7 December 2021

Duke Royalty Limited

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

Enters into Largest Royalty Agreement To Date

Duke Royalty (AIM:DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, is pleased to announce that it has entered into a US$21.0 million (approximately £15.9 million) royalty financing agreement (the "Financing") with Atlas Signs Holdings, Inc. ("Atlas"). This partnership represents Duke's largest investment to date and expands upon the Company's North American presence.

Atlas is a US-based, turnkey national brand implementation company that delivers signage, sign maintenance, lighting, installation, and project management services to the world's leading companies.

Highlights:

·    Initial cash yield of 12.5% per annum via monthly payments, which commence immediately

·    30-year secured financing, with distributions to be adjusted annually to reflect Atlas' consolidated revenue growth, on typical Duke terms

·    Founded in 1992, Atlas is a family owned company with a long history of successful operations, providing a complete range of signage-related products and services

·    Atlas has a diverse and long-standing customer base including national and Fortune 500 companies

·   Duke's financing will support the refinancing of Atlas' current debt, general working capital and growth initiatives

Neil Johnson, CEO of Duke Royalty, said:

"This partnership is the largest investment in our history and further diversifies our revenue base. We believe Atlas is a good example of a company that is seeking long-term capital to replace conventional private credit. We believe the pandemic has opened the opportunity for Duke to appeal to a broader number and larger companies. As an owner-operator business with proven profitability and growth, a history of successful operations with major national brands and a strong customer service reputation, Atlas represents the ideal royalty partner for Duke and we are delighted to support it with our long-term financing."

Jim Adinolfe, CEO and Founder of Atlas, said:

"The long-term nature and flexibility of Duke's investment solution is a great fit for Atlas, as it removes the need for periodic refinancings and 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 getting back to business and executing on our business plan."

About Atlas Signs Holdings, Inc.

Established in 1992 in South Florida, United States as a local installer, Atlas is now a top 10 national signage provider. With international coverage and 12 offices throughout the country, Atlas employs over 200 people. The Company has operated as a family-owned business since its inception. Today, Atlas has three manufacturing facilities located across the Southern US and can design, produce and install any type of signage need that its customers may request.

Atlas is a provider of brand implementation products and services for Fortune 500 companies across multiple industries. Its wide range of sign and branding offerings includes custom signage, architectural elements, digital signage, custom graphics and digital prints. Atlas program management services include design and engineering, in-house permitting, fabrication, self-performing installation, custom reporting, high-rise capabilities along with post-installation service and maintenance. Managing and executing on large-scale rebranding programs and conversions are among its operating strengths.

About the Financing

Duke has provided Atlas with an investment of US$21.0 million to be used primarily for the refinancing of existing debt and for general working capital purposes.

The terms of the Financing are broadly in line with Duke's typical investment criteria. The Financing is provided through a secured loan and Duke will be entitled to monthly distributions (the "Distribution") beginning in December 2021.

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 Atlas' total gross revenues for the 12 months to 31 December 2022, compared to the prior financial (calendar) year. The first adjustment will occur from 1 January 2023. The annual adjustment in the Distribution will be subject to an agreed collar, in line with Duke's typical terms.

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

Miami-based Vaupen Financial Advisors, LLC served as the financial advisors for Atlas Signs Holdings on this financing transaction.

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

This announcement contains inside information.

***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.