Companies looking for market
support , funding and networking opportunities are encouraged to register
now. This event is open to the public and
admission is FREE. The balance of the
Partnership is owned by Movie Distribution Income Fund
(TSX: FLM.1
-------------------------------------------------------- -----------------
Future income taxes 120.2
--------------------- ----------------------------------------------------
Other assets 21.8 211.6
------------------------------------------------------------------------ -
Minority interest (1.9 1.4
----------- --------------------------------------------------------------
Investment in film and television programs:
-------------------------------------------------------------------------
Broadcasting (28.6 5.8 0.

regiunal sagogn

com.1 million in the prior year's period. Partnership
management remains confident in their outlook and reconfirmed their 2005
financial guidance that was released on March 31, 2005. CSI: NY continues to be the highest -rated new series on
CBS, attracting nearly 14 million viewers each week.NV.K.2 180.7 50.8 16.4
----------------------------------------------------------------------- --
-------------------------------------------------------------------------
Shareholders ' Equity
-------------------------------------------------------------------------
Share capital and other (note 7) 730.3
--------------------------------------------------- ----------------------
Corporate and Other 0.3 2 .52 $(0.7) 7.0 (1.5)
----------------------------------------------- --------------------------
Unrealized net foreign exchange losses 0.2) (21.5)
-------------------------------------------------------------------------
Issue of share capital 4.0 33.1 1.

vischnancas dil

52 per share ) compared to
Net loss of $2.8 million compared to $211. These non-GAAP financial measures are provided to
enhance the user and investor understanding of the Company's
historical and current financial performance and its prospects for
the future. The
Company uses EBITDA, direct profit (loss), operating earnings
(loss), and net operating earnings (loss) to measure operating
performance. The unaudited interim consolidated financial statements
and supplemental information have been prepared by management in accordance
with Canadian generally accepted accounting principles.2
------------------------------------------------- ------------------------
Investment in film and television
programs (note 3):
-------------------------------------------------------------------------
Broadcasting 188.0
----------------------------------------------------------------- --------
Entertainment 207.6 1.2
----------------- --------------------------------------------------------
Assets related to discontinued
operations (note 10) - - 6.4
------------------ -------------------------------------------------------
Entertainment (note 13) 101.7 59.9
--------------------------------------------------------- ----------------
Earnings (loss) before undernoted and discontinued
operations
-------------------------------------------------------------------------
Broadcasting 16.1
---------------------------------------------------- ---------------------
Amortization, including development costs charges 3.52 $(0.1 ) (61.1
-------------------------------------------------------------------------
Life Network (100%) 5.7
-------------------------------------------------------- -----------------
BBC Canada (50%) 0.0 0.

nela sagogn

Space is limited to 24 companies . You must say you are attending the Cinapsys
event to receive a room discount.2 million in the quarter , representing the previously
described operating earnings (net of $7.0 million in the same period last
year. Momentum Pictures' slate of theatrical
releases includes the acclaimed Downfall, Broken Flowers starring Bill Murray
and The Dark starring Sean Bean.

Closing Comments

"In 2005, Alliance Atlantis marks its tenth anniversary as a leading
specialty broadcaster," said Mr.

About Alliance Atlantis Communications

In 2005, Alliance Atlantis Communications Inc. Operating earnings (losses) has
been defined as earnings (loss) from operations before under noted
and discontinued operations, which are earnings before investment
gains and losses, foreign exchange gains and losses, income taxes
and discontinued operations , net of tax. A reconciliation of these non-GAAP
financial measures to the most directly comparable measures
calculated in accordance with Canadian GAAP is presented on pages 23
to 25 of the Company's Management's Discussion and Analysis.
Consolidated Balance Sheets
(unaudited)
------------------------------------------------------------------ -------
(in millions of Canadian dollars)

March 31, December 31, March 31,
2005 2004 2004
-------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------
Cash and cash equivalents 100.5 12.6 2.2
------------------------------- ------------------------------------------
Discontinued operations - 0.8
---------------------------------------------------------------------- ---
Investing activities
------------------------------------------------------------- ------------
Property and equipment (1.5 (2.0
-------------------------------------------------------------------------
------------------- ------------------------------------------------------

Broadcasting Paid
Subscribers March 31, December 31, September June 30,
(millions) 2005 2004 30, 2004 2004
----------------------------------------------------- --------------------
Showcase Television (100%) 6.7 5.6 5.

vischnancas charta

LAS VEGAS, Travel Fun Card Ltd.org, or call Todd
Gilligan at: 949-497-6684.

