Diversified Royalty : Annual Information Form (Q4 2024 AIF Final)

Published: 2025-03-24 17:43:04 ET DIV.TO

Annual Information Form

For the year ended December 31, 2024

March 24, 2025

TABLE OF CONTENTS

MEANINGS OF CERTAIN REFERENCES

FORWARD-LOOKING STATEMENTS

NON-IFRS MEASURES

III

DATE OF INFORMATION

III

PRESENTATION OF FINANCIAL INFORMATION

III

THIRD PARTY INFORMATION

III

GLOSSARY OF TERMS

CORPORATE STRUCTURE

GENERAL DEVELOPMENT OF THE BUSINESS

DESCRIPTION OF THE BUSINESS OF DIV

DESCRIPTION OF THE BUSINESSES OF THE ROYALTY PARTNERS

THE ROYALTIES

RISK FACTORS

DIVIDENDS

DESCRIPTION OF CAPITAL STRUCTURE

MARKET FOR SECURITIES

PRIOR SALES

DIRECTORS AND OFFICERS

LEGAL PROCEEDINGS AND REGULATORY ACTIONS

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

TRANSFER AGENTS AND REGISTRARS

MATERIAL CONTRACTS

INTERESTS OF EXPERTS

AUDIT COMMITTEE INFORMATION

ADDITIONAL INFORMATION

SCHEDULE A - CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS

A-1

MEANINGS OF CERTAIN REFERENCES

In this AIF, references to "DIV" or the "Corporation" means Diversified Royalty Corp. either alone or together with its subsidiaries, as the context requires.

FORWARD-LOOKING STATEMENTS

Certain statements in this AIF, and documents referred to herein, may constitute "forward-looking information" or "financial outlook" within the meaning of applicable securities laws. Such forward-lookinginformation and financial outlook involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward- looking information and financial outlook. Forward-lookinginformation and financial outlook are generally

identified by the use of terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including

references to assumptions. Such information includes, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information and financial outlook include, without limitation, statements with respect to expectations, projections or other characterizations of future events or circumstances, and DIV's and its Royalty Partners' objectives, goals, strategies, beliefs, intentions, plans, estimates, projections and outlook, including statements relating to the estimates or predictions of actions of customers, competitors or regulatory authorities, and statements regarding DIV's and its Royalty Partners' future economic performance. DIV has based the forward-looking information and financial outlook on DIV's current expectations about future events. Some of the specific forward-looking information and financial outlook in this AIF include, but are not limited to, statements with respect to: the payment of the remaining consideration owing to Mr. Lube + Tires in respect of the 2023 additions to the ML Royalty Pool additions, including the expected amount and timing thereof and expected form of such consideration; DIV's objective to purchase stable and growing royalty streams from Royalty Partners and to increase distributable cash per Share by making accretive royalty purchases; DIV's intention to pay dividends to Shareholders and the expected timing of the record and payment dates for monthly dividends; DIV's board of directors reviewing DIV's dividend policy on an ongoing basis and the possibility that the DIV board of directors may amend the dividend policy at any time; the terms on which the deferred royalties are required to be paid by Sutton, and that deferred royalties will be recognized as revenue upon collection; DIV's expectation that the acquisition of additional royalties can be completed with minimal increases in general and administrative costs; DIV's intention to increase the dividend as distributable cash per Share increases allow; the revenues of DIV and its ability to pay dividends to Shareholders are dependent on the ongoing ability of its Royalty Partners to generate cash and pay royalties and management fees to DIV and its subsidiaries; statements with respect to the DRIP; the manner in which DIV intends to structure future royalty acquisitions; the circumstances under and means by which the amount of the royalties paid by DIV's Royalty Partners may be adjusted; the operating strategies and initiatives that DIV's Royalty Partners intend to employ to increase profitability, grow their businesses and increase market share; the risks related to, and facing, the Royalty Partners (including their respective franchisees) and their respective businesses, and the risks related to, and facing, DIV's business (see "Risk Factors"); DIV's expected continued dependence on royalty payments received from its Royalty Partners; the outlook of DIV's and its Royalty Partners' businesses and global economic and geopolitical conditions; DIV's intention to ensure that the Shares and the Debentures continue to be qualified investments under the Tax Act for trusts governed by RRSPs, registered education savings plans, RRIFs, deferred profit sharing plans, registered disability savings plans and TFSAs; the expectation that Mr. Sean Morrison and Mr. Gutmanis will continue to be instrumental in assisting DIV carry out its growth strategy; the competitive environment in which DIV and its Royalty Partners operate; the performance characteristics of DIV's Royalty Partners; DIV and its Royalty Partners' ability to fund their respective debt maturities and to meet current and future obligations; the expected tax treatment of DIV's dividends to Shareholders; the expected tax treatment, including investment eligibility of the Shares and Debentures; DIV's access to available sources of debt and equity financing; expectations, including anticipated trends and challenges, in respect of the royalty sector; and the date of the next annual general meeting of DIV's Shareholders; and the possibility of the implementation of the Interest Rules and managements assessment of the potential impact thereof on DIV.

