<SUBMISSION>
<ACCESSION-NUMBER>0000891092-04-001294
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20040315
<ITEMS>12
<ITEMS>7
<FILING-DATE>20040316
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>READING INTERNATIONAL INC
<CIK>0000716634
<ASSIGNED-SIC>6513
<IRS-NUMBER>953885184
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-08625
<FILM-NUMBER>04671887
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>550 SOUTH HOPE STREET
<STREET2>SUITE 1825
<CITY>LOS ANGELES
<STATE>CA
<ZIP>90071
<PHONE>213 235 2240
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>550 SOUTH HOPE STREET
<STREET2>SUITE 1825
<CITY>LOS ANGELES
<STATE>CA
<ZIP>90071
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CITADEL HOLDING CORP
<DATE-CHANGED>19941216
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e17226_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>


<p><table width=600><tr><td  align=center><font size=2><B>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION<BR>Washington, DC 20549</B></font></td></tr></table>

<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<table width=600><tr><td  align=center><font size=4><B>FORM 8-K</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><FONT SIZE="4">CURRENT REPORT</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Pursuant to Section 13 OR 15(d) of
the  Securities Exchange Act of 1934<BR>
      Date of report (Date of earliest event reported): <b>March 15, 2004</b></font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="4"><B><font size="5">Reading International,
      Inc.</font><BR>
      </B><font size="2">(Exact Name of Registrant as Specified in Charter)</font></FONT></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width="225"> <font size="2"><b>Nevada</b></font></td>
    <td width="21">&nbsp; </td>
    <td width="148"> <font size="2"><b>1-8625</b></font></td>
    <td width="16">&nbsp; </td>
    <td width="190"> <font size="2"><b>95-3885184</b></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="225"> <font size="2">(State or Other Jurisdiction<br>
      of Incorporation)</font></td>
    <td width="21">&nbsp; </td>
    <td width="148"> <font size="2">(Commission<br>
      File Number)</font></td>
    <td width="16">&nbsp; </td>
    <td width="190"> <font size="2">(IRS Employer<br>
      Identification No.)</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td width="225">&nbsp; </td>
    <td width="21">&nbsp; </td>
    <td width="148">&nbsp; </td>
    <td width="16">&nbsp; </td>
    <td width="190">&nbsp; </td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan=3> <font size="2"><b>550 S. Hope Street, Suite 1825, Los Angeles,
      California</b></font></td>
    <td width="16">&nbsp; </td>
    <td width="190"> <font size="2"><b>90071</b></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan=3> <font size="2">(Address of Principal Executive Offices)</font></td>
    <td width="16">&nbsp; </td>
    <td width="190"> <font size="2">(Zip Code)</font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td  align=center><font size=2>Registrant&#146;s telephone number, including
      area code<b> (213) 235-2240</b></font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>N/A</B></font>
      <hr size="1" noshade>
      <font size=2>Former Name or Former Address, if Changed Since Last Report)</font>
    </td>
  </tr></table>

<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Item 7. Financial Statements and Exhibits.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following
exhibits are included with this report:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1. Reading
International, Inc. earnings press release dated March  15, 2004.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Item 12. Regulation FD Disclosure.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 15, 2004
Reading International, Inc. issued a press release  announcing its consolidated financial
results for the fourth quarter and year  ended December 31, 2003. A copy of the press
release is furnished as Exhibit  99.1 to this current report and is incorporated herein
by reference. The press  release is being furnished pursuant to Item 12 of Form 8-K as
directed by the  Commission in Release No. 34-47583.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td  align=center><font size=2><B>SIGNATURES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934,  the registrant has duly caused this
report to be signed on its behalf by the  undersigned hereunto duly authorized.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top width="233"> <font size="2"><br>
      &nbsp;</font></td>
    <td valign=top width="116"> <font size="2"><br>
      &nbsp;</font></td>
    <td colspan=3 valign=top> <font size="2"><br>
      READING INTERNATIONAL, INC.</font></td>
  </tr>
  <tr>
    <td valign=top width="233">&nbsp;</td>
    <td valign=top width="116">&nbsp;</td>
    <td valign=bottom width="38">&nbsp;</td>
    <td valign=bottom width="233" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width="233"><font size="2">Date: March 15, 2004</font></td>
    <td valign=top width="116">&nbsp;</td>
    <td valign=bottom width="38"><font size="2">By:</font></td>
    <td valign=bottom width="233" colspan="2"><font size="2">/s/ Andrzej Matyczynski</font>
    </td>
  </tr>
  <tr>
    <td valign=top width="233">&nbsp;</td>
    <td valign=top width="116">&nbsp;</td>
    <td valign=top width="38">&nbsp;</td>
    <td valign=top width="233" colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=top width="233">&nbsp; </td>
    <td valign=top width="116">&nbsp; </td>
    <td valign=top width="38"> <font size="2">Name:</font></td>
    <td valign=top width="233" colspan="2"> <font size="2">Andrzej Matyczynski</font></td>
  </tr>
  <tr>
    <td valign=top width="233">&nbsp; </td>
    <td valign=top width="116">&nbsp; </td>
    <td valign=top width="38"> <font size="2">Title:</font></td>
    <td valign=top width="233" colspan="2"> <font size="2">Chief Financial Officer</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



