Issue of Equity for Scrip Dividend

3 July 2020

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Issue of Equity for Scrip Dividend

Further to its announcement on 2 July 2020 which confirmed the scrip dividend reference price of 26.45p in connection with the upcoming June quarter dividend payment, Duke announces that a total of 4,478,786 new ordinary shares ("New Shares") will be issued to shareholders on 10 July 2020 based on the calculation previously announced.

Application has been made for the New Shares to be admitted to trading on AIM on 10 July 2020 ("Admission"). Following Admission, the Company will have a total of 246,631,144 ordinary shares in issue carrying voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

***ENDS***

For further information, please contact 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.