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STITICTLY CONUPIjNII3!
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PART T: MIJAC PUT ITIGHT -

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STRICTI.Y CONFIDET{nAL
WLR&K DRAFT: lnfiJ{

rrnT lf: i]l"l,tGS MUSIC LLCJOINT VnNnrRE

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Trrnr c{ica: cscr arfitd-ATv Pltilbhirq't'nsr (-MI-ATV Trust') wi[

form rpidr vctrrurc rhrt will, rnffiB odrcr rhin6.s, invesr (by
conqiburion ofasscrs) in a rlrre-wuy ycnlute wirh GSCp ond
Sonylin rxdur n rcquirc rhc music publishing hlrincssc.r rud
ar:rctCof lrrmon Mruic, EMl. DMij, Univcrsl Muric Group
or Wagrcr Mrnic Goup (e -Maiort) nnrl crrmbinc &cm with
Sony/ATV Mrrsic Publidli,ry I.LC (Oc'.Pubtishiag Mrjor
Tronsacdon").

Stqr* (l) MI-ATV Trrrrt will connibue ro u rrwly lirrm.tl Delawarc

limitcd liabilig compsny ('Music LL('- or rhc tiompury") rrl
bc owrrd inpartrcrship wirh GSCP, rhc following rsicts:

r thc 5ll?6 economic inlercsr in Sony/ATV Mucic Pub-

li$i4 LLC ('$ony-ATV) hetd by M|-ATV t'rusr ond
rhe 50?6 non+ommic nrembcrslrip inrcrcsts in Srny-
ATV cuneotlyhcld by MIt.
(2) ln cmncaion wirh rhc Puhlirhiry Major Traasrcdon, Mu-
sic l.l.C will connibrnc ir Sony-A'lv inrcrtsr ro a ncw cnriry
('Ncwm) fttr will hold both Soay-Afi/'rnd rhc rsr;uircd
otkr Mrjaar rhc corclusinn ofrbo publishing Major Tnrnsrc-
lion, and Music LLC will rcceivc in erchlnge a rnenrbcrship
inrcrcst in Ncwu$ rp bc dcncrmincd. hr rhc publishing lUqioi
Innsrctioq GSt?ld Sony will alxr rcccivc mcmbenhip in.
tcfiglr3 in Ncwc<r in cxcherrgc lbrscaoruc cquiry contriburiom
by them !o lrlcrvco.

Ownr rhip hlcrcrfr

ll{r ic Lt Cs
io MJ-AIV Trurr: f4gpgg: I0i)llzr of rhc savr-cs A Cbmnnn ln-
rsrcsls,rcprcscnliq S0% of all of rhc Com-
mor lilsrcsls.
GSCP: Commoo: l@rof the Scrier B Common In-
rcrclttr, rrTrarerning 50Zo of all of the Com-
mon lnprcsr.

i Ii* orty's conscttt, Ml to conribmc hb 5ll?t rron+conrmb qonrbcrsrrS ieic n llld ell nllod riglur irr.$rny-
AT! tt uJ'ATV Trus inmcdkcly bctilrt Mr-ATV fnr* connibucs srrh ftrrr'rurr ma rigrrs . tcut-iJ-r-c
t
Sor,y ilt contribora to lr,.ra69 g6 s16o.S(Vr interctr in Sony.ATV.

B.l
Jrtt-0l-ll A*
STRICTLY CONFIDENTTA!
WLR&K DREFT: INrc{

Trt{r' cn: I
Scries (bmmon fnterusts iue fi'r*ly trnnsfcrable, subjccr lo
rhe rag-along rigbts dcscribcd bclow.

Serirx A Coilurul lntsEsrs gr non-tnoNfsmblc without rhc

cooscot of GSCP, cxccpr in cuuection wirh rhe put righ, tag-
along rnd dng-dong dcst:ribod bclow.

Prt e ;trt:

Ttg.,n tng:

Dn1g. ,long: GSCP slrall havc ttr" dght ro rcquirt M!-AW Trust to periici-
pftc on cqud rerms in rny rdc by GSCP of 4W or morc of thc
torel Common lnrcrssts.

