Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING

At Diversified Royalty Corp.'s annual general and special meeting of shareholders held on June 21, 2023, all directors nominated as listed in the company's information circular dated May 11, 2023, were elected for the ensuing year. As a ballot was not required; the number of votes disclosed in the attached table reflects only the proxies received by management of Diversified Royalty in advance of the meeting.

Diversified Royalty has also filed a report of voting results of all resolutions voted on at the meeting on SEDAR.

About Diversified Royalty Corp.

Diversified Royalty 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.

Diversified Royalty 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.

Diversified Royalty'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.