///Corporate

RAJAT KAKAR CONFIRMED AS MANAGING DIRECTOR AT UNIVERSAL MUSIC INDIA

HONG KONG/MUMBAI, October 6, 2004 – Harry Hui, President of South East Asia for Universal Music International, today announced the completion of a planned management transition at Universal Music India, with the retirement of Vijay Lazarus.

Mr. Lazarus, Chairman of Universal Music India, has retired with effect from Oct. 1, after a 34-year career with the company. Paying tribute to Vijay Lazarus, Mr. Hui said, “His contributions to the success and stature of our company in India over the decades are inestimable. We shall miss him.”

Rajat Kakar, Managing Director since May 2003, will be responsible for all aspects of the company’s operations and strategic initiatives going forward. He joined Universal Music India in 2002 from Sony Music India.

“Rajat is an intelligent, creative music executive who is leading our new management team in a very competitive Indian market,” said Mr. Hui, to whom Mr. Kakar reports. “I have every confidence in him and his team to continue to expand our business there.”

Rajat Kakar said, “I’m excited and honoured to have the privilege to carry on the company’s rich and creative legacy. There are tremendous opportunities in the changing music industry today, and I am confident that we will continue to be a key player in this market.”

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