Diversified Royalty Corp. — Proxy Solicitation & Information Statement 2023

May 12, 2023

Have questions about this notice? Call the Toll Free Number below or scan the QR code to find out more.

Toll Free 1-866 964-0492

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Notice of Availability of Proxy Materials for DIVERSIFIED ROYALTY CORP. Annual General and Special Meeting

Meeting Date and Location:

When: June 21, 2023 Where: the offices of Farris LLP 09:00 am (Vancouver Time) 25[th] Floor, 700 West Georgia Street Vancouver, British Columbia

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You are receiving this notice to advise that the proxy materials for the above noted securityholders’ meeting are available on the Internet. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We remind you to access and review all of the important information contained in the information circular and other proxy materials before voting.

The information circular and other relevant materials are available at:

https://www.diversifedroyaltycorp.com/investors/fnancial-and-regulatory-reports/fnancial-reports-2023/

OR

www.sedar.com

How to Obtain Paper Copies of the Proxy Materials

Securityholders may request to receive paper copies of the current meeting materials by mail at no cost. Requests for paper copies may be made using your Control Number as it appears on your enclosed Voting Instruction Form or Proxy. To ensure you receive the materials in advance of the voting deadline and meeting date, all requests must be received no later than June 9, 2023. If you do request the current materials, please note that another Voting Instruction Form/Proxy will not be sent; please retain your current one for voting purposes.

For Holders with a 15 digit Control Number:

For Holders with a 16 digit Control Number:

Request materials by calling Toll Free, within North America - 1-866-962-0498 or direct, from Outside of North America - (514) 982-8716 and entering your control number as indicated on your Voting Instruction Form or proxy.

Request materials by visiting www.proxyvote.com or calling Toll Free, within North America 1-877-907-7643 or direct, from Outside of North America 1-303-562-9305 (English) or 1-303-562-9306 (French) if dialing from outside North America and entering your control number as indicated on your Voting Instruction Form.

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If you do not have a 16-digit control number please call toll free at 1-844-916-0609 (English) or 1-844-973-0593 (French) within North America or 1-303-562-9305 (English) or 1-303-562-9306 (French) if dialing from outside North America.

To obtain paper copies of the material after the meeting date, please call toll free at 1-844-916-0609 (English) or 1-844-973-0593 (French) within North America or 1-303-562-9305 (English) or 1-303-562-9306 (French) if dialing from outside North America.

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Securityholder Meeting Notice

The resolutions to be voted on at the meeting are listed below along with the Sections within the management information circular of the Corporation dated May 11, 2023 (the “Information Circular”) where disclosure regarding the matter can be found.

1. Election of Directors - Shareholders will be asked to elect five directors of the Corporation. Information respecting the election of directors may be found in the “Election of Directors” section of the Information Circular.

2. Appointment of Auditors - Shareholders will be asked to appoint the auditors of the Corporation for the ensuing year and to authorize the directors to fix their remuneration. Information respecting the appointment of auditors may be found in the “Appointment of Auditors” section of the Information Circular.

3. Amended and Restated Stock Option Plan - Shareholders will be asked to approve an ordinary resolution for the renewal and amendment and restatement of the Corporation’s Amended and Restated Stock Option Plan. Information respecting this matter may be found in the “Renewal and Amendment and Restatement of the Stock Option Plan” section of the Information Circular.

4. Amended and Restated Long Term Incentive Plan – Shareholders will be asked to approve an ordinary resolution for the renewal and amendment and restatement of the Corporation’s Amended and Restated Long Term Incentive Plan. Information respecting this matter may be found in the “Renewal and Amendment and Restatement of the Long Term Incentive Plan” section of the Information Circular.

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1. Amendment to the Articles of the Corporation – Shareholders will be asked to approve an ordinary resolution to amend the Articles of the Corporation. Information respecting this matter may be found in the “Amendment to the Articles” section of the Information Circular.

Voting

PLEASE NOTE - YOU CANNOT VOTE BY RETURNING THIS NOTICE. To vote your securities you must vote using the methods reflected on your enclosed Voting Instruction Form or Proxy. Proxies submitted must be received by 9:00 a.m. (Vancouver Time), on Monday, June 19, 2023. Voting instructions must be received by the deadline noted in the Voting Instruction Form.

PLEASE VIEW THE INFORMATION CIRCULAR PRIOR TO VOTING

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Annual Financial statement delivery

• No Annual Report (or Annual Financial Statements) is (are) included in this mailing

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