</body>
</html>





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e17226ex99_1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head>
<title> EX-99.1</title>
</head>
<body>



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<p><table width=600><tr><td  align=center><font size=2>Reading International Announces
Record 2003 EBITDA(1)</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>* EBITDA(1) Was Up 189.0% for the
2003 Year Versus 2002, at $10.2 Million</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>* Eighth Consecutive Quarter of
Positive EBITDA(1)</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES, March
15 /PRNewswire-FirstCall/ &#151; Reading International, Inc.  (Amex: RDI.A, RDI.B) announced
today record EBITDA(1) of $10.2 million, for the  year ended December 31, 2003 and the
eighth consecutive quarter of positive  EBITDA(1) for the fourth quarter ended on the
same date.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter
2003 Highlights</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td>
    <td width=80%><font size="2">Revenue at $24.8 million, increased 7.8% compared
      to Q4 2002 </font></td>
  </tr>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top">&nbsp;</td>
    <td width=80%>&nbsp;</td>
  </tr>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td>
    <td width=80%><font size="2">Total revenue per screen at $106,461, increased
      14.1% compared to Q4 2002</font></td>
  </tr>
</table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> Eighth
consecutive quarter of positive EBITDA(1), at $2.8 million up  from $0.2 million in Q4
2002</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter
2003 Discussion</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue rose 7.8%
to $24.8 million from $23.0 million in the 2002-quarter,  assisted by currency effects
and despite closing 3 cinemas with 10 screens since  the end of the 2002-quarter. The
quarter&#146;s strong box office performers were  &#147;Lord of the Rings: The Return of the
King,&#148; &#147;The Matrix &#151; Revolutions,&#148; &#147;Elf&#148;  and &#147;Scary Movie
3.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue per screen
of $106,461 increased from $93,270 in the 2002-quarter,  driven by strong per-screen
attendance increases in the New Zealand and Puerto  Rico cinemas. In Australia, overall
attendances were down primarily due to  competitive pressure against one of our Melbourne
cinemas. Additional pressure  on Australian revenues came from reduced screen advertising
income driven by the  near bankruptcy of the main screen advertising provider. In the US,
overall  attendances were down, due to the above mentioned cinema closures in 2003 and
our inability to show several first-line movies in the US as a result of our  on-going
antitrust dispute with several major distributors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter
we made progress with two projects that will be  significant to our operational success
over the medium to long term, namely:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> We
negotiated, and signed during the first quarter of 2004, definitive  Heads of Agreement
for two new 8-screen cinemas that are being developed  in Australia; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> We
received &#147;major activity center&#148; designation for our 50-acre site in  Burwood,
a suburb of Melbourne, Australia. This designation has enabled  us to re-evaluate the
master planning for that site, in light of the  increased flexibility and increased
density of development that may be  permitted because of the property receiving such a
designation.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We achieved our
eighth consecutive quarter of positive EBITDA(1), since the  close of our consolidation
transaction at the end of 2001. At $2.8 million,  EBITDA(1) was significantly higher than
the $0.2 million generated in the  2002-quarter.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinema/real estate
operating expense grew at 1.2%, a rate lower than revenue  growth, to $19.4 million from
$19.2 million in the 2002-quarter. This expense  growth containment was achieved as a
result of increased focus on individual  cinema expense levels and despite adverse
currency pressure and increased  2003-quarter legal expenses of approximately $0.2
million relating to our  above-mentioned antitrust dispute.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and
amortization expense grew $1.3 million or 40.9%, from $3.2  million to $4.5 million for
the 2003-quarter. This increase was primarily due to  the accelerated write-off of $0.9
million of the $5.0 million option we paid in  2000, to acquire certain cinema and real
estate assets in New York. As two of  the effected assets have now been sold, the option
fee held on our books has now  been adjusted to reflect those transactions. In addition,
the re-evaluation of  the effective useful lives of our Australian assets accounted for a
further $0.3  million.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and
administrative expense increased by $0.1 million mainly due to  initial costs associated
with our implementation of the Sarbanes-Oxley Act  requirements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The other
significant drivers for the quarter, included in &#147;other (income)&#148;  were a $0.4
million insurance refund for prior year claims and $0.2 million of  increased equity
earnings from affiliates in Australia.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the
above, we reported a $2.8 million net loss for the  2003-quarter compared to a $4.1
million loss in the 2002-quarter. Once again,  the continued strength of our EBITDA(1) at
$2.8 million was the principal  achievement for the quarter.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twelve Month 2003
Summary</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> Revenue
increased by 8.4% to $93.7 million compared to $86.5 in the 2002  twelve months, as
compared to an increase in operating expenses of only  5.8%. This favorable ratio was
achieved despite the litigation costs  relating to our trade practice related dispute
with several major  distributors, of approximately $1.1 million in 2003 compared to $0.2
million in 2002.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> Total
revenue per screen increased to $402,606 from $359,552 in the 2002  twelve months.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> Depreciation
