AI Entertainment Holdings LLC - Jan 27, 2022 Form 4 Insider Report for Warner Music Group Corp. (WMG)

Role: 10%+ Owner
Signature: /s/ Alejandro Moreno for AI Entertainment Holdings LLC
Stock symbol: WMG
Transactions as of: Jan 27, 2022
Transactions value $: $0
Form type: 4
Date filed: 1/31/2022, 03:06 PM
Previous filing: Jan 7, 2022
Next filing: Mar 16, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WMG	Class B Common Stock	Other		-1.09M	-69.02%		488K	Jan 27, 2022	Class A Common Stock	1.09M		By partnership	F1, F2, F3
holding	WMG	Class B Common Stock						366M	Jan 27, 2022	Class A Common Stock	366M		Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock and has no expiration date.
F2	Altep 2012 L.P. declared on January 27, 2022 a pro rata distribution for no consideration of an aggregate of 1,087,137 shares of Class B Common Stock, which were converted into an equal number of shares of Class A Common Stock automatically upon distribution.
F3	The securities reported are held directly by Altep 2012 L.P. ("Altep 2012") and may be deemed to be beneficially owned by AI Altep Holdings, Inc. and Mr. Blavatnik because AI Altep Holdings, Inc. is the general partner of Altep 2012 and Mr. Blavatnik controls AI Altep Holdings, Inc. Each of the reporting persons (other than Altep 2012) disclaims beneficial ownership of these securities, except to the extent of its or his pecuniary interest therein, and this Form shall not be construed as an admission that any such reporting person is the beneficial owner of any such securities.
F4	The securities reported are held directly by AI Entertainment Holdings LLC ("AIEH") and may be deemed to be beneficially owned by AIPH Holdings LLC ("AIPH"), Access Industries Holdings LLC ("AIH"), Access Industries, LLC ("AI"), Access Industries Management, LLC ("AIM") and Mr. Blavatnik because AIPH is the parent of AIEH, AIH controls a majority of the outstanding voting interests in AIPH, AI controls a majority of the outstanding voting interests in AIH, AIM controls AI and AIH and Mr. Blavatnik is the controlling person of AIM and controls a majority of the outstanding voting interests in AI. Each of the reporting persons (other than AIEH) disclaims beneficial ownership of these securities, except to the extent of its or his pecuniary interest therein, and this Form shall not be construed as an admission that any such reporting person is the beneficial owner of any such securities.