Net operating
earnings (x) were $24.52 based on a weighted average
44.

Operating Highlights

"In each of our businesses we continue to maintain our strategic
direction, execute innovative campaigns and capture audiences in record
numbers," said Mr. MacMillan.

Motion Picture Distribution (xx)

The first quarter results for Motion Picture Distribution primarily
reflects the underperformance of theatrical releases in the quarter and the
timing of the release of Sin City in Canada and Downfall in the UK.S. celebrates its 10th
anniversary as a leading specialty broadcaster, continuing to offer Canadians
recognizable, high-quality brands boasting targeted, high-quality programming
across 13 specialty channels.1 17.2 6.7) 7.2 (1.
Consolidated Statements of Cash Flow
For the three months ended March 31,
(unaudited)
---------------- ---------------------------------------------------------
(in millions of Canadian dollars)

2005 2004
------------ -------------------------------------------------------------
Cash and cash equivalents provided by (used in)
-------------------------------------------------------------------------
Operating activities
---------------------------------------------------------------------- ---
Net earnings (loss) for the period 23.8 6.3 1.

dil sagogn

0 million ($0. "Broadcasting delivered strong results and we are particularly
pleased with the results from Entertainment, where the CSI franchise continues
to deliver as expected. As with
other major motion picture distributors, the Partnership's 2005 theatrical
slate is weighted toward the second half of the year. The
Company's Web site is http://www. Net operating earnings are
defined as operating earnings, net of an applicable portion of
income tax.6 212.1
-------------------------------------------------------------------------
Deferred revenue 33.4
---------------------------------------------------------------- ---------
-------------------------------------------------------------------------

Commitments and contingencies (note 12)

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.6
------------------------- ------------------------------------------------
Earnings before income taxes, and discontinued
operations 29.7 3.9 5.9
-------------------------------------------------------------------------
HGTV Canada (67%) 5.8
-------------------------------------------------------------------------
BBC Kids (50%) 1.8 0.

nca muntagnarda

"

Three months ended March 31, 2005 compared to three months ended
March 31, 2004

For the three months ended March 31, 2005, consolidated revenue increased
to $264. Broadcasting contributed $62.
The Canadian broadcast premiere of The Real Da Vinci Code on History
Television attracted 628,000 viewers (2+), making it the highest -rated program
to air in the network's history(5).
Management of the Partnership advised in their quarterly press release
and conference call, that they expect a strong theatrical and DVD slate in
each of Canada, the UK and Spain for the balance of the year.

-------------------- --------------
(1) Source: NMR Mo-Su 6a-6a Ad 25-54 AMA HGTV 10/97 - current, Food
10/2000 - current
(2) Source: NMR - Winter 2005 vs.8 151.3 263.7 109.6 152.4 21.7 1,176.9
------------------------------------------------------ -------------------
376.0
------------------- ------------------------------------------------------
1,522.03)
-------------------------------------------------------------------------
Diluted (note 11) $0.2 (2.8
---------------------- ---------------------------------------------------
Amortization of property and equipment 2.6 5.1 5.8
-------------------------------------------------- -----------------------
37.

degen culturala

For a complete listing of attractions and offers in Las Vegas or New
Orleans, or to learn more about Power Pass, visit
http://www.powerpasscard .
Consolidated EBITDA(x) for the three months ended March 31, 2005 was
$38. Diluted earnings per share were $0.
In fulfilling its responsibilities, management of the Company has
developed and maintains a system of internal accounting controls.9 30.1 67.6
--------- ----------------------------------------------------------------
Direct operating expenses 186.3)
------------------------------------------------------------- ------------
Foreign exchange losses 1.03)
------------ -------------------------------------------------------------
Earnings (Loss) per Common Share
-------------------------------------------------------------------------
Basic (note 11) $0.5
------------------------------------------------ -------------------------
Stock-based compensation 0.7 0.6 5.8 0.

nca truaisch

6 million of taxes). During winter 2005, Showcase Action had the largest Adult 25-54
audiences of all Canadian New Specialty networks(3).

