Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES MAY 2022 CASH DIVIDEND AND Q1 2022 EARNINGS RELEASE DATE

Diversified Royalty Corp.'s board of directors has approved a cash dividend of 1.833 cents per common share for the period of May 1, 2022, to May 31, 2022, which is equal to 22 cents per common share on an annualized basis. The dividend will be paid on May 31, 2022, to shareholders of record as of the close of business on May 13, 2022.

Q1 2022 earnings release date

Diversified Royalty will release earnings results for the three months ended March 31, 2022, following the closing of regular trading on the Toronto Stock Exchange on May 10, 2022.

About Diversified Royalty Corp.

Diversified is a multiroyalty corporation, engaged in the business of acquiring top-line royalties from well-managed multilocation businesses and franchisors in North America. The company's objective is to acquire predictable, growing royalty streams from a diverse group of multilocation businesses and franchisors.

Diversified currently owns the Mr. Lube, Air Miles, Sutton, Mr. Mikes, Nurse Next Door and Oxford Learning Centres trademarks. Mr. Lube is the leading quick lube service business in Canada, with locations across Canada. Air Miles is Canada's largest coalition loyalty program with approximately two-thirds of Canadian households actively participating in the Air Miles program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes currently operates casual steakhouse restaurants, primarily in Western Canadian communities. Nurse Next Door is one of North America's fastest-growing home care providers with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada's leading franchised supplemental education services in Canada and the United States.

Diversified intends to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. The company expects to pay a predictable and stable dividend to shareholders and increase the dividend as cash flow per share increases allow.

We seek Safe Harbor.