The Board of Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, are pleased to announce that, following the Company’s semi-annual valuation of its Song Portfolio by an independent valuer, the Company’s unaudited Operative Net Asset Value ('Operative NAV') as at 30 September 2019 has increased by 5.03% to 108.46 pence per Ordinary Share (31 March 2019: 103.27 pence).