The Andy Warhol Foundation for the Visual Arts

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MAY 30, 2013 The Velvet Underground and The Andy Warhol Foundation Settle Litigation

The Andy Warhol Foundation for the Visual Arts, Inc.                      The Velvet Underground
65 Bleecker St.                                                                                                      270 Madison Avenue 
7th Floor                                                                                                                 Suite 1401
New York, NY 10012                                                                                         New York, NY 10016

The Velvet Underground and The Andy Warhol Foundation for the Visual Arts, Inc. have agreed to settle the litigation brought by The Velvet Underground over the rights to use the banana design that appeared on the front cover of the album “The Velvet Underground and Nico” released in 1967. The terms of the settlement are confidential.