Royal Oak’s Independent Directors Committee (“IDC”) reviewed the Royal Oak Determined Share Value (“DSV”) during our March 22nd Board meeting. The IDC received relevant information and data, as well as various reports by Management relating to the evaluation of the DSV. The IDC also received a comprehensive annual valuation report prepared by an independent, third-party consultant. The full Board reviewed all information with the independent consultants, legal counsel, and management.

Following the IDC’s review of the aforementioned information, Royal Oak’s DSV was increased to $64.50 per share, an increase of 2.4%. Since inception, the DSV has increased 29% from $50.00 to $64.50. The DSV increase is effective as of March 23, 2022, for anyone not currently on a Deferred Subscription.

In addition, the Board of Directors declared dividends for Q2 2022 (April, May, June) at an annualized amount of $3.94 per share (a monthly amount of $0.3283 per share) for shares held of record during each day of Q2 2022. An annual dividend of $3.94 per share provides an annual dividend yield of 6.11% based on the current $64.50 DSV and a yield of 7.88% on Royal Oak’s initial $50.00 DSV.