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## DIVERSIFIED ROYALTY CORP . Notes toConsolidatedFinancial Statements 

(Unaudited) (Expressed in Canadian dollars) 

Year ended December 31, 2014 

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Rent, supplies and administrative services in 2014includes $298,667 of expensesrelated to a services agreement with Maxam(note 20). Rent, supplies and administrative expenses also includes a recovery of $45,015 for capital taxes  in 2014. This agreement became effective  January 1, 2014 wherebyMaxam providedaccounting, tax and public company compliance services, head office and infrastructure services and transaction support services to the Corporation  for $30,000 per month. The agreement was amended on October 1, 2014 and now only includes rent and administrative services for $9,000 per month. 

## 15. Operating expenses: 

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## 16. Professional fees: 

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