7 March 2023

Duke Royalty Limited

("Duke Royalty" or "Duke")

New Royalty Agreement with Data Centre Infrastructure Installation Business

Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to announce that it has entered into an US$8.75 million royalty financing agreement (the "Financing") with Instor Solutions, Inc. ("Instor" or the "Company"), further diversifying Duke's revenue base.

Highlights:

·   Founded in 1996 in California, Instor is a long established, profitable product reseller and service provider for work related to the build-out and migration of data centres

·   Instor has a diverse and long-standing customer base, including large technology companies, real estate investment trusts and other large enterprises

·    Duke's financing will support a shareholder buyout which transitions equity control of the business to the current executive management team, led by the CEO who joined Instor in 2014

·    Instor is Duke's 20^th royalty partner since inception and, post buyouts, increases the number of current royalty partners to 15

·    Agreement is on typical Duke terms: 30-year secured financing, monthly cash payments starting at the typical range, distributions commencing immediately and to be adjusted annually based on Instor's year-over-year consolidated revenue performance

Neil Johnson, CEO of Duke Royalty, said:

"Instor has built a strong reputation in the market for its ability to partner with clients to deliver consistently high quality work. We feel that the Company is well positioned in an industry which is experiencing strong tailwinds. Duke is excited to be partnering with Instor in facilitating the transition of the ownership of the business to the current executive management team and in supporting their next phase of growth.

"For our shareholders, we are excited to announce our 20^th royalty partner which will, like all our deployments of capital, immediately result in an increase to Duke's monthly recurring cash revenues."

Jack Vonich, CEO of Instor, said:

"The partnership approach and flexibility of Duke's investment solution is a great fit for Instor. While providing liquidity for the exiting shareholders, Duke's capital provides us with a secure platform for continued growth. We are excited about our long-term partnership with Duke which allows the management team to focus on executing our business plan and longer-term strategic initiatives."

Further information regarding Instor         

Instor collaborates with a diverse range of customers and provides customised infrastructure solutions that meet the needs of individual data centres. Instor builds out wholesale colocation, lab, and data centre spaces from whitespace to operation ready. Instor's specialised data centre fit up service reduces overall build time and project costs.

Instor is an industry leader in data centre design, structured cabling, power infrastructure, and specialised containment and cooling solutions. With over 25 years of experience, Instor is headquartered in the San Francisco Bay Area. Instor has complete North American coverage with regional hubs and capabilities extending to Europe with a European headquarters based in Dublin, Ireland.

About the Financing

Duke has invested US$8.75 million into Instor to facilitate a shareholder buyout of the majority shareholders of the business. Duke is backing the current day-to-day management team led by Jack Vonich, CEO, and Sam Prudhomme, President, in executing on its next phase of growth.

The terms of the Financing are in line with Duke's typical investment criteria. The Financing is provided through a secured loan whereby Duke will be entitled to monthly distributions (the "Distribution") beginning in March 2023.

In line with Duke's other investments, and reflective of the participating nature of Duke's business model, the Distribution will be adjusted annually based on the percentage change in revenue of the Company for the 12 months to 31 March 2024, compared to the prior financial year. The first adjustment will occur from 1 April 2024. The annual adjustment in the Distribution will be subject to an agreed collar.

The Financing is for a period of 30 years, with the Distribution payable to Duke throughout the duration of this term, unless Instor utilises an early buyback option which will trigger an early buyout payment to Duke.

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners is included for reference on the Partners page of our website: www.dukeroyalty.com/partners

***ENDS***

For further information, please visit www.dukeroyalty.com or contact:

About Duke Royalty

Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team provides financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty investments are intended to provide robust, stable, long term returns to its shareholders. Duke Royalty is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.