FROM GUY HANDS, Chief Executive of TFCP

First, I would once again like to thank Eric Nicoli and Martin Stewart for their service to the EMI Group and to EMI Music. Second, I would like to say how pleased we are to bring EMI into the Terra Firma family. We at Terra Firma are very excited about this transaction and very much look forward to working with everyone at EMI and with the EMI artists to create a truly unique and independent music company. We will invest in the business to ensure that it grows both organically and by acquisition. The goal is for EMI to be the world's most innovative and consumer-focused music company and the best home for musical talent. EMI is privileged to have an extraordinary gifted base of artists, songwriters and staff, and we will work with them to achieve their objectives that serve customers worldwide.

The appointment of Terra Firma Managing Directors, Chris Roling and Ashley Unwin, to the Board and the establishment of the Supervisory Board chaired by myself and including Julie Williamson, who will focus on EMI's strategic business relationships, is indicative of the way in which Terra Firma seeks to make a real commitment to the businesses in which it invests. Chris, Ashley and Julie will be joined over the coming weeks by other members of Terra Firma, each bringing experience of strategically transforming businesses and driving operational change.

Over the coming weeks Chris, Ashley, Julie and myself will be meeting and working with existing management to finalise our plans and confirming the best way in which we can serve our two key stakeholders: our Artists and our Customers. We will also ensure that we visit and meet with people at key locations across the EMI network of offices. It is our expectation to be able to communicate our plans for the business during October. This communication will outline:

Our vision and strategy for the publishing and recording businesses;

Any changes to the organisation structure and management teams;

Our key priorities going forward.

I look forward to meeting and working with all of you.

Best wishes

Guy Hands

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