Hipgnosis Songs Fund Results Presentation Deck

Discount rate calculation Estimates WACC to value cash flows before financing costs - assumes 50:50 equity: debt mix Assumed Cost of Equity: 10.2% Risk-free rate: 4.9% (10-year US Treasury yield 3.829%) Beta: 0.96 ● Equity risk premium: 5.5% Assumed Cost of Debt: 6.9% SONG actual cost of debt: 5.7% PORTFOLIO SPECIFIC DISCOUNT RATE OF 8% " HIPCNOSIS SONGS FUND 25

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