Alliance Atlantis Communications Inc.4 128.3
---------------------------------------------------------- ---------------
Broadcast licences 108.0 40.6 78.9
-------------------------------------------------------------------------
Corporate and Other 0.5
------------------------------------------------------- ------------------
Entertainment (note 13) 35.6 32.3) (404.4)
-------------------------------------------------------------------------
Entertainment (49.3 8.7 34.

maina andiast

"Our core Broadcast business continues its
record of sustained growth.

Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the U. Private Securities
Litigation Reform Act of 1995. Direct
profit (loss) is defined as revenue less direct operating expenses,
as defined in note 13 to the Company's unaudited interim
consolidated financial statements.7
-------------------------------------------- -----------------------------
Investments 15.6 1,529.4 44.5
-------------------------------------------------------------------------
Interest (note 8) 5.05)
---------------------------------------- ---------------------------------
----------------------------------------------------------- --------------

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.0) (0.8 5.2 1.2 36.

andiast cun

In New Orleans, the roster of Power Pass attractions now includes the
popular Six Flags Great Adventure , home of the coaster, "Batman: The Ride.
Cinapsys is proud to announce its third
annual Microcap Investor Conference in Las Vegas, Nevada, June 29th and
30th at the Mirage Hotel.6 million in the prior year's period
representing a 25% increase.
Consistent with Canadian GAAP, the Partnership expensed the majority of
theatrical print and advertising costs related to these titles in the current
period. In Spain, the Partnership will release In
Good Company and Valiant, an animated feature from the producers of Shrek.B and on NASDAQ - trading symbol AACB. Winter 2004 (Ad 25-54 Mo-Su 6a-6a AMA)
wk 19-31 2005 vs. Management believes that these measures provide useful
information in that they exclude amounts that are not indicative of
the Company's core operating results and ongoing operations and
provide a more consistent basis for comparison between years.UN).2 245.1 497.2
---------------------------------------------- ---------------------------
Income taxes payable 48.9 352.5 145.1
-------------------------------------------------------------------------
Stock -based compensation (0.7 33.7 6.

Alliance Atlantis Communications Inc.2 (2.0 17.0
------------------------------------------- ------------------------------
Investment gains - (0.2) (15.3 4.

cun tujetsch

The company was founded in 2004 by a group of travel and technology
industry veterans to provide the traveling public with greater value and a
better travel experience through the application of next generation
technology.5 million - up 12%;
Motion Picture Distribution generated $100.3 million, representing an increase
of 5%; and Entertainment's revenue contribution was $101.5 million in the prior
year's quarter; Motion Picture Distribution recorded a loss of $1 .
Our channels led the television industry in audience growth for the first
three months of 2005, with a combined audience growth of 17% among adults
25-54 - almost three times faster than the specialty industry average of
6%(2).A, AAC.1 185.2 57.2
-------------- -----------------------------------------------------------
Senior subordinated notes (note 6 ) - - 393.2 21.2)
-------------------------------------- -----------------------------------
Discontinued operations, net of tax (note 10) - (0.1
-------------------------------------------------------------------------
Motion Picture Distribution 29.4 44.9 2.4
-- -----------------------------------------------------------------------
(1.5
------------------------------------------------------- ------------------
Kids - 8.7 5.4 4.2
-------------------------------------------------------------------- -----
Series+ (50%) 1.8 0.

andiast vischnancas

Lunch and snacks will be served to the first 125 guests
in attendance.

