Document:

Exhibit 4.3 Form of Reading International, Inc. Floating Rate Junior Subordinated
      Debt Security due 2037

     

    EXHIBIT
      4.3

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND SUCH SECURITIES, AND ANY INTEREST THEREIN,
      MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
      REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY
      SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITIES MAY BE RELYING
      ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED
      BY RULE 144A UNDER THE SECURITIES ACT.

     

    THE
      HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT
      OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH SECURITIES MAY BE OFFERED, RESOLD
      OR OTHERWISE TRANSFERRED ONLY (I) TO THE DEPOSITOR OR THE TRUST OR (II) TO
      A
      PERSON WHOM THE SELLER REASONABLY BELIEVES IS (a) A "QUALIFIED INSTITUTIONAL
      BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (b) A “QUALIFIED
      PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF
      1940, AS AMENDED), OR (III) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
      IS A
“QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY
      ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY
      SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A)
      ABOVE.

     

    THE
      SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN
      AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT
      PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN,
      IN A BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 AND
      MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO
      LEGAL
      EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED
      TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY
      PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST
      ON SUCH SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE
      SHALL
      BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF
      OR
      THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT,
      INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE
      I OF
      THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
      OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
      (EACH A
“PLAN”),
      OR AN
      ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
      INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
      ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER
      OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED
      BY
      ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN
      THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE
      CODE IS APPLICABLE, A TRUSTEE
      OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY
      OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN
      TO
      FINANCE SUCH PURCHASE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    READING
      INTERNATIONAL, INC.

     

    And

     

    READING
      NEW ZEALAND, LIMITED

     

    Junior
      Subordinated Note due 2027

     

    
      
        	
                No.
                  1

              	 
	 	
                $51,547,000

              

      

    

     

    Each
      of
      Reading International, Inc., a corporation organized and existing under the
      laws
      of Nevada (hereinafter called the “Company,”
      which
      term includes any successor Person under the Indenture hereinafter referred
      to)
      and Reading New Zealand, Limited, a New Zealand corporation (“Reading
      NZ”
and
      collectively with the Company, the “Obligors”),
      for
      value received, jointly and severally hereby promises to pay to Wells Fargo
      Bank, N.A., not in its individual capacity, but solely as Property Trustee
      of
      Reading International Trust I, a Delaware statutory trust, or registered
      assigns, the principal sum of Fifty One Million Five Hundred and Forty Seven
      Thousand Dollars ($51,547,000) on April 30, 2027. The Obligors further promise
      to pay interest on said principal sum from February __, 2007, or from the most
      recent Interest Payment Date to which interest has been paid or duly provided
      for, quarterly in arrears on January 30, April 30, July 30, and October 30,
      of
      each year, commencing April 30, 2007, or if any such day is not a Business
      Day,
      on the next succeeding Business Day (and no interest shall accrue in respect
      of
      the amounts whose payment is so delayed for the period from and after such
      Interest Payment Date until such next succeeding Business Day), except that,
      if
      such Business Day falls in the next succeeding calendar year, such payment
      shall
      be made on the immediately preceding Business Day, in each case, with the same
      force and effect as if made on the Interest Payment Date, at a fixed rate equal
      to 9.22% per annum through the Interest Payment Date on April 30, 2012, and
      thereafter at a variable rate, reset quarterly, equal to LIBOR plus 4.00% per
      annum, together with Additional Tax Sums, if any, as provided in Section
      10.5
      of the
      Indenture, until the principal hereof is paid or duly provided for or made
      available for payment; provided,
      further,
      that
      any overdue principal, premium, if any, or Additional Tax Sums and any overdue
      installment of interest shall bear Additional Interest at a fixed rate equal
      to
      9.22% per
      annum
      through the Interest Payment Date on April 30, 2012, and thereafter at a
      variable rate, reset quarterly, equal to LIBOR plus 4.00% per annum (to the
      extent that the payment of such interest shall be legally enforceable),
      compounded quarterly, from the dates such amounts are due until they are paid
      or
      made available for payment, and such interest shall be payable on
      demand.

     

    During
      the No Call Period, the amount of interest payable for any full interest period
      shall be computed on the basis of a three hundred sixty (360)-day year of twelve
      (12) thirty (30)-day months and the amount payable for any partial interest
      period shall be computed on the basis of the actual number of days elapsed
      in a
      three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. Upon
      expiration of the No Call Period, the amount of interest payable for any
      interest period will be computed on the basis of a three hundred sixty (360)-day
      year and the actual number of days elapsed in the relevant interest period.
      The
      interest so payable, and punctually paid or duly provided for, on any Interest
      Payment Date shall, as provided in the Indenture, be paid to the Person in
      whose
      name this Security (or one or more Predecessor Securities) is registered at
      the
      close of business on the Regular Record Date for such interest installment.
      Any
      such interest not so punctually paid or duly provided for shall forthwith cease
      to be payable to the Holder on such Regular Record Date and may either be paid
      to the Person in
      whose
      name this Security (or one or more Predecessor Securities) is registered at
      the
      close of business on a Special Record Date for the payment of such Defaulted
      Interest to be fixed by the Trustee, notice whereof shall be given to Holders
      of
      Securities not less than ten (10) days prior to such Special Record Date, or
      be
      paid at any time in any other lawful manner not inconsistent with the
      requirements of any securities exchange on which the Securities may be listed,
      and upon such notice as may be required by such exchange, all as more fully
      provided in the Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Payment
      of principal of, premium, if any, and interest on this Security shall be made
      in
      such coin or currency of the United States of America as at the time of payment
      is legal tender for payment of public and private debts. Payments of principal,
      premium, if any, and interest due at the Maturity of this Security shall be
      made
      at the Place of Payment upon surrender of such Securities to the Paying Agent,
      and payments of interest shall be made, subject to such surrender where
      applicable, by wire transfer at such place and to such account at a banking
      institution in the United States as may be designated in writing to the Paying
      Agent at least ten (10) Business Days prior to the date for payment by the
      Person entitled thereto unless proper written wire transfer instructions have
      not been received by the relevant record date, in which case such payments
      shall
      be made by check mailed to the address of such Person as such address shall
      appear in the Security Register. Notwithstanding the foregoing, so long as
      the
      Holder of this Security is the Property Trustee, the payment of the principal
      of
      (and premium, if any) and interest (including any overdue installment of
      interest and Additional Tax Sums, if any) on this Security will be made at
      such
      place and to such account as may be designated by the Property
      Trustee.

     

    The
      indebtedness evidenced by this Security is, to the extent provided in the
      Indenture, subordinate and junior in right of payment to the prior payment
      in
      full of all Senior Debt, and this Security is issued subject to the provisions
      of the Indenture with respect thereto. Each Holder of this Security, by
      accepting the same, (a) agrees to and shall be bound by such provisions, (b)
      authorizes and directs the Trustee on his or her behalf to take such actions
      as
      may be necessary or appropriate to effectuate the subordination so provided
      and
      (c) appoints the Trustee his or her attorney-in-fact for any and all such
      purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice
      of the acceptance of the subordination provisions contained herein and in the
      Indenture by each holder of Senior Debt, whether now outstanding or hereafter
      incurred, and waives reliance by each such holder upon said
      provisions.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee by
      manual signature, this Security shall not be entitled to any benefit under
      the
      Indenture or be valid or obligatory for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      IN
        WITNESS WHEREOF, each of the Company and Reading NZ has caused this instrument
        to be duly executed on this _______ day of February, 2007.

       

      
        	 	
                READING
                  INTERNATIONAL, INC.

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  

              
	 	 	
                Title:

              
	 	 
	 	
                READING
                  NEW ZEALAND, LIMITED

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  

              
	 	 	
                Title:

              

      

       

      This
        is
        one of the Securities referred to in the within-mentioned Indenture.

       

      Dated:

       

      
        	 	
                WELLS
                  FARGO BANK, N.A., not
                  in its individual capacity, but solely as Trustee

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  signatory

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [REVERSE
      OF SECURITY]

     

    This
      Security is one of a duly authorized issue of securities of the Company and
      Reading NZ (the “Securities”)
      issued
      under the Junior Subordinated Indenture, dated as of February __, 2007 (the
      “Indenture”),
      among
      the Company, Reading NZ and Wells Fargo Bank, N.A., as Trustee (in such
      capacity, the “Trustee,”
      which
      term includes any successor trustee under the Indenture), to which Indenture
      and
      all indentures supplemental thereto reference is hereby made for a statement
      of
      the respective rights, limitations of rights, duties and immunities thereunder
      of the Company, Reading NZ, the Trustee, the holders of Senior Debt, the Holders
      of the Securities and the holders of the Preferred Securities, and of the terms
      upon which the Securities are, and are to be, authenticated and
      delivered.

     

    All
      terms
      used in this Security that are defined in the Indenture or in the Amended and
      Restated Trust Agreement, dated as of February __, 2007 (as modified, amended
      or
      supplemented from time to time, the “Trust
      Agreement”),
      relating to the Reading International Trust I (the “Trust”)
      among
      the Company, as Depositor, the Trustees named therein and the Holders from
      time
      to time of the Trust Securities issued pursuant thereto, shall have the meanings
      assigned to them in the Indenture or the Trust Agreement, as the case may
      be.

     

    The
      Obligors may, on any Interest Payment Date, at their option, upon not less
      than
      thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders
      of the Securities (unless a shorter notice period shall be satisfactory to
      the
      Trustee) on or after the No Call Period, and subject to the terms and conditions
      of Article
      XI
      of this
      Indenture, redeem this Security in whole at any time or in part from time to
      time at a Redemption Price equal to one hundred percent (100%) of the principal
      amount hereof, together, in the case of any such redemption, with accrued
      interest, including any Additional Interest, through but excluding the date
      fixed as the Redemption Date.

     

    If
      a
      Change of Control occurs and holders of Preferred Securities holding at least
      25% in aggregate principal amount of the Preferred Securities give written
      notice to the Company (on behalf of itself and Reading NZ) within thirty (30)
      days following the date the Company (on behalf of itself and Reading NZ)
      notifies such holders of Preferred Securities of the Change of Control (such
      30-day period, the “Notice
      Period”),
      of
      their election to cause the redemption or defeasance, as applicable of the
      Securities (a “Change
      of Control Election”),
      the
      Company shall be required (on behalf of itself and Reading NZ), within thirty
      (30) days following the end of the Notice Period to:

     

    (a)
      defease this Security, if the holder thereof is a holder of Electing Securities,
      in accordance with the first sentence of Article XIII of this Indenture if,
      after applying the requirements of Section 11.2 of this Indenture to redeem
      the
      Securities no later than thirty (30) days following the end of the Notice
      Period, the Securities would be redeemed prior to the expiration of the No
      Call
      Period; or

     

    (b)
      redeem this Security, if the holder thereof is a holder of Electing Securities,
      and subject to the terms and conditions of Article XI of this Indenture, at
      a
      Redemption Price equal to one hundred (100%) of the principal amount hereof,
      together, in the case of any such redemption, with accrued interest, including
      any Additional Interest, to but excluding the date fixed as the Redemption
      Date
      if, after applying the requirement of Section 11.2 of the Indenture to redeem
      the Securities no later than thirty (30) days following the end of the Notice
      Period, the Securities would be redeemed on or after the expiration of the
      No
      Call Period. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      addition, upon the occurrence and during the continuation of a Special Event
      during the No Call Period, the Obligors may, at their option, upon not less
      than
      thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders
      of the Securities (unless a shorter notice period shall be satisfactory to
      the
      Trustee), redeem this Security, in whole but not in part, subject to the terms
      and conditions of Article
      XI
      of this
      Indenture at a Redemption Price equal to one hundred seven and one half percent
      (107.5%) of the principal amount hereof, together, in the case of any such
      redemption, with accrued interest, including any Additional Interest, through
      but excluding the date fixed as the Redemption Date.

