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EMI Group PLC (EMI)

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Wednesday 09 July, 2003

EMI Group PLC

AGM Statement


                                                                               
                                                                               
                                                                               
              CHAIRMAN'S STATEMENT - 2003 ANNUAL GENERAL MEETING               

LONDON 9th July 2003: Speaking today at the EMI Group Annual General Meeting,
Eric Nicoli, Chairman, said:

"In the first three months of the financial year, we have been pleased to see
recorded music sales outside Japan well up on last year's level. We had an
especially strong performance in our US recorded music business and solid
underlying performance in music publishing. This is in spite of continuing
weakness in the global recorded music market. In particular, there has been a
substantial decline in the Japanese market, leading to an unusual level of
returns across the industry in that territory, which is likely to have an
adverse effect on our half-year results. Those results will also reflect, in
line with our budget, differences in the timing of receipts in EMI Music
Publishing, which should reverse in the second half. Overall, we believe that
the strategies we have in place should deliver full year results in line with
our expectations, offsetting any first half shortfall.

"We have a strong release schedule in recorded music and we are continuing to
focus on generating profitable sales through effective marketing, tight cost
management and high quality releases. In music publishing, the release schedule
is also strong and we are making progress in our efforts to build upon our
varied revenue streams to mitigate the impact of a weak recorded music market.

"EMI remains at the forefront of industry initiatives to combat piracy in all
its forms and we feel that progress is being made. In parallel, we are actively
supporting the development of legitimate online music services and the early
results are encouraging. While market conditions remain challenging, we are
optimistic that market trends will improve in due course and that EMI will
perform strongly within that context."

Enquiries:

EMI Group plc                                                                  
                                                                               
Amanda Conroy, Senior VP, Corporate Communications          +44 (0)20 7795 7529
                                                                               
Claudia Palmer, Head of Investor Relations                  +44 (0)20 7795 7635
                                                                               
Brunswick Group Limited                                                        
                                                                               
Patrick Handley                                             +44 (0)20 7404 5959