Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES FILING OF PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS

Diversified Royalty Corp. has filed and received receipt for, a preliminary short form base shelf prospectus. The prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. Diversified Royalty's prior short form base shelf prospectus dated May 11, 2021, expired on June 11, 2023. Accordingly, the prospectus was filed to continue to provide Diversified Royalty with financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives, which may include acquisitions of additional royalties. A copy of the prospectus is available under Diversified Royalty's profile on SEDAR.

Once a receipt for the final prospectus is received from the applicable securities regulators, the final prospectus will be valid for a 25-month period during which time Diversified Royalty may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities, or rights or any combination thereof, including in the form of units, having an aggregate offering price up to $250-million. The specific terms of any offering of securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such securities.

About Diversified Royalty Corp.

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

It 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 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. 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.

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