Armtec benefits from considerable diversification in its business model, which results in stable cash flows.

	In addition, we have a five-part plan to grow Armtec and its cash distributions to unitholders: Armtec will continue to use its national network of sales offices and manufacturing plants to capture a significant share of the federal and provincial governments' infrastructure spending increase; Armtec will continue to expand the markets for its products, particularly the markets for its high density polyethylene (HDPE plastic) pipe in Canada and its value engineered products such as Bridge-Plate® and Platon in the U.S.; in addition, Armtec has progressed in establishing a customer base in the U.S. building trades market through agreements with home supply chains, building supply dealers and foundation contractors. Armtec will continue to increase its penetration of export markets - from Central and South America, Russia and Korea, to new markets in Australia, Africa, Europe and the Caribbean. Armtec will continue to introduce new products. Armtec's technically trained and highly-motivated sales team has the national scale and relationships to introduce additional infrastructure-related products to its existing customer base. Armtec will continue to seek accretive acquisitions. Armtec is well-positioned to benefit from the continuing consolidation of the North American infrastructure industry, and it will move forward proactively on the best opportunities. Armtec's acquisition strategy focuses principally on pursuing target companies that provide complementary products, geographic expansion and new customers.

Since its IPO on July 27, 2004, Armtec has completed five accretive acquisitions, three strategic agreements and an international Joint Venture:

• Bruce Tile – On March 20, 2008, Armtec acquired certain specified property and assets of Bruce Tile for approximately $9.5 million. Based in Walkerton, Ontario, Bruce is a leading high density polyethylene pipe (HDPE) and drainage tile manufacturer and significant supplier to Ontario's agricultural market.
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• Con-Force. – On October 1, 2007, Armtec acquired Con-Force, a leading manufacturer of precast and pre-stressed concrete in Western Canada. Founded in 1949, Con-Force has developed a strong reputation for providing innovative and quality engineered solutions. Con-Force focuses on high value-added products requiring significant engineering and manufacturing expertise. With approximately 40 in-house engineers and draftspeople and three large-scale, specialized production facilities in British Columbia, Alberta and Manitoba.
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  [Click here for Con-Force website]

• Fixon Inc. – On May 11, 2007, formed Joint Venture to manufacture Bridge-Plate^® with Fixon Inc. of Gwangyang City, South Korea. The market size and demand for bridge structures in South Korea is significant and is expected to expand. The Joint Venture also expands Armtec’s geographic diversity, a key component of the Fund’s long-term strategy.
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• Prairie Steel Products Ltd. and Prairie Steel Manufacturing Ltd. – Culvert Manufacturing and Distribution Business –Acquired November 15, 2006 for $7.2 million. This acquisition further strengthens Armtec’s position in Western Canada. The market for corrugated steel in Saskatchewan is expected to grow due to the opportunities presented by untapped mineral wealth.
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• CONTECH^® Stormwater Solutions – Sales and distribution agreement – On May 2, 2006, Armtec broadened its product offering through an agreement with a leading U.S. supplier of storm water quality systems.
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• BEBO Arch of Canada – Exclusive licensing agreement – On April 28, 2006, Armtec broadened its product offering and entered a new market through an exclusive licensing agreement for BEBO concrete arch bridge technology.
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• Twister Pipe Ltd. – Construction Products Division – Acquired February 1, 2006 for $7.7 million. This acquisition strengthens Armtec’s position in Alberta, where infrastructure spending is growing.
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• Maritime Steel & Foundries Limited – Construction Products Division – Acquired September 20, 2004 for approximately $2 million. Maritime Steel strengthens Armtec’s presence in the important Nova Scotia market.
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• Polytubes Inc. – Manufacturing and sales agreement – On September 9, 2004, Armtec added desired capacity in Western Canada with a minimal capital outlay.
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