Mr. Sean Morrison reports

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

Diversified Royalty Corp. has filed, and received receipt for, a final 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 June 19, 2023, expired on July 19, 2025. Accordingly, Diversified Royalty filed the prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the prospectus is available under Diversified Royalty's profile on SEDAR+.

The prospectus is 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. 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. There is no certainty any securities will be offered or sold under the prospectus within the 25-month effective period.

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, BarBurrito and Cheba Hut 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 janitorial, building cleaning and office cleaning services primarily in the United States. BarBurrito is the largest quick-service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations 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. 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.