and amortization grew to $12.0 million from $8.7 million in  the 2002 twelve months,
driven by the option fee write-down discussed  above and the Australian asset useful life
re-evaluation.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> General
and administrative expense dropped to $13.5 million from $14.2  million in the 2002
twelve months. This was achieved as a result of  ongoing corporate savings and the $0.5
million reimbursement of  attorney&#146;s fees relating to our settlement of trade practice
related  litigation in Australia and despite adverse currency pressure.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> Other
income grew to $3.8 million as compared to $1.3 million in the  2002 twelve months,
primarily due to the one-time gain on settlement of  trade practice related litigation in
Australia.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> The
income tax provision in 2003 did not benefit from a $0.9 million  federal tax refund
received in the 2002 twelve months.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> As
a result, net loss narrowed to $5.9 million, or $0.27 per share, from  a loss of $8.0
million, or $0.36 per share in the twelve months of 2002.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> EBITDA(1)
for the twelve months of 2003 at $10.2 million was  significantly higher than the $3.5
million for the same period of 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driven by currency
increases of $23.4 million attributable to the  strengthening Australian and New Zealand
dollars, total assets at December 31,  2003 were $222.9 million compared to $182.8
million at December 31, 2002. The  currency exchange rates for Australia and New Zealand
as of December 31, 2003  were $0.7520 and $0.6557, respectively, and as of December 31,
2002, these rates  were $0.5625 and $0.5239, respectively. Also driving our asset
increase was the  Promissory Note for $13.0 million received as payment for the sale of
the Sutton  property. A corresponding $13.0 million Note Payable is recorded in our
long-term notes payable as we have granted Sutton Hill Capital a security  interest in
the above Promissory Note. Cash and cash equivalents were higher at  $21.7 million
compared to $19.3 million at the 2002 year-end. Working capital,  which in our industry
normally runs negative, grew to $0.8 million as compared  to $0.1 million at December 31,
2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The resulting
stockholders&#146; equity was $108.5 million at December 31, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 3000(R)
Index</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 1, 2003
Reading International, Inc. joined the Russell 3000(R)  Index. Annual reconstitution of
the Russell indexes captures the 3,000 largest  U.S. stocks as of the end of May, ranking
them by total market capitalization to  create the Russell 3000(R). The largest 1,000
companies in the ranking comprise  the Russell 1000(R) Index while the remaining 2,000
companies become the widely  used Russell 2000(R) Index. Based on these criteria, Reading
International now  forms part of the Russell 2000(R) Index.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;About Reading
International, Inc.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reading
International is in the business of owning and operating cinemas and  live theaters and
developing, owning and operating real estate assets. Our  business consists primarily of:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> the
development, ownership and operation of cinemas in the United  States, Australia, New
Zealand, and Puerto Rico;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> the
ownership and operation of &#147;Off Broadway&#148; style live theaters in  Manhattan and
Chicago; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> the
development, ownership and operation of commercial real estate in  Australia, New Zealand
and the United States, including entertainment-themed retail centers (&#147;ETRC&#148;)
in Australia and New Zealand.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reading manages
its worldwide cinema business under various different  brands:</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> in
the United States, under the Reading, Angelika Film Center (go to:
http://angelikafilmcenter.com/) and City Cinemas brands;</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> in
Australia, under the Reading brand (go to:  http://www.readingcinemas.com.au/);</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> in
New Zealand, under the Reading (go to:  http://courtenaycentral.co.nz/index.php) and
Berkeley Cinemas (go to:  http://www.berkeleycinemas.co.nz/) brands; and</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> in
Puerto Rico, under the CineVista brand.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements in this
release about the Company&#146;s future financial performance,  customer relationships,
initiatives to develop new ETRC&#146;s and cinemas and the  market potential for entertainment
services are forward-looking statements and  are subject to risks and uncertainties that
could cause actual results to differ  materially from expectations. Factors that could
impact Reading International&#146;s  future results include changes in demand and market
growth rates, the  availability of film and live theater product, the effect of
competition,  pricing pressures, exchange rate fluctuations and the viability and market
acceptance of new developments. Although the Company believes the expectations  reflected
in such forward-looking statements are based upon reasonable  assumptions, it can give no
assurance that its expectations will be attained.  The Company undertakes no obligation
to update or revise any forward-looking  statements, whether as a result of new
information, future events or otherwise.  More information about Reading International&#146;s
risks is available in the  Company&#146;s annual report on Form 10-K and other filings made
from time to time  with the Securities and Exchange Commission.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more
information, contact:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrzej
Matyczynski, Chief Financial Officer  <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reading International, Inc.  (213) 235 2240</font></td></tr></table>

