Duke Capital Regulatory News (DUKE)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

DUKE ROYALTY LIMITED

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

ü

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

ü

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

HARGREAVE HALE LIMITED

4. Full name of shareholder(s) (if different from 3.):iv

DISCRETIONARY CLIENTS

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23 MARCH 2017

6. Date on which issuer notified:

24 MARCH 2017

7. Threshold(s) that is/are crossed orreached: vi, vii

5%, 10%, 11%, 12%, 13%, 14%, 15% and 16%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Indirect

Direct xi

Indirect xii

Direct

Indirect

GB00BYZSSY63

0

0

7,500,000

7,500,000

16.5280%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,500,000

16.5280%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

All of these shares are held for a unit trust operated by Marlborough Fund Managers Ltd, for whom Hargreave Hale Ltd manages the investments on a discretionary basis.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

The change in the percentage of shares held is due entirely to participation in the placing by Duke Royalty Limited, the shares from which were admitted to AIM on 23/03/2017.

14. Contact name:

David Clueit,

Hargreave Hale Ltd

15. Contact telephone number:

01253 754739