Cinemark USA, Inc. Reports New Senior Subordinated Debt Issue, New Senior Credit Facility and Ratings Upgrade.

Business Editors

PLANO, Texas--(BUSINESS WIRE)--Feb. 3, 2003

Cinemark USA, Inc. (the "Company"), one of the leaders in the motion picture exhibition industry, today announces that it intends to issue, subject to market and other conditions, approximately $150 million of Senior Subordinated Notes due 2013 by means of a private placement. 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. Upon the completion of this offering, the Company will cause certain of its domestic subsidiaries to guaranty the Company's obligations under these notes and its other existing senior subordinated notes due 2008.The Company will use the net proceeds from the offering to refinance a portion of its existing senior indebtedness.

The Company also intends to enter into a new senior secured credit facility consisting of a $75 million credit line and a $125 million term loan. Proceeds from the borrowings under the new credit facility will be used to repay remaining amounts outstanding under the Company's existing credit agreement and to repay in full the borrowings of its subsidiary, Cinema Properties, Inc.

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 was informed by Standard & Poor's Ratings Services and Moody's Investors Service that each had upgraded the Company's ratings. Standard & Poor's Ratings Services affirmed its B+ corporate credit rating on the Company, revised its outlook on the Company to positive from stable, and assigned a BB- rating to the Company's proposed new credit facility and a B- rating for the new senior subordinated notes issue. Moody's Investors Service upgraded the Company's ratings for the Company's debt securities and assigned a Ba3 rating to the proposed new credit facility, a B3 on the new subordinated debt issue and upgraded the existing senior subordinated notes to B3 from Caa2. Moody's Investors Service also upgraded the Company's Senior Implied Rating to B1 from B2, Senior Unsecured Rating to B2 from B3 and the Rating Outlook was changed to stable from positive.

As of December 31, 2002, the Company, headquartered in Plano, Texas, has 280 theaters and 3,031 screens in 33 states, and internationally in 13 countries including Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, Honduras, Nicaragua, Mexico and Peru.

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.

The Company, headquartered in Plano, TX, has an interactive website at www.cinemark.com where customers can view showtimes, purchase tickets and buy concessions over the internet.