Cinemark USA, Inc.
	Reconciliation of Adjusted EBITDA to Net Income
	For the Three Months Ended March 31, 2005 and 2006
	(in thousands, unaudited)
		Three months ended
		March 31,
		2006	2005
Net income		$             13,932	$            12,053
	Income taxes	1,340	6,641
	Interest expense (1)	12,529	11,267
	Other income	(493)	(742)
Operating income		27,308	29,219
	Add:  Depreciation, amortization and impairment of long-lived assets	20,445	18,480
	Add:  Loss on sale of assets and other	728	688
	Add:  Stock option compensation expense (2)	716	-
	Add:  Deferred lease expenses (3)	533	705
Adjusted EBITDA (4)		$             49,730	$            49,092
	(1)     Includes amortization of debt issue costs and excludes capitalized interest.
	(2)     Non-cash expense included in general and administrative expenses.
	(3)     Non-cash expense included in facility lease expense.
	(4)   Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, other
	income, depreciation, amortization and impairment of long-lived assets, loss on sale of assets and other, stock option compensation expense
	and changes in deferred lease 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 or operating 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. The calculation of Adjusted
	EBITDA is consistent with the definition of EBITDA in our senior subordinated notes indentures. We have
	included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our
	performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for
	incentive compensation purposes.