     

    In
      the
      event of redemption of this Security in part only, a new Security or Securities
      for the unredeemed portion hereof will be issued in the name of the Holder
      hereof upon the cancellation hereof. If less than all the Securities are to
      be
      redeemed, the particular Securities to be redeemed shall be selected not more
      than sixty (60) days prior to the Redemption Date by the Trustee from the
      Outstanding Securities not previously called for redemption, by such method
      as
      the Trustee shall deem fair and appropriate and which may provide for the
      selection for redemption of a portion of the principal amount of any
      Security.

     

    This
      Indenture permits the Company at any time, upon thirty (30) days’ prior written
      notice to the Trustee, the Holders and the holders of the Preferred Securities,
      to assume in full the obligations of Reading NZ under the Securities, this
      Indenture and the other Operative Documents, and to release Reading NZ
      therefrom, whereupon Reading NZ shall be released from and have no further
      liability or obligation thereunder.

     

    This
      Indenture permits, with certain exceptions as therein provided, the Company,
      Reading NZ and the Trustee at any time to enter into a supplemental indenture
      or
      indentures for the purpose of modifying in any manner the rights and obligations
      of the Company, Reading NZ and of the Holders of the Securities, with the
      consent of the Holders of not less than a majority in principal amount of the
      Outstanding Securities. This Indenture also contains provisions permitting
      Holders of specified percentages in principal amount of the Securities, on
      behalf of the Holders of all Securities, to waive compliance by the Company
      and
      Reading NZ with certain provisions of this Indenture and certain past defaults
      under this Indenture and their consequences. Any such consent or waiver by
      the
      Holder of this Security shall be conclusive and binding upon such Holder and
      upon all future Holders of this Security and of any Security issued upon the
      registration of transfer hereof or in exchange herefor or in lieu hereof,
      whether or not notation of such consent or waiver is made upon this
      Security.

     

    No
      reference herein to the Indenture and no provision of this Security or of the
      Indenture shall alter or impair the obligations of the Company and Reading
      NZ,
      which, subject to the Company’s right to release Reading NZ from its liability
      and obligations under this Security as referred to above, are absolute and
      unconditional, to pay the principal of and any premium, if any, and interest,
      including any Additional Interest (to the extent legally enforceable), on this
      Security at the times, place and rate, and in the coin or currency, herein
      prescribed.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Security is restricted to transfers to “Qualified
      Purchasers” (as such term is defined in the Investment Company Act of 1940, as
      amended,) and is registrable in the Securities Register, upon surrender of
      this
      Security for registration of transfer at the office or agency of the Company
      (on
      behalf of itself and Reading NZ) maintained for such purpose, duly endorsed
      by,
      or accompanied by a written instrument of transfer in form satisfactory to
      the
      Company and the Securities Registrar and duly executed by, the Holder
      hereof or such Holder’s attorney duly authorized in writing, and thereupon one
      or more new Securities, of like tenor, of authorized denominations and for
      the
      same aggregate principal amount, will be issued to the designated transferee
      or
      transferees.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Securities are issuable only in registered form without coupons in minimum
      denominations of $100,000 and any integral multiple of $1,000 in excess thereof.
      As provided in the Indenture and subject to certain limitations therein set
      forth, Securities are exchangeable for a like aggregate principal amount of
      Securities and of like tenor of a different authorized denomination, as
      requested by the Holder surrendering the same.

     

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company (on behalf of itself and Reading NZ) may require payment of
      a
      sum sufficient to cover any tax or other governmental charge payable in
      connection therewith.

     

    The
      Company (on behalf of itself and Reading NZ), the Trustee and any agent of
      the
      Company or the Trustee may treat the Person in whose name this Security is
      registered as the owner hereof for all purposes, whether or not this Security
      be
      overdue, and neither the Company, Reading NZ the Trustee nor any such agent
      shall be affected by notice to the contrary.

     

    The
      Company, Reading NZ and, by its acceptance of this Security or a beneficial
      interest herein, the Holder of, and any Person that acquires a beneficial
      interest in, this Security agree that, for United States federal, state and
      local tax purposes, it is intended that this Security constitute
      indebtedness.

     

    This
      Security shall be construed and enforced in accordance with and governed by
      the
      laws of the State of New York, without reference to its conflict of laws
      provisions (other than Section 5-1401 of the General Obligations
      Law).Exhibit 10.1 Purchase Agreement, dated February 5, 2007, among Reading International,
      Inc., Reading International Trust I, and Kodiak Warehouse JPM LLC

     

    EXHIBIT
      10.1

    
      

      

    

     

    PURCHASE
      AGREEMENT

     

    among

     

    READING
      INTERNATIONAL, INC., 

     

    READING
      NEW ZEALAND, LIMITED,

     

    READING
      INTERNATIONAL TRUST I,

     

    and

     

    KODIAK
      WAREHOUSE JPM LLC

     

     

     

    Dated
      as
      of February 5, 2007

     

     

    
      

      

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

    

    

      
        	
                1.

                 

              	
                Definitions

                 

              	
                1

                 

              
	
                2.

                 

              	
                Purchase
                  and Sale of the Preferred Securities

                 

              	
                1

                 

              
	
                3.

                 

              	
                Conditions

                 

              	
                4

                 

              
	
                4.

                 

              	
                Representations
                  and Warranties of the Company and the Trust

                 

              	
                6

                 

              
	
                5.

                 

              	
                Representations
                  and Warranties of the Purchaser

                 

              	
                7

                 

              
	
                6.

                 

              	
                Covenants
                  and Agreements of the Company and the Trust

                 

              	
                14

                 

              
	
                7.

                 

              	
                Payment
                  of Expenses

                 

              	
                16

                 

              
	
                8.

                 

              	
                Indemnification

                 

              	
                16

                 

              
	
                9.

                 

              	
                Termination:
                  Representations and Indemnities to Survive

                 

              	
                18

                 

              
	
                10.

                 

              	
                Amendments

                 

              	
                18

                 

              
	
                11.

                 

              	
                Notices

                 

              	
                18

                 

              
	
                12.

                 

              	
                Successors
                  and Assigns

                 

              	
                18

                 

              
	
                13.

                 

              	
                Applicable
                  Law

                 

              	
                19

                 

              
	
                14.

                 

              	
                Submission
                  to Jurisdiction

                 

              	
                19

                 

              
	
                15.

                 

              	
                Counterparts
                  and Facsimile

                 

              	
                19

                 

              

      

    

    

    SCHEDULES
      AND ANNEXES

    

    Schedule
      1  - Significant
      Subsidiaries

    

    Annex
      A-1 - Form
      of
      Company Counsel Opinion Pursuant to Section
      3(b)

    Annex
      A-2
 - Form
      of
      Officer’s Certificate Pursuant to Section
      3(b)

    Annex
      B - Form
      of
      Tax Counsel Opinion Pursuant to Section
      3(c) 

    Annex
      C - Form
      of
      Delaware Counsel Trust Opinion Pursuant to Section
      3(d)

    Annex
      D - Form
      of
      Property/Indenture Trustee Counsel Opinion Pursuant to Section
      3(e)

    Annex
      E - Form
      of
      Delaware Trustee Counsel Opinion Pursuant to Section
      3(d)

    Annex
      F - Form
      of
      Indenture

    Annex
      G - Form
      of
      Trust Agreement

    Annex
      H - Form
      of
      Officer’s Financial Certificate Pursuant to Section
      6(h)

     

    
      
        
           

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    PURCHASE
      AGREEMENT

    ($50,000,000
      Trust Preferred Securities)

     

    THIS
      PURCHASE AGREEMENT, dated as of February 5, 2007 (this “Purchase
      Agreement”),
      is
      entered into among Reading International, Inc., a Nevada corporation (the
“Company”),
      Reading New Zealand, Limited, a New Zealand corporation (“Reading
      NZ”),
      and
      Reading International Trust I, a Delaware statutory trust (the “Trust”,
      and
      together with the Company and Reading NZ, the “Sellers”),
      on
      the one hand, and Kodiak Warehouse JPM LLC, a Delaware limited liability company
      (the “Purchaser”),
      on
      the other hand.

     

    WITNESSETH:

     

    WHEREAS,
      the Trust proposes to issue and sell Fifty Thousand (50,000) Preferred
      Securities of the Trust, having a stated liquidation amount of $1,000 per
      security, bearing distributions at a fixed rate
      equal to 9.22% per annum of the liquidation amount through the distribution
      payment date in April 2012 and
      thereafter at a variable rate, reset quarterly, equal to LIBOR (as defined
      in
      the Trust Agreement (as defined below)) plus 4.00% per annum of the liquidation
      amount (the “Preferred
      Securities”);

     

    WHEREAS,
      the entire proceeds from the sale of the Preferred Securities will be combined
      with the entire proceeds from the sale by the Trust to the Company of its common
      securities (the “Common
      Securities”),
      and
      will be used by the Trust to purchase Fifty One Million Five Hundred Forty
      Seven
      Thousand Dollars ($51,547,000) in principal amount of the unsecured junior
      subordinated notes of the Company and Reading NZ (the “Junior
      Subordinated Notes”);

     

    WHEREAS,
      the Preferred Securities and the Common Securities for the Trust will be issued
      pursuant to the Amended and Restated Trust Agreement (the “Trust
      Agreement”),
      dated
      as of the Closing Date, among the Company, as depositor, Wells Fargo Bank,
      N.A.,
      as property trustee (in such capacity, the “Property
      Trustee”),
      Wells
      Fargo Delaware Trust Company, as Delaware trustee (in such capacity, the
“Delaware
      Trustee”),
      the
      Administrative Trustees named therein (in such capacities, the “Administrative
      Trustees”)
      and
      the holders from time to time of undivided beneficial interests in the assets
      of
      the Trust; and

     

    WHEREAS,
      the Junior Subordinated Notes will be issued pursuant to a Junior Subordinated
      Indenture, dated as of the Closing Date (the “Indenture”),
      among
      the Company, Reading NZ and Wells Fargo Bank, N.A., as indenture trustee (in
      such capacity, the “Indenture
      Trustee”).

     

    NOW,
      THEREFORE, in consideration of the mutual agreements and subject to the terms
      and conditions herein set forth, the parties hereto agree as
      follows:

     

    1.  Definitions.
       The Preferred Securities, the Common Securities and the Junior
      Subordinated Notes are collectively referred to herein as the “Securities.”
This
      Purchase Agreement, the Indenture, the Trust Agreement, and the Securities
      are
      collectively referred to herein as the “Operative
      Documents.”
All
      other capitalized terms used but not defined in this Purchase Agreement shall
      have the respective meanings ascribed thereto in the Indenture.

     

    2.  Purchase
      and Sale of the Preferred Securities;
      Purchaser’s Obligations.

    .

    (a)  The
      Trust
      agrees to sell to the Purchaser, and the Purchaser agrees to purchase from
      the
      Trust, Fifty Million Dollars ($50,000,000) in aggregate stated liquidation
      

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    amount
      of
      Preferred Securities. The Trust shall use the Purchase Price, together with
      the
      proceeds from the sale of the Common Securities, to purchase the Junior
      Subordinated Notes.