Forward-looking information and financial outlook contained in this AIF are based on certain key expectations and assumptions made by DIV, including, without limitation, expectations and assumptions respecting: the general economy; the payment of royalties from Royalty Partners and adjustments thereto; the ability to acquire additional royalties from prospective Royalty Partners; the business strategy, growth opportunities, budgets, projected costs, goals, plans and objectives of DIV and its Royalty Partners will be achieved; the ability to receive equity and/or debt financing on acceptable terms; tax laws not being changed so as to adversely affect DIV's or its Royalty Partners' financing capability, operations, activities, structure or distributions; the ability of DIV and its Royalty Partners' to retain and continue to attract qualified and knowledgeable personnel; DIV's Royalty Partners will make their royalty payments in full; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any necessary covenant waivers to DIV and its Royalty Partners; DIV will be able to obtain debt financing (including re-financing) on reasonable terms; no material changes to government and environmental regulations adversely affecting DIV's or its Royalty Partners' operations; and competition for acquisitions, will be consistent with the current economic climate. Although the forward- looking information and financial outlook contained in this AIF is based upon what DIV's management believes to be reasonable assumptions, DIV cannot assure investors that actual results will be consistent with such information. Undue reliance should not be placed on the forward-looking information and financial outlook since no assurance can be given that it will prove to be correct.

Forward-looking information and financial outlook reflect current expectations of DIV's management regarding future events and operating performance as of the date of this AIF. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information and financial outlook including, without limitation: DIV's high dependency on the operations of its Royalty Partners; the closure of locations or reduction in sales by any of the Royalty Partners negatively impacting their businesses, the amount of the royalties they pay and their ability to make royalty payments and payments of management fees to DIV and its subsidiaries; Sutton may not pay deferred royalties in accordance with the required timing or at all; prevailing yields on similar securities; DIV's reliance on key personnel; dividends are not guaranteed and will fluctuate with business performance (including the impact of taxation), and may be reduced or suspended at any time; dependence on the businesses of the Royalty Partners to fund dividends; DIV's Royalty Partners may request royalty relief from time to time; recent positive trends experienced by certain of DIV's Royalty Partners (including their respective franchisees) may not continue and may regress or continue to regress; franchisee support provided by DIV's Royalty Partners to their respective franchisees may be reduced or terminated at any time, which may negatively impact the franchisees and the royalties payable to DIV; DIV's lenders may not agree to provide, or continue to provide, as applicable, covenant relief, at all or only on terms that are disadvantageous to DIV; the Royalty Partners' respective lenders may not agree to provide, or continue to provide, as applicable, covenant relief, at all or only on terms that are disadvantageous to the Royalty Partners; Royalty Partners may not meet their business objectives, including their growth targets; the unpredictability and volatility of Share and Debenture prices; dilution of existing Shareholders; leverage and restrictive covenants of DIV and its Royalty Partners under their respective credit facilities; investment eligibility of the Shares and Debentures; current economic conditions, including increased interest rates, inflation, impacts of tariffs and levels of employment; international conflicts and acts of war or terrorism and any actions taken by countries in response thereto, such as sanctions or export controls; failure to access financing; credit facilities risk (including re-financing risk); the financial health of DIV's Royalty Partners and cash flows; failure to realize anticipated benefits of royalty acquisitions; failure to complete further royalty acquisitions or future royalty acquisitions not being accretive; regulatory risk; regulatory filing and licensing requirements; fluctuations in interest rates; competition for royalty acquisition targets; limitations on future growth and cash flow; sensitivity to general economic conditions and levels of economic activity; financing constraints; and foreign exchange exposure. Readers are cautioned that the foregoing list is not exhaustive. For additional information with respect to risks and uncertainties, readers should carefully review and consider the risk factors described under "Risk Factors" and elsewhere in this AIF. The information