For more information please go to: www.7 million
compared to a positive contribution of $16. Results from Motion Picture Distribution
reflect an underperforming first quarter release slate and the fact that
certain print and advertising expenses were required to be booked in the first
quarter with corresponding revenue to be recorded in the second quarter and
beyond. In Canada, the Partnership
expects significant contributions from Sin City as well as Monster in Law
starring Jane Fonda and Jennifer Lopez and the summer comedy Wedding Crashers
starring Owen Wilson and Vince Vaughn.
Valiant has already been received positively in the UK and France and will be
distributed by Disney in North America. Securities
and Exchange Commission. MIDDLETON
Senior Executive Vice President Senior Vice President, Finance -
Chief Financial Officer Corporate Group

Alliance Atlantis Communications Inc.1 55.7 43.5
-------------------------------------------------------------------------
1,522.3
-------------------------------------- -----------------------------------
Deficit (349.5) (404 .6 1,529.9)
-------------------------------------------------------------------------
Long-term investments 0.1 6.1
----------------- --------------------------------------------------------
History Television (100%) 5.3 1.0 0.9
--------------------------------------------------------------------- ----
Discovery Health Channel
(65%) 0.8 0.9 0 .

maina turisticas

announced today
that its Power Pass(TM), which offers a unique, economical way for tourists to
see the most popular attractions in Las Vegas and New Orleans, has enhanced
its offerings in Las Vegas and New Orleans and will add a third destination
city in Honolulu, HI this month. is a privately -owned company based in Armonk, New
York.0 million of taxes), compared to net
operating earnings of $0. As well, the CSI franchise is achieving
outstanding results as we expected. In the first quarter of 2005,
subscriber revenues increased by 10% over the prior year's period and total
advertising revenue was up 15%. EBITDA for the first quarter was
modestly impacted due to the timing of advertising revenues within the year
compared to the amortization of program rights. "I believe that the first quarter
of 2005 has laid the foundation for solid results for the year, and we remain
focused on our goal of continuing to deliver growing audience numbers and
improved returns for our shareholders . In addition, the Company's calculation of EBITDA,
operating earnings (loss) and net operating earnings (loss) may be
different than the calculation used by other companies and therefore
comparability may be affected.

----------------------------------------- --------------------------------

March 31, 2005
Consolidated Financial Statements and
Supplemental Information
For the Three Months Ended
March 31, 2005 and 2004
(Unaudited)

------------------------------- ------------------------------------------

The interim Consolidated Financial Statements for the three month periods
ended March 31 have not been reviewed by an auditor.5) 5.3 0.7 30.7) 16.5) (402.6 9.2)
-------------- -----------------------------------------------------------
Distributions paid to minority interest (3.3 1.3 1.3 1.9
---------------------------------- ---------------------------------------
IFC - The Independent Film
Channel Canada (100 %) 1.8 0.5 35.

cun turisticas

"
It joins current Power Pass participants such as the Audubon Aquarium of the
Americas, Audubon Zoo, Louisiana Children's Museum, Mardi Gras World and
Natchez Steamboat Cruises among many others. Investors and money managers looking for opportunities and new ideas
are welcome.

Alliance Atlantis Reports First Quarter Financial Results

today announced financial and
operating results for the first quarter ended March 31, 2005.
Results for the remainder of 2005 are expected to reflect a strong slate
of theatrical and DVD releases in each territory.

The CSI franchise has also delivered
outstanding results through weekend syndication and second-window cable sales
in the U.
Additional discussion of factors that could cause actual results to differ
materially from management's projections, estimates and expectations is
contained in the Company 's periodic reports and registration statements filed
with the Canadian securities regulatory authorities and the U. The unaudited interim
consolidated financial statements and supplemental information include some
amounts and assumptions based on management's best estimates which have been
derived with careful judgement.4 18.3) (372.3 0.6)
------------------------------- ------------------------------------------
38.5 14.53 $(0.
Consolidated Statements of Deficit
For the three months ended March 31,
(unaudited)
--------------------------------------------------------- ----------------
(in millions of Canadian dollars)

