ReplayTV Rebate Announced for 5500 Series DVRs

SANTA CLARA, CA., July 9, 2004 - ReplayTV®, the inventor and creator of personal television, today announced a consumer rebate program for its award-winning 5500 Series Digital Video Recorders, the industry's broadest range of premium full-featured DVRs. From now through September 30th, 2004, purchasers of all new ReplayTV DVRs will be entitled to receive the following rebates: $50 for the 40-hour Model RTV5504 (SRP: $149.99); $100 for the 80-hour RTV5508 (SRP: $299.99); $100 for the 160-hour RTV5516 (SRP: $449.99); and $200 for the 320-hour RTV5532 (SRP: $799.99). With each model, consumers have the choice of either purchasing the ReplayTV Service for a $12.95 monthly fee, or choosing service for the lifetime of the product for a single, onetime payment of $299.

Among the major retailers participating in the ReplayTV rebate program are: Amazon.com, Buy.com, Circuit City, CompUSA, The Good Guys, Fry's, J & R Music World, Magnolia, Tweeter and other authorized ReplayTV dealers. The rebate offer is also valid for purchases of new 5500 Series DVRs made directly through ReplayTV's website ( www.replaytv.com .)

To receive their rebate checks from ReplayTV, consumers need to send in their completed rebate form along with a copy of their original receipt (including the original UPC code). In addition, the ReplayTV Service must be paid and active for a minimum of 30 days in order for customers to be eligible to receive the rebate. There is a three-unit limit per customer on the rebate offer.

ReplayTV President Bernie Sepaniak noted: "The popularity of digital video recording continues to grow exponentially, and this rebate program for our award-winning 5500 Series products makes ReplayTV the industry's best value in premium-quality standalone DVRs. By making high-quality digital video recording more affordable, we're confident that more and more consumers will choose the unprecedented viewer control options and other advanced features our DVRs offer, and decide to make ReplayTV part of their lifestyle."

About ReplayTV
ReplayTV is the inventor and creator of personal television and offers the most powerful DVRs on the planet. ReplayTV has earned over 20 prestigious awards including CNET's Editors Choice Award and is the winner of an Emmy award for technological achievement. The company leads the DVR industry in groundbreaking innovations aimed at providing consumers with unmatched power and control in maximizing their TV viewing experience with the best performance and best value. Founded in 1997, ReplayTV is headquartered in Santa Clara, California. The ReplayTV® brand is owned by D & M Holdings U.S., Inc., through its wholly owned subsidiary Digital Networks North America, Inc.

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 .

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.

ReplayTV is a registered trademark and the ReplayTV circled "r" logo is a trademark of Digital Networks North America, Inc.