contained in this AIF, including the documents referred to herein, identifies additional factors that could affect the operating results and performance of DIV. Readers are urged to carefully consider those factors.

To the extent any forward-looking information in this AIF constitutes a "financial outlook" within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of the 2023 additions to the ML Royalty Pool.

The forward-looking information and financial outlook contained in this AIF is expressly qualified in its entirety by this cautionary statement. Forward-looking information and financial outlook reflect management's current beliefs and is based on information currently available to DIV. The forward-looking information and financial outlook are made as of the date of this AIF (or in the case of information contained in a document referred to herein, as of the date of such document), and DIV assumes no obligation to publicly update or revise such forward-looking information or financial outlook to reflect new information, subsequent or otherwise, except as may be required by applicable securities law.

NON-IFRSMEASURES

In addition to financial measures prescribed by IFRS, "EBITDA", "distributable cash", "DIV Royalty Entitlement", "adjusted royalty income" and "adjusted revenue" are used as non-IFRSfinancial measures in this AIF, and "distributable cash per Share" and "payout ratio" are used as non-IFRSratios in this AIF and "same store sales growth" or "SSSG" and "system sales" are used as supplementary financial measures in this AIF. The most comparable IFRS measure to EBITDA is net income (loss). The most closely comparable IFRS measure to distributable cash is cash flow from operating activities. The most comparable IFRS measure to DIV Royalty Entitlement is "distributions received from NND LP". The most closely comparable measure to adjusted royalty income and adjusted revenue is royalty income. For a summary of how these measures and ratios are calculated, and a reconciliation of the non-IFRSfinancial measures to the most closely comparable IFRS measure see the disclosure under the heading "Description of Non-IFRSFinancial Measures, Non-IFRS Ratios and Supplementary Financial Measures" in the Corporation's management discussion and analysis for the year ended December 31, 2024, a copy of which is filed under the Corporation's profile on SEDAR+ atwww.sedarplus.com, which disclosure is incorporated

by reference herein.

DATE OF INFORMATION

The information in this AIF is presented as of December 31, 2024, unless otherwise indicated.

PRESENTATION OF FINANCIAL INFORMATION

Unless otherwise indicated, all references to "$" or "dollars" are to Canadian dollars, which is DIV's functional currency. All references to "US$" or "USD" are to United States dollars, which is Strat-B LP's functional currency. The fiscal year end of all entities within the corporate structure of DIV is December 31. Financial information of DIV is prepared in accordance with International Financial Reporting Standards ("IFRS").

THIRD PARTY INFORMATION

This AIF includes information obtained from third party company filings and reports and other publicly available sources as well as information from financial statements and other reports provided to the Corporation by its Royalty Partners. Although the Corporation believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. The Corporation has not independently verified any of the information from third party sources referred to in this AIF, including its Royalty Partners, nor ascertained the underlying assumptions relied upon by such sources.

iii

GLOSSARY OF TERMS

"2022 Common Share Offering" has the meaning ascribed to it under "General Development of the Business - 2022 Common Share Offering".

"2022 Debentures" has the meaning ascribed to it under "General Development of the Business - Debenture Offering and Redemption of 2022 Debentures".

"2023 Amendment Consideration" has the meaning ascribed to it under "General Business Development

"2023 ML LP Amendment" has the meaning ascribed to it under "General Business Development -

Adjustments to the ML Royalty Rate and the ML Royalty Pool ".

"2024 Common Share Offering" has the meaning ascribed to it under "General Development of the Business - 2024 Common Share Offering".

"Acquisition Facility" has the meaning ascribed to it under "Description of Capital Structure - Credit Facilities - Acquisition Facility".

