the shift from ownership to access has continued to impact recorded music margins /

Sony Music

Sony/ATV

Sony Music revenues$B

Sony Music EBIT margins%

Sony/ATV revenues$M

Sony/ATV EBIT margins%

MRP

MRP

MRP

MRP 11

10.2%1

14.1% 14.2% 14.4% 14.5%

0.0%

5.0%

10.0%

15.0%

20.0%

2010A 2011B 2012 2013 2014

$3.3 $2.8 $2.7 $2.6 $2.6

$-

$1.0

$2.0

$3.0

$4.0

2010A 2011B 2012 2013 2014

(1) Revenues and EBIT adjusted by removing revenue/contribution from settlements