Warner Music Group Corp. — Director's Dealing 2007

May 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Music Group Corp. (WMG)
CIK: 0001319161
Period of Report: 2007-05-07

Reporting Person: Zubillaga Alejandro (ExecVP, Dig'l Strat'y&Bus.Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-07	Common Stock	J	189514	—	Acquired	447543.357	Direct

Footnotes

F1: On May 7, 2007, Music Capital Partners, L.P. ("Music Capital") distributed all 14.195,929.7501 shares of common stock of the
Issuer held directly by it to its partners (including Music Partners Capital Limited ("Music Partners") and ALP Music
Partners. L.P. ("ALP Music'')) in a liquidating distribution. Music Capital's Amended and Restated Agreement of Limited
Partnership requires that Music Capital dissolve and commence winding up by the second anniversary of the Issuer's May 2005
initial public offering.

F2: Following this distribution, Music Partners distributed substantially all of its assets, including all 558,044 shares of
common stock of the Issuer received by it from Music Capital, to Music Partners GP, LLC ("Music Partners GP"), its sole
shareholder, in a liquidating distribution. In addition, ALP Music distributed substantially all of its assets, including
all 10,106,796 shares of common stock of the Issuer received by it from Music Capital, to its partners (including Music
Partners GP, which is the general partner of ALP Music) in a liquidating distribution. ALP Music's Amended and
Restated Agreement of Limited Partnership requires that ALP Music dissolve and commence winding up by the
second anniversary of the Issuer's May 2005 public offering.

F3: Following the distributions described above, Music Partners GP distributed substantially all of its assets, including all
1,895,142 shares of common stock of the Issuer received by it from Music Partners and ALP Music to its members (including
Lexa-Music Capital, LLC ("Lexa Music")), its managing member), in a liquidating distribution, Following this distribution,
Lexa Music distributed all 947,571 shares of common stock of the Issuer received by it from Music Partners GP, including
189,514 shares to the Reporting Person.