"Acquisition Facility Agreement" has the meaning ascribed to it under "Description of Capital Structure - Credit Facilities - Acquisition Facility".

"Additional Term Facility" has the meaning ascribed to it under "General Development of the Business - BarBurrito Acquisition".

"AIF" means this annual information form.

"AIR MILES® Acquisition" has the meaning ascribed to it under "Description of the Businesses of the Royalty Partners - AIR MILES® Rewards Program".

"AIR MILES® Licences" means, collectively, AIR MILES® Scheme Licence and the AIR MILES® Marks

Licence.

"AIR MILES® Marks" means the registered and unregistered trademarks, service marks, brands, certification marks, logos, trade dress, trade names, business names, Uniform Resource Locator, domain names and other similar indicia of source or origin and all registrations, applications for registration, and renewals thereof related to the AIR MILES® program in Canada.

"AIR MILES® Marks License" has the meaning ascribed to it under "The Royalties - AIR MILES® Licences".

"AIR MILES® Reward Program" has the meaning ascribed to it under "Description of the Businesses of the Royalty Partners - AIR MILES® Rewards Program".

"AIR MILES® Rights" means, collectively, the AIR MILES® Scheme and the AIR MILES® Marks.

"AIR MILES® Royalty" has the meaning ascribed to it under "The Royalties - AIR MILES® Licences".

"AIR MILES® Scheme" means the know-how, processes, trade secrets, confidential information, unpatented inventions, studies and data, marketing strategies, sponsor and/or supplier information, manuals, technology, research and development reports, technical information, technical assistance and similar materials recording or evidencing expertise or information, advertising and promotional materials and other intellectual property related to the AIR MILES® Reward Program in Canada.

"AIR MILES® Scheme License" has the meaning ascribed to it under "The Royalties - AIR MILES® Licences".

"AM GP" means AM Royalties GP Inc., a corporation incorporated pursuant to the laws of the Province of

British Columbia, and the general partner of AM LP.

"AM LP" means AM Royalties Limited Partnership, a limited partnership formed pursuant to the laws of the

Province of British Columbia.

"Amended MRM Royalty Agreements" has the meaning ascribed to it under "General Development of the Business - Mr. Mikes Amendments".

"Audit Committee" means the audit committee of DIV's board of directors.

"BARB Exchange Agreement" means the exchange agreement dated October 4, 2023 between the

Corporation, BARB GP and BarBurrito.

"BARB Exchangeable Units" means the class B, C, D, E, F, G and H limited partner units of BARB LP issued and outstanding from time to time.

"BARB GP" means BARB Royalties GP Inc., a corporation incorporated pursuant to the laws of the

Province of British Columbia, and the general partner of BARB LP.

"BARB LP" means BARB Royalties Limited Partnership, a limited partnership formed pursuant to the laws of the Province of British Columbia.

"BARB LP Agreement" means the amended and restated agreement of limited partnership of BARB LP dated October 4, 2023 among BARB GP, BarBurrito and the Corporation, as amended from time to time.

"BARB Monthly Royalty Payment" has the meaning ascribed to it under "The Royalties - The BarBurrito Royalty".

"BARB Promissory Note" has the meaning ascribed to it under "General Development of the Business - BarBurrito Acquisition".

"BARB Royalty Pool" means the Royalty Pool, as defined in the BarBurrito LRA.

"BARB Royalty Rate" has the meaning ascribed to it under "The Royalties - The BarBurrito Royalty".

"BarBurrito" means BarBurrito Restaurants Inc., a corporation amalgamated under the laws of the

Province of Ontario.

"BarBurrito Acquisition" has the meaning ascribed to it under "General Development of the Business - BarBurrito Acquisition".

"BarBurrito Acquisition Agreement" means the acquisition agreement dated October 4, 2023 between

BarBurrito, an affiliate of BarBurrito and BARB LP pursuant to which BARB LP acquired the BarBurrito Rights.

"BarBurrito Business" has the meaning ascribed to it in the BarBurrito LRA.

"BarBurrito LRA" the licence and royalty agreement dated October 4, 2023 between BARB LP and

BarBurrito, as amended from time to time.

"BarBurrito Rights" has the meaning ascribed to it in the BarBurrito Acquisition Agreement.