<br>
<table width=600><tr><td width=4% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> The
Company defines EBITDA as net income (loss) before net interest  expense, income tax
benefit, depreciation, and amortization. EBITDA is  presented solely as a supplemental
disclosure as management believes  it to be a relevant and useful measure to compare
operating results  among its properties and competitors, as well as a measurement tool
for evaluation of operating personnel. EBITDA is not a measure of  financial performance
under the promulgations of generally accepted  accounting principles (&#147;GAAP&#148;).
EBITDA should not be considered in  isolation from, or as a substitute for, net loss,
operating loss or  cash flows from operations determined in accordance with GAAP.
Finally, EBITDA is not calculated in the same manner by all companies  and accordingly,
may not be an appropriate measure for comparing  performance amongst different companies.
See the &#147;Supplemental Data&#148;  table attached for a reconciliation of EBITDA to
net income (loss).</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Reading International, Inc. and
Subsidiaries  <BR>Supplemental Data</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Reconciliation of EBITDA(1) to Net
Loss (Unaudited)  <BR>(dollars in thousands, except per share amounts)</font></td></tr></table>


<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <td COLSPAN="2"><font size="2">Statements of Operations</font></td>
    <td COLSPAN="4" align="center"><font size="2">Three Months Ended<br>
      December 31,</font></td>
    <td COLSPAN="4" align="center"><font size="2">Twelve Months Ended<br>
      December 31, </font></td>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <td COLSPAN="2">&nbsp;</td>
    <td COLSPAN="2" align="center"><font size="2">2003</font></td>
    <td COLSPAN="2" align="center"><font size="2">2002</font></td>
    <td COLSPAN="2" align="center"><font size="2">2003</font></td>
    <td COLSPAN="2" align="center"><font size="2">2002</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="100%" ALIGN="LEFT" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="40%" ALIGN="LEFT"><FONT SIZE="-1">Revenue</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;24,828</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;23,041</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;93,739</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;86,486</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Operating expense</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Cinema/real estate</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">19,413</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">19,182</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">73,574</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">69,537</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Depreciation and</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;amortization</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,486</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,183</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">12,003</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">8,705</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;General and administrative</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,578</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,540</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">13,502</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">14,221</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Operating loss</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(2,649</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(2,864</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(5,340</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(5,977</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Interest expense, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,034</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">673</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,423</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,776</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Other income</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(1,034</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(81</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(3,795</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(1,266</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Income tax provision</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">104</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">377</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">711</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">6</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Minority interest</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">71</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">225</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">249</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">461</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Net loss</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;(2,824</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;(4,058</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;(5,928</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;(7,954</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">Basic and diluted loss</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;per share</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;(0.13</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;(0.18</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;(0.27</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;(0.36</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">EBITDA*(1)</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;2,800</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;10,209</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;3,533</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">EBITDA(1) change</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2"></font></TD>
    <TD ALIGN="LEFT" colspan="2"><font size="2">+ $2,625</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2"></font></TD>
    <TD ALIGN="LEFT" colspan="2"><font size="2">+ $6,676 </font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr valign="BOTTOM">
    <td width="100%" align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
</TABLE>


