Scrip Dividend Reference Price

1 October 2020

Duke Royalty Limited

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

Scrip Dividend Reference Price

Further to its announcement on 17 September 2020 regarding the payment of 0.5p per share to shareholders by way of a scrip dividend for the upcoming September quarter dividend, the Company announces that the scrip dividend reference price for the ordinary shares to be issued to shareholders will be 23.56p, as calculated by the trailing five-day average mid-market closing price to 30 September 2020.

Accordingly, on 12 October 2020 shareholders will receive payment in new ordinary shares based on the following formula:

(Number of ordinary shares held at the record date of 25 September X 0.5p) ÷ (23.56p)

A further announcement will be made shortly to confirm the exact number of new ordinary shares to be issued once rounding of individual shareholder allocations has been confirmed by the Company's registrar. An application will be made for these shares to be admitted to trading on AIM on 12 October 2020.

***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.