Cinemark, Inc. Announces Intent to Issue $360 Million Senior Discount Notes.

Business Editors

PLANO, Texas--(BUSINESS WIRE)--March 15, 2004

Cinemark, Inc. (the "Company") today announced that it intends to issue approximately $360 million in gross proceeds of Senior Discount Notes due 2014. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in reliance on Regulation S under the Securities Act. The Company will use the net proceeds from the offering, together with the purchase of Cinemark, Inc. common stock by an investor group led by Madison Dearborn Partners, LLC., to finance a recapitalization of the Company. The Company's Chairman and CEO, Lee Roy Mitchell, together with other members of the Company's senior management, will retain significant equity stakes in the recapitalized Company. In connection with the recapitalization, the Company will cause its subsidiary, Cinemark USA, Inc., to amend and restate its existing credit facility to provide for a term loan of approximately $270 million, the proceeds of which will be used to repay existing term loans and to repurchase or redeem Cinemark USA, Inc.'s 8 1/2% Series B Senior Subordinated Notes due 2008. The Company expects that the remaining indebtedness of Cinemark USA, Inc, including its 9% Notes due 2013, will remain outstanding. The final terms of the new financings are subject to the negotiation and execution of definitive documentation and to market conditions.

This announcement is neither an offer to sell nor a solicitation of an offer to buy these securities. The securities to be offered will not be registered under the Securities Act of 1933 or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and applicable state laws.

The Company intends that this press release be governed by the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995 (the "PSLR Act") with respect to statements that may be deemed to be forward-looking statements under the PSLR Act. Such forward-looking statements may include, but are not limited to, the Company and any of its subsidiaries' long-term theatre strategy. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors.