Hipgnosis Songs Fund Results Presentation Deck

Valuation sensitivities SONG Independent portfolio valuation: $2,672 million 0.5% delta increase in discount rate to 9% changes valuation by $212 million 0.5% delta decrease in discount rate to 8% changes valuation by $252 million Discount rate 8.0% Variance to Fair Value 8.50% Variance to Fair Value 9.00% Variance to Fair Value EUR: USD GBP: USD 1.02 1.18 2,894,449 8.3% 2,645,485 (1.0%) 2,435,411 (8.9%) Foreign Exchange Rate 1.12 1.28 2,923.377 9.4% 2,671,881 2,459,673 (7.9%) " HIPCNOSIS SONGS FUND 1.22 1.38 2,952,306 10.5% 2,698,278 1.0% 2,483,936 (7.0%) VALUATION IS SUPPORTED BY RECENT MARKET TRANSACTIONS 26

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