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Metro-Goldwyn-Mayer Inc. Reminds Shareholders of Special NYSE Policy Pertaining to Deferral of Ex-Dividend Date LOS ANGELES, May 4 /PRNewswire-FirstCall/ -- Metro-Goldwyn-Mayer Inc. today reiterated that a special NYSE policy applicable to deferral of ex-dividend dates applies to MGM's one-time cash dividend of $8.00 per share. Specifically, the NYSE has set May 18, 2004 as the ex-dividend date for the special dividend. (Logo: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO ) Unlike ordinary cash dividends, in a special cash dividend of the magnitude of the MGM dividend, a shareholder of record as of the May 7, 2004 record date who sells MGM stock after that record date, but on or before the May 17, 2004 payment date, will not be entitled to receive the dividend payment. In short, shareholders of record as of the close of business on May 7, 2004, who sell their shares after the record date, and on or before the payment date, also will be selling their right to receive the dividend. The right to receive the dividend will travel with the shares until May 17, 2004, at which point only shareholders who own the shares as of the close of business on May 17, 2004 will receive the dividend. Investors are again encouraged to consult with their financial advisors regarding the specific implications of the deferral of the ex-dividend date. About Metro-Goldwyn-Mayer Metro-Goldwyn-Mayer Inc. (NYSE:MGM), through its Metro-Goldwyn-Mayer Studios Inc. subsidiary, is actively engaged in the worldwide production and distribution of entertainment product, including motion pictures, television programming, home video, interactive media, music, and licensed merchandise. The Company owns the world's largest library of modern films, comprising about 4,000 titles. Its operating units include MGM Pictures, United Artists, MGM Television Entertainment, MGM Networks, MGM Distribution Co., MGM Worldwide Television Distribution, MGM Home Entertainment, MGM On Stage, MGM Consumer Products, MGM Music, MGM Interactive and MGM Direct. In addition, MGM has ownership interests in international television channels reaching nearly 110 countries around the globe. For more information, visit http://www.mgm.com/. This news release contains forward-looking statements that are based upon the Company's estimates and expectations concerning future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. These risks and uncertainties include, among other things, future competitive and market conditions, whether the Company's products achieve customer acceptance, future business decisions, and other factors, including those described in the Company's filings with the Securities and Exchange Commission, all of which are difficult or impossible to predict accurately and many of which are beyond the control of MGM. In light of the significant uncertainties inherent in the forward-looking information herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's objectives or plans will be realized. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company. For further information please contact: Joseph Fitzgerald, EVP, Investor Relations and Corporate Communications, +1-310-449-3660, , or David Bloom, VP, Corporate Communications, +1-310-449-3660, , both of Metro-Goldwyn-Mayer Inc. http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO http://photoarchive.ap.org/ DATASOURCE: Metro-Goldwyn-Mayer Inc. CONTACT: Joseph Fitzgerald, EVP, Investor Relations and Corporate Communications, +1-310-449-3660, , or David Bloom, VP, Corporate Communications, +1-310-449-3660, , both of Metro-Goldwyn-Mayer Inc. Web site: http://www.mgm.com/

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