The Board of Hipgnosis (the “Board”) notes the announcement by Blackstone Europe LLP, acting as sub- advisor to the Blackstone Funds (together with its affiliates “Blackstone”) and confirms that it yesterday received an improved proposal to acquire the entire issued and to be issued share capital of Hipgnosis on the terms set out in the Blackstone announcement (the “Proposal”).

The Board, having reviewed the Proposal with its financial adviser, Singer Capital Markets, 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.