Nikki Sacks - Investor Relations Alan W. Stock - Chief Executive Officer Robert Copple - Chief Financial Officer, Executive Vice President, Treasurer, Assistant Secretary

Hunter DuBose - Morgan Stanley Eric Handler – Lehman Brothers Barton Crockett – JP Morgan Securities, Inc.

Good afternoon. My name is Jamaira and I will be your conference operator today. At this time, I would like to welcome everyone to the Cinemark’s fourth quarter earnings conference call. (Operator Instructions) Thank you. I would now like to turn the call over to Ms. Nikki Sacks. Please go ahead, ma’am.

Thank you and welcome to Cinemark’s fiscal fourth quarter and full year 2007 earnings call. Before we begin, let me remind you that in the accordance with the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995, the company knows that certain matters to be discussed by the members of the management during this call may constitute forward-looking statements. Such statements are subject to risks and uncertainties and other factors that may cause the actual performance of Cinemark to be materially different from the performance indicated or implied by such statements. Such “risks factors” are set forth in the company’s SEC filings. Today, Cinemark’s CEO, Alan Stock and CFO, Robert Copple will be discussing the fourth quarter and full year results. I will now turn the call over to Alan.

Thank you, Nikki. On today’s call, I will comment on the industry and Cinemark’s fourth quarter and full year 2007 result, the outlook for the upcoming films and provide an update on Cinemark strategy. During the fourth quarter, Cinemark’s admission revenues increased from $246 million for 2006 to $252 million in 2007 leading to an increase in total revenue. The company’s increased in revenues were primarily the result with a 7.5% increase in average ticket prices and a 7.3% increase in concession revenues per patron for the quarter. We generated adjusted EBITDA for the quarter of $83.8 million. With the anniversary of our Century acquisition occurring in October, the data for the 2006 and 2007 quarter reflect comparable full circuit performance. The quarter started soft with a soft October but finished very strong in December with products such as ‘I am Legend’, ‘Alvin and the Chipmunks’ and ‘National Treasure 2’ driving an industry increase in box office for December of approximately 6.2% as reported by various industry sources. During a time when most retailers where beginning to experience the impact of an economic slowdown, our industry generated increases reflecting the defensive nature of our industry. Historically, the theatre industry is spared during difficult economic times as going to the movies is a relatively inexpensive form of entertainment as well as an escape for many people. Industry wide box office revenues have increased in four of the last six recessions. A different take factor for Cinemark is the diversity provided by our international operation. During the fourth quarter, our international operation posted an increase in revenues of 20% and adjusted EBITDA was up 36% propelled by product and new theater opening. Turning to our full year results, the industry continued to register year over year growth with box office up approximately…

Thanks Alan. I will review our fourth quarter and full year financial performance in more detail and discuss our balance sheet. During the fourth quarter, we increased our admission revenue 2.6% to $252.4 million and our concession revenues 2.7% to $118.6 million. As a result, our total revenues increased $1.8 million to $393.3 million. This increase was driven by a 7.5% increase in average ticket price and 7.3% increase in concession revenues per patron, partially offset by a 4.5% decline in attendance compared to the fourth quarter of 2006. On a segment basis for the quarter, our US operations generated admission revenues of $207.5 million which were flat with 2006. Our total revenues were $317.6 million with a decline of 3.3% versus 2006. This decline reflects the impact of the change in our other revenue attributable to advertising revenues received from National CineMedia as a result of the modification of our exhibitors service agreement associated with their IPO. Our international operation has generated admission revenues to $44.9 million which were 16.6% higher than 2006. Total international revenues increased by 20% to $75.7 million. On a consolidated basis, our film rentals and advertising costs was $135.5 million for the fourth quarter of 2007. As a percentage, this represents an increase of approximately 45 basis points to 53.7% of admission revenues. Concession supplies costs were $18.4 million for the fourth quarter of 2007 compared to $17.2 million for the fourth quarter of 2006. Our concession supply cost is a percentage of concession revenues increased approximately 65 basis points to 15.5%. For the quarter, salaries and wages increased as a percentage of revenues to 10.7% from 10.1% in 2006. This increase was primarily a function of the relative revenues per screen in new theatres and changes in minimum wage. Adjusted EBITDA for the…

(Operator Instructions) Your first question comes from the line of Hunter DuBose from Morgan Stanley.

