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Monday 16 July, 2007

Takeover Panel

Statement re EMI Group Plc

Takeover Panel
16 July 2007

                                                                         2007/20

                               EMI GROUP PLC ('EMI')

         MALTBY LIMITED (A COMPANY FORMED AT THE DIRECTION OF TERRA FIRMA)

                        WARNER MUSIC GROUP CORP. ('WARNER')

                                  MR JIM FIFIELD 


On 11 June 2007, Warner issued an announcement confirming that it was continuing
to consider an offer for EMI.  On 25 May 2007, Mr Fifield issued an announcement
confirming that he remained interested in potentially making an offer for EMI.

The Panel Executive has ruled that Warner and Mr Fifield must separately clarify
these statements, for the purposes of Note 1 on Rule 19.3, by 12 noon on
Thursday 19 July by each party announcing either a firm intention to make an
offer or a pre-conditional offer (pre-conditional only as to relevant
competition clearances) for EMI under Rule 2.5 of the Code or the relevant party
announcing that it will not proceed with an offer for EMI.  No extension to this
deadline will be granted, except with the consent of the Panel Executive.  In
the event that a party announces that it will not proceed with an offer for EMI,
that party and any person acting in concert with it will, except with the
consent of the Panel Executive, be bound by the restrictions contained in Rule
2.8 of the Code for six months from the date of such announcement.  All parties
have accepted this ruling.

16 July 2007


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