DENON TO DEMONSTRATE BREAKTHROUGH HOME NETWORKING PRODUCT AT EHX 2003

At EHX 2003, Denon will offer attendees a glimpse of the future of home entertainment connectivity with a working demonstration of its upcoming audio/video distribution system.

Pine Brook, NJ, November 10, 2003 -At EHX 2003, Denon will offer attendees a glimpse of the future of home entertainment connectivity with a working demonstration of its upcoming audio/video distribution system. Boasting features and capabilities that promise to redefine the networking category, the product will be on display at a booth that has been specially designed to showcase its lifestyle benefits (EHX Booth #918).


Supporting multiple zones, Denon's breakthrough audio/video distribution system will take home networking to new levels of utility, flexibility and convenience, going beyond merely controlling signals, but distributing content over an Ethernet network. The prototype system has as its foundation a Denon Network Server equipped with two hard drive (one removable). It also features a multizone controller, PVR, music server, two FM tuners, NTSC/analog -cable tuners and a CD drive. Consumers will be able to use the system to connect cable TV boxes and satellite TV receivers, streaming multiple video programs over the Ethernet. Music can also be transferred to the server from the CD drive or connected changers.

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. More 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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