Trr ll rrtclT: tt is thc inrcmion of tl* panics to trGil rhe Conrpany ar s non-
pblicly rndcd grnncrdrip lbr lldcral incolnc ulx purpo$s.
Votir Higitr: Thc Scries I and Serie* A Common larercss rhdl vore ur
gefrcr u a sin$c clrss. all vorcs.rhsll hc pmprnionare ro
owncrship of C'ommon lnwrus$, providcd rhar holdcn of Sc-
rir,s B shall votc rt a rtt€ of two timcs rlrir owncnhip p€n:GTll-
ogq und holdr.rs of licrics A .rholl voto ar o rarc cqual to thcir
ownCrship perc€tttlgq. Any rcrion of rhc holden ofrhe Com.
mon lnrcrrstr shlll be by majrxiryof vodng prrcrof rhe
Common lnrcress (cxccpt rhur amcndnnnts lo rhc opcrning

B-3
. Jen-0?-01 tEFr ffi
SIRTCTLY COM'rpENTIAL
WI.R&K DRAI'T: v7n4

tglEcmcnr ol'thc Crrnprny will rnluirc rhc atlirmarive vorc of

tpldcrs ofa rujoriry of r.!ch scdes of L'ommon lnrcnrsrs)

Govq rrr[g!! Music tLC \rill bc tnnrged urrl govcnrcd by r borrd of rcpre-
rcntadrrcs consisting of not fewr r.han 7 n1rrerentutives nnd
nol morr than l0 nlprcru'mttivcl. l.br so long es MJ.AI'V
'frust comirrucr n
hokl $cries A Common lnwrtsls, M.I-ATV
Trust shnll bc cndthd ro clccl 2 rcprcscnrativca; IgggiCg! th$r
if (:harhs Ktppclmn is rut otlnrrryise a reprcscnruiri, MJ-
A'fV Trust shatl bc cntitlod to clecr Mr. Koppclsnn as a rcp€-
$ntntivc (in additioo to thcirrighr ur clect two othcrrcprcscn-
-tdivcs_; for ro long ns MJ-ATV Trust continus to hold Scrics
A Crrmmon latrrnsts. All borrd dccisions will be by mqirrity
YotC.

CLfr'f "rcelivcOffictc M, will bcrhe giicfCr.lnivc 0fficuofdrc Oomprny, utiliz'

ing MJ's *rrus rnd rcputltion in thc inhstry to lltroct olhsr
meuringful rrisrs srd wrircrs ropaniciperc in our muric pub-
lishirg crdervon. Subjeq to Ml's rvrilebiliry, rbc board of
mprcsanaivcs will srnsult with Mt on rnojor crcrivo dcci-
sitrns.

Dittrri otioir:

Mtnr &ructrl tr'os: GSCP wilt reccivc I ornsgenrcnt fcc fhrm the Compeny in the
ortrount of $5.5 milliou pcrycar, ord MJ will reccive Etnon-
lgpttreil fi:c from thc C'ompny in the arnosnt of $l,0 million
per ye[I_

Agnr luntr: To cffxr rhc foregoing, thc relevril parrics will cnur inrnthe
following agrwnrcnls by Jrnuruy 31,2fi)4:

lnuuibuioaa;Jfigrlllent : GSCfl rhc MJ hnics and Musict f.C will cnrcrinlo u

tontribution Agrucment'Jx$rl$n trr which rhe Ml Prr.
tics will contrihile is 50tzo inrcxcsr io Sony-A'IV to Mu-
sicIIC.

It-4
 t'tatF rlc_
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STRICTI Y CONTTDFNTIA!
WI.R&K DRAF|: V7n4

lLC Agnsneltg GSCP rnd MJ-ATV l'rusr will cnrcr inro m *l-t-C Agre+-
metr|" with rcspccl to Musicl.l.C (ttr tre cllbctive upon rhs
clo*ingof lhc Musis l.LC Trarsrcrion) which will conrdn
thc tcnnr lcr foflb in rhe ponionr of psrt lt of tbis Tcrm
Shet bcginni4wnh Ormership lrnsrsrr in Msic l-LC.

l.etler Acrccrn,'nt: OSCP flt rhc MJ Prrlics will cnrcr inro e *Lctrer Agrce-
msrr'in wtrich fic MJ Partics will mn-rnt m lhc piu.rici.
prritrn ofsony-A'lV nxtlor MuiicLLC in .rny Publirhing
Major'l'rursrrirm as contcmplrral hcrein on such rcrms
dcerDincd by GSCP on }rtlralt'of MroicLLC.
as

lbfA AglgEm;$: llofA rd MJ-AIV 'trusr will cnrer inro sr rrnndcd losn
agrcomcilon 0rc tcnns rs tbrth onprgc C.l of this Term
Shcer.

Cord ionr to Clodlrl:

B-5