Cineplex Galaxy Income Fund
TSX : CGX.UN

Cineplex Galaxy Income Fund
Cineplex Galaxy LP

July 20, 2005 14:25 ET

Cineplex Galaxy Income Fund Announces Its July 2005 Distribution

TORONTO, ONTARIO--(CCNMatthews - July 20, 2005) -

Not for release over US newswire services

Cineplex Galaxy Income Fund (TSX:CGX.UN) announced today its cash distribution of $0.0958 per unit for the month of July 2005, payable on August 30, 2005 to unit holders of record on July 29, 2005. Following the closing of the Famous Players transaction, the trustees of Cineplex Galaxy Income Fund will revisit its monthly distribution policy.

The Fund's policy is for unit holders of record on the last business day of a calendar month to receive distributions during the thirty days following the end of such month. Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

The Fund currently owns an approximate 43.8% interest in Cineplex Galaxy LP (50.2% after giving effect to the transactions on the closing of the Famous Players transaction). The Partnership currently owns, operates or has an interest in 86 theatres with 775 screens in Canada, and is the second largest film exhibition company in the country. The Partnership operates the theatres under the Cineplex Odeon and Galaxy brands. Cineplex Odeon has enjoyed an important urban market presence in Canada for over 20 years and Galaxy has become a leading entertainment destination in mid-sized communities.

Further information can be found in the disclosure documents filed by Cineplex Galaxy Income Fund with the securities regulatory authorities, available at www.sedar.com.

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