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UNIVERSALMUSIC GROUPANNUAL GENERALMEETINGCAUTIONARY NOTE REGARDINGFORWARD-LOOKING STATEMENTS
This presentation contains statements that may constitute the forward-looking statements relating to the business, financial performance and results of Universal Music
Group N.V. (the “Company”) and the industry in which the Company operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan","target", or "forecast" and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No
representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding the future aresubject to inherent risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied inthese statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment
in which the Company will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate
and none of the Company, the Company's shareholders or any adviser acting on behalf of the Company or any such shareholders, or their respective subsidiary undertakings,affiliates, agents or advisers or any of such persons’ directors, officers, employees, members or agents nor any other person accepts any responsibility for the accuracy of theopinions expressed in this presentation or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as arepresentation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this presentation speak only as at the dateof this presentation.

Subject to any continuing obligations under applicable law or any relevant stock market listing rules, the Company, the Company's shareholders or any

adviser acting on behalf of the Company or such shareholders, and their respective subsidiary undertakings, affiliates, agents and advisers and any of such persons’ directors,officers, employees, members or agents expressly disclaim any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect
any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of thispresentation or to update or to keep current any other information contained in this presentation. You are therefore cautioned not to place any undue reliance on suchforward-looking statements.

JUDY CRAYMER CBECHAIRMAN OF THE BOARD &INDEPENDENT NON-EXECUTIVE DIRECTORAGENDA ITEM 1
OPENING

AGENDA ITEM 2DISCUSSION OFTHE ANNUAL REPORT 2021

SIR LUCIAN GRAINGE CBECHAIRMAN & CEO
UNIVERSAL MUSIC GROUP

UMG is committed to building a sustainable businessand harnessing the collective power of our people,artists, and fans to protect the planet and create anequitable future for generations to come.

UMG IS A CATEGORY OF ONERECORDEDMUSIC

MUSIC
PUBLISHING#1#2>3M RECORDINGSMUSIC
MERCHANDISING#14M

NEARLYOWNED & ADMINISTERED TITLESMUSIC BASEDVISUAL
ENTERTAINMENT>250 ARTISTS / BRANDS#110,000s OF HOURS OF VIDEOS>4 TRILLIONMINUTES OF CUMULATIVE WATCH
TIME OF UMG CONTENT ON YOUTUBE

Source: Company filings and management estimates.

8 OF THE TOP 10 GLOBAL ARTISTS IN 2021
IFPI GLOBAL ARTIST CHART 2021
1BTS

2Taylor Swift

3Adele4Drake5Ed Sheeran

6The Weeknd

7Billie Eilish

8Justin Bieber

9Seventeen

10Olivia Rodrigo

Source: IFPI2021 GLOBAL ARTIST SUCCESSSPOTIFY

APPLE MUSIC

4 OF THE TOP 5THE WEEKND

GLOBAL ARTISTS OF 2021

TAYLOR SWIFTBTSDRAKEJUSTIN BIEBERGLOBAL ARTIST OF THE YEAR

H.E.R.

SONGRWRITER OF THE YEAR

OLIVIA RODRIGO

BREAKTHROUGH ARTIST OFTHE YEARYOUTUBE

8 OF THE TOP 10AND THE TOP 3
MOST SUBSCRIBED ARTISTS
BLACKPINKJUSTIN BIEBERBTSEMINEM
ARIANA GRANDETAYLOR SWIFTBILLIE EILISH
KATY PERRYDEEZERTHETOP 4

GLOBAL ALBUMSTHE WEEKND AFTER HOURSOLIVIA RODRIGO SOUR
BILLIE EILISH HAPPIER THAN EVERJUSTIN BIEBER JUSTICE

NO. 1

GLOBAL SONG
THE WEEKND“BLINDING LIGHTS”

Source: Spotify, Apple Music, YouTube, Deezer

2021 U.S. SUCCESSUMPGTHE TOP 6THE TOP 53 OF THE TOP 5THE TOP 4TOP ARTISTS:TOP ALBUMS:UMG TOP SINGLES:

UMPG TOP SINGLES:DRAKE
OLIVIA RODRIGO
THE WEEKNDTAYLOR SWIFTMORGAN WALLEN
ARIANA GRANDEMORGAN WALLEN
OLIVIA RODRIGOPOP SMOKETAYLOR SWIFTDRAKE

