Investor Relations

Announcement Ex-Dividend Record Payable Amount 02/06/08 02/19/08 02/21/08   02/29/08 $0.13 09/04/07 09/20/07 09/24/07   10/24/07 $0.13 06/05/07 06/22/07 06/25/07   07/25/071 $0.13 03/08/07 03/26/07 03/28/07   04/27/071 $0.13 12/29/06 01/16/07 01/18/07   02/16/071 $0.13 08/31/06 09/18/06 09/20/06   10/20/061 $0.13 06/07/06 06/23/06 06/27/06  07/27/062 $0.13 03/14/06 03/30/06 04/03/06  05/03/062 $0.13 12/29/05 01/13/06 01/18/06  02/17/062 $0.13 10/03/05 10/20/05 10/24/05  11/23/052 $0.13

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¹ Warner Music Group Corp. (NYSE: WMG) has determined that WMG did not have current or accumulated earnings and profits for the tax year ended September 30, 2007. This will affect the dividend payments noted. Under the applicable tax laws and regulations, the distributions made by WMG during the period October 1, 2006 through September 30, 2007 must be reported as returns of capital instead of dividend distributions. WMG was not able to definitively make this determination at the time of distribution and, therefore, was required by the applicable regulations to report distributions made during the period beginning October 1, 2006 through September 30, 2007 as dividends. Distributions that are classified as returns of capital are nontaxable to the extent they do not exceed your cost basis in the WMG shares, or as capital gain to the extent that the amount of the distribution exceeds your cost basis in the WMG shares. We have instructed our transfer agent to issue an amended Form 1099-DIV for the distributions received by registered holders (who hold shares in their name) of our common stock from WMG during the period October 1, 2006 through September 30, 2007 and you should contact our transfer agent regarding any questions relating to the amended Form 1099-DIV. For beneficial holders (who hold their shares through brokers) your broker should issue to you an amended Form 1099-DIV for the distributions you received from WMG during the period October 1, 2006 through September 30, 2007 and you should contact your broker directly on all administrative matters related to the amended form. We recommend that you consult with your tax advisor to determine the tax impact of this change in your case.

² Upon filing of its US Federal Income Tax return for the tax year ended September 30, 2006, Warner Music Group Corp. (NYSE: WMG) determined that WMG did not have current or accumulated earnings and profits for the tax year ended September 30, 2006. This will affect the dividend payments noted. Under the applicable tax laws and regulations, the distributions made by WMG during the period October 1, 2005 through September 30, 2006 must be reported as returns of capital instead of dividend distributions. Prior to filing its tax return, WMG was not able to definitively make this determination and, therefore, was required by the applicable regulations to report distributions made during the period beginning October 1, 2005 through September 30, 2006 as dividends. Distributions that are classified as returns of capital are nontaxable to the extent they do not exceed your cost basis in the WMG shares, or as capital gain to the extent that the amount of the distribution exceeds your cost basis in the WMG shares. We have instructed our transfer agent to issue an amended Form 1099-DIV for the distributions received by registered holders (who hold shares in their name) of our common stock from WMG during the period October 1, 2005 through September 30, 2006 and you should contact our transfer agent regarding any questions relating to the amended Form 1099-DIV. For beneficial holders (who hold their shares through brokers) your broker should issue to you an amended Form 1099-DIV for the distributions you received from WMG during the period October 1, 2005 through September 30, 2006 and you should contact your broker directly on all administrative matters related to the amended form. We recommend that you consult with your tax advisor to determine the tax impact of this change in your case.

IRS Circular 230 disclosure :   To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under federal, state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.