Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES DEVELOPMENTS AT SUTTON GROUP REALTY AND OXFORD LEARNING CENTRES

Diversified Royalty Corp. has provided developments at two of its royalty partners, Sutton Group Realty Services Ltd. and Oxford Learning Centres Inc.

Sutton

On Dec. 11, 2023, Ross McCredie, through a newly formed holding company (AcquisitionCo), completed the acquisition of all the shares of Sutton. Following the acquisition, Mr. McCredie became the president and chief executive officer of Sutton.

Mr. McCredie is an experienced residential real estate entrepreneur and executive in Canada and in the United States with a successful 20-year record of founding and operating real estate firms:

• Mr. McCredie is the principal of McCredie Investments, a boutique investment and advisory firm focused on cutting-edge real estate technology.
• In 2020, Mr. McCredie founded RealWealth, an early-stage wealth management platform for real estate and tangible assets.
• In 2016, Mr. McCredie was the chief global strategist of Pacific Union and the chief executive officer of its subsidiary, The Mark Company.
• In 2011, Mr. McCredie co-founded Dundee 360, a global real estate investment company specializing in development, sales/marketing and asset management.
• In 2004, Mr. McCredie founded Sotheby's International Realty Canada, grew it to 30 markets across Canada with over 900 realtors generating over $25-billion in real estate sales in its first 10 years.

Mr. McCredie's acquisition of Sutton is expected to enhance the competitive position of Sutton in the Canadian real estate brokerage industry. Mr. McCredie expects to increase the support services and provide opportunities for Sutton franchisees to generate incremental revenue, and expand the number of Sutton agents across Canada.

Sutton is a residential real estate firm in the business of franchising and licensing Sutton franchises in Canada. Diversified's subsidiary, SGRS Royalties LP (SGRS LP), owns the Sutton trademarks and certain related intellectual property rights. SGRS LP acquired the Sutton rights from Sutton in June, 2015. Sutton licenses the Sutton rights from SGRS LP for use in the Sutton business in accordance with the terms of the licence and royalty agreement between Sutton and SGRS LP.

Sean Morrison, president and chief executive officer of Diversified, stated: "I have known Ross for over 20 years. He brings an entrepreneurial spirit as well as extensive residential real estate services experience to Sutton. We look forward to working with Ross and Sutton's management team to continue to grow the franchise across Canada."

Mr. McCredie, president and chief executive officer of Sutton, stated: "I'm excited to complete the acquisition of Sutton. Sutton is an iconic brand in the Canadian real estate industry. I look forward to revitalizing the brand, providing value to its existing franchisees and building Sutton into a market leader in Canada. We look forward working with [Diversified] for years to come."

Oxford Learning Centres

On Dec. 4, 2023, Oxford Learning Centres announced the hiring of Joshua Cadoch as its new president.

Mr. Cadoch is a dynamic business executive with over 13 years of experience in the education and franchising sectors. Mr. Cadoch began his career as a tutor and course instructor. After operating a successful tutoring business for four years, he decided to venture into the world of franchising. In 2014, he joined Kumon North America Inc., a large multinational education franchise, where he took on key roles in both franchise operations and marketing. In his most recent position, he held the role of assistant vice-president of Canadian field operations and served as a member of the North American executive team.

Mr. Morrison, president and chief executive officer of Diversified, stated, "The hiring of Joshua as president of Oxford Learning Centres will bolster its management team, and help the business expand across Canada and into select markets in the U.S."

Nick Whitehead, founder of Oxford Learning Centres, stated: "We are excited to have Joshua join Oxford Learning Centres as a key executive. His experience in the learning and franchise industry will help drive the growth of Oxford Learning Centres for years to come."

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 franchisers in North America. Diversified Royalty's objective is to acquire predictable, growing royalty streams from a diverse group of multilocation businesses and franchisers.

Diversified Royalty currently owns the Mr. Lube + Tires, Air Miles, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires 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 operates casual steakhouse restaurants primarily in Western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada's leading franchisee 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. BarBurrito is the largest quick-service Mexican restaurant food chain in Canada.

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