Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. CONFIRMS INCREASE TO THE MONTHLY DIVIDEND AND ANNOUNCES JANUARY 2023 CASH DIVIDEND

Diversified Royalty Corp. has confirmed that its annual dividend has increased from 23.5 cents per share to 24.0 cents per share, effective Jan. 1, 2023, as previously announced on Nov. 14, 2022. In accordance with the dividend increase, Diversified's board of directors has approved a cash dividend of two cents per common share for the period of Jan. 1, 2023, to Jan. 31, 2023, which is equal to 24 cents per common share on an annualized basis. The dividend will be paid on Jan. 31, 2023, to shareholders of record as of the close of business on Jan. 16, 2023.

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, Oxford Learning Centres and Stratus Building Solutions 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. Stratus Building Solutions is a leading commercial cleaning service franchise company, providing comprehensive environmentally friendly janitorial, building cleaning and office cleaning services primarily in the United States.

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.