     

    (b)  Delivery
      or transfer of, and payment for, the Preferred Securities shall be made at
      11:00
      A.M. New York time, on February 5, 2007 or such later date (not later than
      February 5, 2007) as the parties may designate (such date and time of delivery
      and payment for the Preferred Securities being herein called the “Closing
      Date”).
      The
      Preferred Securities shall be transferred and delivered to the Purchaser in
      the
      amounts described in Section 2(a) hereof against the payment of the Purchase
      Price to the Trust made by wire transfer in immediately available funds on
      the
      Closing Date to a U.S. account designated in writing by the Company at least
      two
      business days prior to the Closing Date.

     

    (c)  Subject
      to the terms and provisions of this Purchase Agreement, Purchaser shall be
      obligated to purchase the Preferred Securities in the amounts set forth in
      Section 2(a) hereof. 

     

    (d)  Delivery
      of the Preferred Securities shall be made at such location, and in such names
      and denominations, as the Purchaser shall designate at least two business days
      in advance of the Closing Date. The Company and the Trust agree to have the
      Preferred Securities available for inspection and checking by the Purchaser
      in
      New York, New York, not later than 11:00 A.M. New York time, on the business
      day
      prior to the Closing Date. The closing for the purchase and sale of the
      Preferred Securities shall occur at the offices of Reed Smith LLP, Pittsburgh,
      Pennsylvania, or such other place as the parties hereto shall
      agree.

     

    (e)  Each
      Preferred Security Certificate shall bear a legend in substantially the
      following form:

     

    “[IF
      THIS SECURITY IS A GLOBAL SECURITY INSERT:
      THIS
      PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST
      AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
      DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS
      EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC
      OR
      ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT,
      AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS
      PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF
      DTC
      TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED
      CIRCUMSTANCES.

     

    UNLESS
      THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
      TO
      READING INTERNATIONAL TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE
      NAME
      OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
      SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
      ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.]

    THE
      PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
      IN A
      TRANSACTION EXEMPT FROM REGISTRATION 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED
      SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
      THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT
      THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM
      THE
      PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE
      SECURITIES ACT.

     

    THE
      HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
      THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES
      MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE DEPOSITOR OR
      THE
      TRUST OR (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS (a) A
      "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
      ACT) AND (b) A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE
      INVESTMENT COMPANY ACT OF 1940, AS AMENDED), OR (III) TO A PERSON WHOM THE
      SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION
      2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER
      WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE
      RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

    THE
      PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
      AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT
      PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY
      INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS
      THAN
      $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID
      AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW,
      ANY
      SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
      SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
      PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN,
      AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER
      IN
      SUCH PREFERRED SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF
      OR
      THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT,
      INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE
      I OF
      THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
      OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
      (EACH A
“PLAN”),
      OR AN
      ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
      INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
      ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER
      OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED
      TO
      HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE
      BENEFIT PLAN WITHIN THE 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    MEANING
      OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
      APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
      PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
      BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.”

     

    3.  Conditions. 
      The
      obligations of the parties under this Purchase Agreement are subject to the
      following conditions:

     

    (a)  The
      representations and warranties contained herein shall be accurate as of the
      date
      of delivery of the Preferred Securities.

     

    (b)  Troy
      & Gould Professional Corporation, counsel for the Sellers (the “Company
      Counsel”),
      shall
      have delivered (i) an opinion, dated the Closing Date, addressed to the
      Purchaser and the Indenture Trustee, substantially in the form of Annex
      A-1
      hereto
      with such changes as are acceptable to Purchaser in its sole discretion; and
      (ii) the Company shall have furnished to the Purchaser the opinion of the
      Company’s General Counsel or a certificate signed by the Chief Executive Officer
      and Chief Financial Officer substantially in the form of Annex
      A-2
      hereto
      with such changes as are acceptable to the Purchaser in its sole discretion.
      In
      rendering their opinion, the Company Counsel may rely as to factual matters
      upon
      certificates or other documents furnished by officers, directors and trustees
      of
      the Company, Reading NZ, the Trust and by government officials (provided,
      however, that copies of any such certificates or documents are delivered to
      the
      Purchaser) and by and upon such other documents as such counsel may, in their
      reasonable opinion, deem appropriate as a basis for the Company Counsel’s
      opinion. The Company Counsel may specify the jurisdictions in which they are
      admitted to practice and that they are not admitted to practice in any other
      jurisdiction and are not experts in the law of any other jurisdiction. Such
      Company Counsel Opinion shall not state that they are to be governed or
      qualified by, or that they are otherwise subject to, any treatise, written
      policy or other document relating to legal opinions, including, without
      limitation, the Legal Opinion Accord of the ABA Section of Business Law
      (1991).

     

    (c)  The
      Purchaser, the Company and the Trust shall have been furnished the opinion
      of
      Reed Smith LLP, special tax counsel for the Purchaser, dated the Closing Date,
      addressed to the Purchaser and the Indenture Trustee, in substantially the
      form
      set out in Annex
      B
      hereto.

     

    (d)  The
      Purchaser shall have received the opinion of Potter Anderson & Corroon LLP,
      special Delaware counsel for the Delaware Trustee, dated the Closing Date,
      addressed to the Purchaser, the Indenture Trustee, the Delaware Trustee and
      the
      Company, in substantially the form set out in Annex
      C
      hereto.

     

    (e)  The
      Purchaser shall have received the opinion of Potter Anderson & Corroon LLP,
      special counsel for the Property Trustee and the Indenture Trustee, dated the
      Closing Date, addressed to the Purchaser, in substantially the form set out
      in
Annex
      D
      hereto.

     

    (f)  The
      Purchaser shall have received the opinion of Potter Anderson & Corroon LLP,
      special Delaware counsel for the Delaware Trustee, dated the Closing Date,
      addressed to the Purchaser and the Indenture Trustee, in substantially the
      form
      set out in Annex
      E
      hereto.

     

    (g)  The
      Company shall have furnished to the Purchaser a certificate of the Company,
      signed by the Chief Executive Officer, President or a Vice President, and by
      the
      Chief Financial
      Officer, Treasurer or an Assistant Treasurer of the Company, and the Trust
      shall
      have furnished to the Purchaser a certificate of the Trust, signed by an
      Administrative Trustee of the 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    Trust,
      in
      each case dated the Closing Date, and, in the case of the Company, as to (i)
      and
      (ii) below and, in the case of the Trust, as to (i) below.

     

    (i)  the
      representations and warranties of the Company, Reading NZ and the Trust, as
      the
      case may be, in this Purchase Agreement are true and correct on and as of the
      Closing Date with the same effect as if made on the Closing Date, and the
      Company and the Trust, as applicable, have complied with all the agreements
      and
      satisfied all the conditions on its part to be performed or satisfied at or
      prior to the Closing Date; and

     

    (ii)  since
      September 30, 2006 (the date of the last Interim Financial Statements (as
      defined below), there has been no material adverse change in the condition
      (financial or other), earnings, business or assets of the Company and its
      subsidiaries taken as a whole, whether or not arising from transactions
      occurring in the ordinary course of business (a “Material
      Adverse Change”).

     

    (h)  Subsequent
      to the execution of this Purchase Agreement, there shall not have been any
      change, or any development involving a prospective change, in or affecting
      the
      condition (financial or other), earnings, business or assets of the Company
      and
      its subsidiaries, taken as a whole whether or not occurring in the ordinary
      course of business, the effect of which is, in the Purchaser’s judgment, so
      material and adverse as to make it impractical or inadvisable to proceed with
      the purchase of the Preferred Securities.

     

    (i)  Prior
      to
      the Closing Date, the Company and the Indenture Trustee shall have duly executed
      and delivered the Indenture in substantially the form attached as Annex
      F
      hereto
      with such changes as are acceptable to Purchaser in its sole
      discretion.

     

    (j)  Prior
      to
      the Closing Date, the Company, the Property Trustee, the Delaware Trustee and
      the Administrative Trustees shall have duly executed and delivered the Trust
      Agreement in substantially the form attached as Annex
      G
      hereto
      with such changes as are acceptable to Purchaser in its sole
      discretion.

     

    (k)  At
      least
      2 (two) Business Days prior to the proposed Closing Date, the Company shall
      have
      provided written notice to the Purchaser of the proposed Closing
      Date.

     

    (l)  Prior
      to
      the Closing Date, the Company and the Trust shall have furnished to the
      Purchaser and its counsel such further information, certificates and documents
      as the Purchaser or such counsel may reasonably request.

     

    (m)  The
      Purchaser shall have received rating agency analysis and approval of the
      Securities, which shall be satisfactory to it in its sole
      discretion.

     

    (n)  The
      Purchaser shall have received evidence satisfactory to it that the Company’s
      consolidated “Net Asset Value of Real Estate” (as defined in the Indenture) is
      greater than or equal to $240,000,000.

     

    If
      any of
      the conditions specified in this Section
      3
      shall
      not have been fulfilled when and as provided in this Purchase Agreement, or
      if
      any of the opinions, certificates and documents mentioned above or elsewhere
      in
      this Purchase Agreement shall not be reasonably satisfactory in form and
      substance to the Purchaser or their counsel, this Purchase Agreement and all
      the
      Purchaser’s obligations hereunder may be canceled at the Closing Date by the
      Purchaser. Notice of such cancellation shall be given to the Company and the
      Trust in writing or by telephone or facsimile confirmed in writing.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    Each
      certificate signed by any trustee of the Trust or any officer of the Company
      and
      delivered to the Purchaser or the Purchaser’s counsel in connection with the
      Operative Documents and the transactions contemplated hereby and thereby shall
      be deemed to be a representation and warranty of the Trust and/or the Company,
      as the case may be, and not by such trustee or officer in any individual
      capacity.

     

    4.  Representations
      and Warranties of the Company, Reading NZ and the Trust. 
      The Company, Reading NZ and the Trust jointly and severally represent and
      warrant to, and agree with the Purchaser, as follows (provided
      that
      none of the following representations or warranties apply or relate to any
      acts
      or omissions by the Purchaser or its Affiliates):

     

    (a)  None
      of
      the Company, Reading NZ or the Trust, nor any of their “Affiliates” (as defined
      in Rule 501(b) of Regulation D (“Regulation
      D”)
      under
      the Securities Act (as defined below)), nor any person acting on its or their
      behalf, has, directly or indirectly, made offers or sales of any security,
      or
      solicited offers to buy any security, under circumstances that would require
      the
      registration of any of the Securities under the Securities Act of 1933, as
      amended (the “Securities
      Act”).

     

    (b)  None
      of
      the Company, Reading NZ or the Trust, nor any of their Affiliates, nor any
      person acting on its or their behalf, has engaged in any form of “general
      solicitation or general advertising” (within the meaning of Regulation D) in
      connection with any offer or sale of any of the Securities.

     

    (c)  The
      Securities (i) are not and have not been listed on a national securities
      exchange registered under section 6 of the Securities Exchange Act of 1934,
      as
      amended (the “Exchange
      Act”),
      or
      quoted on a U.S. automated inter-dealer quotation system and (ii) are not of
      an
      open-end investment company, unit investment trust or face-amount certificate
      company that are, or are required to be, registered under section 8 of the
      Investment Company Act of 1940, as amended (the “Investment
      Company Act”),
      and
      the Securities otherwise satisfy the eligibility requirements of Rule 144A(d)(3)
      promulgated pursuant to the Securities Act (“Rule
      144A(d)(3)”).