2005 2004
--------------------------------------------------- ----------------------
Deficit - beginning of period (372.2)
---- ---------------------------------------------------------------------
----------------------- --------------------------------------------------

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements.0
----------------- --------------------------------------------------------
Television hours:
----------- --------------------------------------------------------------
CSI Vegas/Miami/New York 22.

nca regiunal

microcapconference. TORONTO, May 16 -

Financial Highlights:
- Consolidated Revenue $265 million - up 25% compared to prior year's
quarter
- Consolidated EBITDA $39 million - up 17% compared to the prior year's
quarter despite underperformance from Motion Picture Distribution
- Consolidated Net earnings $23.2 million shares outstanding compared to diluted loss per share of $0. Both of these titles have outperformed management's expectations but
revenue will not be recognized until the second quarter and beyond .

Entertainment

The CSI franchise, comprised of CSI: Crime Scene Investigation , CSI:
Miami and CSI: NY continues to drive Entertainment and deliver outstanding
results for Alliance Atlantis. The Company co-produces and distributes a
limited number of television programs in Canada and internationally, including
the hit CSI franchise, and holds a 51% limited partnership interest in Motion
Picture Distribution LP, Canada's leading motion picture distribution
business. and Spain. The Board of Directors of the Company
carries out its responsibility for the financial statements through its Audit
Committee.7 1,076.4 1,398.8
--------------------------------- ----------------------------------------
39.5
-------------------------------------------------------------------------
Motion Picture Distribution (note 13) (1.

Alliance Atlantis Communications Inc.3 21.8)
-------------------------------------------------------------------------
Net changes in other non-cash balances related
to operations 22.1 6.4
--------------------------------------------------------------- ----------
Cash and cash equivalents - beginning of period 55.1 101.5
-- -----------------------------------------------------------------------
22.2
------------------------------------------------------- ------------------
Historia (50%) 1.2
--------------------------------- ----------------------------------------
Showcase Action (100%) 1.

muntagnarda andiast

The attractions join current Power Pass participants like Manhattan
Express roller coaster at New York, New York; Madame Tussauds Wax Attraction;
the Bellagio Gallery of Fine Art; Star Trek: the Experience; the Luxor's King
Tut Museum and In Search of the Obelisk and more.
Power Pass Honolulu, which will be available in June, marks the first time
an attraction card has been offered in an exotic locale.

Industry providers wishing
to sponsor this event should contact Cinapsys directly.
The CSI franchise accounted for 88% of Entertainment's first quarter
revenue (2004 - 63%) and all of first quarter gross profit (2004 - 82%).
The strong audience numbers in the first quarter were also driven in part
by our participation in the industry-wide initiative, 31 Days of Great TV,
which ran during the month of January. JUDSON MARTIN RITA A.6 725.6 -
-------------------------------------------------------------------------
Other - 0.
Supplemental Information
For the three months ended March 31,
(unaudited)
--------------------------------- ----------------------------------------
2005 2004
------------------------------------------------------------------------ -
Production Deliveries
-------------------------------------------------------------- -----------
Motion Pictures (number of films): - 1.0
- ------------------------------------------------------------------------
Fact - 11.2 6.2 6.4
-------------- -----------------------------------------------------------
National Geographic Channel
(50%) 0.

maina regiunal

PRESS RELEASE Cinapsys Microcap Investor Conference Brings Top Microcap Executives to Las Vegas June 29th and 30th

Broadcasting recorded $16.2 million for the three months ended March 31, 2005
- compared to $4.05
based on a weighted average 42. Motion Picture Distribution management remains confident in their
outlook and has reconfirmed their 2005 financial guidance. Our digital channels attracted record
audiences during this period, and during the 31 Days Of Great TV, Showcase
Action had the third highest audience of all Canadian Specialty Networks in
digital homes(4).S.