THE WEEKND & ARIANA
GRANDE“LEVITATING”

THE WEEKND

THE WEEKND & ARIANA
GRANDEARTISTSALBUMSSINGLES“SAVE YOUR TEARS”“BLINDING LIGHTS”

OLIVIA RODRIGO“GOOD 4 U”

SINGLESDUA LIPA“SAVE YOUR TEARS”

THE WEEKND“BLINDING LIGHTS”

IANN DIOR“MOOD”

Source: Billboard

2021 REGIONAL SUCCESSUNITED KINGDOM:GERMANY:FRANCE:JAPAN:

7 OF THETOP 10ARTISTS

NO.1
SINGLESPOTIFY’S TOP
STREAMEDALBUM

BILLBOARD’STOP SELLINGARTISTNATHAN EVANSDAMSOOF THE YEAR
OLIVIA RODRIGOTAYLOR SWIFTDRAKE
ABBA
EMINEMTHE WEEKND
THE BEATLES

OF THE YEAR

“WELLERMAN”

QALF INFINITY& OUR ARTISTS WON& THE

9 OUT OF 14
NRJ AWARDSABBABEST FEMALE ARTISTHELEN FISCHERBEST MALE ARTISTTOP 2ALBUMSVOYAGE
RAUSCH&NO. 1 ALBUMBTSBTS, THE BEST

EVA

DADJU

KENDJI GIRAC“EVIDEMMENT”
SONG OF THE YEAR

Source: UK – Official Charts Company, Germany - GfkESTABLISHED ARTISTS ARE CHOOSING TO
EXPAND PARTNERSHIPS WITH UMG
20182022

TAYLOR SWIFTJ BALVIN

Exclusive global multi-yearrecording agreement (RepublicRecords); added a publishingagreement with UMPG in February
2020.

Multi-faceted exclusive
agreement with the biggest Latin
star in the world.

BTS

AEROSMITH

THE WEEKND

Expanded from Japanese only
language release distribution, to global
distributor for all BTS releases ex-Korea.
Part of a wider partnership with HYBE,
which also includes a Joint-label venture tolaunch a new global K-pop girl group.

Expansive worldwide alliancespanning the group’s entire
discography, merchandise, and audiovideo projects.

Expanded long-term agreement
further extends relationship acrossrecorded music, music publishing,merchandise and audiovisual projects.

ELTON JOHNU2BADSHAH

NEIL DIAMOND

Global partnership acrossrecorded music, music publishingand licensing rights.

Landmark recording, publishingand copyright acquisition agreement.

Exclusive global agreement
including future recordings, music
publishing rights for non-film
compositions, brand licensing, andpartnerships.

Acquisition of the entirety of
Neil Diamond’s historic song catalog,
as well as the rights to all recordings
from his career, 110 unreleased
tracks, unreleased album, archival
long form videos and future releases.

ROLLING STONES
Expansive worldwide agreement
covering recorded music, audiovisualcatalogues, archival support,
merchandising & brand management.

EMINEM
Exclusive global multi-productrecording agreement with one of themost successful and influential rappersof all time.

DRAKE
Worldwide partnership with Drake,
which expanded from recorded music tomusic publishing, film, television andbrands.

ANDREA BOCELLIMulti-dimensional agreement
includes future recorded music andaudiovisual projects, music merchandising,sync and brand partnerships.

STING
UMG acquired Sting’s song catalog,
uniting his extensive songwriting legacy
with his recorded music catalog for the firsttime and includes future releases.

STRATEGICOPPORTUNITIESIN AN EVOLVINGMARKETPLACE

1.

BROADEN ARTIST PARTNERSHIPS

2.

REDEFINE MARKETING & DISCOVERY
WITH DATA & INSIGHTS3.

FURTHER SUPPORT INDEPENDENTARTISTS, LABELS & PRODUCERS

4.

ACCELERATE PRESENCEIN HIGH-GROWTH MARKETS5.

ADVANCE LEADERSHIP IN
AUDIO-VISUAL CONTENT CREATION

6.

CREATE POWERFUL FAN EXPERIENCES
THROUGH NEW TECHNOLOGY7.

EXPAND DIGITAL PARTNERSHIPS

8.

