London, 13 December 2006 -- EMI Group plc (“EMI”) announces that it has entered into an unconditional agreement with Toshiba Corporation (“Toshiba”), whereby a wholly-owned subsidiary of EMI will acquire Toshiba’s 45 per cent shareholding in Toshiba-EMI Limited (“TOEMI”), a company in which EMI Group currently has a 55 per cent shareholding.

The total cash consideration payable on completion by EMI Group to Toshiba for its 45 per cent shareholding is JPY 21,000 million (approximately £93 million)⁽¹⁾.  Following completion of the acquisition, EMI Group will own 100 per cent of the shares in TOEMI. The agreement is expected to be completed in the second quarter of calendar year 2007, or earlier if Toshiba exercises an early completion option.

TOEMI is one of Japan’s leading music companies, whose artists include GLAY, Kyosuke Himuro, Tomoyasu Hotei, Yumi Matsutoya, Sheena Ringo, Utada Hikaru and Eikichi Yazawa.

For the year ended 31 March 2006, TOEMI reported profits before tax under Japanese GAAP of Yen 790 million, and underlying profits before tax under IFRS were £11.6 million⁽²⁾. TOEMI’s gross assets as at 31 March 2006 under Japanese GAAP were £141.2 million⁽³⁾.

TOEMI has been a successful joint venture partnership between EMI and Toshiba that has produced many great artists over the last decades. Both EMI and Toshiba believe it is the right time to unify the ownership structure of TOEMI. EMI remains strongly committed to the Japanese music market and its operations there.

Enquiries

EMI Group plc

Brunswick Group LLP

Toshiba Corporation

 Notes:
¹ Exchange rate used:  Yen to £1=225 (approximate forward rate)
² Exchange rate used:  Yen to £1=203.69 (average exchange rate for year ended 31 March 2006)
³ Exchange rate used:  Yen to £1=204.66 (year end exchange rate 31 March 2006)