     

    (d)  None
      of
      the Company, Reading NZ or the Trust, nor any of their Affiliates, nor any
      person acting on its or their behalf, has engaged, or will engage, in any
“directed selling efforts” within the meaning of Regulation S under the
      Securities Act with respect to the Securities.

     

    (e)  None
      of
      the Company, Reading NZ or the Trust is, and, immediately following consummation
      of the transactions contemplated hereby and the application of the net proceeds
      therefrom, will not be, an “investment company” or an entity “controlled” by an
“investment company,” in each case within the meaning of section 3(a) of the
      Investment Company Act.

     

    (f)  None
      of
      the Company, Reading NZ or the Trust has paid or agreed to pay to any person
      any
      compensation for soliciting another to purchase any of the Securities, except
      for the fee that the Company has agreed to pay to TBC Securities, LLC, pursuant
      to that certain letter agreement dated November 3, 2006, between the Company
      and
      TBC Securities, LLC.

     

    (g)  The
      Trust
      has been duly created and is validly existing in good standing as a statutory
      trust under the Delaware Statutory Trust Act, 12 Del. C. §3801, et
      seq.
      (the
“Statutory
      Trust Act”)
      with
      all requisite power and authority to own property and to conduct the business
      it transacts
      and proposes to transact and to enter into and perform its obligations under
      the
      Operative Documents to which it is a party. The Trust is duly qualified to
      transact business as a foreign entity and is in good standing in each
      jurisdiction in which such qualification is 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    necessary,
      except where the failure to so qualify or be in good standing would not have
      a
      material adverse effect on the condition (financial or otherwise), earnings,
      business or assets of the Trust, whether or not occurring in the ordinary course
      of business. The Trust is not a party to or otherwise bound by any agreement
      other than the Operative Documents and other agreements contemplated by the
      Operative Documents. The Trust is and will be, under current law, classified
      for
      federal income tax purposes as a grantor trust and not as an association or
      publicly traded partnership taxable as a corporation.

     

    (h)  The
      Trust
      Agreement has been duly authorized by the Company and, on the Closing Date
      specified in Section
      2(b),
      will
      have been duly executed and delivered by the Company and the Administrative
      Trustees of the Trust, and, assuming due authorization, execution and delivery
      by the Property Trustee and the Delaware Trustee, will be a legal, valid and
      binding obligation of the Company and the Administrative Trustees, enforceable
      against them in accordance with its terms, subject to applicable bankruptcy,
      insolvency and similar laws affecting creditors’ rights generally and to general
      principles of equity. Each of the Administrative Trustees of the Trust is an
      employee of the Company and has been duly authorized by the Company to execute
      and deliver the Trust Agreement.

     

    (i)  The
      Indenture has been duly authorized by the Company and Reading NZ and, on the
      Closing Date, will have been duly executed and delivered by the Company, and,
      assuming due authorization, execution and delivery by the Indenture Trustee,
      will be a legal, valid and binding obligation of the Company and Reading NZ
      enforceable against each thereof in accordance with its terms, subject to
      applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
      generally and to general principles of equity.

     

    (j)  The
      Preferred Securities and the Common Securities have been duly authorized by
      the
      Trust and, when issued and delivered against payment therefor on the Closing
      Date in accordance with this Purchase Agreement, in the case of the Preferred
      Securities, and in accordance with the Common Securities Subscription Agreement,
      in the case of the Common Securities, will be validly issued, fully paid and
      non-assessable and will represent undivided beneficial interests in the assets
      of the Trust entitled to the benefits of the Trust Agreement, enforceable
      against the Trust in accordance with their terms, subject to applicable
      bankruptcy, insolvency and similar laws affecting creditors’ rights generally
      and to general principles of equity. The issuance of the Securities is not
      subject to any preemptive or other similar rights. On the Closing Date, all
      of
      the issued and outstanding Common Securities will be directly owned by the
      Company free and clear of any pledge, security interest, claim, lien or other
      encumbrance of any kind (each, a “Lien”).

     

    (k)  The
      Junior Subordinated Notes have been duly authorized by the Company and Reading
      NZ and, on the Closing Date, will have been duly executed and delivered to
      the
      Indenture Trustee for authentication in accordance with the Indenture and,
      when
      authenticated in the manner provided for in the Indenture and delivered to
      the
      Trust against payment therefor in accordance with the Junior Subordinated Note
      Purchase Agreement, will constitute legal, valid and binding obligations of
      the
      Company and Reading NZ entitled to the benefits of the Indenture, enforceable
      against each thereof in accordance with their terms, subject to applicable
      bankruptcy, insolvency and similar laws affecting creditors’ rights generally
      and to general principles of equity.

     

    (l)  This
      Purchase Agreement has been duly authorized, executed and delivered by the
      Company, Reading NZ and the Trust.

     

    (m)  Neither
      the issue and sale of the Common Securities, the Preferred Securities or the
      Junior Subordinated Notes, nor the purchase of the Junior Subordinated Notes
      by
      the Trust, nor the execution and delivery of and compliance with the Operative
      Documents by 

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    the
      Company, Reading NZ or the Trust, nor the consummation of the transactions
      contemplated herein or therein, (i) will conflict with or constitute a violation
      or breach of the Trust Agreement or the certificate of formation, limited
      liability company agreement, articles of incorporation, bylaws or other
      organizational document of the Company, Reading NZ or any subsidiary of the
      Company or Reading NZ or, to the Company’s or Reading NZ’s knowledge, any
      applicable law, statute, rule, regulation, judgment, order, writ or decree
      of
      any government, governmental authority, agency or instrumentality or court,
      domestic or foreign, having jurisdiction over the Trust or the Company, Reading
      NZ or any of their subsidiaries or their respective properties or assets
      (collectively, the “Governmental
      Entities”),
      (ii)
      will conflict with or constitute a violation or breach of, or a default or
      Repayment Event (as defined below) under, or result in the creation or
      imposition of any Lien upon any property or assets of the Trust, the Company,
      Reading NZ or any of their subsidiaries pursuant to, any contract, indenture,
      mortgage, loan agreement, note, lease or other agreement or instrument to which
      (A) the Trust, the Company, Reading NZ or any of their subsidiaries is a party
      or by which it or any of them may be bound, or (B) to which any of the property
      or assets of any of them is subject, or any judgment, order or decree of any
      court, Governmental Entity or arbitrator, except, in the case of this clause
      (ii), for such conflicts, breaches, violations, defaults, Repayment Events
      (as
      defined below) or Liens which (X) would not, singly or in the aggregate,
      adversely affect the consummation of the transactions contemplated by the
      Operative Documents and (Y) would not, singly or in the aggregate, have a
      material adverse effect on the condition (financial or otherwise), earnings,
      business, liabilities and assets (taken as a whole) or business prospects of
      the
      Company and its subsidiaries taken as a whole, whether or not occurring in
      the
      ordinary course of business (a “Material
      Adverse Effect”)
      or
      (iii) require the consent, approval, authorization or order of any court or
      Governmental Entity. As used herein, a “Repayment
      Event”
means
      any event or condition which gives the holder of any note, debenture or other
      evidence of indebtedness (or any person acting on such holder’s behalf) the
      right to require the repurchase, redemption or repayment of all or a portion
      of
      such indebtedness by the Trust, the Company, Reading NZ or any of their
      subsidiaries prior to its scheduled maturity.

     

    (n)  The
      Company has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Nevada, with all requisite corporate power
      and
      authority to own, lease and operate its properties and conduct the business
      it
      transacts and proposes to transact, and is duly qualified to transact business
      and is in good standing as a foreign corporation in each jurisdiction where
      the
      nature of its activities requires such qualification, except where the failure
      of the Company to be so qualified would not, singly or in the aggregate, have
      a
      Material Adverse Effect.

     

    (o)  The
      Company has no subsidiaries that are material to its business, financial
      condition or earnings other than those subsidiaries listed in Schedule
      1
      attached
      hereto (collectively, the “Significant
      Subsidiaries”).
      Each
      Significant Subsidiary (including Reading NZ) has been duly incorporated and
      is
      validly existing as a corporation in good standing under the laws of the
      jurisdiction in which it is chartered or organized, with all requisite corporate
      power and authority to own, lease and operate its properties and conduct the
      business it transacts and proposes to transact. Each Significant Subsidiary
      (including Reading NZ) is duly qualified to transact business and is in good
      standing as a foreign corporation in each jurisdiction where the nature of
      its
      activities requires such qualification, except where the failure to be so
      qualified would not, singly or in the aggregate, have a Material Adverse
      Effect.

     

    (p)  Each
      of
      the Trust, the Company, Reading NZ and each of their subsidiaries hold all
      necessary approvals, authorizations, orders, licenses, consents, registrations,
      qualifications, certificates and permits (collectively, the “Governmental
      Licenses”)
      of and
      from Governmental
      Entities necessary to conduct their respective businesses as now being
      conducted, and neither the Trust, the Company, Reading NZ nor any of their
      subsidiaries has received any notice of proceedings relating to the revocation
      or modification of any such Government 

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    License,
      except where the failure to be so licensed or approved or the receipt of an
      unfavorable decision, ruling or finding, would not, singly or in the aggregate,
      have a Material Adverse Effect; all of the Governmental Licenses are valid
      and
      in full force and effect, except where the invalidity or the failure of such
      Governmental Licenses to be in full force and effect, would not, singly or
      in
      the aggregate, have a Material Adverse Effect; and the Trust, the Company,
      Reading NZ and their subsidiaries are in compliance with all applicable laws,
      rules, regulations, judgments, orders, decrees and consents, except where the
      failure to be in compliance would not, singly or in the aggregate, have a
      Material Adverse Effect.

     

    (q)  All
      of
      the issued and outstanding shares of capital stock of the Company and each
      of
      its subsidiaries (including Reading NZ) are validly issued, fully paid and
      non-assessable; except as disclosed in the 1934 Act Reports (as defined below),
      all of the issued and outstanding capital stock of each subsidiary (including
      Reading NZ) of the Company is owned by the Company, directly or through
      subsidiaries, free and clear of any Lien, claim or equitable right; and none
      of
      the issued and outstanding capital stock of the Company or any subsidiary
      (including Reading NZ) was issued in violation of any preemptive or similar
      rights arising by operation of law, under the charter or by-laws of such entity
      or under any agreement to which the Company or any of its subsidiaries
      (including Reading NZ) is a party.

     

    (r)  Neither
      the Company nor any of its subsidiaries (including Reading NZ) is (i) in
      violation of its respective charter or by-laws or similar organizational
      documents or (ii) in default in the performance or observance of any obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other agreement or instrument to which the
      Company or any such subsidiary is a party or by which it or any of them may
      be
      bound or to which any of the property or assets of any of them is subject,
      except, in the case of clause (ii), where such violation or default would not,
      singly or in the aggregate, have a Material Adverse Effect.

