Reading International Announces a Further Partial Reacquisition of Its Trust Preferred Securities

LOS ANGELES, Feb. 5  /PRNewswire-FirstCall/ -- Reading International, Inc. (NYSE Alternext US: RDI) announced today that it has consummated a transaction which has resulted in a further 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 a further exchange that has resulted in our reacquiring $9,924,902 of these securities.

In a transaction which occurred on February 3, 2009 the CDO Issuer has accepted securities proposed by us for this exchange.  We were again able to effect such exchange at a 50% liquidation discount.  That is, we purchased a total of $4,962,451 worth of third party securities and gave them to the CDO Issuer.  The CDO Issuer simultaneously returned to us $9,924,902 worth of our preferred securities.

As a result of this transaction, we expect to recognize an additional forgiveness of debt gain in our first quarter of 2009 of $4,962,451. In total for the first quarter of 2009 our forgiveness of debt gain will be $11,462,500.

As stated above, our intention was to reacquire up to $22,925,000 of our preferred securities.  This has now been accomplished and we do not foresee any further reacquisitions of our Trust Preferred Securities at this time.

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.   [phone]


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DATASOURCE: Reading International, Inc.



CONTACT:  Andrzej Matyczynski, Chief Financial Officer of Reading

International, Inc., [phone]



Web Site:  http://www.readingrdi.com/ 

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