Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES INCREASE OF PREVIOUSLY ANNOUNCED BOUGHT DEAL PUBLIC OFFERING OF COMMON SHARES TO $40,000,800

Diversified Royalty Corp., due to strong demand, has entered into a revised agreement with Cormark Securities Inc., which is leading a syndicate of underwriters, to increase the size of its previously announced bought deal offering of common shares. Under the revised agreement, the underwriters have agreed to purchase 14,286,000 common shares from the treasury of the corporation at a price of $2.80 per common share for total gross proceeds of approximately $40,000,800.

In addition, the corporation has granted the underwriters an option to purchase up to an additional 2,142,900 common shares from the treasury of the corporation at the offering price for additional gross proceeds of up to approximately $6,000,120 for market stabilization purposes and to cover overallotments, if any. The overallotment option is exercisable, in whole or in part, by the underwriters at any time up to 30 days following the closing of the offering.

The net proceeds of the offering will be used for repayment of outstanding amounts under Diversified's acquisition line following DIV's indirect acquisition of the worldwide trademark portfolio and certain other intellectual property rights utilized by SBS Franchising LLC in its business of offering, managing and operating master franchises for commercial cleaning services and building maintenance care under the Stratus Building Solutions system and trademarks.

The offering will be made by way of a prospectus supplement to the corporation's existing short form base shelf prospectus dated May 11, 2021. The prospectus supplement will be filed with the securities commissions in all of the provinces of Canada, except Quebec. The offering documents will contain important detailed information about the securities being offered. Copies of the underwriting agreement and the offering documents will be available by visiting the corporation's profile on the SEDAR website maintained by the Canadian Securities Administrators.

Closing of the offering is expected to occur on or about Nov. 23, 2022, and is subject to regulatory approval including that of the TSX (Toronto Stock Exchange).

About Diversified Royalty Corp.

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

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 franchiser 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.

Diversified's objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. Diversified 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.