     

    (s)  There
      is
      no action, suit or proceeding before or by any Governmental Entity, arbitrator
      or court, domestic or foreign, now pending or, to the knowledge of the Company,
      Reading NZ or the Trust after due inquiry, threatened against or affecting
      the
      Trust, Reading NZ or the Company or any of their subsidiaries, except for such
      actions, suits or proceedings that, if adversely determined, would not, singly
      or in the aggregate, adversely affect the consummation of the transactions
      contemplated by the Operative Documents or, except as disclosed in the 1934
      Act
      Reports, have a Material Adverse Effect; and the aggregate of all pending legal
      or governmental proceedings to which the Trust, the Company, Reading NZ or
      any
      of their subsidiaries is a party or of which any of their respective properties
      or assets is subject, including ordinary routine litigation incidental to the
      business, are not expected to result in a Material Adverse Effect.

     

    (t)  The
      accountants of the Company who certified the Financial Statements (as defined
      below) are independent public accountants of the Company and its subsidiaries
      within the meaning of the Securities Act, and the rules and regulations of
      the
      Securities and Exchange Commission (the “Commission”)
      thereunder.

     

    (u)  The
      audited consolidated financial statements (including the notes thereto) and
      schedules of the Company and its consolidated subsidiaries (including Reading
      NZ) for the three fiscal years ended December 31, 2005 (the “Financial
      Statements”)
      and
      the interim unaudited consolidated financial statements of the Company and
      its
      consolidated subsidiaries (including Reading NZ) for the three months ended
      September 30, 2006 (the “Interim
      Financial Statements”)
      provided to the Purchaser are the most recent available audited and
      unaudited consolidated
      financial statements of the Company and its consolidated subsidiaries (including
      Reading NZ), respectively, and fairly present in all material respects, in
      accordance with U.S. generally accepted accounting principles, the financial
      position of the Company and its 

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    consolidated
      subsidiaries (including Reading NZ), and the results of operations and changes
      in financial condition as of the dates and for the periods therein specified,
      subject, in the case of Interim Financial Statements, to year-end adjustments
      (which are expected to consist solely of normal recurring adjustments). Such
      consolidated financial statements and schedules have been prepared in accordance
      with U.S. generally accepted accounting principles (“GAAP”)
      consistently applied throughout the periods involved (except as otherwise noted
      therein).

     

    (v)  Except
      as
      disclosed in the 1934 Act Reports, none of the Trust, the Company, Reading
      NZ
      nor any of their subsidiaries has any material liability, whether asserted
      or
      unasserted, whether absolute or contingent, whether accrued or unaccrued,
      whether liquidated or unliquidated, and whether due or to become due, including
      any liability for taxes (and there is no past or present fact, situation,
      circumstance, condition or other basis for any present or future action, suit,
      proceeding, hearing, charge, complaint, claim or demand against the Company
      or
      its subsidiaries that could give rise to any such liability), except for (i)
      liabilities set forth in the Financial Statements or the Interim Financial
      Statements and (ii) normal fluctuations in the amount of the liabilities
      referred to in clause (i) above occurring in the ordinary course of business
      of
      the Trust, the Company and all of its subsidiaries since the date of the most
      recent balance sheet included in such Financial Statements.

     

    (w)  Since
      the
      respective dates of the Financial Statements and the Interim Financial
      Statements, there has not been (A) any Material Adverse Change or (B) any
      dividend or distribution of any kind declared, paid or made by the Company
      on
      any class of its capital stock other than regular quarterly dividends on the
      Company’s common stock.

     

    (x)  The
      documents of the Company filed with the Commission in accordance with the
      Exchange Act, from and including the commencement of the fiscal year covered
      by
      the Company’s most recent Annual Report on Form 10-K, at the time they were or
      hereafter are filed by the Company with the Commission (collectively, the
“1934
      Act Reports”),
      complied and will comply in all material respects with the requirements of
      the
      Exchange Act and the rules and regulations of the Commission thereunder (the
      “1934
      Act Regulations”),
      and,
      at the date of this Purchase Agreement and on the Closing Date, do not and
      will
      not include an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein,
      in the light of the circumstances under which they were made, not misleading;
      and other than such instruments, agreements, contracts and other documents
      as
      are filed as exhibits to the Company’s Annual Report on Form 10-K, Quarterly
      Reports on Form 10-Q or Current Reports on Form 8-K, there are no instruments,
      agreements, contracts or documents of a character described in Item 601 of
      Regulation S-K promulgated by the Commission to which the Company or any of
      its
      subsidiaries is a party other than those which are not yet required to be filed.
      The Company is in compliance with all currently applicable requirements of
      the
      Exchange Act that were added by the Sarbanes-Oxley Act of 2002.

     

    (y)  No
      labor
      dispute with the employees of the Company or any of its subsidiaries exists
      or,
      to the knowledge of the executive officers of the Company, is imminent, except
      those which would not, singly or in the aggregate, have a Material Adverse
      Effect.

     

    (z)  No
      filing
      with, or authorization, approval, consent, license, order, registration,
      qualification or decree of, any Governmental Entity, other than those that
      have
      been made or obtained, is necessary or required for the performance by the
      Trust, Reading NZ or the Company of their respective obligations under the
      Operative Documents, as applicable, or the consummation by the Trust, Reading
      NZ
      and the Company of the transactions contemplated by the Operative
      Documents.

     

    (aa)  Each
      of
      the Trust, the Company and each Significant Subsidiary (including Reading NZ)
      has good and marketable title to all of its respective material real and

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    personal
      properties, in each case free and clear of all Liens and defects, except for
      those that would not, singly or in the aggregate, have a Material Adverse
      Effect; and all of the leases and subleases under which the Trust, the Company,
      or any Significant Subsidiary of the Company holds properties are in full force
      and effect, except where the failure of such leases and subleases to be in
      full
      force and effect would not, singly or in the aggregate, have a Material Adverse
      Effect, and none of the Trust, the Company or any Significant Subsidiary of
      the
      Company has any notice of any claim of any sort that has been asserted by anyone
      adverse to the rights of the Trust, the Company or any significant subsidiary
      of
      the Company under any such leases or subleases, or affecting or questioning
      the
      rights of such entity to the continued possession of the leased or subleased
      premises under any such lease or sublease, except for such claims that would
      not, singly or in the aggregate, have a Material Adverse Effect.

     

    (bb)  [Intentionally
      omitted.]

     

    (cc)  The
      Company and each of the Significant Subsidiaries have timely and duly filed
      all
      Tax Returns required to be filed by them or has requested an extension thereof,
      and all such Tax Returns are true, correct and complete in all material
      respects. The Company and each of the Significant Subsidiaries have timely
      and
      duly paid in full all material Taxes required to be paid by them, except for
      any
      such Taxes that are currently being contested in good faith or would not have
      a
      Material Adverse Effect (whether or not such amounts are shown as due on any
      Tax
      Return). Except as disclosed in the 1934 Act Reports, there are no federal,
      state, or other Tax audits or deficiency assessments proposed or pending with
      respect to the Company or any of the Significant Subsidiaries, and no such
      audits or assessments are threatened. As used herein, the terms “Tax”
or
      “Taxes”
mean
      (i) all federal, state, local, and foreign taxes, and other assessments of
      a
      similar nature (whether imposed directly or through withholding), including
      any
      interest, additions to tax, or penalties applicable thereto, imposed by any
      Governmental Entity, and (ii) all liabilities in respect of such amounts arising
      as a result of being a member of any affiliated, consolidated, combined, unitary
      or similar group, as a successor to another person or by contract. As used
      herein, the term “Tax
      Returns”
means
      all federal, state, local, and foreign Tax returns, declarations, statements,
      reports, schedules, forms, and information returns and any amendments thereto
      filed or required to be filed with any Governmental Entity.

     

    (dd)  The
      Trust
      is not subject to United States federal income tax with respect to income
      received or accrued on the Junior Subordinated Notes, interest payable by the
      Company and Reading NZ on the Junior Subordinated Notes is deductible by the
      Company and Reading NZ, respectively, in whole or in part, for United States
      federal income tax purposes, and the Trust is not subject to more than a
de
      minimis
      amount
      of other taxes, duties or other governmental charges.

     

    (ee)  The
      books, records and accounts of the Company and its subsidiaries accurately
      and
      fairly reflect, in reasonable detail, the transactions in, and dispositions
      of,
      the assets of, and the results of operations of, the Company and its
      subsidiaries. Each of the Company and each of its subsidiaries maintains a
      system of internal accounting controls sufficient to provide reasonable
      assurances that (i) transactions are executed in accordance with management’s
      general or specific authorizations, (ii) transactions are recorded as necessary
      to permit preparation of financial statements in accordance with GAAP and to
      maintain asset accountability, (iii) access to assets is permitted only in
      accordance with management’s general or specific authorization and (iv) the
      recorded accountability for assets is compared with the existing assets at
      reasonable intervals and appropriate action is taken with respect to any
      differences.

     

    (ff)  The
      Company and the Significant Subsidiaries (including Reading NZ) are insured
      by
      insurers of recognized financial responsibility against such losses and risks
      and in such amounts in all material respects as are customary in the businesses
      in which they are 

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    engaged
      or propose to engage after giving effect to the transactions contemplated
      hereby. All policies of insurance and fidelity or surety bonds insuring the
      Company or any of the Significant Subsidiaries or the Company’s or Significant
      Subsidiaries’ respective businesses, assets, employees, officers and directors
      are in full force and effect.

     

    (gg)  The
      Company and its subsidiaries or, to the knowledge of the senior executive
      officers of the Company, any person acting on behalf of the Company and its
      subsidiaries including, without limitation, any director, officer, agent or
      employee of the Company or its subsidiaries has not, directly or indirectly,
      while acting on behalf of the Company and its subsidiaries (i) used any
      corporate funds for unlawful contributions, gifts, entertainment or other
      unlawful expenses relating to political activity; (ii) made any unlawful payment
      to foreign or domestic government officials or employees or to foreign or
      domestic political parties or campaigns from corporate funds; (iii) violated
      any
      provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv)
      made
      any other unlawful payment.

     

    (hh)  The
      information provided by the Company, Reading NZ and the Trust pursuant to this
      Purchase Agreement and the Operative Documents, insofar as they relate to the
      Company, Reading NZ and the Trust, do not, as of the date hereof, and will
      not
      as of the Closing Date, contain any untrue statement of a material fact or
      omit
      to state any material fact necessary to make the statements therein, in the
      light of the circumstances under which they were made, not
      misleading.

     

    (ii)  Except
      as
      disclosed in the 1934 Act Reports, and except as would not, individually or
      in
      the aggregate, result in a Material Adverse Change, (i) the Company and its
      subsidiaries have been and are in compliance with applicable Environmental
      Laws
      (as defined below), (ii) none of the Company or any of its subsidiaries or
      otherwise disposed of Hazardous Materials (as defined below) on, to, in, under
      or from the properties owned by it (“Properties”)
      or any
      other real properties previously owned, leased or operated by the Company or
      any
      of its subsidiaries, (iii) neither the Company nor any of its subsidiaries
      intends to use the Properties or any subsequently acquired properties, other
      than in compliance with applicable Environmental Laws, (iv) neither the Company
      nor any of its subsidiaries has received to the knowledge of the senior
      executives of the Company any notice of, or has any knowledge of any occurrence
      or circumstance which, with notice or passage of time or both, would give rise
      to a claim under or pursuant to any Environmental Law with respect to the
      Properties, any other real properties previously owned, leased or operated
      by
      the Company or any of its subsidiaries, or their respective assets or arising
      out of the conduct of the Company or its subsidiaries, and (v) no lien has
      been
      imposed on the Properties by any Governmental Entity in connection with the
      presence on or off such Property of any Hazardous Material.