My question, they are few for you actually. The first one is I wanted to verify that the number of signed contracts from these screen openings for 2008 was 128 domestically and 19 internationally. Some of those are the correct numbers, can you comment on the extent to which the actual number, total screen openings for the full year may deviate from that number perhaps you can compare the number of signed contract at this point in 2007 relative to the full number of screen openings for 2007 then that will give us an idea of how it would add.

On the 128 domestic, I think there are two or three more theatres that might well be in the end of 2008 so I think we will open up potentially a few. Last year, we opened up 201 screens. I think that number could be slightly down but it will be similar but domestically few screens could be add on. As it always happens, we also look at some of the screens that we anticipate opening this year or in the next year and the timing of our screens can be important for you guys. We foresee about 50 screens opening toward the latter part of Q2 and then about 80 of the screens opening towards really the end of the year so we are definitely weighted towards the end of this year. If you look at the timing of our screens because the majority opening in Q4 and then that our opening for that are again towards the end of Q2. Internationally where we have said I think it is 19 screens. We do have probably actually another 19 to about 25 screens that could roll into this year. They are signing contracts. There are contracts we are still working on. So, that number could go up slightly or the international as well and again it just depends on the timing of the project when it is ultimately built but those primarily also would be towards, the existing 19 screens that we have committed to would be towards the 3rd quarter and then these other screens would probably would be towards the fourth quarter if we make it this year.

Okay and my next question relates to your other revenue line, other revenues for the quarter came in about $6 million or $7 million ahead of where we are expecting and maybe simply that I get the pro forma adjustments for 4Q06 wrong so I was going on the wrong basis but I wanted to see if there is anything unusual with other revenues for this quarter that may not be repeated in 4Q08.

I did not see anything unusual. In Q4 is when we generally recognized maybe a bigger piece of the revenues related to gift cards and those types of items but it is not inconsistent with prior years I mean that number that is probably growing, is we have added the Century Star kit to our gift card network and supersaver network. We have increased the total sales of that pricing somewhere from that. There are things that occurred and this year, internationally, we have fairly starting quarter in our advertising in Q4, so that might have been slightly higher than somewhere we have anticipated. We will expect that to continue though.

Okay, thank you very much.

Sure.

Your next question comes from the line of Eric Handler from Lehman Brothers. Eric Handler – Lehman Brothers: Hi, thanks a lot. If I heard you correctly, I think you said you expect the 2000 box office to be flattish, flat. Does that include the Latin-American box office as well and if not what is your outlook for the Latin-American box office and as well, if you do have a flat box office this year, do you think you can grow your adjusted EBITDA in the year over year basis?

Good question there. On the box office, during the international let us say on the available movies and its related performance would be somewhat somewhere to the US so when we say flattish box, we have argued this, international could be similar. We have a better opportunity to grow internationally I think than we do domestically of the same box because you could have some international films that show up into the marketplace that will play well in those markets. I think our expectations are that it could be a highlight ahead in growths internationally than what there would be domestically based on the products that is out there. We, Eric you could tell from our speech, we did not provide guidance on EBITDA. Clearly with flat box that then they slightly better box in international when you run through your models it will show some conclusion on the EBITDA that the good part is we obviously we are increasing prices but that is still reflected in total box. We do not have the NCM yet that we have last year but we loss a fair amount of revenue and EBITDA because of the change in the NCM contract. This year, hopefully those revenues will continue increase and more so that there will have, that the dividend should increase so that is from a pure cash flow and EBITDA perspective that will help settle abit. Eric Handler – Lehman Brothers: Okay and just work at what was your share count for the fourth quarter?

The fully, I will say the basic share count, I think was about $106.7 million and the fully diluted was about $109 million. Eric Handler – Lehman Brothers: Thanks a lot.

Sure.

(Operator Instructions) Your next question comes from Barton Crockett from JP Morgan. Barton Crockett – JP Morgan Securities, Inc.: Okay, great. Thanks for taking the question. I was wondering first if you could talk a little bit, if I heard you correctly I think you said that you plan of financing to setup the roll digital projectors through your entire circuit over 3 to 4 years so I read that could be international and domestic, if I heard you correctly. I just want to clarify that and then if you could comment on generally what you see about the international versus domestic rollout of digital and 3D. I think the general perception is that international is behind the US and if that is what you are seeing maybe that should just deviate from that in your circuit.

