Notice of AGM

17 August 2021

Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")

Notice of Third Annual General Meeting

The Board of Hipgnosis Songs Fund Limited, the first UK listed investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce that its Annual General Meeting ("AGM") is to be held at United House, 9 Pembridge Road, Notting Hill, London W11 3JY at 10:00 a.m. on 15 September 2021

Covid-19

The Board has elected to hold the AGM in the United Kingdom due to it being where the majority of the Shareholders are based and due to the relaxed restrictions on gatherings and travel (the "Covid-19 Restrictions") that are currently in place in the United Kingdom. Notwithstanding the relaxation of the Covid-19 Restrictions in the United Kingdom, there still remain some restrictions and limitations on international travel, and there remain the possibility for additional Covid-19 Restrictions to be imposed at short notice. Furthermore, with cases of Covid-19 still relatively prevalent throughout the United Kingdom, the safety of the Company's officers, stakeholders, Shareholders and other agents remains of crucial importance to the Board.

Your Board will continue to review arrangements for the AGM in light of any further measures imposed or eased by the United Kingdom and will update Shareholders of any changes.

Given the current uncertainty and the prevalence of Covid-19 cases throughout the United Kingdom, the Board strongly encourages Shareholders to submit their votes at the AGM through completing, signing and returning the Form of Proxy in accordance with the instructions printed thereon. Shareholders are also encouraged to participate in the AGM by submitting any questions in advance. Any specific questions on the business of the AGM can be submitted by no later than 48 hours prior to the AGM (or any adjournment thereof) by email to [email protected].

Should circumstances change and further Covid-19 Restrictions be imposed prior to the date of the AGM, the Company will announce, via a RNS release, any change in the arrangements which it feels would be reasonable and practical to implement.

The Notice of Annual General Meeting together with the Form of Proxy, have today been posted to shareholders and have also been submitted to the National Storage Mechanism where they will shortly be available for inspection at www.morningstar.co.uk/uk/NSM, and will also be available to download from the Company's website at www.hipgnosissongs.com. The Annual Report and Financial Statements for the year ended 31 March 2021 are also available to download from the Company's website.

For further information, please contact:

NOTES TO EDITORS

About Hipgnosis Songs Fund Limited

(www.hipgnosissongs.com)

Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey registered investment trust established to offer investors a pure-play exposure to songs and associated musical intellectual property rights. The Company has raised a total of almost £1.3 billion (gross equity capital) through its Initial Public Offering on 11 July 2018, and subsequent issues in April 2019, August 2019, October 2019, July 2020, September 2020, February 2021 and July 2021. In September 2019, Hipgnosis transferred its entire issued share capital to the Premium listing segment of the Official List of the FCA and to the London Stock Exchange's Premium segment of the Main Market, and in March 2020 became a constituent of the FTSE 250 Index. Since April 2021, the Company has been resident in the UK for tax purposes and is recognised as an investment trust under applicable HMRC regulations.

About The Family (Music) Limited

The Company's Investment Adviser is The Family (Music) Limited, which was founded by Merck Mercuriadis, former manager of globally successful recording artists, such as Elton John, Guns N' Roses, Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as Diane Warren, Justin Tranter and The-Dream, and former CEO of The Sanctuary Group plc. The Investment Adviser has assembled an Advisory Board of highly successful music industry experts which include award winning members of the artist, songwriter, publishing, legal, financial, recorded music and music management communities, all with in-depth knowledge of music publishing. Members of The Family (Music) Limited Advisory Board include Nile Rodgers, The-Dream, Giorgio Tuinfort, Starrah, David A. Stewart, Poo Bear, Bill Leibowitz, Ian Montone and Rodney Jerkins.