Hipgnosis Songs Fund Limited has received an improved proposal from Blackstone to acquire the entire issued and to be issued share capital of the company. The Board, after reviewing the Proposal with its financial adviser, has indicated to Blackstone that the Proposal is at a value that it would be minded to recommend to its shareholders should Blackstone announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on such financial terms. The Board and its advisers will continue to provide Blackstone and its advisers access to confirmatory due diligence, to enable Blackstone to announce a firm intention to make an offer, as soon as possible.

The Board continues to recommend unanimously to Hipgnosis shareholders the cash offer by Concord Chorus Limited, an entity indirectly controlled by Alchemy Copyrights LLC. The Takeover Panel will set the date by which Blackstone must clarify its intentions with regard to any offer for Hipgnosis. A further announcement will be made by the Board of Hipgnosis in due course.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Singer Capital Markets Advisory LLP is acting as sole Rule 3 adviser, financial adviser and corporate broker exclusively for Hipgnosis and no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Hipgnosis for providing the protections afforded to clients of Singer Capital Markets nor for providing advice in connection with the matters referred to herein.