///Corporate

JULIE GREENWALD PROMOTED TO PRESIDENT OF ISLAND RECORDS

Greenwald and Kevin Liles (President, Def Jam/Def Soul) to Add Executive Vice President Titles for The Island Def Jam Music Group



New York, New York, January 7, 2002— Lyor Cohen, President and CEO of The Island Def Jam Music Group, the leading lifestyle and music company, announced today the promotion of Julie Greenwald to President of Island Records. Formerly, Ms. Greenwald served as Senior Vice President of Marketing for The Island Def Jam Music Group.

Also as part of this announcement, Mr. Cohen has named Ms. Greenwald and Kevin Liles (President of Def Jam/Def Soul Records) to the additional position of Executive Vice President of The Island Def Jam Music Group.

As President of Island, Ms. Greenwald will oversee all aspects of the label, which serves as the rock and pop division of The Island Def Jam Music Group. She brings more than a decade of management, operations and marketing experience. As one of the first executives to join Def Jam Records little more than 10 years ago, Ms. Greenwald is credited with establishing the seminal label’s award-winning marketing department and building a first-class team. Most recently under her leadership, the department achieved dramatic results, scoring dozens of platinum and gold records for such artists as LL Cool J, Jay-Z, Public Enemy and DMX, as well as for new rock releases from Sum 41, Bon Jovi, Nickelback and Ryan Adams.

In making the announcement, Mr. Cohen said, “Julie has been a member of my team since the beginning of the Def Jam legacy, and in that time, both Russell Simmons and I have had the pleasure of watching her grow into one of the industry’s most formidable music executives. She is a world-class marketer and developer of talent, and has written the rules for marketing in this industry. She is exceptionally gifted, excelling in both her creative instincts and extensive industry-wide relationships. Her well rounded understanding of the creative process is stellar, and she is an extraordinary problem solver and resourceful thinker. Moreover, naming both Julie and Kevin to the post of Executive Vice President not only underscores the breadth and depth of our management talent and commitment to building The Island Def Jam Music Group, but clearly acknowledges the critical importance they continue to play in the senior management of this company.”

Added Greenwald: “I am truly grateful to Lyor for giving me the honor and challenge to lead Island Records, a label that is home to such dynamic talent and a rich history. Having worked closely with him over the past 10 years, I have experienced first hand the incredible level of quality and excellence that he has established. I am also thrilled to have the opportunity to continue working closely with the many of the most talented A&R, promotion and marketing people in the entire industry.”

The Island Def Jam Music Group, home to a multi-cultural and diverse family of artists formed little more than 3 years ago, has fast become one of the most successful and profitable labels in the industry. It is comprised of Island Records, Def Jam Recordings and Def Soul, and is in partnerships with American Recordings, Lost Highway Records, Roc-A-Fella Records, Java Records, Murder Inc, Bloodline Records and Roadrunner Records. The roster boasts an array of talented artists including Jay-Z, Bon Jovi, Ryan Adams, Nickelback, Musiq, Slipknot, Method Man, Hoobastank, Shelby Lynne, Ja Rule, Sum 41, Slayer, Kelly Price, Saliva and DMX.

The Island Def Jam Music Group is a division of Universal Music Group, theworld’s leading music company with wholly-owned record operations or licensees in 63 countries around the world. Its businesses also include Universal Music Publishing Group, one of the industry’s largest global music publishing operations.

Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, The Island Def Jam Music Group, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Records, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and UM3 (outside the U.S.). Universal Music Group also includes eLabs, its division dedicated to strategy, business development, and management of new businesses in the online and advanced technology space.

Universal Music Group is a unit of Vivendi Universal, a global media and communications company.

Hits