MILLS MUSIC TRUST

Mills Music Trust is a passive grantor trust established to hold the right to contingent deferred purchase price payments stemming from the 1964 sale of a music and lyric copyright catalogue. The Trust does not own the intellectual property rights, manage the catalogue, or conduct commercial operations. Instead, it collects contingent quarterly royalty proceeds remitted by the catalogue owner and administrator, EMI Mills Music Inc. under management by Sony/ATV Music Publishing LLC. After deducting administrative expenses and liabilities, the Trust distributes the remaining cash proceeds to its certificate unit holders.

The underlying asset comprises an estimated collection of over 12,000 song titles, with more than 1,400 titles generating royalty revenues in recent periods, predominantly from works copyrighted in or before 1954. EMI collects domestic and foreign royalties generated by these copyrighted musical compositions across global markets. Administrative functions and trust oversight are directed by its corporate trustee, HSBC Bank USA, N.A., alongside an individual trustee in the United States.

Summary of the business section of Mills Music Trust's latest annual report, written by StockData.