Blackstone Europe LLP, acting as sub-advisor to the Blackstone Funds (together with its affiliates "Blackstone") notes the announcement from Concord Chorus Limited ("Concord Bidco") regarding its recommended cash offer for Hipgnosis at a price of US$1.25 per share (the "Concord Offer").

Blackstone strongly advises Hipgnosis shareholders to take no action and is considering its options. A further announcement will be made in due course.