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## DIVERSIFIED ROYALTY CORP . 

Notes toConsolidatedFinancial Statements 

(Unaudited) 

(Expressed in Canadian dollars) 

Year ended December 31, 2014 

## 19. Financial risk management (continued): 

(c) Exposure to credit risk: 

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 

<img src='content_image/179156.jpg'>