DRIVE E-COMMERCE &DIRECT-TO-CONSUMER BUSINESSBOYD MUIREVP, CFO & PRESIDENT OF OPERATIONSUNIVERSAL MUSIC GROUP

FY 2021 SUMMARY RESULTS(€ MILLION)REVENUE€8,504+17.0% YOY

ADJUSTEDEBITDA

ADJUSTEDEBITDA MARGIN

OPERATINGPROFIT

ADJUSTEDEPS+20.9% YOY+0.9 PP YOY+15.4% YOY+ € 0.13 YOY€1,78821.0%€1,399€0.70

Note: All growth rates are in constant currency.

SUSTAINED GROWTH OF REVENUE,
ADJUSTED EBITDA AND MARGIN(€ MILLION)

25.0%

2,000
1,800
1,600

+17.0%

20.0%

17.7%

1,400

+5.1%

1,200

+15.6%

8,504
7,159

21.0%

20.1%

7,432

1,788

+26.4%

1,497

10.0%

1,272

600
400

15.0%

+19.3%

1,000
800

6,023

+20.9%

16.3%

983

5.0%

200

0.0%

-2018

2019

2020
REVENUE

2021

2018

2019

ADJUSTED EBITDA

2020

2021

ADJUSTED EBITDA MARGIN

Note: All growth rates are in constant currency.
2019 Adjusted EBITDA improvement benefitted from adoption of IFRS16.

FY 2021 REVENUE(€ MILLION)BY SEGMENT+17.0%

9,000
8,000
7,000

7,432

+27.4%

1,335

2020

2021

6,822

The Weeknd
Billie Eilish
Post Malone
Lil Baby
Pop Smoke
BTS
Justin Bieber
King & Prince
Taylor Swift
Juice WRLD

Olivia Rodrigo
BTS
Justin Bieber
The Weeknd
Morgan Wallen
ABBA
Billie Eilish
Taylor Swift
The Beatles
Drake+15.0%

6,000
5,000
4,000
3,000

5,967

RECORDED MUSIC BEST SELLERS

363292
1,186

8,504

+16.9%

2,0001,000-

FY20RECORDED MUSIC
MERCHANDISING & OTHER

FY21MUSIC PUBLISHING
Note: All growth rates are in constant currency.
Sum of revenue by segment does not equal total revenue due to intercompany eliminations.

FY 2021 RECORDED MUSIC REVENUE(€ MILLION)BY TYPE

BY GEOGRAPHY

13%

3%

4%

13%

16%

50%
5%

66%

30%

SUBSCRIPTION & STREAMINGDOWNLOADSNORTH AMERICAEMEAPHYSICAL

LICENSING

ASIA

LATIN AMERICAREST OF THE WORLD
Note: All growth rates are in constant currency.

FREE CASH FLOW(€ MILLION)- Dividend policy: 50% of net income- 2021 interim dividend: €0.20/share- Final dividend proposal 2021: €0.20/share275- Total 2021 dividend: €0.40/share(364)
85(255)

(388)
(3)
(86)

1,399

(17)

(8)

1,140

638

Operating
ProfitAdjustments*Royalty advancepayments, net ofrecoupments

Otherchanges
in net working
capitalIncometax paid

Net cash
Provided byoperating
activities

Catalog
investment

Other investing
activities

Repayment ofleaseliabilities

Interest
paid, net

Other cash
items related
to financing
activities

Free Cash
Flow*Adjustments include amortization and depreciation of intangible assets, change in provisions,income/(loss)
from equity affiliates, gain/(loss) on sale of assets and other non-recurring items.
21

NET DEBT 2021(€ MILLION)Net Debt Development• Free cash flow of €638 million• Debt- 5 year term loan €1 billion- RCF €2 billion• Closing net debt of €2,010 million

5638

(785)

(2,010)(1,868)• Net leverage of 1.2x (Net debt / EBITDA)
Net debt
31/12/2020

Free cashflowDividend*

FX/OtherNet debt
31/12/2021* Final FY 2020 dividend and interim FY 2021 dividend.

Q1 FY22 SUMMARY RESULTS(€ MILLION)REVENUE€2,199+16.5% YOYADJUSTEDEBITDAADJUSTEDEBITDA MARGIN+14.0% YOY(1.2 PP) YOY

€455

20.7%

Note: All growth rates are in constant currency.

