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Vulcan Inc. Completes Acquisition of Rose Garden Arena

Portland, Ore. -- Vulcan Inc. today announced the completion of the acquisition of the Rose Garden Arena pursuant to a purchase agreement entered into with Portland Arena Management LLC (PAM), under which an affiliate of Vulcan will acquire ownership of PAM, which owns, among other things, the Rose Garden Arena. Financial terms of the agreement were not disclosed. Vulcan Inc. is owned by Paul G. Allen, who also owns Trail Blazers Inc.

"This is a major milestone and a positive step for the franchise," said Paul Allen. "My efforts are focused on continuing to support the Trail Blazers and the long-term financial health of the franchise. By reuniting ownership of the Rose Garden and the Trail Blazers, we have moved another step forward in achieving those goals. We want to thank our dedicated fans, committed employees and loyal corporate sponsors for their continued support."

Thomas Luther, Chairman of the Board of Portland Arena Management, said "We are pleased to announce that we have concluded our agreement for the transfer of ownership of the Rose Garden Arena. The Trail Blazers are an integral part of the Portland community, and PAMís members and board of directors are happy the team will remain here. We would like to thank all of our constituencies for their continued support and wish Vulcan and the Trail Blazers success in the future. We would also like to thank Global Spectrum, General Manager Mike Scanlon and all the employees for their outstanding work in managing the Arena for the past two years."

"This puts us on stronger financial footing and helps us address some of the financial issues the franchise faces," said Tod Leiweke, CEO of Vulcan Sports & Entertainment. "We have begun to execute our transition and improvement plan so we can again assume our rightful position as one of the premier franchises in the NBA."

Vulcan Sports & Entertainment (VSE), an affiliate of Vulcan Inc., will oversee the sports and entertainment assets of Paul Allen in Portland and Seattle, including the Rose Garden Arena. Additionally, VSE will operate the Memorial Coliseum, the Rose Garden Theater of the Clouds, Rose Quarter Exhibit Hall, the Rose Quarter Commons, Qwest Field, the Qwest Events Center and the WAMU Theater.

About Portland Arena Management
Portland Arena Management LLC owns the Rose Garden in Portland, OR. The Global Spectrum-managed Rose Quarter includes 20,000-seat Rose Garden, 12,000-seat Memorial Coliseum, 6,500-seat Theater of the Clouds, 40,000-square foot Exhibit Hall and the Rose Quarter Commons. Home to the NBA Portland Trail Blazers, the National Lacrosse League Portland LumberJax which started play in the 2006 season, and the WHL Winter Hawks, the Rose Garden is a $262 million multi-purpose arena that opened in the fall of 1995. The Winter Hawks also play in Memorial Coliseum, which opened in 1960 and served as the original home of the Trail Blazers. Memorial Coliseum is attached to 40,000-square foot Exhibit Hall and seven meeting rooms. The Commons, Portland's largest outdoor public plaza, connects the Rose Garden and the Memorial Coliseum and can accommodate up to 5,000 people for outdoor events. Ovations Food Services is the official food and beverage concessionaire for the Rose Quarter.

About Vulcan Inc.
Vulcan Inc. creates and advances a variety of world-class endeavors and high-impact initiatives that change and improve the way people live, learn, do business and experience the world. Founded in 1986 by investor and philanthropist Paul G. Allen, and under the direction of president and CEO Jody Patton, Vulcan oversees various business and charitable projects including real estate holdings, investments in more than 40 companies, including Charter Communications, DreamWorks Animation SKG, Digeo Broadband, the Seattle Seahawks NFL and Portland Trail Blazers NBA franchises, First & Goal Inc., Vulcan Productions, the Seattle Cinerama theatre, Experience Music Project, the Science Fiction Museum & Hall of Fame, and the Paul G. Allen Family Foundation. For more information about Vulcan, please visit www.vulcan.com.
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