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: LEXA-MUSIC CAPITAL, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-07	Common Stock	J	947571	—	Disposed	0	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) 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
the Reporting Person, its managing member) in a liquidating distribution. Following this distribution, the Reporting Person
distributed all 947,571 shares of common stock of the Issuer received by it from Music Partners GP to its members. 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 its pecuniary interest therein.