HIPGNOSIS DELAYS FINANCIAL REPORT

Merck Mercuriadis has responded to the delay in the publication of Hipgnosis Songs Fund’s results for the six months that ended 9/30.

“Hipgnosis Song Management has fulfilled its duties to the company with respect to both the independent valuation and preparation of the interim results in a timely and efficient manner,” said Mercuriadis, Hipgnosis’ founder and CEO.

“Notwithstanding the board's decision to delay publication of the interim financial statements, the Investment Adviser will continue to work in a constructive manner to support the interests of the company and its shareholders.”

Citrin Cooperman’s independent valuation was considered “materially” higher than the valuation implied by the proposed and recent transactions in the sector.

The Hipgnosis board decided to delay its half-year earnings report due to concerns that its song assets are undervalued. The company’s board has said it will publish results by the end of the year.