Hipgnosis Songs Fund Results Presentation Deck

Citrin Cooperman Independent valuation is determined by the Board, incorporating estimate of Fair Value provided by Citrin Cooperman • Citrin Cooperman widely respected Music Valuation experts, actively involved in valuation and transactional work across the industry • Never used by SONG to value a catalogue ahead of acquisition Income streams for each catalogue reviewed and forecast for 15 years NPV of cash flows using published discount rate (currently 8.5%) Operative NAV ($'m) Operative NAV per share ($) GBP Operative NAV per share (pence) SONG SPECIFIC DISCOUNT RATE OF 8% As at 30 Sep 2022 2,218 1.8312 164.06 As at 31 Mar 2022 2,240 1.8491 140.79 " HIPCNOSIS SONGS FUND Change % (1.0) (1.0) 16.5 23

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