Former LED ZEPPELIN Guitarist Helps Ring Opening Bell On NEW YORK STOCK EXCHANGE

May 11, 2005

The Associated Press has issued the following report:

LED ZEPPELIN guitarist Jimmy Page, jamming in the midst of the suit-and-tie executives of Warner Music Group Corp., helped ring the opening bell on the New York Stock Exchange Wednesday (May 11) as the music publisher celebrated its initial public stock offering.

But Warner Music's stock, trading under the symbol WMG on the New York Stock Exchange, hit an early sour note, falling 85 cents to $16.15 in early trading. The company reduced its offering price from an expected $22 to $24 per share to $17 late Tuesday after it became clear the market felt the higher price was not justified.

The recording company sold 32.6 million shares to the public, bringing in $554.2 million, though the company plans to set aside just $7 million for general corporate purposes. The rest will go to paying down debts related to an investor group's purchase of the company from Time Warner Inc. last year, according to the company's filings with the Securities and Exchange Commission.

The private investors, led by Edgar Bronfman Jr., purchased the music publisher last year for $2.6 billion. The label's artists include GREEN DAY and MADONNA.

Page played "Whole Lotta Love" for the traders and guests assembled at the stock exchange.

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