Mr. Sean Morrison reports

DIVERSIFIED ROYALTY CORP. ANNOUNCES MARCH 2024 CASH DIVIDEND AND Q4 2023 EARNINGS RELEASE DATE

Diversified Royalty Corp.'s annual dividend has increased from 24.5 cents per share to 25.0 cents per share effective March 1, 2024, as previously announced on Feb. 14, 2024. In accordance with the dividend increase, Diversified Royalty is pleased to announce that its board of directors has approved a cash dividend of 2.083 cents per common share for the period of March 1, 2024, to March 31, 2024, which is equal to 25 cents per common share on an annualized basis. The dividend will be paid on March 28, 2024, to shareholders of record as of the close of business on March 15, 2024.

Q4 2023 earnings release date

Diversified Royalty will release earnings results for the three months and year ended Dec. 31, 2023, following the closing of regular trading on the Toronto Stock Exchange on March 21, 2024.

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

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 franchisor 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.