That comment toward the rollout would have been more reflective toward the US because that is the negotiations currently with DCIP but we do anticipate and I think, right now the whole international objective is really waiting until we can get the US answer and get it rolling and once it is going however I would comment I think once the US starts the process and begin that rollout, I think international will follow in a relatively quick manner I think you kind of get the whole thing setup and the parameters behind it and get it financed. The bigger question perhaps internationally comes on the financing side, not as much on the studio side so we have to figure out. There is a lot of different ramifications internationally, different countries and different issues you have to deal with so that is going to have to be taken into consideration in each country by country and as we begin to roll this thing out. Barton Crockett – JP Morgan Securities, Inc.: Okay, great and then keeping in what kind of this international focus, can you give us a sense of what the impact of foreign exchange was on your international revenues?

Really the only the country that had a [inaudible] things, I think, is Brazil where the Real obviously straightened and fortunately continues to, generally. It wasn’t a really significant impact I think on let us say I have a number here I think internationally for the year, I guess with the Real, I am doing a quick calculation, would probably be maybe 20% of the benefit maybe or EBITDA staying a little higher because again the only country we had that was benefiting was Brazil and sort of impacted all of our local and costs as well as revenues are in local currency so it is just purely an exchange, change as you pull it up there is no impact of the exchange rate itself on the operations so it is just a conversion but I think with the Real it would probably be in that range. Barton Crockett – JP Morgan Securities, Inc.: Okay and maybe I will follow up with you more offline on that. In terms of the DCIP thing, you mentioned in a fair market as one potential kind of issue. On the other hand, we have Jeffrey Katzenberg in our DreamWorks saying that he thought the deal could be wrapped up in 30 to 45 days, that was like a week or so ago. Do you have any thoughts I mean what the recent kind of turbulence is in the market that you’re seeing anything like kind of make this more difficult in the flipside? What do you think about Ketzenberg’s idea that could be wrapped up pretty quickly in the financing plan?

I do not know how we comment totally on where to go. We think the 30 to 45 days perhaps that is realistic on his side of the equation, negotiate with the studios and finish that piece up. Of course, the financial markets are they are just scary right now and so you have to figure out ways but we have been told by some of our banks and people that there are and they are still are optimistic that there is some ways of finances and continue on the plan to get this rollout going as we stated in the 2nd half of this year. So, I know Jeffrey is the optimist about it and we all hopeful with him that can get this going as quick as possible and everybody is focused on trying to meet as quickly as we can the deadlines of their opponent. So, again I do not know how to answer the financing side to you really get the thing out there and start figuring out where it is going to go. Barton Crockett – JP Morgan Securities, Inc.: Okay and to a number of questions if we can quickly here. The 41.7% effective tax rate, do you think that is sustainable into 2008?

I mean that is really where we would feel like our effective tax rate is. Again, really on a gap basis, it is going to roll by other impairment charges or some non cash charges from a real cash point of view that is basically rated by the close or stayed intact. Barton Crockett – JP Morgan Securities, Inc.: Can you break up domestic and international concession?

You need an individual, how about I can give you those offline, I am sorry I just did not have the breakdown. Barton Crockett – JP Morgan Securities, Inc.: Okay, that is great.

Yes, I can give that offline if you want and obviously that will be on 8-K when it comes out. Barton Crockett – JP Morgan Securities, Inc.: Okay, great. Thanks a lot.

And you have a follow up question from Hunter DuBose from Morgan Stanley.

Hi, guys. Thanks for taking the additional questions. On the subjects of the K, can you let us know when it is likely to be out?

Oh, I am sorry, right now I still say that will be around the due date which is March 31. Barton Crockett – JP Morgan: Okay, great and can you walk it through the domestic and international breakout from screen openings and closings for the quarter?

I think we announced we have another piece of paper. I got for domestic like 44; we got 4 out of 62 and then so 4 theatres, 62 screens. Internationally, I had 2 and 21 screens and then I closed domestically 2 theatres and 14 screens.

And zero for international?

Yes, zero for international.

Okay, and my next question is when we look at G&A for 4Q07, it look like it was pretty much flat year on year to 4Q06 and it does not appear that it have any synergies from the Century screen acquisition was rolling through there. Can you give us any sort of broad commentary on what kind of additional synergies we might be seeing if at all going into 2008?

If you look at, if I just had a Century G&A and Cinemark’s G&A and then compare that to our current G&A, I think we reduce G&A cost about $7 million year over the year and that was very, I would say very close to what we have targeted, there could be some more savings but we are not going to say there are going to be real substantial.

Great, okay, thank you very much.

And there are no further questions at this time.

We greatly appreciate everybody’s participation and looking forward to our next call.

Thank you.

Ladies and gentlemen, this concludes today’s conference. You may disconnect at this time.