Duke Capital Regulatory News (DUKE)

17 September 2015

Duke Royalty Limited

("Duke Royalty" or the "Company")

Duke Royalty announces the formation of its Healthcare Investment Committee

As previously reported Duke Royalty Limited, a public diversified royalty company (AIM: DUKE), and Oliver Wyman, a management consultancy wholly owned by Marsh & McLennan Companies (NYSE: MMC), have created a unique financing collaboration in the rapidly developing pharmaceutical and healthcare-related royalty market.

Within the framework of that collaboration, Duke is pleased to announce that it has now appointed a specialised investment committee who will assist the Company in analysing and recommending potential healthcare royalty transactions. Collectively, the committee members have advised on over US$ 2 billion of healthcare royalty transactions and have over one hundred years combined experience. The investment committee's responsibilities will include:

· reviewing the pipeline of proposed healthcare and pharmaceutical investment opportunities including deals proposed by Oliver Wyman;

· assisting and advising on royalty investment terms;

· identifying and managing potential conflicts of interests;

· assessing the individual capital requirements for each potential opportunity and;

· reviewing the performance and outlook of the investment portfolio

The Investment Committee will have access to all due diligence material in connection with any proposed investments. Once it has analysed the merits of a particular transaction, it will provide an investment recommendation to the board of Duke Royalty with all final investment decisions being made by the Company's Board in Guernsey.

The composition of the investment committee will be made up of a mix of Duke Royalty, Oliver Wyman and independent representatives. These individuals have a blend of deep healthcare experience from the fields of advisory, royalty and principal investing.

Along with Neil Johnson, the Company's Chief Executive Officer, the investment committee will include:

Jim Webster

Mr Webster pioneered the institutional approach to investing in pharmaceutical and biotech royalties for Drug Royalty Corporation Inc. ("DRC"), a public company listed on the TSX, joining at its inception in 1993. He was the financial architect and champion of the company's initiatives for over nine years, becoming President and CEO in 1999, and he led DRC's privatisation in 2002. During his tenure, DRC invested over $100 million and earned a 30% per annum IRR while the company's market capitalization increased tenfold.

Subsequent to DRC he became the Managing Partner of Capital Royalty Partners LLC, a private-equity investment firm in Houston Texas, for six years from 2003 to 2009. With a first fund of $325 million, Mr Webster acted as Chair of the Investment Committee and also led due diligence and negotiations on royalty interests. Mr Webster currently conducts independent advisory work for pharmaceutical and biotech clients.

Mr Webster holds a B. Comm. from the University of Toronto, a M.B.A. from the Richard Ivey School of Business at the University of Western Ontario and has received a CFA designation from the CFA Institute. He also attended the Columbia Executive Management Program.

Justin Cochrane

Mr Cochrane has negotiated, structured and executed dozens of royalty transactions in multiple jurisdictions since joining Sandstorm Gold Limited in 2010, where he is an Executive Vice President of Corporate Development. From 2002 to 2010 Mr Cochrane worked for National Bank Financial Inc. where he gained significant transaction experience executing M&A and capital markets transactions including IPO's for the income trust and royalty sectors, among others.

Mr Cochrane holds a Bachelor of Commerce (finance major) from the University of British Columbia and and has received a CFA designation from the CFA Institute.

J. David Campbell

Mr Campbell is a partner at Oliver Wyman and has worked extensively with pharmaceutical and biopharma companies, academic research agencies, hospitals, and clinics, as well as providers to and investors in these industries for the past 20 years. He co-authored three white papers on the state of the biopharma industry's licensing and R&D opportunities. He has advised clients and governments on more than $US1.4 Billion in royalty-related transactions in the biopharma and healthcare space in North America, Europe and Asia, for both high-income and developing world opportunities.

Mr Campbell holds an Honours Bachelor of Applied Science in Electrical Engineering from Queen's University

Andrew Chadwick-Jones

Mr Chadwick-Jones is a partner at Oliver Wyman and the Head of Healthcare for International, which includes Europe, the Middle East and Asia. He has been with the company for 20 years and in that time has worked on over 150 client engagements. His areas of focus are innovation in new integrated care models and their adoption by providers and implications for payers; performance improvement in hospital systems and public-private partnerships (often between new entrants and the NHS).

Prior to joining Oliver Wyman in 1995, Andrew won an exhibition scholarship at Christ Church, Oxford University, where he holds a BA and MA in Biological Sciences.

Neil Johnson commented:

 "On behalf of the Duke Royalty Board I am delighted to welcome the newly appointed investment committee members. Their depth of expertise in both royalty investment and healthcare over decades is a substantial asset for the Company, and will be essential in identifying and recommending high quality investment opportunities."

For further information:

About Duke Royalty

Headquartered in Guernsey, Duke Royalty Limited is a team of experienced financial executives dedicated to providing, for the first time, royalty financing solutions to a diversified number of well-run businesses in Europe and abroad. Duke Royalty has reinvented the royalty financing model for European public markets by lowering costs through an efficient structure and entering into exclusive alliances that leverage deal flow and expertise. A $30 billion sector in North American public markets, Duke Royalty brings royalty investing to the attractive European market by leveraging the team's Canadian experience and success with royalty investing. These investments are intended to provide robust, stable, long-term returns for Duke Royalty's valued shareholders.

Duke Royalty is listed on the AIM market under the ticker DUKE. For more information, visit dukeroyalty.com.

About Oliver Wyman and its Health & Life Sciences Practice

With offices in 50+ cities across 26 countries, Oliver Wyman is a global leader in management consulting that combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. Follow Oliver Wyman on Twitter @OliverWyman.

Oliver Wyman's Health & Life Sciences practice serves clients in the pharmaceutical, biotechnology, medical devices, provider, and payer sectors with strategic, operational, and organizational advice. Deep healthcare knowledge and capabilities allow the practice to deliver fact-based solutions.

For the latest on the new world of healthcare, visit the Oliver Wyman blog, Transforming Healthcare, at blogs.oliverwyman.com/healthcare/.