Santa Monica, California, January 27, 2003 — Chuck Ciongoli has been appointed Executive Vice President and Chief Financial Officer for North America, Universal Music Group (UMG), it was announced today by Zach Horowitz, President and Chief Operating Officer, UMG and Nick Henny, Global Chief Financial Officer, UMG.

Based in Santa Monica, Mr. Ciongoli who reports to Mr. Horowitz and Mr. Henny, will be responsible for all of UMG’s North American finance activities. He will oversee performance monitoring, accounting and reporting for all North American divisions, including labels, manufacturing and distribution, and Music Publishing.

“Chuck has played a critical role in all of the financial activities that have seen Universal emerge as the leading music company in the industry,” said Mr. Horowitz. “As a finance executive, his insights, experience, knowledge and leadership qualities are second to none. We look forward to working with him in his important new position as UMG and the music business evolve in the years to come,” Horowitz said.

Previously, Mr Ciongoli was Senior Vice President, Finance, UMG. He also served as Vice President, Finance, MCA Records, and Vice President and Group Controller for both MCA Records and MCA Music Publishing. He began his tenure with MCA in 1990 as the Group Controller for the MCA Music Entertainment Group (which was renamed Universal Music Group in 1996).

Prior to joining MCA in 1990, Mr. Ciongoli was a Senior Manager with the international accounting and consulting firm Price Waterhouse, where for ten years he provided a variety of audit, accounting and special services for Mergers and Acquisitions.

Mr. Ciongoli is a Certified Public Accountant (CPA) in the State of California, and he is a member of both the American Institute of Certified Public Accountants (AICPA) and the California State Society of CPAs.

About Universal Music Group

Universal Music Group is the world’s leading music company with wholly-owned record operations or licensees in 63 countries. Its businesses also include Universal Music Publishing Group, one of the industry’s largest global music publishing operations.

Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Music Latino, Universal Records, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Strategic Marketing & Commercial Affairs (outside the U.S.). Universal Music Group also includes eLabs, a new media and technologies division.

Universal Music Group is a unit of Vivendi Universal, a global media and communications company.