Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES JUNE 2022 CASH DIVIDEND AND ANNUAL GENERAL MEETING DETAILS

Diversified Royalty Corp.'s board of directors has approved a cash dividend of 1.833 cents per common share for the period from June 1, 2022, to June 30, 2022, which is equal to 22 cents per common share on an annualized basis. The dividend will be paid on June 30, 2022, to shareholders of record as of the close of business on June 15, 2022.

Annual general meeting

The corporation will be holding its annual general meeting of shareholders at 9 a.m. Pacific Time on Tuesday, June 28, 2022. The meeting will be held at the offices of Farris LLP, located on the 25th floor of 700 Georgia St. W, Vancouver, B.C.

The corporation sent the materials for the meeting using the notice and access provisions under applicable Canadian securities laws, which allow the corporation to provide shareholders with electronic access to the meeting materials instead of sending a paper copy. The notice and access procedure is more environmentally friendly, as it helps reduce paper and energy use, and also reduces printing and mailing costs. Registered and beneficial shareholders will, however, still receive a form of proxy or a voting instruction form in the mail so they can vote their shares. However, unless a shareholder requests a paper copy, rather than receiving a paper copy of the information circular for the meeting, a shareholder will receive a notice that has instructions on how to access and review an electronic copy of the information circular, and how to request a paper copy. The notice also provides instructions on voting the shares using the various different voting methods provided (Internet, telephone, mail). If a shareholder would like to receive a paper copy of Diversified Royalty's information circular for the meeting, please follow the instructions in the notice.

Access to the meeting materials was provided to shareholders of record as of the close of business on May 19, 2022. Full details with respect to the meeting and instructions on how to attend and vote are set out in the meeting materials, and were filed under Diversified Royalty's profile on SEDAR and are also available on Diversified Royalty's website.

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.

Diversified Royalty 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. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes 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 U.S.

Diversified Royalty intends to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. Diversified Royalty intends to pay a monthly dividend to shareholders and increase the dividend as cash-flow-per-share increases allow.

We seek Safe Harbor.