     

    As
      used
      herein, “Hazardous
      Material”
shall
      include, without limitation, any flammable materials, explosives, radioactive
      materials, hazardous materials, hazardous substances, hazardous wastes, toxic
      substances or related materials, asbestos, petroleum, petroleum products and
      any
      hazardous material as defined by any federal, state or local environmental
      law,
      statute, ordinance, rule or regulation, including, without limitation, the
      Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
      as amended, 42 U.S.C. §§ 9601-9675 (“CERCLA”),
      the
      Hazardous Materials Transportation Act, as amended, 49 U.S.C. §§ 5101-5127, the
      Resource Conservation and Recovery Act, as amended, 42 U.S.C. §§ 6901-6992k, the
      Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§
11001-11050, the Toxic Substances Control Act, 15 U.S.C. §§ 2601-2692, the
      Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. §§ 136-136y, the
      Clean Air Act, 42 U.S.C. §§ 7401-7642, the Clean Water Act (Federal Water
      Pollution Control Act), 33 U.S.C. §§ 1251-1387, the Safe Drinking
      Water Act, 42 U.S.C. §§ 300f-300j-26, and the Occupational Safety and Health
      Act, 29 U.S.C. §§ 651-678, and any analogous state laws, as any of the above may
      be amended from time to time and in the regulations promulgated pursuant to
      each
      of the foregoing (including 

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    environmental
      statutes and laws not specifically defined herein) (individually, an
“Environmental
      Law”
and
      collectively, the “Environmental
      Laws”)
      or by
      any Governmental Entity.

     

    5.  Representations
      and Warranties of the Purchaser. 
      Purchaser represents and warrants to, and agrees with, the Company and the
      Trust
      as follows:

     

    (a)  Purchaser
      is aware that the Securities have not been and will not be registered under
      the
      Securities Act and may not be offered or sold within the United States or to
      “U.S. persons” (as defined in Regulation S under the Securities Act) except in
      accordance with Rule 903 of Regulation S under the Securities Act or pursuant
      to
      an exemption from the registration requirements of the Securities
      Act.

     

    (b)  Purchaser
      is an “accredited investor,” as such term is defined in Rule 501(a) of
      Regulation D under the Securities Act.

     

    (c)  Neither
      Purchaser, nor any of Purchaser’s affiliates, nor any person acting on
      Purchaser’s or Purchaser’s Affiliate’s behalf has engaged, or will engage, in
      any form of “general solicitation or general advertising” (within the meaning of
      Regulation D) in connection with any offer or sale of the Preferred
      Securities.

     

    (d)  Purchaser
      understands and acknowledges that (i) no public market exists for any of the
      Securities and that it is unlikely that a public market will ever exist for
      the
      Securities, (ii) Purchaser is purchasing the Securities for its own account,
      for
      investment and not with a view to, or for offer or sale in connection with,
      any
      distribution thereof in violation of the Securities Act or other applicable
      securities laws, subject to any requirement of law that the disposition of
      its
      property be at all times within its control and subject to its ability to resell
      such Securities pursuant to an effective registration statement under the
      Securities Act or pursuant to an exemption therefrom or in a transaction not
      subject thereto, and Purchaser agrees to the legends and transfer restrictions
      applicable to the Securities, and (iii) Purchaser has had the opportunity to
      ask
      questions of, and receive answers and request additional information from,
      the
      Company and is aware that it may be required to bear the economic risk of an
      investment in the Securities until the maturity thereof.

     

    (e)  Purchaser
      is a company with limited liability duly incorporated, validly existing and
      in
      good standing under the laws of the jurisdiction of organization in which it
      is
      organized with all requisite (i) power and authority to execute, deliver and
      perform the Operative Documents to which it is a party, to make the
      representations and warranties specified herein and therein and to consummate
      the transactions contemplated herein and (ii) right and power to purchase the
      Securities.

     

    (f)  This
      Purchase Agreement has been duly authorized, executed and delivered by Purchaser
      and constitutes its legal, valid and binding obligation, enforceable in
      accordance with its terms, subject to applicable bankruptcy, insolvency and
      similar laws affecting creditors’ rights generally and to general principles of
      equity. No filing with, or authorization, approval, consent, license, order
      registration, qualification or decree of, any governmental body, agency or
      court
      having jurisdiction over Purchaser, other than those that have been made or
      obtained, is necessary or required for the performance by Purchaser of its
      obligations under this Purchase Agreement or to consummate the transactions
      contemplated herein.

     

    (g)  Purchaser
      is a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the
      Investment Company Act.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    6.  Covenants
      and Agreements of the Company, Reading NZ and the Trust. 
      The Company, Reading NZ and the Trust jointly and severally agree with the
      Purchaser as follows (provided
      that
      none of the following covenants apply or relate to any acts of the Purchaser
      or
      their Affiliates):

     

    (a)  During
      the period from the date of this Agreement to the Closing Date, the Company,
      Reading NZ and the Trust shall use commercially reasonable efforts and take
      all
      action necessary or appropriate to cause their representations and warranties
      contained in Section
      4
      hereof
      to be true as of the Closing Date, after giving effect to the transactions
      contemplated by this Purchase Agreement, as if made on and as of the Closing
      Date.

     

    (b)  The
      Company, Reading NZ and the Trust will arrange for the qualification of the
      Preferred Securities for sale under the state blue sky laws of such
      jurisdictions as the Purchaser may designate and will maintain such
      qualifications in effect so long as required for the sale of the Preferred
      Securities. The Company, Reading NZ or the Trust, as the case may be, will
      promptly advise the Purchaser of the receipt by the Company, Reading NZ or
      the
      Trust, as the case may be, of any notification with respect to the suspension
      of
      the qualification of the Preferred Securities for sale in any such jurisdiction
      or the initiation or threatening of any proceeding for such purpose.

     

    (c)  None
      of
      the Company, Reading NZ or the Trust will, nor will any of them permit any
      of
      its Affiliates to, nor will any of them permit any person acting on its or
      their
      behalf (other than the Purchaser) to, resell any Preferred Securities that
      have
      been acquired by any of them.

     

    (d)  None
      of
      the Company, Reading NZ or the Trust will, nor will any of them permit any
      of
      their Affiliates or any person acting on their behalf to, engage in any
“directed selling efforts” within the meaning of Regulation S under the
      Securities Act with respect to the Securities.

     

    (e)  None
      of
      the Company, Reading NZ or the Trust will, nor will any of them permit any
      of
      their Affiliates or any person acting on their behalf to, directly or
      indirectly, make offers or sales of any security, or solicit offers to buy
      any
      security, under circumstances that would require the registration of any of
      the
      Securities under the Securities Act.

     

    (f)  None
      of
      the Company, Reading NZ or the Trust will, nor will any of them permit any
      of
      its Affiliates or any person acting on their behalf to, engage in any form
      of
“general solicitation or general advertising” (within the meaning of Regulation
      D) in connection with any offer or sale of the any of the
      Securities.

     

    (g)  So
      long
      as any of the Securities are outstanding, (i) the Securities shall not be listed
      on a national securities exchange registered under section 6 of the Exchange
      Act
      or quoted in a U.S. automated inter-dealer quotation system and (ii) none the
      Company, Reading NZ or the Trust shall be an open-end investment company, unit
      investment trust or face-amount certificate company that is, or is required
      to
      be, registered under section 8 of the Investment Company Act, and, the
      Securities shall otherwise satisfy the eligibility requirements of Rule
      144A(d)(3).

     

    (h)  Each
      of
      the Company and the Trust shall furnish to (i) the holders, and subsequent
      holders of the Preferred Securities, (ii) Purchaser at 2107 Wilson Blvd., Suite
      400, Arlington, VA 22201, Attention: Robert Hurley, Chief Financial Officer,
      or
      such other address as
      designated by Purchaser) and (iii) any beneficial owner of the Securities
      reasonably identified to the Company and the Trust (which identification may
      be
      made by either such beneficial owner or by Purchaser), a duly completed and
      executed certificate in the form attached hereto as Annex
      

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    F,
      including the financial statements referenced in such Annex, which certificate
      and financial statements shall be so furnished by the Company and the Trust
      not
      later than forty five (45) days after the end of each of the first three fiscal
      quarters of each fiscal year of the Company and not later than ninety (90)
      days
      after the end of each fiscal year of the Company.

     

    (i)  Each
      of
      the Company and the Trust will, during any period in which it is not subject
      to
      and in compliance with section 13 or 15(d) of the Exchange Act, or it is not
      exempt from such reporting requirements pursuant to and in compliance with
      Rule
      12g3-2(b) under the Exchange Act, provide to each holder of the Securities
      and
      to each prospective purchaser (as designated by such holder) of the Securities,
      upon the request of such holder or prospective purchaser, any information
      required to be provided by Rule 144A(d)(4) under the Securities Act. If the
      Company and the Trust are required to register under the Exchange Act, such
      reports filed in compliance with Section 13(a) shall be sufficient information
      as required above. This covenant is intended to be for the benefit of the
      Purchaser, the holders of the Securities, and the prospective purchasers
      designated by the Purchaser and such holders, from time to time, of the
      Securities.

     

    (j)  None
      of
      the Company, Reading NZ or the Trust will, until one hundred eighty (180) days
      following the Closing Date, without the Purchaser’s prior written consent,
      offer, sell, contract to sell, grant any option to purchase or otherwise dispose
      of, directly or indirectly, (i) any Preferred Securities or other securities
      substantially similar to the Preferred Securities other than as contemplated
      by
      this Purchase Agreement or (ii) any other securities convertible into, or
      exercisable or exchangeable for, any Preferred Securities or other securities
      substantially similar to the Preferred Securities; provided,
      for the
      avoidance of doubt, that no such consent shall be required (a) if such other
      securities have a different maturity date, interest rate and other terms than
      those of the Preferred Securities or (b) if, after giving effect to any such
      offer, sale or option, the offer, sale or option of such other securities shall
      not result in the required registration of the sale of the Preferred Securities
      as contemplated herein.

     

    (k)  [Intentionally
      omitted].

     

    (l)  None
      of
      the Company, Reading NZ or the Trust will identify any of the Indemnified
      Parties (as defined below) in a press release or any other public statement
      without the consent of such Indemnified Party, except as otherwise required
      by
      applicable laws.

     

    (m)  The
      Purchaser shall have the right under this Purchase Agreement, the Indenture
      and
      the Trust Agreement to request the substitution of new notes for all or a
      portion of the Junior Subordinated Notes held by the Trust. The Trust shall
      be
      required under the terms of this Purchase Agreement, the Indenture and the
      Trust
      Agreement to accept such newly issued notes (the “Replacement
      Notes”)
      from
      the Company and Reading NZ and surrender a like amount of Junior Subordinated
      Notes to the Company and Reading NZ. The Replacement Notes shall bear terms
      identical to the Junior Subordinated Notes with the sole exception of interest
      payment dates (and corresponding redemption date and maturity date), which
      will
      be specified by the Purchaser. In no event will the interest payment dates
      (and
      corresponding redemption date and maturity date) on the Replacement Notes vary
      by more than sixty (60) calendar days from the original interest payment dates
      (and corresponding redemption date and maturity date) under the Junior
      Subordinated Notes. Each of the Company, Reading NZ and the Trust acknowledges
      and agrees that, to the extent of the principal amount of the Replacement Notes
      issued to the Trust under the Indenture, the Purchaser (and each successor
      to
      the Purchaser’s interest in the Preferred Securities) will require the Trust to
      issue a new series of Preferred Securities
      having a principal amount related to the principal amount of the Replacement
      Notes (the “Replacement
      Securities”)
      to
      designated holders of Preferred Securities, provided that any such Replacement
      Securities, and any distributions from the Trust to the holders of Replacement
      Securities, must relate solely to the Trust’s interest in the Replacement Notes
      and in no event 

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    will
      the
      Preferred Securities other than the Replacement Securities share in the returns
      from any Replacement Notes. The Replacement Securities shall have payment dates
      (and corresponding redemption date and maturity date) that relate to the
      Replacement Notes. Each of the Company, Reading NZ and the Trust agrees to
      cooperate with all reasonable requests of the Purchaser in connection with
      any
      of the foregoing; provided,
      that no
      action requested of the Company, Reading NZ or the Trust in connection with
      such
      cooperation shall materially increase the obligations or materially decrease
      the
      rights of the Company or Reading NZ pursuant to such documents. The Purchaser
      shall pay all reasonable expenses in connection with the issuance of the
      Replacement Notes and the Replacement Securities.

