24 May 2023

Duke Royalty Limited

("Duke Royalty" or "Duke")

Successful Exit of Investment in Royalty Partner

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 the successful exit of its investment in royalty partner Instor Solutions, Inc. ("Instor" or the "Company"), a California-based product reseller and service provider for work related to the build-out and migration of data centres.

Highlights:

·       Duke has received net cash of US$11.2 million at closing, delivering a total gain of US$2.4 million over Duke's initial investment amount, provided to Instor in March 2023

·        This represents the sixth and most profitable exit for Duke to date, delivering a triple digit IRR

·        The exit of Duke's investment is related to the opportunistic sale of Instor to a private equity firm

·    Duke's financing solution supported a shareholder buyout which transitioned equity control of the business to the current executive management team, allowing significant value creation for the shareholders upon the sale

·        Proceeds from the exit further strengthens Duke's balance sheet, enabling deployment into its pipeline of new investment opportunities

Neil Johnson, CEO of Duke Royalty, said:

"Duke is proud to have supported the transition of the ownership of the business to the current executive management team. Our flexible capital solution kept the decision and timing to sell the business in the control of the owners. This was a typical lifecycle of transaction for us, even if the timing of the exit was quicker than usual. We are delighted to have generated a return for our investors as well as our royalty partner, and we congratulate them on their sale. We look forward to updating the market as we deploy into other near-term opportunities."

Jack Vonich, CEO of Instor, said:

"The partnership approach and flexibility of Duke's investment solution was a great fit for Instor. We appreciate Duke's support and their capital was instrumental in ultimately facilitating the sale of Instor."

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners is included for reference on the Partners page of the Company's 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 provide 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.