Press Release: September 13, 2000

WR Hambrecht + Co Initiates Coverage of Metro-Goldwyn-Mayer (MGM) with a Strong Buy Rating and a Price Target of $32

Entertainment Mogul poised to leverage content library through emerging distribution channels

San Francisco, CA, September 13, 2000—WR Hambrecht + Co today initiated research coverage on Metro-Goldwyn-Mayer (MGM) with a strong buy rating and a price target of $32. WR Hambrecht + Co’s Gaming analyst Jeffrey B. Logsdon cited the Company’s large content library leverageable through emerging distribution platforms, high consumer demand for filmed entertainment and solid business plan as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

“MGM has aggregated one of the largest content libraries in the industry, which gives them enormous advantages and opportunities as technology redesigns consumer access. We believe management has the ability and financial resources to build an entertainment conglomerate, making this an open-ended investment story, which could lead to much more upside potential than our twelve-moth price target implies,” Logsdon said.

Logsdon projects total revenues will reach $1.3 billion in 2000 and $1.5 billion in 2001, up from $1.1 billion in 1999.

Metro-Goldwyn-Mayer, Inc. is a global entertainment content company. MGM develops, produces and distributes theatrical motion pictures and television programs, and it intends to create and own branded cable and satellite programming channels.