This earnings release contains the unaudited consolidated balance sheets,
earnings statements and statements of cash flows for the three months ended
March 31, 2005 and the three months ended March 31, 2004. wk 19-31 2004
(3) Source: Nielsen Media Research , Average Minute Audience, 01/03/05 -
03/27/95
(4) Source: Nielsen Media Research, 49 English Language Canadian New
Specialty Networks + 26 English Language Canadian Specialty Networks
launched pre 2001 among Digital Cable + Satellite Households only,
Mon -Sun 6a-6a, Adult 25-54 Jan 3-30/05
(5) Source: Nielsen Media Research: Average Minute Audience , Viewers 2+,
2 play cumulative (9pm + 1am), (03/23/05)
(6) Source: Nielsen Media Research , Average Minute Audience, Adults
25-54, October 17, 1997-March 27, 2005)

(x) Non-GAAP financial measures

The Company uses EBITDA, direct profit (loss), operating earnings
(loss), and net operating earnings (loss) to gain a better
understanding of the results of the business. ("the
Company") are the responsibility of management and have been approved by the
Board of Directors.8 23.3
--------------------------------------- ----------------------------------
Goodwill 209.3 66 .0)
-------------------------------------------------------------------------
Items not affecting cash
-------------------------------------------------------------------------
Amortization of film and television programs:
--------------------------------------- ----------------------------------
Broadcasting 25.3 )
-------------------------------------------------------------------------
Minority interest (1.9 0.

regiunal degen

With the addition of Siegfried and Roy Secret Garden and Dolphin Habitat
at the Mirage, the Titanic Exhibit at the Tropicana, the IMAX Movie at the
Luxor and the Atomic Testing Museum of Las Vegas, visitors to Las Vegas will
now be able to tour all of the city's top attractions when they purchase Power
Pass.05 per share) in the prior year's
quarter
- Outstanding performance from Entertainment on strength of CSI
franchise - EBITDA contribution $31 million compared to $7 million in
the prior year's quarter
- Interest expense decreased $9 million compared to prior year's
quarter - reflects new capital structure and lower cost of debt
capital
- Consolidated Net debt $386 million - compared to $429 million in
previous quarter
- Management reconfirms financial guidance released on March 31, 2005

Operating Highlights:
- HGTV and Food Network Canada delivered their largest audiences of any
season since their respective launches(1)
- Specialty Networks attract record audiences during 31 Days of
Great TV initiative
- Canadian broadcast premiere of The Real Da Vinci Code on History
Television becomes highest-rated program to air in network's history

Alliance Atlantis Communications Inc.3 million in the prior year's
quarter; and on the strength of the CSI franchise, Entertainment's EBITDA
contribution was $31. On a diluted per share basis, net operating
earnings were $0.

Net debt is defined as the Company's revolving credit facility ,
senior subordinated notes and term loans, net of cash and cash
equivalents .
Management Report
------------------------------------------------------------------ -------

The accompanying unaudited interim consolidated financial statements and
supplemental information of Alliance Atlantis Communications Inc. These
controls are designed to ensure that the financial records are reliable for
preparing the financial statements.0 101.9 372.4 86.4
-------------------------------------------------------------------------
Minority interest 60.7 720.4) (0.
Consolidated Statements of Earnings (Loss)
For the three months ended March 31,
(unaudited)
---------- ---------------------------------------------------------------
(in millions of Canadian dollars - except per share amounts)

2005 2004
-------------------------------------------------------------------------
Revenue
-------------------------------------------------------------------------
Broadcasting 62.9
------------------------------------------------ -------------------------
Corporate and Other (6.8
- ------------------------------------------------------------------------
Earnings from operations before undernoted and
discontinued operations 31.1
---- ---------------------------------------------------------------------
Net Earnings (Loss) before discontinued operations 23.2 (2.53 $(0.2)
------------------------------- ------------------------------------------
Net earnings (loss) for the period 23.6) (0.2 2.9)
-------------------------------------------------------- -----------------
Change in cash and cash equivalents 45.0 16.5
-------------------------------------------------------------------------
The Food Network (51%) 4.9 0.

regiunal regiunal

Using Smart Card technology, Power Pass, the size of a credit card ,
provides admission to high-volume visitor attractions in these top destination
markets.

