Cinemark USA, Inc.
	Reconciliation of Adjusted EBITDA to Net Income
	For the Three Months and Year Ended December 31, 2004 and 2005
	(in thousands, unaudited)
		Three months ended		Year ended
		December 31,		December 31,
		2005	2004	2005	2004
Net income		$             11,202	$            12,772	$            48,365	$            44,554
	Income taxes	8,166	13,204	28,182	27,030
	Interest expense (1)	12,498	11,004	47,108	45,403
	Other (income) expense	(1,819)	(65)	(4,627)	8,456
	Income from discontinued operations, net of taxes	-	(2,917)	-	(3,584)
Operating income		30,047	33,998	119,028	121,859
	Add:  Depreciation, amortization and impairment of long-lived assets	26,703	18,012	86,133	68,718
	Add:  Loss on sale of assets and other	717	2,215	2,625	4,851
	Add:  Deferred lease expenses (2)	643	798	2,814	2,397
	Add:  Amortized compensation - stock options (3)	-	-	-	145
	Add:  Stock option compensation and change of control expenses related to the Recapitalization	-	-	-	31,995
	Adjusted EBITDA (4)	$             58,110	$            55,023	$          210,600	$          229,965
	(1)     Includes amortization of debt issue costs and excludes capitalized interest.
	(2)     Non-cash expense included in facility lease expense.
	(3)     Non-cash expense included in general and administrative expenses.
	(4)   Adjusted EBITDA as calculated in the chart above represents net income before income taxes, interest expense, other
	(income) expense, income from discontinued operations,  depreciation, amortization and impairment of long-lived assets,
	loss on sale of assets and other, changes in deferred lease expense,  accrued and unpaid compensation expense
	relating to any stock option plans and stock option compensation and change of control expenses related to the Recapitalization.
	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.