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: BRONFMAN EDGAR JR (Director, Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-07	Common Stock	J	14195929.7501	—	Disposed	0	Indirect
2007-05-07	Common Stock	J	3969790	—	Acquired	3969790	Indirect
2007-05-07	Common Stock	J	758057	—	Acquired	4042926.4282	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
Warner Music Group Corp. (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, and the three trusts described in footnote (6) below) 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
758,057 shares to the Reporting Person, who is the managing member of Lexa-Music. The Reporting Person had previously
reported the indirect beneficial ownership, as permitted by the rules governing reports under Section 16, of all
14,195,929.7501 shares of common stock of the Issuer (all held directly by Music Capital). The Reporting Person had
disclaimed beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F4: Pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended, the Reporting Person is not required to report
any of the transactions reflected on this Form 4, and he is filing this Form 4 solely to inform investors of his current
beneficial ownership of shares of common stock of the Issuer. This report shall not be deemed an admission that the
Reporting Person is or was required to report any transaction arising out of the facts described herein.

F5: Represents shares of the Issuer held, prior to the distributions described in this Form 4, directly by Music Capital. The
Reporting Person is the managing member of Lexa Music, the managing member of Music Partners GP, which is the sole
shareholder of Music Partners, which, in turn, is the general partner of Music Capital. The Reporting Person may
have been deemed to beneficially own the shares of the Issuer owned directly by Music Capital. The Reporting
Person disclaimed beneficial ownership of such shares, and this report shall not be deemed an admission that the
Reporting Person is or was the beneficial owner of the securities for purposes of Section 16 or for any other purpose,
except to the extent of the Reporting Person's pecuniary interest therein.

F6: Represents shares of the Issuer held directly by three trusts for the benefit of the Reporting Person or a member of his
immediate family, of which the Reporting Person is the trustee. The trusts are limited partners of ALP Music and acquired
the shares of common stock pursuant to a liquidating distribution by ALP Music to its partners, as described in footnote (2)
above. The Reporting Person disclaims beneficial ownership of such shares, and this report shall not be deemed an admission
that the Reporting Person is or was the beneficial owner of the securities for purposes of Section 16 or for any other
purpose, except to the extent of the Reporting Person's pecuniary interest therein.