20 January 2022

Duke Royalty Limited

("Duke Royalty" or "Duke")

Follow-On Investment into Existing 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 a follow-on investment of £2.45 million ("the Financing") into existing royalty partner InTec Business Solutions Limited ("InTec") to fund its two latest acquisitions. InTec is an investment holding company created to execute a buy and build strategy of synergistic companies within the I.T. Managed Services sector in the United Kingdom and Ireland.

Highlights:

·    Duke's funds will facilitate InTec's acquisitions of Provident Technology Limited ("Provident"), an I.T. Managed Services business, as well as Firefly Enterprises Limited ("Firefly"), a provider of fixed line data and telecom services

·    The financing increases Duke's total investment in InTec to £12.35 million. The terms are the same as Duke's previous follow-on investment into InTec including a starting yield of 13.5% and the normal 6% annual adjustment factor

·    Provident and Firefly represent InTec's ninth and tenth acquisitions since 2016, and second and third supported by Duke

·  The acquisitions further diversify the geographies that InTec operates in, expands Intec's core competencies, and increases its end-customer base

Neil Johnson, CEO of Duke Royalty, said:

"We are pleased to see InTec continue to execute on its clearly defined M&A strategy. Provident and Firefly fit with the pre-agreed acquisition criteria and build on InTec's core competencies. InTec's deal pipeline remains robust, and we look forward to further supporting their buy and build strategy in the future.

"Providing capital to existing royalty partners to undertake accretive acquisitions is core part of Duke's offering. This support allows partners to drive synergies and provide diversification in the business."

Further information regarding Provident and Firefly

Provident is an I.T. Managed Services Provider founded in 2000 and operates out of Dublin, Ireland. The business provides I.T. support and professional services to SMEs to ensure the smooth running of their businesses. Support and services are provided both on a recurring basis as well as with ad hoc project-based work.

Firefly was founded in 2002 with offices near Glasgow, Scotland. Firefly sells telephone and internet access to SMEs and provides managed services to make sure these communications solutions are working properly. The business also provides ancillary services, including "unified communications" solutions to manage communications through multiple channels, including phone, text, and email.

Duke Royalty Portfolio

A full list of Duke's current Royalty Partners are now 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 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.