"BCBCA" means the Business Corporations Act (British Columbia), and the regulations made thereunder.

"CBCA" means the Canada Business Corporations Act, and the regulations made thereunder.

"CDS" means CDS Clearing and Depository Services Inc.

"Conversion Price" has the meaning ascribed to it under "Description of Capital Structure - Debentures".

"Corporation" or "DIV" means Diversified Royalty Corp.

"Debenture Offering" has the meaning ascribed to it under "General Development of the Business - Debenture Offering and Redemption of 2022 Debentures".

"Debenture Trustee" means Computershare Trust Company of Canada, as a party to the Indenture.

"Debentureholders" means the persons for the time being entered in the register for Debentures maintained by the Debenture Trustee as registered holders of Debentures or any transferees of such persons by endorsement or delivery.

"Debentures" has the meaning ascribed to it under "General Development of the Business - Debenture Offering and Redemption of 2022 Debentures".

"DIV Royalty Entitlement" has the meaning ascribed to it under "The Royalties - The Nurse Next Door Royalty".

"DRIP" has the meaning ascribed to it under "Dividends - Dividend Reinvestment Plan". "DSUs" means deferred share units of DIV.

"ESG" is an acronym for environmental, social and governance.

"First Supplemental Indenture" means the first supplemental indenture between the Corporation and the

Debenture Trustee dated March 30, 2022 which supplements and amends the Initial Indenture.

"Flagship Location" has the meaning ascribed to it in the ML LRA.

"Franchise Royalty Partners" means Mr. Lube + Tires, Sutton Group, Mr. Mikes, Nurse Next Door, Oxford,

Stratus and BarBurrito as of the date of this AIF, and any franchisor which becomes a Royalty Partner of DIV after the date of this AIF.

"Governance Agreements" has the meaning ascribed to it under "The Royalties - The Governance Agreements".

"IFRS" has the meaning ascribed to under "Presentation of Financial Information".

"Indenture" means the Initial Indenture as supplemented and amended by the First Supplemental

Indenture, that governs the terms of the Debentures.

"Initial Indenture" means the trust indenture dated November 7, 2017 between the Corporation and the

Debenture Trustee.

"Interest Rules" has the meaning ascribed to it under "Risk Factors - Risks Related to the Business of the Corporation -Interest Deductibility Restriction".

"Loyalty" has the meaning ascribed to it under "Description of the Businesses of the Royalty Partners - AIR MILES® Reward Program".

"ML Business" has the meaning ascribed to it in the ML LRA.

"ML Credit Agreement" means the credit agreement between ML LP and a Canadian chartered bank dated August 19, 2015, as amended from time to time, pursuant to which a term loan in the aggregate principal amount of $84.9 million was outstanding as of December 31, 2024, and an operating loan in the amount of $1.0 was available and undrawn as of December 31, 2024.

"ML Exchange Agreement" means the exchange agreement dated August 19, 2015 among the

Corporation, ML GP and Mr. Lube + Tires.

"ML Exchangeable Units" means the Class B, E and F limited partner units of ML LP issued and outstanding from time to time.

"ML Franchisee" means a Franchisee as defined in the ML LRA.

"ML GP" means ML Royalties GP Inc., a company incorporated pursuant to the laws of the Province of

British Columbia, and the general partner of ML LP.

"ML Gross Sales" means Gross Sales as defined in the ML LRA.

"ML LP" means ML Royalties Limited Partnership, a limited partnership formed pursuant to the laws of the

Province of British Columbia.

"ML LP Agreement" means the amended and restated agreement of limited partnership of ML LP dated

August 19, 2015 among ML GP, Mr. Lube + Tires and the Corporation, as amended from time to time.

"ML LRA" means the licence and royalty agreement dated August 19, 2015 between ML LP and Mr. Lube + Tires, as amended by the ML LRA Amendment and as otherwise amended from time to time.

"ML LRA Amendment" means the amendment to the ML LRA dated October 20, 2017 which reduces the effective ML Royalty Rate payable on ML Gross Sales derived from tire sales to 2.5% for Flagship Locations and 1.25% for Non-Flagship Locations.

"ML Rights" has the meaning ascribed to it in the ML LRA.

