16-Jul-15 31.29$

Totals 24,770 510,111$

Notes:Sept 30, 2009 offering had a half warrant attached to it (exercise price of $7.50)

NON-IFRS MEASURESThe terms EBITDA, Normalized EBITDA and Payout Ratio are financial measures used in this presentation hat are not standard measures under International Financial Reporting Standards (“IFRS”). The Corporation’s method of calculating EBITDA, Normalized EBITDA and Payout Ratio may differ from the methods used by other issuers. Therefore, the Corporation’s EBITDA, Normalized EBITDA and Payout Ratio may not be comparable to similar measures presented by other issuers.EBITDA refers to net earnings (loss) determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. Management believes EBITDA is a useful supplemental measure from which to determine the Corporation’s ability to generate cash available for debt service, working capital, capital expenditures, income taxes and dividends. The Corporation provides a reconciliation of net income to EBITDA in its quarterly and annual management discussion and analysis.Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature, such as gains associated with the reduction of interest in one partner and an impairment loss in another with which the Corporation has transacted. Management deems non-recurring charges to be unusual and/or infrequent charges that the Corporation incurs outside of its common day-to-day operations. Adding back these non-recurring charges allows management to better assess EBITDA from ongoing operations.

Payout Ratio: The term "payout ratio" is a financial measure used in this presentation that is not a standard measure under International Financial Reporting Standards. Actual Payout ratio means Alaris' total dividends paid over a fiscal year divided by its net cash from operating activities over that same period. Annualized Payout Ratio means Alaris’ total annualized dividend per share expected to be paid over the next twelve months divided by the estimated net cash from operating activities per share Alaris expects to generate over the same twelve month period (after giving effect to the impact of all information disclosed to date).Run Rate Payout Ratio: refers to Alaris’ total dividend per share expected to be paid over the next twelve months divided by the estimated net cash from operating activities per share Alaris expects to generate over the same twelve month period (after giving effect to the impact of all information disclosed as of the date of this report).Earnings Coverage Ratio refers to the Normalized EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded maintenance capital expenditures and distributions to Alaris.

IRR refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The terms EBITDA, Normalized EBITDA and Payout Ratio should only be used in conjunction with the Corporation’s annual audited and quarterly reviewed financial statements, which are available on SEDAR at www.sedar.com.Eligible DividendsAll dividends are designated by the Company to be eligible dividends for the purpose of the Income Tax Act (Canada) and any similar provincial or territorial legislation.Date of Presentation

Information contained herein is given as of July 28, 2020 unless otherwise stated.

30

http://www.sedar.com/

HEAD OFFICE Suite 250, 333 24th Avenue SWCalgary, Alberta T2S 3E6Phone: 403.228.0873Fax: 403.228.0906Website: www.alarisroyalty.com

http://www.alarisroyalty.com/

Slide Number 1Forward Looking StatementsForward Looking StatementsU.S. Investor DisclosureCorporate Profile Defining the Corporation Investment HighlightsAlaris Represents a Unique Asset ClassBenefits to ShareholdersBenefits to Business OwnersAlaris’ Ideal Partner CriteriaPartner Revenue SummaryDiversificationPreferred Equity Returns From Exits to DateEarnings Coverage Heat MapInvestment HistoryBalance SheetDividend History and SustainabilityTrust ConversionScalable ModelRecent Financial ResultsHistoric Financial SummaryTrack Record of Per Share GrowthCorporate InformationAppendicesAppendix A: Summary of PartnersAppendix A: Summary of Partners (cont)Appendix A: Summary of Partners (cont)Appendix B: Offering HistoryNon-IFRS MeasuresSlide Number 31