///Corporate

MERCURY RECORDS RE-LAUNCHED AS NEW DIVISION OF ISLAND DEF JAM MUSIC GROUP, DAVID MASSEY NAMED PRESIDENT OF MERCURY RECORDS

New York, New York, April 12, 2007 - In an historic move, the Mercury Records label will be re-launched as a new division of the Island Def Jam Music Group, it was announced today by Antonio ‘L.A.’ Reid, Chairman, Island Def Jam Music Group. Respected music industry executive David Massey has been appointed President of Mercury Records.

In this newly created position, Mr. Massey will oversee the entire range of the label’s operations. Mr. Massey, who will be based in New York, will report directly to Mr. Reid. On operational matters, Mr. Massey will report to Steve Bartels, President, Island Records/COO, Island Def Jam Music Group.

“Even more than David’s proven leadership and success as an executive in our business,” said Mr. Reid, “is the track record of trust and inspiration he has won from the artists he’s worked with over the years. This all important quality makes him the perfect choice to pilot Mercury through its latest incarnation as a new cornerstone in the IDJ family. We welcome him to the senior management team.”

“I am looking forward to working closely with David as he re-launches Mercury,” said Mr. Bartels. “David brings an impeccable reputation as an executive and talent finder, which will add immeasurably to the future success of the label.”

“This is an extraordinary opportunity,” said Mr. Massey. “To work alongside L.A. Reid, Shawn Carter, Steve Bartels, Jermaine Dupri, and the entire Island Def Jam staff, as we breathe new life into Mercury Records, is a chance to put all our creativity and initiative to the test. I look forward to the challenge.”

Mr. Massey comes to IDJ from Sony Music Entertainment, where he served as president, Daylight Records, and Executive Vice President, A&R, Sony Music Label Group U.S., since 2004. He founded Daylight in late 2000, as an A&R resource for all of the labels within the Sony Music Label Group. He subsequently signed and developed a broad array of artists including Anastacia, Good Charlotte, Phantom Planet, Cheyenne Kimball and Cyndi Lauper.

Mr. Massey spent his first ten years at the company with Epic Records, starting as Vice President of A&R in 1991, continuing as Executive Vice President/General Manager from 1997 to 1999, and then Executive Vice President A&R until 2001. During his tenure with the company, he worked with a wide variety of artists including Shakira, Oasis, Franz Ferdinand, Travis, Silverchair, Lara Fabian, Play, and Delta Goodrem.

Prior to joining Epic, Mr. Massey was based in London where he had a successful career in artist management in addition to heading his own independent record company, Big World Records. He holds a Masters in Law from Cambridge University.

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