///Corporate

UNIVERSAL MUSIC BUYS OUT PHILIPPINES JOINT VENTURE

Hong Kong (June 5, 2003) – Harry Hui, President of Universal Music Southeast Asia, is delighted to announce that Universal Music has bought out its Philippines joint venture partner in MCA Universal and appointed Asian music veteran Teddy Sabido as managing director, effective June 1.

Universal Music Philippines will be operative with immediate effect while Sabido has taken over management reins from outgoing MCA Universal managing director Ramon Chuaying.

Philippines-born Sabido was educated in the Philippines and Thailand and has worked in various management and marketing positions in the music industry in Thailand, Singapore and the Philippines. He joins Universal Music from Sony Music Bec Tero Entertainment Co Ltd in Thailand where he held the post of Marketing Director.

"I’d like to thank our local partners, in particular Ramon Chuaying and James Dy, for their years of service in building up the label. The coming months will be exciting us as we get our new management in place to carry the new company forward," said Hui.

"Teddy’s extensive management and marketing experience will provide the vital balance needed to get a new team and a new company off the ground quickly and successfully."

Black Friday