Emmet, Marvin & Martin, llp Counsellors at Law New York, New York 10271 Tel: 212-238-3000 Fax: 212-238-3100 www.emmetmarvin.com |
October 29 2021
The Bank of New York Mellon
as Depositary
240 Greenwich Street
New York, New York, 10286
| Re: | Unsponsored American Depositary Shares for common stock of Universal Music Group N.V. |
Ladies and Gentlemen:
We refer to the registration statement to be filed on Form F-6 under the Securities Act of 1933 (the "Registration Statement") by the legal entity created by the agreement for issuance of American Depositary Shares ("ADSs"), representing common stock of Universal Music Group N.V., for which you propose to act as Depositary.
We are of the opinion that the ADSs covered by the Registration Statement, when issued in accordance with the Statement of Terms and Conditions of the ADSs included as an exhibit to the Registration Statement will, when sold, be legally issued and will entitle the holders thereof to the rights specified in the Statement of Terms and Conditions.
This opinion may be used by you as an exhibit to the Registration Statement.
Very truly yours,
/s/ EMMET, MARVIN & MARTIN, LLP
EMMET, MARVIN & MARTIN, LLP