///Corporate

UNIVERSAL MUSIC CANADA AND DEP ANNOUNCE STRATEGIC ALLIANCE

Thursday, April 29, 2004 - Universal Music Canada and DEP Distribution Exclusive Ltée today announced the signing of a joint-venture alliance.

Under this new joint-venture, Universal Music Canada becomes the distributor of DEP's English language repertoire in Canada including its extensive DVD and CD catalogue and will facilitate the manufacturing of DEP's CD and DVD releases.

DEP's expertise will also be fully utilized on all French language repertoire. Under the new agreement, DEP coordinates the sales of Universal Music Canada's domestic and international French language repertoire in Canada. With DEP executing such initiatives, Universal Music Canada is confident that it will achieve even greater successes in this genre.

Universal France will also be working closely with DEP/Universal Music Canada to secure international releases for DEP's French language titles through Universal's affiliates world-wide.

"The DEP- Universal Canada alliance is a smart, strategic step in further developing our French repertoire by using the strong combination of Independent and Major expertise" says Pascal Negre, President and CEO of Universal Music France.

Maurice Courtois, President of DEP adds:" DEP’s team is very excited to begin this new joint-venture to promote Universal Music’s French repertoire in Canada. The support Universal Music Canada will bring our producers and artists to access the English Canadian market and other territories, is an incredible asset. This is a precedent setting opportunity for Quebec artists."

Randy Lennox, President & CEO of Universal Music Canada: "This exciting alliance is about everyone maximizing the potential in their respective areas of expertise. We believe this arrangement offers artists the best possible home, whether it be in French or English."

Universal Music will also retain the services of Diffusion YFB Inc. to market and promote priority titles designated with Universal Music for the French Canadian market.

DEP and Universal representatives in both Montreal and Toronto will be assigned to coordinate the overall sales and distribution of English and French releases.

DEP will also handle all Universal Music Canada DVD's for The Province of Quebec as part of this joint venture.

This joint venture will also see Universal Music Canada assume a minority shareholding interest in DEP.

Universal Music Canada, a unit of Universal Music Group, is Canada's leading music organization maintaining an overall 30% market share.

DEP Distribution has been based in Quebec since 1996 and offers Canadian, American and European independent labels an alternative of choice when it comes to their product's merchandising in the territory of Canada.

Diffusion YFB Inc. has been a leading force amongst Quebec's independent labels for several years, characterized by its aggressive marketing strategy.

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