EMI RESULTS "POOR"

Later today, Terra Firma will publish EMI's annual review for the financial year to March 2008.

The financial results to March 2008 are poor and will doubtless attract some comment. They cover a period when, as you know, EMI had lacked a clear strategic direction for a number of years. Since the end of March, we have reshaped the organisation, put in place a new senior management team and have made real progress in setting EMI on a new path towards increasing the value and improving the quality of what we deliver to you.

Artists remain central to everything we do at EMI. Our focus now is on working with you to develop the business in creatively exciting ways, as we pursue our objective of making EMI the world's most innovative and consumer-aware music company and, above all, a company you are proud to be associated/work with.

I will be visiting many of the EMI markets this November to share our new strategy and vision for the business with our staff and to commence roll out of our plans.

While much remains to be done, Guy Hands and I are completely committed to EMI and we are very confident about its future. The company has a healthy balance sheet, a strong heritage, skilled and passionate people and above all, truly creative and talented artists.

I look forward to meeting as many of you as possible over the coming months.