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March 23, 1999

Ogden Corporation To Acquire Raging Waters Park

New York, NY - March 10, 1999 -- Ogden Corporation announced that its Entertainment group has enterted into a definitive agreement to acquire the San Jose Raging Waters park from Paramount Parks, Inc.

Located ten miles from Paramount's Great America attraction, this 24-acre water park serves the San Francisco and San Jose market areas and draws over 250,000 patrons per year. Under the agreement Ogden will acquire the lease interest in the land, rides, equipment and intellectual property.

R. Richard Ablon, Chairman and Chief Executive Officer of Ogden Corporation said, "Raging Waters is a solid addition to our water park portfolio. The park's location will provide Ogden with a strong operating base for Northern California. We will look to enhance the attraction by creating a unique entertainment experience for our guests."

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