Annual Financial Report

This announcement contains inside information for purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR")

28 April 2022

Round Hill Music Royalty Fund Limited

(the "Company")

Registration number: 68002

Legal Entity Identifier: 213800752UO1CJTV8C39

Annual Report

For the period from incorporation to 31 December 2021

The Board of Round Hill Music Royalty Fund Limited, a London Stock Exchange listed investment company that aims to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property, is pleased to report the Company's maiden annual results for the period from incorporation to 31 December 2021 (the "Annual Report").

To view the Company's annual financial report please follow the link to the Company's website https://www.roundhillmusicroyaltyfund.com/ 

Company highlights as at 31 December 2021

· Successful IPO in November 2020 raising gross proceeds of US$282.0 million

· Further successful fundraising of US$46.6 million in December 2020 and an additional US$86.5 million in July 2021 via a C Share placing

· Deployed c.US$400 million across 49 Catalogues, consisting of 122,000 songs

· Economic NAV at the period end of US$459.7million

· Economic NAV total return for holders of Ordinary Shares of 17.6%1

· Economic NAV total return for holders of C Shares of 5.1%1

· Net revenue generated was US$23.7 million

· Total dividend per Ordinary Share in respect of the period, US$0.0452

In accordance with Listing Rule 9.6.1 copies of the documents will be submitted to the UK Listing Authority and will shortly be available for inspection from the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

1 Alternative Performance Measures are defined in the Alternative Performance Measures section.

2 Includes a payment for the period from 1 October 2021 to 31 December 2021 made post year end.

Trevor Bowen, Chair of Round Hill Music Royalty Fund Limited, commented:

"On behalf of the Board, I am pleased to announce the Company's inaugural set of audited consolidated financial results for the period from incorporation to 31 December 2021. The Company has had an active and successful period since its Initial Admission. The Investment Manager has worked diligently to invest and commit the proceeds raised at IPO and subsequent fundraises into a variety of music rights in high quality Catalogues across genres, vintages, and income composition. The Board is delighted to see that the Investment Manager's team is executing the Company's investment strategy and delivering attractive total returns to Shareholders. Finally, I would like to thank our Shareholders, my Co-Directors, our Investment Manager and our many partners for their continued support."

Analyst presentation

There will be a presentation for sell side analysts at 14.00pm (UK time) today, Thursday 28 April 2022.

Please contact Buchanan for details at [email protected].

Capital markets day

The Investment Manager will host a virtual capital markets day at 14.00pm (UK time), Tuesday 3 May 2022.

To register, please contact Buchanan for details at [email protected].

For further information, please contact:

Notes: 

Terms defined in the prospectus published by the Company on 19 October 2020 and the supplementary prospectus published on 3 November 2020 (together the "Prospectus") shall have the same meaning when used in this announcement.

The Company is a non-cellular Guernsey company. The Company's Investment Objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property. In order to achieve its Investment Objective the Company will invest in a songwriter's copyright interest in a musical composition or song (being their writer's share, their publisher's share and their performance rights) together with the rights in the recording of the musical composition or song (known as the master recording rights) together with all such rights and assets considered by its investment manager, Round Hill Music LP, to be ancillary thereto. 

Founded in 2010, Round Hill is a fully integrated owner and operator of music copyright properties and the sixth largest music publishing company in the US. Headquartered in New York with additional offices in Nashville, Los Angeles and London, Round Hill has an experienced management and investment team with an established reputation and extensive experience in the music and finance industries.