Hipgnosis Songs Fund Results Presentation Deck

Discount rate evolution Citrin Cooperman take long term view on interest rates Substantial risk premium cushion built between launch and end of 2021 Reduction in risk premium justified by increased quality of earnings and establishment of music as a major asset class 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 mu Apr-19 Jul-19 Oct-19 Jan-20 Jul-20 Apr-20 Jan-21 Oct-20 Jul-21 DISCOUNT RATE ALLOWED RISK PREMIUM CUSHION Apr-21 Oct-21 " HIPCNOSIS SONGS FUND Jan-22 Jul-22 Apr-22 Oct-22 -US Benchmark Bond - 10 Year SONG Discount Rate -Implied 'Risk Premium' 24

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