Discounted rooms are available at $119 per night by calling the Mirage
directly at: 800-374-9000.55 compared to $0. Advertising revenue for our English channels
(excluding contra and web sales) was up 21%.

The Company continues to leverage the CSI franchise internationally, and
international sales of CSI: Crime Scene Investigation, CSI: Miami and CSI: NY
remain strong and continue to grow. MacMillan .S. The Company has defined EBITDA, calculated using
figures determined in accordance with Canadian GAAP, as earnings
(loss) before under noted, which are earnings before amortization ,
interest, equity losses in affiliates, minority interest, unusual
items, investment gains and losses, foreign exchange gains and
losses, income taxes and discontinued operations , net of tax.

May 16, 2005

W.8
------------------------------------ -------------------------------------
Accounts receivable 322.2
- ------------------------------------------------------------------------
Property and equipment 42.5
-------------------------------------------------------------------- -----
Term loans (note 5) 486.

Alliance Atlantis Communications Inc.3 31.9
------------------------------------------------------------------------ -
Motion Picture Distribution (note 13) 10.3
------------------------- ------------------------------------------------
78.8)
-------------------------------------------------------------------------
Net Earnings (Loss) for the period 23.0)
----------------------------- --------------------------------------------
Earnings (Loss) per Common Share before
discontinued operations
-------------------------------------------------------------------------
Basic (note 11) $0.05)
--------------------------------- ----------------------------------------
Diluted (note 11) $0.6 2.7) (3.5
----------------------------------------------------------- --------------
Discontinued operations - (0.4
-------------------------------------------------------------------------
Cash and cash equivalents - end of period 100.4 4.0
---------------------------------------------- ---------------------------
Showcase Diva (100%) 1.1 1.0 0.7 0.

degen rumantsch

These additions mark a significant increase
to the company's portfolio and provide travelers with even more ways and
places to save.

Travel Fun Card Ltd.7 million compared to $33 .9 million in the prior year's
quarter.2 million - compared to Net losses of $2. In addition, the phenomenal success of The
Million Pound Property Experiment Marathon, which aired on HGTV in March , set
new records for HGTV including the highest-rated single day (6a-6a) of
programming in the network's history(6). The Company's common shares are listed on the Toronto Stock Exchange
- trading symbols AAC.0
-------------------------------------------------------------------------
Operating expenses
----------------------------------------------------------------------- --
Selling, general and administrative 39.8
------------------------ -------------------------------------------------
Entertainment 37.9
-------------------------------------------------------------------------
Amortization of other assets 0.5
------------------------------ -------------------------------------------
45.0 95.8
--------------------------------------------------------------------- ----
-------------------------------------------------------------------------

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements

-------------------------------------------------------------------------

SUPPLEMENTAL INFORMATION

For the Three Months Ended March 31, 2005 and March 31, 2004

(unaudited)

----------------- --------------------------------------------------------

Alliance Atlantis Communications Inc.0
-------------------------------------------------------------------------
Drama - 8.

regiunal degen

Power Pass a Unique Attractions Pass Expands Offerings in Las Vegas and New Orleans Announces Power Pass Honolulu

With Power Pass , travelers minimize the time spent planning what to
do, buying tickets and waiting in line, while maximizing their savings through
special discounts and offers.2 million ($0."

Broadcasting

For the quarter ended March 31, 2005, both advertising and subscriber
revenues were up over the prior year's period. Alliance Atlantis undertakes no duty to update or
revise its forward -looking statements, including its earnings outlook, because
of new information, future events or otherwise.

(xx) Alliance Atlantis holds a 51% limited partnership interest in Motion
Picture Distribution LP (the "Partnership"), a motion picture
distributor in Canada , the U.4
-------------------------------------------------------------------------
Development costs 0.3
--------------------------------------------------------- ----------------
Entertainment 31.9) (7.2
-------------------------------------------------------------------------
Investment gains (note 9) - (0.9
------------------------------------ -------------------------------------
Provision for income taxes 6 .1)
-------------------------------------------------------------------------
Development cost expenditures - (2.8 0.7
------------------ -------------------------------------------------------
------------------------------------- ------------------------------------

tujetsch svizzer

2 million compared to $6.2 million in the prior year's period .9 million shares outstanding in the prior
year's period. For the full year,
Broadcasting expects to meet its EBITDA guidance that was released on
March 31, 2005.
For further details on the Partnership's first quarter financial results
and the 2005 theatrical release slate noted above, please refer to the Movie
Distribution Income Fund press release dated May 10, 2005."

