LONDON, JANUARY 13, 2003 – Tibor Rigó has been appointed as Managing Director of Universal Music Hungary, with effect from January 1. The appointment was announced today by Thomas Hedström, Vice President of Eastern Europe for Universal Music International, to whom Mr. Rigó reports.

Mr. Rigó has been Sales & Distribution Director at Universal Music Hungary since its inception in 1993. He succeeds Managing Director László Hegedûs, who founded the company (as PolyGram Hungary) 10 years ago. Mr. Hegedûs will continue to serve in an advisory role to Universal Music Hungary as non-executive President.

Said Thomas Hedström, “With Tibor’s many years in the industry, I know he will lead Universal Music Hungary to an even stronger position in the market. This requires an individual who can not only capitalise on past experience, but also can offer a clear vision of present and future trends.

“At the same time, we’re very grateful to László for his pioneering role in the company’s growth and development during these past 10 years. He is a founding father of the modern music industry in Hungary.”

Mr. Rigó worked alongside Mr. Hegedûs at independent Hungarian company MMC Records from 1990-93. Prior to that, he worked for Hungary’s then-state record company, Hungaraton.

“I’m looking forward to facing the new challenge,” said Mr. Rigó, “and I’m confident that with the support of my excellent and creative team, we will establish a solid, successful and profitable future for Universal Music Hungary.”