Universal City, California, June 24, 1998 – Jorgen Larsen has been appointed Chairman and Chief Executive Officer, Universal Music International, it was announced today by Doug Morris, Chairman and Chief Executive Officer, Universal Music Group. This appointment will become effective upon the completion of the acquisition of PolyGram N.V. by Universal Studios, Inc.

In this position, Mr. Larsen will be responsible for overseeing and guiding the combined Universal and PolyGram international record operations.

Mr. Morris commented, “”I am extremely pleased to name Jorgen Larsen as head of our combined international operations. As head of Universal Music Group’s international operations, Jorgen has spearheaded one of the most aggressive and successful worldwide expansion programs in the history of the music business. He has had a long and unparalleled career, continually proving himself to be a rare executive with a talent for balancing business acumen with a creative vision. Jorgen is vital to our continued growth and I am excited that he will be a part of our new team, which will lead the world’s largest music company when Univeral and PolyGram are combined.””

Said Mr. Larsen, “”This is a special moment in the history of the music industry and I welcome the opportunity to play my part in shaping the future of the world’s largest record company. By merging the cultures of two successful companies, we will establish a uniquely creative environment for artists and executives alike. I look forward to working with Doug and his senior management team and the great executives at PolyGram to ensure our continued global success.””

Following an illustrious career in the international arena, Jorgen Larsen joined the Universal Music Group in 1993 as President of Universal Music International (UMI). Under Mr. Larsen’s leadership, Universal achieved extraordinary growth, evolving from four international companies to a total of 31 companies, covering 95% of the world music market, and doubling Universal’s international sales in three years. During Mr. Larsen’s tenure, UMI experienced an impressive “”hit rate”” with such recent million-selling local artists as Claudinho & Buchecha (Brazil), Luna Sea (Japan), Papa Bear (Germany) and Rosana (Spain). Aqua, signed by Universal in Denmark, has sold over 10 million units worldwide.

Additionally, Universal Music International under the leadership of Mr. Larsen experienced tremendous success with multi-million selling albums by such artists as No Doubt, Beck, Marilyn Manson, Bush, Live, and Nirvana as well as the soundtracks Pulp Fiction and Dangerous Minds.

Mr. Larsen joined Universal from DSB Schallplatten Berlin (the previously state-owned East German record company), where he served as Managing Partner since 1991. Prior to DSB, he worked for CBS Records for 20 years, most recently holding the post of president of CBS Records International, Europe (now Sony Music Europe), overseeing operations in 37 countries. Under Mr. Larsen’s leadership, CBS’s European operations became the number one market share leader. In addition to Europe, his responsibilities included subsidiaries, licensees, and business development in Asia, Africa, the Middle East, and Eastern Europe. During his tenure with CBS, Mr. Larsen also served as Senior Vice President, CBS Records International, Europe; President CBS France; President, CBS Germany; Area Director CBS/Scandinavia; and Managing Director, CBS Sweden. While at CBS, he was responsible for signing such chart-topping artists as Jennifer Rush and Nena as well as internationally acclaimed multimillion-seller Andreas Vollenweider.

Mr. Larsen’s international experience additionally includes Marketing Manager of P&G Morocco, a subsidiary of Procter & Gamble’s international division in Geneva, Switzerland. He began his career conducting advertising and market research in his native Denmark.

Mr. Larsen holds an MBA from the University of Wisconsin and a Graduate degree in Economics from the University of Copenhagen.

Universal Music Group encompasses MCA Records, MCA Records Nashville, GRP Recording Company, Geffen Records, Universal Records, Interscope Records, Hip-O Records, Universal Music & Video Distribution, Universal Music International, MCA Music Publishing, and Universal Concerts.

Universal Music Group is a division of Universal Studios, Inc., a unit of The Seagram Company Ltd., a global beverage and entertainment company.