///Corporate

JOSE ANTONIO EBOLI APPOINTED GENERAL MANAGER OF UNIVERSAL MUSIC BRAZIL

MIAMI, 2 July, 2003 – Jose Antonio Eboli has been appointed General Manager of Universal Music Brazil, effective immediately. The appointment was announced today by Jesus Lopez, Chairman of Universal Music Latin America/Iberian Peninsula, who continues as acting President of Universal Music Brazil.

Jose Antonio Eboli assumes responsibility for Universal Music Brazil’s Marketing and Sales, Local A&R and International Repertoire departments. He reports to Mr. Lopez.

Mr. Eboli has considerable experience in the music industry, having been President and Managing Director at Sony Music Brazil from 2000-2003. Previously, he was Senior Vice President of Marketing and A&R for Sony Music Brazil, and, from 1995-1999, Managing Director of Sony Music Chile.

Jesus Lopez commented, "It is very satisfying to be able to bring Jose Eboli into the Universal Music Brazil team. His expertise and experience will be most valuable. The Brazilian music market is currently undergoing a major crisis, and although Universal continues as the market leader, the challenges are great. Nevertheless, everyone is working together to achieve our objectives, and we wish Jose Eboli every success in his new role."

Jose Eboli commented, "It's a pleasure to join Universal Music, especially in Brazil, where the company has in recent years been demonstrating the benefits of teamwork. As a global record company, Universal Music has the vision and resources to deal with the current state of the market. I’m looking forward to contributing to its future success."

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