Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. CONFIRMS DETAILS OF PARTIAL REDEMPTION OF ITS 5.25% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES

Further to its news release dated March 30, 2022, and the redemption notice issued to the registered holder of Diversified Royalty Corp.'s 5.25 per cent convertible unsecured subordinated debentures on March 31, 2021, Diversified Royalty will redeem an aggregate principal amount of $52.5-million of 2022 debentures today, being approximately 91 per cent of the aggregate principal amount of 2022 debentures outstanding. The record date for determining which holders of 2022 debentures shall be entitled to receive proceeds of the partial redemption was set as the close of trading on May 3, 2022. The redemption price will be approximately $1,017.9375 for each $1,000 principal amount of debentures redeemed comprising (i) a payment of $1,000 of principal amount; and (ii) approximately $17.9375, being the accrued and unpaid interest up to but excluding May 4, 2022.

In accordance with the trust indenture between Diversified Royalty and Computershare Trust Company of Canada dated Nov. 7, 2017, Diversified Royalty has provided the debenture trustee with the finances necessary to complete the partial redemption. The debenture trustee is expected to make payment of the redemption amount to CDS Clearing and Depository Services Inc., the sole registered holder of the 2022 debentures later today. CDS is, in turn, expected to make payment to its participants on or after May 5, 2022, being two trading days following the record date. Accordingly, beneficial holders of the 2022 debentures that are redeemed should not expect to receive payment of the redemption amount until after May 5, 2022.

The remaining 2022 debentures are expected to commence trading on the Toronto Stock Exchange today on a postredemption basis under the present stock symbol, DIV.DB, and the present Cusip, 255331AA8.

About Diversified Royalty Corp.

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

We seek Safe Harbor.