///Corporate

PETER BOND, ANZA PRESIDENT AND CHAIRMAN OF UNIVERSAL MUSIC AUSTRALIA, TO DEPART

SYDNEY, July 24, 2003 - Peter Bond, President of the Australia, New Zealand and Africa (ANZA) region for Universal Music International, and Chairman of Universal Music Australia, will be leaving the company on August 31, 2003.

Mr. Bond is departing from UMI to manage Universal Music Australia recording artist Candice Alley and to set up an A&R production house in Sydney for new and developing Australian artists. Alley's debut single, "Falling," recently charted in the top five in Australia, and her album, Colorblind, will be released in September. Mr. Bond was involved in artist management earlier in his career, before joining UMI in 1996.

The heads of Universal Music companies in Australia, New Zealand and South Africa, who currently report to Peter Bond, will in future report to UMI President/COO John Kennedy. They are, respectively, George Ash, Adam Holt and Harry Voerman.

Jorgen Larsen, Chairman & CEO of Universal Music International, said, "Peter Bond's industry experience, wise counsel and entrepreneurial streak have made an enormous contribution to the success of our companies in the ANZA region. Having known and worked with him for more than 20 years, I am not surprised that he has decided to pursue again an independent path in the management and development of artists, and we wish him the best of luck in future."

John Kennedy, President & COO of Universal Music International, said, "The growth and development of our ANZA companies over the past seven years owes much to Peter Bond and his team. We're disappointed to lose such a talented executive, but pleased that his new career path will maintain a Universal connection."

Peter Bond added, "I feel that I am leaving UMI on the best possible note, to manage Candice Alley - an exciting young artist with both the talent and credibility to go far, who is signed internationally to the company that, over the past seven years, I have enjoyed working for. I look forward to watching UMI's continued success under Jorgen and John's strong and perceptive global leadership from the artist management side of the music industry fence."

Bond joined Universal Music International in 1996 as the regional head of Asia Pacific, and he was instrumental in the opening of a number of UMI companies there. He moved from Hong Kong to Sydney in 1999 to run the ANZA region. Mr. Bond previously worked for PolyGram, Sony Music and Timbuktu Records, his own independent label and artist management business.

Hits