Royal Oak’s Independent Directors Committee (“IDC”) reviewed the Royal Oak Determined Share Value (“DSV”) during our June 16th 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 summary valuation report prepared by an independent, third-party consultant. The full Board reviewed all information with the independent consultants, our tax advisors, legal counsel and management.

Following the IDC’s review of the aforementioned information, Royal Oak’s DSV was increased to $61 per share, an increase of 1.7%. The IDC will continue to consider the DSV during the third month of each calendar quarter (September, December, March, June) and will commission and rely upon information and data appropriate to evaluate our DSV each quarter.

In addition, the Board of Directors declared dividends for Q3 2021 (July, August, September) at an annualized amount of $3.93 per share (a monthly amount of $0.3275 per share) for shares held of record during each day of Q3 2021. An annual dividend of $3.93 per share provides an annual dividend yield of 6.44% based on the current $61 DSV and a yield of 7.86% on Royal Oak’s initial $50.00 DSV.