RHM.L Regulatory News (RHM)

ROUND HILL MUSIC ROYALTY FUND LIMITED

(the "Company" or "RHM")

Registration number: 68002

Legal Entity Identifier: 213800752UO1CJTV8C39

NET ASSET VALUES PER ORDINARY SHARE AND PER C SHARE AS AT 31 DECEMBER 2021

The Company announces that as at 31 December 2021 its Economic Net Asset Value per Ordinary Share was US$1.11 and its unaudited IFRS NAV per Ordinary Share was US$0.93.

The Company also announces that as at 31 December 2021 its Economic Net Asset Value per C Share was US$1.03 and its unaudited IFRS NAV per C Share was US$0.97.

During the six-month period to 31 December 2021 (the "Period"), the Company acquired an additional ten catalogues. Of these new catalogues, five were acquired utilising the Company's debt facility and attributable to the Ordinary Shares, with the balance purchased with the net proceeds of the C Share issue.

Ordinary Shares

The acquired catalogues attributable to the Ordinary Shares comprised Dennis Elliott, The O'Jays, Tim Palmer, Trevor Rabin and a renewal of the rights associated with What a Wonderful World. As at 31 December 2021, the fair market value of these catalogues exceeded cost, adding approximately US$0.015 per Ordinary Share.

On a like-for-like comparison basis during the Period, the original seed portfolio's valuation (excluding RH Carlin Holdings LLC ("Carlin")) increased by approximately US$11.14 million or approximately US$0.033 per Ordinary Share.

Due to the fact that the audited financial information for Carlin is not currently available, for purposes of calculating the unaudited Economic Net Asset Value per Ordinary Share, the Board has decided to use the fair market value attributed to Carlin as at 30 June 2021. The Directors would like to highlight that this may lead to a minor adjustment in the Economic Net Asset Value per Ordinary Share when the annual financial statements are released in late April.

C Shares

During the Period the Company acquired five new catalogues utilising some of the net proceeds of the C Share issue. These comprised Nancy Wilson, Niko Moon, Rebelution, The Richardsons and Supertramp. The fair market value of these catalogues has increased by approximately US$5.6 million or US$0.06 per C Share.

Valuation Matrix

The latest valuation matrix, containing some of the key assumptions utilised by the Company's independent valuer, will be available on RHM's website in due course.

Investments made following 31 December 2021

On 11 February 2022, the Company announced that it had successfully invested all the net proceeds of the C Share issue. Round Hill Music LP ("Round Hill"), the Company's investment manager, continues to see exciting opportunities and has identified a near term pipeline in excess of US$120 million of investment opportunities.

Unless the context otherwise requires, capitalised terms used in this announcement have the meanings in the Company's prospectus.

For additional information, please contact any of the undersigned:

End of announcement