     

    (n)  The
      Company grants to Purchaser a right of first offer on any additional Preferred
      Securities, or securities similar to the Preferred Securities proposed to be
      issued by the Company within 12 months following the Closing Date. 

     

    7.  Payment
      of Expenses.
       The Company, as depositor of the Trust, agrees to pay all costs and
      expenses incident to the performance of the obligations of the Company and
      the
      Trust under this Purchase Agreement, whether or not the transactions
      contemplated herein are consummated or this Purchase Agreement is terminated,
      including all costs and expenses incident to (i) the authorization, issuance,
      sale and delivery of the Preferred Securities and any taxes payable in
      connection therewith; (ii) the fees and expenses of qualifying the Preferred
      Securities under the securities laws of the several jurisdictions as provided
      in
Section
      6(b);
      (iii)
      the fees and expenses of the counsel, the accountants and any other experts
      or
      advisors retained by the Company or the Trust; (iv) the fees and all reasonable
      expenses of the Property Trustee, the Delaware Trustee, the Indenture Trustee
      and any other trustee or paying agent appointed under the Operative Documents,
      including the fees and disbursements of counsel for such trustees, which fees
      shall not exceed $3,500 for the fees and expenses of Potter Anderson &
Corroon LLP, special Delaware counsel retained by the Delaware Trustee in
      connection with the Closing (v) the reasonable fees and expenses of Reed Smith
      LLP, special counsel retained by the Purchaser not to exceed $30,000; and (vi)
      a
      due diligence fee in an amount equal to $12,500 ($5,000 of which was paid upon
      execution of the Letter of Intent) payable to the Purchaser or their
      designee.

     

    If
      the
      sale of the Preferred Securities provided for in this Purchase Agreement is
      not
      consummated because any condition set forth in Section
      3
      hereof
      to be satisfied by any of the Company, Reading NZ or the Trust is not satisfied,
      because this Purchase Agreement is terminated pursuant to Section
      9
      or
      because of any failure, refusal or inability on the part of the Company, Reading
      NZ or the Trust to perform all obligations and satisfy all conditions on its
      part to be performed or satisfied hereunder other than by reason of a default
      by
      the Purchaser, the Company will reimburse the Purchaser upon demand for all
      reasonable out-of-pocket expenses (including the reasonable fees and expenses
      of
      Purchaser’s counsel specified in subparagraphs (v) of the immediately preceding
      paragraph) that shall have been incurred by the Purchaser in connection with
      the
      proposed purchase and sale of the Preferred Securities. The Company shall not
      in
      any event be liable to the Purchaser for the loss of anticipated profits or
      other special, incidental or consequential damages from the transactions
      contemplated by this Purchase Agreement.

     

    8.  Indemnification.
      

     

    (a)  Each
      of
      the Company, Reading NZ and the Trust agree jointly and severally to indemnify
      and hold harmless the Purchaser and the Purchaser’s affiliates (collectively,
      the “Indemnified
      Parties”),
      each
      person, if any, who controls any of the Indemnified Parties within the meaning
      of the Securities Act, or the Exchange Act, and the Indemnified Parties’
respective directors, officers, employees and agents and each person who
“controls” the Indemnified Parties within the meaning of either the Securities
      Act or the 

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    Exchange
      Act against any and all losses, claims, damages or liabilities, joint or
      several, to which they or any of them may become subject under the Securities
      Act, the Exchange Act or other federal or state statutory law or regulation,
      at
      common law or otherwise, insofar as such losses, claims, damages or liabilities
      (or actions in respect thereof) arise out of or are based upon (i) any untrue
      statement or alleged untrue statement of a material fact contained in any
      information or documents furnished or made available to the Purchaser by or
      on
      behalf of the Company, Reading NZ or the Trust, (ii) the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading, (iii) the breach or
      alleged breach of any representation, warranty or agreement of any of the
      Sellers contained herein or (iv) the execution and delivery by the Company,
      Reading NZ and/or the Trust of this Purchase Agreement or any of the other
      Operative Documents and/or the consummation of the transactions contemplated
      hereby and thereby; provided,
      however,
      that
      none of the Company, Reading NZ or the Trust shall be liable to the extent
      that
      any such loss, claim, damage or liability arises out of or is based on any
      statement, act or omission of the Indemnified Parties, and agrees to reimburse
      the Indemnified Parties, as incurred, for any legal or other expenses reasonably
      incurred by them in connection with investigating or defending any such loss,
      claim, damage, liability or action. This indemnity agreement will be in addition
      to any liability which the Company or the Trust may otherwise have.

     

    (b)  The
      Company agrees to indemnify the Trust against all loss, liability, claim, damage
      and expense whatsoever due from the Trust under paragraph (a)
      above.

     

    (c)  Promptly
      after receipt by an Indemnified Party under this Section
      8
      of
      notice of the commencement of any action, such Indemnified Party will, if a
      claim in respect thereof is to be made against the indemnifying party under
      this
Section
      8,
      promptly notify the indemnifying party in writing of the commencement thereof;
      but the failure so to notify the indemnifying party (i) will not relieve the
      indemnifying party from liability under paragraph (a) above unless and to the
      extent that such failure results in the forfeiture by the indemnifying party
      of
      material rights and defenses and (ii) will not, in any event, relieve the
      indemnifying party from any obligations to any Indemnified Party other than
      the
      indemnification obligation provided in paragraph (a) above. The indemnifying
      party shall be entitled to appoint counsel of the indemnifying party’s choice at
      the indemnifying party’s expense to represent the Indemnified Party in any
      action for which indemnification is sought (in which case the indemnifying
      party
      shall not thereafter be responsible for the fees and expenses of any separate
      counsel retained by the Indemnified Party except as set forth below);
provided,
      however,
      that
      such counsel shall be reasonably satisfactory to the Indemnified Party.
      Notwithstanding the indemnifying party’s election to appoint counsel to
      represent the Indemnified Party in an action, the Indemnified Party shall have
      the right to employ separate counsel (including local counsel), and the
      indemnifying party shall bear the reasonable fees, costs and expenses of such
      separate counsel if (i) the use of counsel chosen by the indemnifying party
      to
      represent the Indemnified Party would present such counsel with a conflict
      of
      interest, (ii) the actual or potential defendants in, or targets of, any such
      action include both the Indemnified Party and the indemnifying party and the
      Indemnified Party shall have reasonably concluded that there may be legal
      defenses available to it and/or other Indemnified Parties which are different
      from or additional to those available to the indemnifying party, (iii) the
      indemnifying party shall not have employed counsel reasonably satisfactory
      to
      the Indemnified Party to represent the Indemnified Party within a reasonable
      time after notice of the institution of such action or (iv) the indemnifying
      party shall authorize the Indemnified Party to employ separate counsel at the
      expense of the indemnifying party (it being understood and agreed that the
      indemnifying party shall not be liable for the expenses of more than one
      separate counsel (in addition to any local counsel) representing the Indemnified
      Parties to such action).  An
      indemnifying party will not, without the prior written consent of the
      Indemnified Parties, settle or compromise or consent to the entry of any
      judgment with respect to any pending or threatened claim, action, suit or
      proceeding in respect of which indemnification may be sought hereunder (whether
      or not the Indemnified Parties are actual or potential parties to such claim,
      

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    action,
      suit or proceeding) unless such settlement, compromise or consent includes
      an
      unconditional release of each Indemnified Party from all liability arising
      out
      of such claim, action, suit or proceeding.

     

    9.  Termination:
      Representations and Indemnities to Survive.
       This Purchase Agreement shall be subject to termination in the absolute
      discretion of the Purchaser, by notice given to the Company, Reading NZ and
      the
      Trust prior to delivery of and payment for the Preferred Securities, if prior
      to
      such time (i) a downgrading shall have occurred in the rating accorded the
      Company’s debt securities or preferred stock by any “nationally recognized
      statistical rating organization,” as that term is used by the Commission in Rule
      15c3-1(c)(2)(vi)(F) under the Exchange Act, or such organization shall have
      publicly announced that it has under surveillance or review, with possible
      negative implications, its rating of the Company’s debt securities or preferred
      stock, (ii) the Trust shall be unable to sell and deliver to the Purchaser
      at
      least $50,000,000 stated liquidation value of Preferred Securities, (iii) a
      suspension or material limitation in trading in securities generally shall
      have
      occurred on the New York Stock Exchange, (iv) a suspension or material
      limitation in trading in any of the Company’s securities shall have occurred on
      the exchange or quotation system upon which the Company’s securities are traded,
      if any, (v) a general moratorium on commercial business activities shall have
      been declared either by federal or applicable state authorities or (vi) there
      shall have occurred any outbreak or escalation of hostilities, or declaration
      by
      the United States of a national emergency or war or other calamity or crisis
      the
      effect of which on financial markets is such as to make it, in the Purchaser’s
      judgment, impracticable or inadvisable to proceed with the offering or delivery
      of the Preferred Securities. The respective agreements, representations,
      warranties, indemnities and other statements of the Company, Reading NZ and
      the
      Trust or their respective officers or trustees and of the Purchaser set forth
      in
      or made pursuant to this Purchase Agreement will remain in full force and
      effect, regardless of any investigation made by or on behalf of the Purchaser,
      the Company, Reading NZ or the Trust or any of the their respective officers,
      directors, trustees or controlling persons, and will survive delivery of and
      payment for the Preferred Securities. The provisions of Sections
      7
      and
8
      shall
      survive the termination or cancellation of this Purchase Agreement.

     

    10.  Amendments.
       This Purchase Agreement may not be modified, amended, altered or
      supplemented, except upon the execution and delivery of a written agreement
      by
      each of the parties hereto.

     

    11.  Notices.
       All communications hereunder will be in writing and effective only on
      receipt, and, if sent to the Purchaser, will be mailed, delivered by hand or
      courier or sent by facsimile and confirmed to the Purchaser at 2107 Wilson
      Blvd., Suite 400, Arlington, VA 22201, Attention: Robert Hurley, Chief Financial
      Officer, Facsimile: (703) 351-7901; with a copy to Reed Smith LLP, 435 Sixth
      Avenue, Pittsburgh, Pennsylvania 15219, Attention: Ronald L. Francis, Jr.,
      Facsimile: (412) 288-3063 or other address as the Purchaser shall designate
      for
      such purpose in a notice to the Company, Reading NZ and the Trust; and if sent
      to the Company, Reading NZ or the Trust, will be mailed, delivered by hand
      or
      courier or sent by facsimile and confirmed to it c/o Reading International,
      Inc., 500 Citadel Drive, Suite 300, Commerce, California 90040, Attention:
      Andrzej Matyczynski, Facsimile: (213) 235-2229.

