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Round Hill Music Royalty Fund - Results of Initial Public Offering



Round Hill Music Royalty Fund Limited (the “Company”) is pleased to announce that it has successfully raised gross proceeds of US$282,000,000 pursuant to the placing and offer for subscription (the "Issue") of its ordinary shares (the "Ordinary Shares") as described in the prospectus published by the Company on 19 October 2020 (the "Prospectus") and supplementary prospectus published by the Company on 3 November 2020 (the "Supplementary Prospectus").

Applications have been received under the Issue for 282,000,000 Ordinary Shares which will be issued at a price of US$1.00 per Ordinary Share. Of these, 272,348,925 Ordinary Shares were issued under the placing and 9,651,075 Ordinary Shares were issued under the offer for subscription.

All applications were met in full.

Application has been made for the admission of the Ordinary Shares to the Specialist Fund Segment of the Main Market of the London Stock Exchange. Admission is expected to occur at 8.00 a.m. on 13 November 2020.

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" or the "Investment Manager") to be ancillary thereto.

Cenkos Securities plc ("Cenkos") acted as sole bookrunner and financial adviser to the Company. Commenting on the Initial Public Offering (the IPO”), Trevor Bowen, Chair of the Company said: “I am delighted to announce the successful IPO of Round Hill Music Royalty Fund Limited. When considered against the global turbulence prevalent during the IPO process due to Covid-19, this achievement clearly demonstrates a strong investor appetite for both the music royalty asset class, the performance of which is highly uncorrelated to movements in the global economy, and the recognised expertise of the Round Hill team as an investment manager in this sector. On behalf of the Board I welcome our new shareholders and thank them for their support, and we look forward to updating you all on the progress of Round Hill and their team, as we together develop the Company as a listed entity.

The Company has an identified portfolio of exceptional songs and catalogues including classic tracks from some of the world’s best-known artists that are already extremely familiar to the Investment Manager. We will actively progress and update on our intention to purchase the identified portfolio for the Company as soon as practical.”

Josh Gruss, CEO of Round Hill commented:

“All of us at Round Hill are very pleased with and encouraged by the strong level of support for the IPO of Round Hill Music Royalty Fund Limited. This marks the next stage in Round Hill’s development in London, a market with sophisticated investors that understand music royalties and the potential from this asset class. We look forward to working closely with the Board in maximising returns for new investors.”

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

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