Warner Music Group Completes Sale of Warner Bros. Publications Unit to Alfred Publishing Co., Inc.

Market Wire, June, 2005

Warner Music Group Corp. (NYSE: WMG) announced today it has completed the sale of Warner Bros. Publications to Alfred Publishing Co., Inc. The sale was announced on December 16, 2004.

Warner/Chappell Music, a global music publisher, remains a division of WMG. The print music business of WMG's Word Music, the industry's premier source for church hymnals, choral music and associated instrumental music, is not included in this sale.

Warner Bros. Publications, based in Miami and the U.K., prints and distributes a broad selection of sheet music, books and educational materials, folios, orchestrations and arrangements, and tutorials and methods. In addition, Warner Bros. Publications markets printed versions of Warner/Chappell musical compositions and other popular songs throughout the world.

With offices in the U.S., the U.K., Germany, Singapore and Australia, and a roster of renowned authors and composers, Alfred Publishing is a global operation with more than 80 years of uninterrupted growth.

Under the completed agreement, Alfred Publishing has now acquired the entire Warner Bros. Publications business and commenced a long-term exclusive print license agreement with Warner/Chappell. Under the license agreement, Alfred has the right to continue to print and distribute editions of musical compositions administered by Warner/Chappell.

The transaction had already been cleared under the Hart-Scott-Rodino Act.

About Alfred Publishing Co., Inc.

Alfred Publishing Co., Inc., the world leader in music education products since 1922, is dedicated to helping people experience the joy of making music. With hundreds of expert authors and composers backed by a talented staff in six offices worldwide, Alfred publishes educational, reference and performance pieces for teachers, students and performers spanning every musical instrument and style.

In addition to its own titles, Alfred distributes works from the National Guitar Workshop, Studio 4 Productions, the Dover Music catalog, Faber Music, and Myklas Music Press. Alfred is the world's largest educational music publisher, with over 15,000 active print, video (DVD, VHS/PAL), software, general MIDI, audio CD and enhanced CD titles in circulation throughout the world.

About Warner Music Group

Warner Music Group (WMG) is the only U.S.-based, major music company that is publicly traded. With its broad roster of new stars and legendary artists, WMG is home to a collection of the best-known record labels in the music industry including Atlantic, Bad Boy, Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Sire, Warner Bros. and Word. Warner Music International, a leading company in national and international repertoire, operates through 37 affiliates and numerous licensees in more than 50 countries. Warner Music Group also includes Warner/Chappell Music, one of the world's leading music publishers, with a catalog of more than one million copyrights worldwide. For more information about Warner Music Group, visit our corporate website at www.wmg.com.

Contacts: Will Tanous Warner Music Group (212) 275-2244 Will.Tanous@wmg.com Amanda Collins Warner Music Group (212) 275-2213 Amanda.Collins@wmg.com Rich Lackowski Alfred Publishing (818) 891-5999 ext. 284 rlackowski@alfred.com