Cinebridge and Penn Announce Plans for Innovative new Theatre

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Media Contact:Phyllis Holtzman | | 215-898-8743April 22, 2002

Philadelphia, PA, -- Cinebridge and the University of Pennsylvania made a joint announcement today regarding the finalization of a lease for an innovative new movie theatre to be built at 40th and Walnut Streets in Philadelphia University City neighborhood. The new theatre, which is a joint effort between Cinebridge and exhibition leader National Amusements, will be one of a new brand known as "The Bridge: Cinema De Lux." The Penn theatre will be the second "Bridge" in the country with the inaugural site located in Los Angeles.

The Bridge is a unique entertainment concept that builds on the overall movie going experience. Offering more than just films, amenities at The Bridge will include a pre-show live entertainment component, a concierge service, and a media immersion room with giant plasma screens. In addition to the traditional concession service stand within the theatre lobby, the experience at The Bridge will be complemented by a special food service area that will be a fusion of hip design and casual atmosphere. This area, currently in final design stages, will be an invitation to theatre patrons to relax either inside or outside on the outdoor terrace area before or after the show. The cinema will offer free parking along with optional valet service.

"We are thrilled to be launching our second ridgeand University City is a terrific fit for this dynamic theatre," noted Shari E. Redstone, president, National Amusements, Inc. and chairman and CEO of Cinebridge Ventures. "The university setting and the enthusiasm of the students will add to what is already an exciting project. Once the community is able to experience The Bridge for themselves, we are certain they will feel that this theatre has been well worth the wait."

Penn President Judith Rodin said that Penn is "delighted" to be partnering with National Amusements. "National Amusements is one of the nation's premier entertainment companies, with a wealth of experience in movie theatre operations. They have a clear vision for the cinema complex and an expressed desire to integrate it into the campus and the community in a way that will benefit the cultural life of our entire city. The fact that National Amusements studied many U.S. cities and chose Philadelphia and University City as the place to launch their second ridgecomplex underscores what we already know -- that University City has established itself as an important and vital destination spot for the Philadelphia region."

The new theatre, which is expected to open in November of this year, will have six state-of-the-art auditoriums employing the latest in movie going technology. Complete with stadium style seating and high back luxury rocking recliners with cupholder armrests, The Bridge will use Dolby Digital Surround-EX