Product : Red Hat, RHEV/3.5, All
Feature : Bundle/Kit Pricing, Pricing, General
Content Owner:  Roman Macek
RHV: No (RHEL: 1/4/unlimited)
RHV subscriptions include the RHV-H hypervisor and RHV-Manager, they do not include the rights to use RHEL as the guest operating system in the virtual machines being managed by RHV.
The customer would purchase this separately by buying a RHEL for Virtual Datacenter subscription.

Please note that RHEL hosts generate additional subscription costs that are not included with RHV (see for details). RHEL hosts are priced by sockets (2, 4), number of virtual guests included (1, 4, unlimited) and subscription levels (Standard/Premium).

Or, the customer can buy the Red Hat Enterprise Linux with Smart Virtualization which includes both RHV and RHEL for use as the guest operating System.