Q&A

AGENDA ITEM 3

DISCUSSION OF AND ADVISORY VOTE
ON THE REMUNERATION REPORT 2021

Q&A

REMUNERATION REPORT 2021
(ADVISORY) VOTING ITEM

AGENDA ITEM 4DISCUSSION AND ADOPTION OF
THE FINANCIAL STATEMENTS 2021

JEAN-LOUIS GEUTJESPARTNER AT ERNST & YOUNG ACCOUNTANTS LLPINGRID BUITENDIJKPARTNER AT DELOITTE ACCOUNTANTS B.V.

Q&AFINANCIAL STATEMENTS 2021
VOTING ITEMAGENDA ITEM 5DIVIDEND

AGENDA ITEM 5A

DISCUSSION OF DIVIDEND POLICYQ&A

AGENDA ITEM 5B

ADOPTION OF THE DIVIDEND PROPOSALQ&ADIVIDEND PROPOSAL
VOTING ITEM

AGENDA ITEM 6DISCHARGE

AGENDA ITEM 6A

DISCHARGE OF THE EXECUTIVE DIRECTORSQ&ADISCHARGE OF THE
EXECUTIVE DIRECTORSVOTING ITEM

AGENDA ITEM 6B

DISCHARGE OF THE NON-EXECUTIVE DIRECTORSQ&ADISCHARGE OF THENON-EXECUTIVE DIRECTORSVOTING ITEM

AGENDA ITEM 7APPOINTMENT OF NON-EXECUTIVE DIRECTORSAPPOINTMENT OFBILL ACKMANAS NON-EXECUTIVE DIRECTORVOTING ITEMQ&A

APPOINTMENT OF

BILL ACKMANAS NON-EXECUTIVE DIRECTORVOTING ITEMAPPOINTMENT OFNICOLE AVANT

AS NON-EXECUTIVE DIRECTORVOTING ITEMQ&A

APPOINTMENT OFNICOLE AVANT

AS NON-EXECUTIVE DIRECTORVOTING ITEMAPPOINTMENT OFCYRILLE BOLLORÉAS NON-EXECUTIVE DIRECTORVOTING ITEMQ&A

APPOINTMENT OFCYRILLE BOLLORÉAS NON-EXECUTIVE DIRECTORVOTING ITEMAPPOINTMENT OFSHERRY LANSING

AS NON-EXECUTIVE DIRECTORVOTING ITEMQ&A

APPOINTMENT OFSHERRY LANSING

AS NON-EXECUTIVE DIRECTORVOTING ITEM

AGENDA ITEM 82022 UNIVERSAL MUSIC GROUPGLOBAL EQUITY PLAN

ANNA JONESCHAIR OF THE REMUNERATION COMMITTEE& INDEPENDENT NON-EXECUTIVE DIRECTORAGENDA ITEM 8A

Issuance of all such (rights to subscribe for) shares in the Company up to amaximum of 5% of the issued share capital of the Company as at the date ofthis annual General Meeting and, to the extent necessary, exclusion of thestatutory pre-emptive rights with regard to such (rights to subscribe for) shares,in order to give effect to rights granted under the UMG LTIP to employees of theGroup and to the Executive Directors and approval of the UMG LTIP.

Q&A

ISSUANCE OF ALL SUCH
(RIGHTS TO SUBSCRIBE FOR)SHARES IN THE COMPANY
VOTING ITEM

AGENDA ITEM 8B

Approval to award (rights to subscribe for) shares in the Company to the
Executive Directors as (i) annual Long-Term Incentive grants under theRemuneration Policy for Executive Directors and (ii) special grants to the
Executive Directors.

Q&A

APPROVAL TO AWARD(RIGHTS TO SUBSCRIBE FOR)SHARES IN THE COMPANY
VOTING ITEM

AGENDA ITEM 9DESIGNATION OF THE BOARDAS THE COMPETENT BODY TOREPURCHASE OWN SHARESQ&AREPURCHASE OF OWN SHARESVOTING ITEM

AGENDA ITEM 10RE-APPOINTMENT OF THE EXTERNAL AUDITORSFOR THE FINANCIAL YEAR 2022

Q&A

RE-APPOINTMENT OFEXTERNAL AUDITORS FOR 2022
VOTING ITEM

AGENDA ITEM 11ANY OTHER BUSINESSAGENDA ITEM 12CLOSING