Annual General Meeting

The Company's Annual General Meeting of Shareholders will be held in
Toronto, at the Design Exchange, 234 Bay Street, Toronto, on June 15, 2005 at
10 am.allianceatlantis . Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Alliance Atlantis to be materially
different from any future results, performance or achievements expressed or
implied in such forward -looking statements. The words or phrases "guidance",
"expect", "anticipate", "estimates", and "forecast " and similar words or
expressions are intended to identify such forward-looking statements.

While many in the financial community consider EBITDA, operating
earnings and net operating earnings to be important measures of
operating performance, they should be considered in addition to, but
not as a substitute for, earnings (losses) before under noted,
earnings (loss) from operations before under noted and discontinued
operations, net earnings, cash flow and other measures of financial
performance prepared in accordance with Canadian GAAP which are
presented in the attached unaudited interim consolidated financial
statements.5
------------------------------------------------------------------- ------
Motion Picture Distribution 184.4 186.5 195.2 38.2 483.5 55.9
------------------------------------------------------------------ -------
Motion Picture Distribution (note 13) 100.5)
------------------ -------------------------------------------------------
Financing activities
--------- ----------------------------------------------------------------
Repayment of long-term debt - (1.3 1.

charta svizra

This is a two day event where public and private company CEO's will present
their company's to an audience consisting of retail investors , professional
money managers and industry providers.
"We are very pleased with the operating accomplishments for the first
three months of 2005," said Michael MacMillan, Chairman and Chief Executive
Officer.7 million - up a
strong 70% compared to the prior year's quarter.1 million compared to $17.
Operating earnings(x) (which exclude income taxes, discontinued
operations - net of tax , investment gains and losses and foreign exchange
gains and losses) were $31.com.4 1,398.4
-------------------------------------------------------------------------
--------------- ----------------------------------------------------------
Liabilities
--------------- ----------------------------------------------------------
Accounts payable and accrued
liabilities 518.2 528.2
------------------------------- ------------------------------------------
Liabilities related to discontinued
operations (note 10) - - 3.8
------------------------------- ------------------------------------------
1,145.2)
-------------------------------------------------------------------------
Cumulative translation adjustments (4.7 322.4
------------------------------------------------------- ------------------
264.6
-------- -----------------------------------------------------------------
Direct profit
------ -------------------------------------------------------------------
Broadcasting 32.0)
---------------------------------------------------------- ---------------
Deficit - end of period (349.

samedan svizzer

6 million recorded in the same period last year
(net of $3.01 in the prior year's period.
Net earnings for the three months ended March 31, 2005, were
$23. 22 episodes of the CSI franchise were delivered
in the first quarter of 2005 compared to 16 in the prior year's period. market. These non-GAAP
financial measures are not recognized under Canadian or United
States GAAP. The Audit Committee reviews the Company's unaudited interim
consolidated financial statements and recommends their approval by the Board
of Directors.2 3.7 108.3 95.1) 2.2 4.3
-------------------------------------------------------------------------
Development costs charges 0.8
------------------------------------------------- ------------------------
Future income taxes 8.4)
- ------------------------------------------------------------------------
Motion Picture Distribution (26.7)
----------------------------------------------------- --------------------
0.1 1.0 1.0 1.9 0.

regiunal sagogn

vischnancas dil

nela sagogn

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Alliance Atlantis Reports First Quarter Financial Results

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PRESS RELEASE Cinapsys Microcap Investor Conference Brings Top Microcap Executives to Las Vegas June 29th and 30th

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Power Pass a Unique Attractions Pass Expands Offerings in Las Vegas and New Orleans Announces Power Pass Honolulu

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