Cinemark To Acquire 32 Theatres From Rave Cinemas

Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type, including Department of Justice or Federal Trade Commission antitrust approval. Cinemark intends to fund the acquisition through the use of available cash, borrowings under its credit facilities, proceeds from the issuance of additional debt securities or a combination of the foregoing.

Akin Gump Strauss Hauer & Feld LLP served as legal advisors for Cinemark. AGM Partners, LLC and Kirkland & Ellis LLP served as financial and legal advisors, respectively, for the seller.

Reconciliation of Net Income to Adjusted EBITDA (Unaudited, in millions)

Net income		$	21.9
Income tax expense			0.3
Depreciation and amortization			11.5
Interest expense and other			4.8
Deferred rent expense			3.2
Adjusted EBITDA (1)		$	41.7

(1) Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, depreciation and amortization, and deferred rent expense. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

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