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SANRIO & CHERRY LANE SIGN MUSIC PUBLISHING DEAL

January 29, 2007

In an unprecedented signing, SANRIO Inc., U.S. subsidiary of SANRIO Ltd., Japan, the creator of beloved icon, Hello Kitty®, and Cherry Lane Music Publishing Company, home to the catalogues of the Black Eyed Peas, Elvis Presley, John Denver and John Legend, have entered into a multi-year joint venture. Cherry Lane will produce original music for Hello Kitty and other character brands under the SANRIO umbrella.

"We are excited to add a musical dimension to Sanrio's world," says Mas Imai, President & COO of SANRIO, Inc. "Cherry Lane has an exceptional reputation in the music industry and an astute sense of the Sanrio brand. We look forward to enhancing our properties and supporting our vision to deliver unique experiences to our customers."

Over thirty years ago, SANRIO created Hello Kitty -- the friendly feline character with the bright red bow -- to adorn a collection of stationery items and coin purses. Right from the start she was a hit, representing the company's philosophy of "small gift, big smile" and helping SANRIO grow into a $1 billion business worldwide. Since then, Hello Kitty has become an international phenomenon with a wide range of lifestyle products from notepads to kitchen appliances to luxe jewelry, electronics and more.

"We're thrilled to be working with Sanrio, a visionary company that is home to one of the most famous brands in the world," notes Richard Stumpf, Senior Vice President, Creative/Marketing for Cherry Lane. "In today's marketplace, where music enhances everything it touches, we felt, and Sanrio agreed, that creating a musical sound and identity would extend the reach of their properties. We look forward to bringing our incredibly talented roster of writer/artists to these projects."

About SANRIO

SANRIO develops, distributes and licenses a collection of gift, stationery and fashion accessory items for women of all ages. SANRIO was founded in 1960 based on the concept that a small gift can bring a big smile to a child of any age. Today, over 50,000 Sanrio-branded items are sold in over 60 countries around the world. In the Western Hemisphere SANRIO character-branded products are sold in upwards of 12,000 locations including department, specialty, national chain stores and over 200 SANRIO boutiques. For more information, please visit www.sanrio.com.

About Cherry Lane Music Publishing

Cherry Lane, New York-based privately held music publisher founded in 1960 by renowned producer/arranger Milt Okun, oversees an extensive catalogue of songs ranging from legendary classics "All Shook Up," "Just the Two of Us," "Take Me Home Country Roads," "Day-O," "Anarchy in the U.K.," "Man In The Mirror" and "P.Y.T." to more recent Billboard chart-toppers including the Black Eyed Peas' "My Humps," "Don't Lie," "Where Is The Love" and "Let's Get It Started," John Legend's "Ordinary People" and Fergie's "Fergilicious." Cherry Lane has also amassed a vast catalogue of film and television credits including The Passion of the Christ, Shrek, Shark Tale, Gladiator, Pokémon, Yu-Gi-Oh! and Teenage Mutant Ninja Turtles. Known for its innovative copyright exploitation and administration, Cherry Lane has forged relationships with DreamWorks Pictures, DreamWorks Animation SKG, Walden Media, NASCAR, Icon Productions, NFL Films, World Wrestling Entertainment, Professional Bull Riders, Pokémon USA, Inc. and 4Kids Productions, to name a few.

SANRIO Contact:

Orsi Public Relations

Dyann Hawkins/Emily McMullin (323)874-4073

dyann@orsipr.com/emily@orsipr.com

Cherry Lane Contact:

Dan Rosenbaum (212)561-3052

drosenbaum@cherrylane.com