FOR IMMEDIATE RELEASE
ICAHN ANNOUNCES INCREASE IN TENDER OFFER PRICE FOR
COMMON SHARES OF LIONS GATE ENTERTAINMENT CORP.
New York, New York, August 31, 2010
Contact: Susan Gordon (212) 702-4309
Carl C. Icahn announced today that the purchase price in connection with the existing offer by his affiliated entities to purchase
up to all of the outstanding common shares of Lions Gate Entertainment Corp. is being increased to $7.50 per share in cash.
The revised offer is conditioned on there having been validly tendered and not withdrawn that number of common shares
which, together with the 44,642,069 common shares owned by the Icahn Group, constitutes at least 50.1% of the common shares
outstanding at the expiry time under the offer. The revised offer is also conditioned on the transaction in which 16,236,306
common shares were issued on July 20, 2010 by Lions Gate to a fund controlled by Mark Rachesky, a director and significant
shareholder of Lions Gate, having been either:
The Icahn Group believes that Canada’s corporate governance regime is excellent and intends to vigorously pursue its claims
regarding the Rachesky transaction, which are scheduled to be heard by the Supreme Court of British Columbia commencing on
October 12, 2010. If the Icahn Group is successful in obtaining the remedies it is seeking from that Court the above condition
relating to the Rachesky transaction will be satisfied.
Among other customary conditions, the offer continues to be conditioned on Lions Gate not entering into any material
transaction outside of the ordinary course of business (including any acquisition of assets over $100 million), Lions Gate not
issuing any securities other than upon the exercise of currently outstanding options, and all rights issued or issuable under the
poison pill adopted by Lions Gate’s board of directors on July 1, 2010 being cease-traded or otherwise eliminated. The offer is
not subject to financing and will expire at 8:00 p.m., New York City time,