"ML Royalty Payment" has the meaning ascribed to it under "The Royalties - The Mr. Lube + Tires Royalty".

"ML Royalty Pool" means the Royalty Pool as defined in the ML LRA. "ML Royalty Rate" means the Royalty Rate as defined in the ML LRA. "ML System Sales" means System Sales as defined in the ML LRA.

"Mr. Lube + Tires" means Mr. Lube Canada Limited Partnership, a limited partnership formed pursuant to the laws of the Province of British Columbia.

"Mr. Lube + Tires Location" means a Mr. Lube Location as defined in the ML LRA.

"Mr. Mikes" means Mr. Mikes Restaurants Corporation, a corporation amalgamated under the laws of the

Province of British Columbia.

"Mr. Mikes Restaurant" has the meaning ascribed to it in the MRM LRA. "MRM Business" has the meaning ascribed to it in the MRM LRA.

"MRM Exchange Agreement" means the exchange agreement dated May 20, 2019 between the

Corporation, MRM GP and Mr. Mikes.

"MRM Exchangeable Units" means the Class B and C limited partner units of MRM LP issued and outstanding from time to time.

"MRM Governance Agreement" means the amended and restated governance agreement dated effective

June 13, 2022 between the Corporation, MRM GP, MRM LP, Mr. Mikes and certain other parties.

"MRM GP" means MRM Royalties GP Inc., a corporation incorporated pursuant to the laws of the Province of British Columbia, and the general partner of MRM LP.

"MRM LP" means MRM Royalties Limited Partnership, a limited partnership formed pursuant to the laws of the Province of British Columbia.

"MRM LP Agreement" means the amended and restated agreement of limited partnership of MRM LP dated effective June 13, 2022 among MRM GP, Mr. Mikes and the Corporation.

"MRM LRA" means the amended and restated licence and royalty agreement dated effective June 13, 2022 between MRM LP and Mr. Mikes.

"MRM Promissory Note" means the promissory note in the principal amount of $4.95 million issued by

MRM LP to Mr. Mikes as deferred purchase price in connection with the acquisition of the MRM Rights, as the same has been amended.

"MRM Rights" has the meaning ascribed to it in the MRM LRA.

"MRM Royalty Payment" has the meaning ascribed to it under "The Royalties - The Mr. Mikes Royalty". "MRM Royalty Pool" means the Royalty Pool as defined in the MRM LRA.

"MRM Royalty Rate" means the Royalty Rate as defined in the MRM LRA. "NND Business" has the meaning ascribed to it in the NND LRA.

"NND Class A Preferential Return" has the meaning ascribed to it under "The Royalties - The Nurse Next Door Royalty".

"NND Exchange Agreement" means the exchange agreement dated November 15, 2019 between the

Corporation, NND Holdings LP, NND Royalties LP and Nurse Next Door.

"NND Franchisee" means a Franchisee as defined in the NND LRA.

"NND Governance Agreement" means the governance agreement dated November 15, 2019 between the Corporation, NND Holdings LP, NND Royalties LP, Nurse Next Door, and certain other parties.

"NND Gross Royalty Payment" has the meaning ascribed to it under "The Royalties - The Nurse Next Door Royalty".

"NND Gross Sales" means Gross Sales as defined in the NND LRA.

"NND Holdings GP" means NND Holdings GP Inc., a corporation incorporated pursuant to the laws of

Province of British Columbia, and the general partner of NND Holdings LP.

"NND Holdings LP" means NND Holdings Limited Partnership, a limited partnership formed pursuant to the laws of the Province of British Columbia.

"NND LRA" means the licence and royalty agreement dated November 15, 2019 between NND Royalties

LP and Nurse Next Door.

"NND Minimum Royalty Payment" has the meaning ascribed to it under "The Royalties - The Nurse Next Door Royalty".

"NND Rights" has the meaning ascribed to it in the NND LRA.

"NND Royalties GP" means NND Royalties GP Inc., a corporation incorporated pursuant to the laws of the

Province of British Columbia, and the general partner of NND Royalties LP.

Disclaimer

Diversified Royalty Corp. published this content on March 24, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 24, 2025 at 21:42:04.267.