Reading International Announces Partial Reacquisition of Its Trust Preferred Securities

Reading International Announces Partial Reacquisition of Its Trust Preferred Securities

LOS ANGELES, Jan. 15 /PRNewswire-FirstCall/ -- Reading International, Inc. (NYSE Alternext US: RDI) announced today that it has consummated a series of transactions which have resulted in a reduction of its debt.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO)

In line with our previously announced intention to reacquire up to $22,925,000 of our preferred securities held by Kodiak CDO II Ltd. (the "CDO Issuer"), we have completed exchanges that have resulted in our reacquiring $13,000,098 of these securities.

In two separate transactions which occurred on January 14th and January 15th, 2009 the CDO Issuer has accepted securities proposed by us for this exchange. In each case we were able to effect such exchange at a 50% liquidation discount. That is, we purchased a total of $6,500,049 worth of third party securities and gave them to the CDO Issuer. The CDO Issuer simultaneously returned to us $13,000,098 worth of our preferred securities.

As a result of these transactions, we expect to recognize a forgiveness of debt gain of $6,500,049 in the first quarter of 2009.

As stated above, our intention is to reacquire up to $22,925,000 of our preferred securities. With regard to the remaining $9,924,902 currently not reacquired, we cannot predict whether or when any further exchanges will occur.

About Reading International, Inc.

Reading International (http://www.readingrdi.com/) is in the business of owning and operating cinemas and developing, owning and operating real estate assets. Our business consists primarily of:

-- the development, ownership and operation of multiplex cinemas in the
United States, Australia and New Zealand; and
-- the development, ownership and operation of retail and commercial real
estate in Australia, New Zealand and the United States.

Reading manages its worldwide cinema business under various different brands:

-- in the United States, under the
-- Reading brand,
-- Angelika Film Center brand (http://angelikafilmcenter.com/),
-- Consolidated Theatres brand
(http://www.consolidatedtheatres.com/), and
-- City Cinemas brand;
-- in Australia, under the Reading brand
(http://www.readingcinemas.com.au/); and
-- in New Zealand, under the
-- Reading (http://www.readingcinemas.co.nz/) and
-- Rialto (http://www.rialto.co.nz/) brands.

For more information, contact:

Andrzej Matyczynski, Chief Financial Officer
Reading International, Inc. (213) 235 2240

Photo: http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Reading International, Inc.

CONTACT: Andrzej Matyczynski, Chief Financial Officer of Reading
International, Inc., +1-213-235-2240

Web Site: http://angelikafilmcenter.com/
http://www.consolidatedtheatres.com/
http://www.readingcinemas.co.nz/
http://www.readingcinemas.com.au/
http://www.readingrdi.com/
http://www.rialto.co.nz/

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