HONG KONG, 9 May, 2003 – Vijay Lazarus, President and Managing Director of Universal Music India, has been appointed Chairman effective May 8, it was announced today by Harry Hui, President of Universal Music Southeast Asia.

The appointment will enable Mr. Lazarus to focus on new initiatives, key strategic issues, and industry matters. Mr. Lazarus will continue to report directly to Harry Hui.

Rajat Kakar, Senior Vice President of Sales and Marketing Services, has been promoted to Managing Director of Universal Music India, effective immediately. He will assume all day-to-day responsibility for the company, reporting directly to Harry Hui. Mr. Kakar joined Universal Music in December 2002 after six years as the head of Sony Music India’s sales and distribution.

Allen Andrade, Senior Vice President and Chief Financial Officer, has been promoted to Executive VP and CFO of Universal Music India, effective immediately. He will continue in his existing capacity and report to Rajat Kakar. Mr. Andrade joined Universal Music India in June 2002, from his role as finance director at Virgin India.

Harry Hui commented, “Vijay Lazarus has been a cornerstone of our Indian company for more than 33 years. He has been instrumental in building up a great catalogue for Universal Music India and has contributed significantly to raising the Indian Music Industry to global standards. As Chairman, he will focus his time on key issues facing the company and the industry.”

Mr. Hui added, “Rajat has shown the vision, initiative, and industry knowledge to lead our company. We have a deep catalogue and a great artist roster in an exciting marketplace and I know that Rajat will be able to move the company forward. Allen has done a tremendous job raising the operational performance standards of the company. I am confident these changes will make a formidable management structure going forward.”

Vijay Lazarus said: “The industry is facing adverse times and I am pleased to contribute to these specific areas which have become critical to our business. I firmly believe that India remains one of the most exciting and progressive markets in the music business.”