First Day of Dealings

LEI: 213800752UO1CJTV8C39

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

13 November 2020

ROUND HILL MUSIC ROYALTY FUND LIMITED

("RHM" or the "Company")

First Day of Dealings

Further to the announcement on 11 November 2020, the Company is pleased to announce that 282 million ordinary shares (the "Ordinary Shares") will be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange at 8.00 a.m. today ("Admission"). The Ordinary Shares will trade under the ticker: RHM (ISIN: GG00BMXNVC81).

The total number of Ordinary Shares in issue immediately following Admission will be 282,000,000 each with equal voting rights. This total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Unless the context otherwise requires, capitalised terms used in this announcement have the meanings given to them in the Prospectus.

FOR FURTHER INFORMATION

Notes:

The Company is a newly incorporated 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 ("Round Hill") to be ancillary thereto.

Founded in 2010, Round Hill is a fully integrated owner and operator of music copyright properties and the seventh 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.