Hipgnosis Songs Fund Results Presentation Deck

Costs Adjusted operating costs ($'m) On-going charges (as % age of the average NAV) 6 months to Sep 2022 14.5 1.23 6 months to Sep 2021 18.6 1.77 Contingent Songwriter bonus provision of $3.7 million recognised ON GOING COMMITMENT TO CONTROL COSTS AND MAXIMISE RETURNS " HIPCNOSIS SONGS FUND Change % 21.7 0.5 18

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