Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES NOVEMBER 2022 CASH DIVIDEND AND Q3 2022 EARNINGS RELEASE DATE

Diversified Royalty Corp.'s board of directors has approved a cash dividend of 1.958 cents per common share for the period of Nov. 1, 2022, to Nov. 30, 2022, which is equal to 23.5 cents per common share on an annualized basis. The dividend will be paid on Nov. 30, 2022, to shareholders of record as of the close of business on Nov. 15, 2022.

Q3 2022 Earnings Release Date

DIV will release earnings results for the three and nine months ended September 30, 2022 following the closing of regular trading on the Toronto Stock Exchange on November 9, 2022.

About Diversified Royalty Corp.

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

DIV currently owns the Mr. Lube, AIR MILES(TM), 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(TM) 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.

DIV's objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

We seek Safe Harbor.