Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES AUGUST 2022 CASH DIVIDEND AND Q2 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 Aug. 1, 2022, to Aug. 31, 2022, which is equal to 22 cents per common share on an annualized basis. The dividend will be paid on Aug. 31, 2022, to shareholders of record as of the close of business on Aug. 15, 2022.

Second quarter 2022 earnings release date

Diversified will release its earnings results for the three and six months ended June 30, 2022, following the closing of regular trading on the Toronto Stock Exchange on Aug. 12, 2022.

Diversified has determined to cease its historical practice of reporting the preliminary results of Diversified's royalty partners in advance of the announcement of Diversified's full financial results. Accordingly, no preliminary results for Diversified's royalty partners for Q2 2022 will be filed in advance of the filing of Diversified's Q2 2022 results on Aug. 12, 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. Diversified'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. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steak house 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. Diversified intends to pay a monthly dividend to shareholders and increase the dividend as cash flow per share increases allows.

We seek Safe Harbor.