    <P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10% valign="top"><font size="2">* </font></td><td width=80%><font size="2"> EBITDA(1)
presented above is net loss adjusted for interest expense (net  of interest income),
income tax benefit, and depreciation and  amortization expense. Reconciliation of
EBITDA(1) to the net loss is  presented below:</font></td></tr></table>


<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2">&nbsp;</TH>
    <td COLSPAN="4" align="center"><font size="2">Three Months Ended December
      31,</font></td>
    <td COLSPAN="4" align="center"><font size="2">Twelve Months Ended December
      31,</font></td>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>
    <td COLSPAN="2" align="center"><font size="2">2003</font></td>
    <td COLSPAN="2" align="center"><font size="2">2002</font></td>
    <td COLSPAN="2" align="center"><font size="2">2003</font></td>
    <td COLSPAN="2" align="center"><font size="2">2002</font></td>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="40%" ALIGN="LEFT"><FONT SIZE="-1">Net loss</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$(2,824</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$(4,058</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$(5,928</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE="-1">$(7,954</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Less: Interest expense,</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,034</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">673</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,423</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,776</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      tax provision</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">104</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">377</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">711</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">6</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,486</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,183</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">12,003</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">8,705</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;EBITDA(1)</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;2,800</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;175</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;10,209</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;3,533</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>


<p><table width=600><tr><td><font size=2>Reading International, Inc. and Subsidiaries<BR>
Consolidated Statements of Operations for the Three Years Ended  <BR>December 31, 2003<BR>
(dollars in thousands, except per share amounts)</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM" align="center">
    <td COLSPAN="2"><font size="2"></font></td>
    <td COLSPAN="6"><font size="2">Year Ended December 31,</font><font size="2"></font><font size="2"></font></td>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM" align="center">
    <td COLSPAN="2">&nbsp;</td>
    <td COLSPAN="2"><font size="2">2003</font></td>
    <td COLSPAN="2"><font size="2">2002</font></td>
    <td COLSPAN="2"><font size="2">2001</font></td>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="48%" ALIGN="LEFT"><FONT SIZE="-1">Operating revenue</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE="-1"></FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE="-1"></FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE="-1"></FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Theater</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,763</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,911</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,045</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Real estate</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">7,976</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">6,489</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,617</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Other</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">86</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">82</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">93,739</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">86,486</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">23,744</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">Operating expense</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Theater</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">68,572</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">65,493</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">16,532</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Real estate</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">5,002</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,044</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,304</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;General and administrative</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">13,502</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">14,221</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">7,246</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">12,003</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">8,705</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,044</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">99,079</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">92,463</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">27,126</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Operating loss</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(5,340</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(5,977</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(3,382</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Non-operating income (expense)</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Interest income</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">808</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">512</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">561</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Interest expense</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(4,231</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(3,288</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(1,500</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Equity earnings of affiliates</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">588</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">211</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Earnings from investment advances</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;to Agricultural Partnerships</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,110</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">199</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Gain (loss) on marketable securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">235</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(852</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Gain on sale of assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">148</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Dividends on Reading Preferred
      Stock</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">455</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Equity earnings of Angelika Film</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;Center LLC</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">124</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;Other income (expense)</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,824</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(55</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">46</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">Loss before minority interest and</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;income taxes</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(4,968</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(7,487</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(4,349</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Minority interest</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(249</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(461</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(15</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Loss before taxes</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(5,217</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(7,948</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(4,364</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Income tax expense</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">711</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">6</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">208</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Net loss</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,928</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,954</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,572</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Basic and diluted loss per share</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Weighted average number of shares</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;outstanding</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">21,860,222</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">21,821,236</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">9,980,946</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="8">
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>