     

    12.  Successors
      and Assigns.
       This Purchase Agreement will inure to the benefit of and be binding upon
      the parties hereto and their respective successors and permitted assigns.
      Nothing expressed or mentioned in this Purchase Agreement is intended or shall
      be construed to give any person other than the parties hereto and the
      affiliates, directors, officers, employees, agents and controlling persons
      referred to in Section
      8
      hereof
      and their successors, assigns, heirs and legal representatives, any right or
      obligation hereunder. None of the rights or obligations of the Company, Reading
      NZ or the Trust under this Purchase Agreement may be assigned, whether by
      operation of law or otherwise, without the Purchaser’s prior written consent.
      The 

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    rights
      and obligations of Purchaser under this Purchase Agreement may be assigned
      by
      Purchaser without the Company’s, Reading NZ’s or the Trust’s consent; provided
      that the assignee assumes the obligations of Purchaser under this Purchase
      Agreement.

     

    13.  Applicable
      Law. 
      THIS PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
      ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES
      OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
      LAW).

     

    14.  Submission
      to Jurisdiction. 
      ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT
      TO
      OR ARISING OUT OF THIS PURCHASE AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE
      COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE
      UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE
      SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS PURCHASE
      AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
      GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND
      COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN
      CONNECTION WITH THIS PURCHASE AGREEMENT.

     

    15.  Counterparts
      and Facsimile. 
      This Purchase Agreement may be executed by any one or more of the parties hereto
      in any number of counterparts, each of which shall be deemed to be an original,
      but all such counterparts shall together constitute one and the same instrument.
      This Purchase Agreement may be executed by any one or more of the parties hereto
      by facsimile.

     

    

     

    [Signature
      page follows]

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Purchase Agreement has been entered into as of the date
      first written above.

     

    READING
      INTERNATIONAL, INC.

    

    By:
      _______________  

    Name:
      

    Title:
      

     

    READING
      NEW ZEALAND, LIMITED

     

    By:
      _______________  

    Name:
      

    Title:
      

     

    READING
      INTERNATIONAL TRUST I

    By:
      READING INTERNATIONAL, INC., as Depositor

     

    By:
      _____________________  

    Name:
      

    Title:
      

    

    KODIAK
      WAREHOUSE JPM LLC

    By:
      Kodiak Funding, LP

    Its
      sole
      member

    

    By:
      Kodiak Funding Company, Inc.

    Its
      general partner

    

    By:
      ____________________

    Name:
      Robert M. Hurley

    Title:
      Chief Financial Officer

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    List
      of Significant Subsidiaries

     

    

     

    Reading
      Pacific, LLC

     

    Reading
      International Cinemas, LLC

     

    Reading
      New Zealand, Limited

     

    Reading
      Entertainment Australia Pty Ltd

     

    Newmarket
      Properties Pty Ltd

     

    Reading
      Properties Pty Ltd

     

    Reading
      Cinemas Pty Ltd

     

    Reading
      Cinemas USA, LLC

     

    Sutton
      Hill Properties, LLC

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

    

    ANNEX
      A-1

     

    [FORM
      OF COMPANY COUNSEL OPINION PURSUANT TO SECTION 3(b)]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ANNEX
      A-2

     

    FORM
      OF
      GENERAL COUNSEL OPINION OR OFFICERS’ CERTIFICATE

     

    Pursuant
      to Section 3(b)(ii) of the Purchase Agreement, General Counsel for the
      Company shall deliver an opinion, or the Chief Executive Officer and Chief
      Financial Officer of
      the
      Company shall provide an Officers’ Certificate, to the effect that:

     

    
      	
              1.

            	
              all
                of the issued and outstanding shares of capital stock, equity or
                membership interests of each Significant Subsidiary (including Reading
                NZ)
                are owned of record by the Company and the issuance of the Preferred
                Securities and the Common Securities is not subject to any contractual
                preemptive rights known to such
                [Counsel/Officers];

            

    

     

    
      	
              2.

            	
              no
                consent, approval, authorization or order of any court or Governmental
                Entity is required for the issue and sale of the Common Securities,
                the
                Preferred Securities or the Junior Subordinated Notes, the purchase
                by the
                Company of the Common Securities, the purchase by the Trust of the
                Junior
                Subordinated Notes, the execution and delivery of and compliance
                with the
                Operative Documents by the Company, Reading NZ or the Trust or the
                consummation of the transactions contemplated in the Operative Documents,
                except such approvals (specified in such [Opinion/Certificate]) as
                have
                been obtained;

            

    

     

    
      	
              3.

            	
              to
                the knowledge of such [Counsel/Officers], there is no action, suit
                or
                proceeding before or by any government, governmental instrumentality,
                arbitrator or court, domestic or foreign, now pending or threatened
                against or affecting the Trust or the Company or any Significant
                Subsidiary (including Reading NZ) that could adversely affect the
                consummation of the transactions contemplated by the Operative Documents
                or could have a Material Adverse Effect on the Company and its
                subsidiaries;

            

    

     

    
      	
              4.

            	
              Each
                of the Company and Reading NZ is not, and, immediately following
                consummation of the transactions contemplated by the Operative Documents
                and the application of the net proceeds therefrom, will not be, an
                “investment company” or, to such [Counsel’s/Officers] knowledge, is not,
                or, immediately following consummation of the transactions contemplated
                by
                the Operative Documents and the application of the net proceeds therefrom,
                will not be, an entity “controlled” by an “investment company,” in each
                case by virtue of Section 3(a) of the Investment Company Act; and
                the
                Trust is not, and immediately following the consummation of the
                transactions contemplated by the Operative Documents and the application
                of the net proceeds therefrom, the Trust will not be, an “investment
                company” or an entity “controlled” by an “investment company,” within the
                meaning of the Investment Company Act;
                and

            

    

     

    
      	
              5.

            	
              the
                execution, delivery and performance of the Operative Documents, as
                applicable, by the Company, Reading NZ and the Trust and the consummation
                by the Company, Reading NZ and the Trust of the transactions contemplated
                by the Operative Documents, as applicable, (a) will not result in
                any
                violation of the charter or bylaws of the Company, the charter or
                bylaws
                or similar organizational documents of any Significant Subsidiary,
                the
                Trust Agreement or the Certificate of Trust of the Trust, and (b)
                will not
                conflict with, or result in a breach of any of the terms or provisions
                of,
                or constitute a default (or an event which, with notice or lapse
                of time
                or both, would constitute a default) under, or result in the creation
                or
                imposition of any lien, charge and encumbrance upon any assets or
                properties of the Company or any Significant Subsidiary under, (A)
                any
                agreement, indenture, mortgage or instrument that the Company or
                any
                Significant Subsidiary is a party to or by which it may be bound
                or to
                which any of its assets or properties may be subject, or (B) any
                existing
                applicable law, Rule or administrative Regulation [FOR GENERAL COUNSEL
                ONLY: except that I express no opinion with respect to the securities
                laws
                of the State of Delaware] of any court or governmental agency or
                authority
                having jurisdiction over the Company or any Significant Subsidiary
                or any
                of their respective assets or properties, except in case of (b),
                where any
                such violation, conflict, breach, default, lien, charge or encumbrance,
                would not have a material adverse effect on the assets, liabilities,
                properties, business, results of operations or condition (financial
                or
                otherwise) of the Company and their subsidiaries, taken as
                whole.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              [APPLIES
                ONLY TO GENERAL COUNSEL OPINION: In rendering such opinions, General
                Counsel may (A) state that the above is limited to the laws of the
                State
                of [jurisdiction of bar admission], and (B) rely as to matters of
                fact to
                the extent deemed proper, on certificates of responsible officers
                of the
                Company and public officials.]

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      B

     

    

     

    Pursuant
      to Section 3(c) of the Purchase Agreement, Reed Smith LLP, special tax counsel
      for the Purchaser, shall deliver an opinion to the effect that:

     

    (i) the
      Trust
      will be classified for United States federal income tax purposes as a grantor
      trust and not as an association or a publicly traded partnership taxable as
      a
      corporation; and

     

    (ii) for
      United States federal income tax purposes, the Junior Subordinated Notes will
      constitute indebtedness of the Company.

     

    In
      rendering such opinions, such counsel may (A) state that its opinion is limited
      to the federal laws of the United States and (B) rely as to matters of fact,
      to
      the extent deemed proper, on certificates of responsible officers of the Company
      and public officials.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      C

     

    [FORM
      OF DELAWARE COUNSEL TRUST OPINION PURSUANT TO SECTION
      3(d)]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      D

     

    [FORM
      OF PROPERTY/INDENTURE TRUSTEE COUNSEL OPINION PURSUANT TO SECTION3(e)]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      E

     

    [FORM
      OF DELAWARE TRUSTEE COUNSEL OPINION PURSUANT TO SECTION
      3(d)]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      F 

     

    [FORM
      OF
      INDENTURE]

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    ANNEX
      G 

     

    [FORM
      OF TRUST AGREEMENT]

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    ANNEX
      H 

     

    
      OFFICER'S
        FINANCIAL CERTIFICATE

       

      The
        undersigned, the [Chairman/Vice Chairman/Chief Executive Officer/President/
        Vice
        President/Chief Financial Officer/Treasurer/Assistant Treasurer], hereby
        certifies, pursuant to Section 6(h) of the Purchase Agreement, dated as of
        February 5, 2007, among Reading International, Inc. (the “Company”), Reading New
        Zealand, Limited, Reading International Trust I (the “Trust”), on the one hand,
        and Kodiak Warehouse JPM LLC on the other hand, that, as of [date], [20___],
        the
        Company, if applicable, and its subsidiaries had the following ratios and
        balances:

       

      As
        of
        [Quarterly/Annual Financial Date], 20___

       

      [insert
        covenant compliance calculations here]

       

      

       

      *
        A table
        describing the quarterly report calculation procedures is provided on
        page

       

      [FOR
        FISCAL YEAR END:  Attached
        hereto are the audited consolidated financial statements (including the balance
        sheet, income statement and statement of cash flows, and notes thereto, together
        with the report of the independent accountants thereon) of the Company and
        its
        consolidated subsidiaries for the three years ended [date],
        20_____]

       

      [FOR
        FISCAL QUARTER END:  Attached
        hereto are the unaudited consolidated and consolidating financial statements
        (including the balance sheet and income statement) of the Company and its
        consolidated subsidiaries.]

       

      The
        financial statements fairly present in all material respects, in accordance
        with
        U.S. generally accepted accounting principles (“GAAP”), the financial position
        of the Company and its consolidated subsidiaries, and the results of operations
        and changes in financial condition as of the date, and for the [______quarter
        interim] [annual] period ended [date], 20_, and such financial statements
        have
        been prepared in accordance with GAAP consistently applied throughout the
        period
        involved (expect as otherwise noted therein).

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Officer's Financial
        Certificate as of this ________ day of [______________], 20[___].

       

      

        
          	 	
                  READING
                    INTERNATIONAL, INC.

                   

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                   

                	 
	 	
                  Address:
                    500 Citadel Drive, Suite 300

                
	 	
                  Commerce,
                    California
                    90040

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