Time Warner Inc. have signed MIKE OLDFIELD, the
internationally-acclaimed songwriter, performer and
multi-instrumentalist, to a substantial long-term deal with
WEA Records for an undisclosed sum.

The first release from this exciting new partnership will be
'Tubular Bells II', the long-anticipated follow-up to Mike
Oldfield's legendary multi-platinum instrumental work.

'Tubular Bells' was extraordinarily successful upon its
release in 1973. It sold over 16 million copies worldwide
(including 3 million in the UK alone), went to No.1 in
virtually every country of release and provided Richard
Branson with a financial foundation on which to build the
Virgin empire.

Over nearly two decades and fourteen albums, Oldfield has
proven himself as one of the most consistently successful
contemporary songwriters this century. His last release for
Virgin came in 1991 -- prior to the company being taken over
by EMI, in a transaction that signalled the demise of the
last great British independent.

Now Mike Oldfield moves to WEA Records, changing labels for
the first time and beginning a new phase in his long and
distinguished career.

"It's exciting for me personally to he associated with
Warners," says Oldfield. "And also a real pleasure to find
everyone so focused and enthusiastic about the album. The
general mood is very UP, it makes me feel like I'm starting
all over again."

Rob Dickins, Chairman of Warner Music UK, who signed Mike
Oldfield amidst fierce competition from other major labels
as well as a pre-takeover bid from Virgin, says:

"Mike Oldfield has proved himself as both a unique talent
and an achiever of the impossible. I believe the time is
right to introduce into the market place an album of music
which both challenges and entertains and which grows with
every listening in a world where instant entertainment is
the norm. I am thrilled that Mike has chosen Warners as his
partner for this new venture and having heard some of the
music I have no doubt we will have great success together."

Source: Warner Promotional Material.