DENON OFFERS INDUSTRY'S BROADEST LINEUP OF HIGH -PERFORMANCE DVD PLAYERS

-- Comprehensive Lineup Features Three "Universal" DVD Players, Plus Four WMA-Capable Models and More --

Pine Brook, NJ, September 5, 2003 -At CEDIA 2003, Denon Electronics, a world leader in high -performance audio/video components, is exhibiting a comprehensive lineup of eight advanced DVD players, including a family of three "universal" players, offering consumers and custom installation professionals the industry's broadest range of choice in DVD features, pricing and performance capabilities.


Stephen Baker, Denon Senior Vice President of Sales and Marketing, noted: "In the last several years, Denon has emerged as one of the premier suppliers of high -performance DVD players to the audio/video specialty channel, serving the country's most discriminating consumers with products that truly set the standards in DVD player excellence. By placing equal emphasis on both high -quality audio and video playback capabilities, our DVD players are designed to serve as all -in -one high -performance source components. With our new lineup, Denon now offers the ideal solution for every home entertainment DVD player need."

DVD -2200: Universal Playback Compatibility, Made More Affordable

In a move that reflects Denon's ongoing commitment to providing affordable, high -performance home entertainment solutions, the company is debuting its DVD -2200, bringing true high -end universal DVD player performance to a more attractive price point than
ever before.

The DVD -2900 is designed for ultimate -quality multichannel audio and digital video playback, enabling home theater enthusiasts to enjoy the very best in music listening and movie viewing. With a suggested retail price of just $629, the player includes a host of advanced features that make it ideal for a wide range of custom home entertainment system installations.

To provide the ultimate in high -quality video and audio playback performance, the DVD -2200 incorporates a wealth of advanced technologies and features. To deliver exceptional video quality, the player utilizes precision Analog Devices 12 -bit, 108MHz video D/A converters, and Denon's use of PureProgressive Scan™ technology featuring the Silicon Image SiL 504 decoding engine. The player also provides convenience functions such as Kodak and Fuji Picture CD compatibility, and a JPEG photo file viewer.

For improved sound quality and flexibility, the DVD -2200 offers the identical full digital bass management for DVD -Audio and Super Audio CD used in Denon's critically acclaimed DVD -2900, allowing users to optimize sonic performance with any loudspeakers, system and room environment. An Analog Devices Melody 32 -bit DSP for DVD -Audio and a second -generation Sony DSD decoder for SACD assure spectacular multichannel audio reproduction from both formats. In addition, the player includes built -in Dolby Digital and DTS decoding with 5.1 -channel analog audio output, plus built -in MP3 decoding.

Denon's family of universal DVD players, including the ultra -high -end DVD -5900 (SRP: $2,000) and the DVD -2900 (SRP: $999), both of which feature RS -232 connections and remote in/out ports for two -way integrated system control, play back virtually every optical disc format available, including CD, CD -R/RW, MP3 -CD, DVD -R/RW discs and more, in addition to DVD -Audio, DVD -Video and Super Audio CD playback.

Broad Range of DVD Players and Changers With WMA Capability

In addition to its three universal DVD players, Denon also offers two DVD changers and two DVD players featuring WMA (Windows Media Audio) playback capability.

The WMA -capable DVM -2815 5 -Disc DVD -Audio/Video Changer (SRP: $469), DVD -1200 DVD -Audio/Video Player (SRP: $429), DVM -1815 5 -Disc DVD -Video Changer
(SRP: $369) and DVD -910 DVD -Video Player (SRP: $329) offer unprecedented value and performance in their respective categories, with progressive scan component video output plus a wealth of sophisticated technologies to deliver exceptional video and audio quality.

DVM -1815 and DVD -910: The Best DVD Player Values Available

The Denon DVM -1815 5 -Disc DVD -Video changer and DVD -910 DVD -Video player set remarkable new benchmarks in progressive scan DVD player value at suggested retail prices of just $369 and $329, offering more features and performance at lower prices than the models they replace. The DVM -1815 and DVD -910 are engineered to deliver exceptional progressive scan DVD -Video quality, thanks to their Faroudja DCDi digital picture enhancement circuitry, true 3:2 pulldown detection, 12 -bit, 54 MHz video D/A conversion and wide range of picture adjustments.

The players' video quality is matched by their audio performance -both models incorporate 24 -bit, 192 kHz audio D/A conversion, to deliver clear, dynamic high -resolution sound quality from movie soundtracks, music discs and WMA -encoded CDs. The DVM -1815 and DVD -910 both provide an extensive complement of video and audio connections, and offer useful operational and convenience features that make them ideal for value -conscious home theater enthusiasts seeking to create a true high -performance audio/video system.

All Denon DVD players feature an extensive complement of digital and analog video and audio connections, with progressive scan component video, S -video and composite video outputs, as well as performance and convenience features such as a full range of picture adjustment controls, intuitive on -screen menu systems that include easy WMA file navigation, and full -function remote controls.

About Denon

From its beginning in the 1930s as a supplier of professional recording studio and broadcast equipment, Denon has become a world leader in the manufacture of the highest quality audio, audio/video, and software products. Denon is recognized internationally for innovative and groundbreaking products and has a long history of technical innovations, including the development and first commercialization of PCM digital audio. Additional information is available at www.usa.denon.com.

About D&M Holdings Inc.

D&M Holdings Inc. (TSE II: 6735) is based in Tokyo and is the parent company of wholly owned subsidiaries Denon Ltd., Marantz Japan, Inc. and McIntosh Laboratory, Inc. Denon, Marantz and McIntosh are global industry leaders in the specialist home theater, audio/video consumer electronics and professional audio markets, with a strong and long -standing heritage of manufacturing and marketing high -performance audio and video components. A wholly owned subsidiary of D&M Holdings U.S., Inc., Digital Networks North America, Inc. (DNNA), owns the ReplayTV®, Rio® and Escient® brands -all representing award -winning technologies in digital home entertainment. Additional information is available at www.dm -holdings.com.

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DISCLAIMER

Statements in this news release that are not statements of historical fact may include forward looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are just predictions and that actual events or results may differ materially. Forward looking statements involve a number of risks and uncertainties surrounding competitive and industry conditions, market acceptance for the company's products, risks of litigation, technological changes, developing industry standards and other factors related to the company's businesses. The actions referred to in this press release are not an admission or acknowledgement of any claim or allegation. The Company reserves all of its rights.

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