<p><table width=600><tr><td><font size=2>Reading International, Inc. and Subsidiaries<BR>
Consolidated Balance Sheets as of December 31, 2003 and 2002  <BR>(dollars in thousands)</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2">&nbsp;</TH>
    <td COLSPAN="4" align="center"><font size="2">December 31,</font></td>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><FONT SIZE="-1"></FONT></TH>
    <td COLSPAN="2" align="center"><font size="2">2003</font></td>
    <td COLSPAN="2" align="center"><font size="2">2002</font></td>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="68%" ALIGN="LEFT"><FONT SIZE="-1">ASSETS</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE="-1"></FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE="-1"></FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Cash and cash equivalents</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;21,735</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;19,286</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Receivables</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,787</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,765</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Inventory</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">518</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">452</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Investment in marketable securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">85</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,016</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Restricted cash</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">456</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">341</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Prepaid and other current assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,612</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,529</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Deferred income tax assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,008</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">30,193</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">28,397</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Rental property, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">7,916</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">8,438</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Property &amp; equipment, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">122,546</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">101,481</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Property held for development</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">24,364</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">19,745</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Investment in Joint Ventures</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,407</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,120</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Note receivable</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">13,000</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Capitalized leasing costs</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">411</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">544</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Goodwill, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">5,090</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">5,021</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Intangible assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">12,248</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">14,381</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Other noncurrent assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,691</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">3,645</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;222,866</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;182,772</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">Liabilities:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Accounts payable and accrued liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;13,222</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;&nbsp;&nbsp;13,183</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Film rent payable</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,489</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,092</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Notes payable - current portion</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,930</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">2,119</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Income taxes payable</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">7,046</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">7,435</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Deferred current revenue</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,561</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,150</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Other current liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,148</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">294</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="6">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">29,396</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">28,273</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Note payable &#151; long-term portion</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">69,215</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">48,121</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Deferred noncurrent revenue</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">1,143</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">659</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Other noncurrent liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">10,133</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">9,517</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">109,887</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">86,570</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">Commitments and contingencies</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Minority interest in consolidated affiliate</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,488</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">4,937</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Stockholders&#146; equity:</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Class A Nonvoting Common Stock, par value</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;$0.01, 100,000,000 shares authorized,</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;33,858,310 issued and 19,866,876</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;outstanding at December 31,</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;2003 and 33,858,310 issued and</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;20,484,813 outstanding</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;at December 31, 2002</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">199</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">205</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Class B Voting Common stock, par value $0.01,</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;20,000,000 shares authorized, 2,032,414
      issued</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;and outstanding at December 31, 2003
      and 1,989,589</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;issued and 1,336,334 outstanding at</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;December 31, 2002</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">20</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">13</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Nonvoting Preferred Stock, par value $0.01,</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;12,000 shares authorized</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">&#151;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Additional paid-in capital</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">123,516</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">123,517</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Accumulated deficit</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(46,440</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">(40,512</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Accumulated other comprehensive income</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">31,196</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">8,042</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146;
      equity</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">108,491</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">91,265</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities and stockholders&#146;</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equity</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;222,866</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT SIZE="-1">$&nbsp;182,772</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" colspan="6">
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>



<p><table width=600><tr><td><font size=2>SOURCE  Reading International, Inc.</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-  03/15/2004</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/CONTACT:  Andrzej
Matyczynski, Chief Financial Officer of Reading  International, Inc., +1-213-235 2240/</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/Photo:  NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO  AP Archive:
http://photoarchive.ap.org  PRN Photo Desk, photodesk@prnewswire.com /</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/Web site:
http://www.berkeleycinemas.co.nz/</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/Web site:
http://courtenaycentral.co.nz/index.php/</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/Web site:
http://www.readingcinemas.com.au/</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/Web site:
http://www.angelikafilmcenter.com/</font></td></tr></table>

<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RDIA RDIB)</font></td></tr></table>

<p><table width=600><tr><td>
      <p><font size=4><font size="2">CO: Reading International, Inc. <BR>
        ST: California <BR>
        IN: FIN RLT <BR>
        SU: ERN</font></font>
    </td></tr></table>

<p>&nbsp;
<p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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