#1amc amc Ⓡ Investor Day April 17, 2019#2Disclaimer AMC's consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles ("GAAP"). Certain items contained in this presentation, including Adjusted EBITDA and Adjusted Free Cash Flows, are non-GAAP financial measures and are provided as a supplement and should not be considered an alternative to any GAAP measure of our operating performance, liquidity or profitability. The presentation of these financial measures is not intended to be a substitute for or superior to any financial information prepared and presented in accordance with GAAP. While management believes such non-GAAP measures provide recipients with useful supplemental information, there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, and these measures may be different from non-GAAP financial measures (even those similarly-titled) used by other companies. Such non-GAAP measures are presented here because we believe they are widely used by investors and analysts to measure performance. Our management also uses such measures for their internal analysis. The non-GAAP financial measures included in this presentation should be reviewed in conjunction with AMC's financial statements and related footnotes contained in documents filed with the SEC. See the Appendix to this presentation for a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measure. This presentation includes "forward-looking statements". Forward-looking statements may be identified by the use of words such as "forecast," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "strategy," "future," "likely," "may," "should," "believe," "continue," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to, risks related to: motion picture production and performance; AMC's lack of control over distributors of films; intense competition in the geographic areas in which AMC operates; AMC Stubs A-List not meeting anticipated revenue projections impacting projected incremental adjusted EBITDA; increased use of alternative film delivery methods or other forms of entertainment; shrinking exclusive theatrical release windows; general and international economic, political, social and financial market conditions and other risks including the effects of the exit of the United Kingdom from the European Union; risks and uncertainties relating to AMC's significant indebtedness; limitations on the availability of capital; certain covenants in the agreements that govern AMC's indebtedness may limit its ability to take advantage of certain business opportunities; risks relating to AMC's inability to achieve the expected benefits and performance from its recent acquisitions; AMC's ability to refinance its indebtedness on favorable terms; optimizing AMC's theatre circuit through construction and the transformation of its existing theatres may be subject to delay and unanticipated costs; failures, unavailability or security breaches of AMC's information systems; risks relating to impairment losses and theatre and other closure charges; AMC's ability to utilize net operating loss carryforwards to reduce its future tax liability or valuation allowances taken with respect to deferred tax assets; review by antitrust authorities in connection with acquisition opportunities; risks relating to unexpected costs or unknown liabilities relating to recently completed acquisitions; risks relating to the incurrence of legal liability including costs associated with pending class action lawsuits; dependence on key personnel for current and future performance and our ability to attract and retain senior executives and other key personnel; poor financial results preventing AMC from deploying strategic initiatives; operating a business in unfamiliar international markets; increased costs to comply or resulting from a failure to comply with governmental regulations, including the General Data Protection Regulation ("GDPR") and pending future domestic privacy laws and regulations; and other risks, trends, uncertainties and other facts discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled "Risk Factors" in the documents AMC has filed with the SEC, and the risks, trends and uncertainties identified in their other public filings. AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law. amc 2#3Company Representatives amc Adam Aron Chief Executive Officer Elizabeth Frank Chief Content & Programming Officer Craig Ramsey Chief Financial Officer Stephen Colanero Chief Marketing Officer Mark Way President, AMC Europe 3#4Agenda 4mc 1 Executive Summary 2 Business Overview 3 Investment Highlights 4 Financial Outlook nn 4#5Overarching Principles 1 Drive long-term Adjusted EBITDA and Adjusted Free Cash Flow growth Leverage the AMC Platform to deliver the ultimate twenty-first century moviegoing experience to drive demand and spend per patron ● Invest in high-impact growth and experiential initiatives to reinforce platform's flywheel effect and expand footprint profitably 2 Deleverage capital structure to long-term target levels 3 Opportunistically evaluate return of capital to shareholders amc ● Long-term value creation for shareholders LO 5#61. Executive Summary amc CO 6#7World's Largest Network of Theatres & Moviegoers World's Largest Theatrical Exhibition Network World's Largest Moviegoing Customer Base amc 1,000+ theatres and 11,000+ screens globally #1 operator in the U.S. #1 or #2 operator in 11 of 14 countries in Europe and the Middle East More than 50% of Americans live within 10 miles of an AMC theatre Most visitors in 2018 at 359M... (16% higher than next largest)(1) ... Enhanced by the World's Leading Moviegoing Loyalty Program Stubs at 19M U.S. member households... ▪▪ Plus 6M members in European loyalty programs.... via amc Providing unique data into guests' preferences & behavior (1) In comparison to Cineworld, which is based on pro-forma results had Regal been consolidated for the whole of 2018 7#8The AMC Platform: Moviegoing Experience for 21st Century r SPIDERANAL TO THE SPO IMAX AT amc DOLBY CINEMA AT mc Thank You for Visiting AMC Tamiami 18 PRIME AT amc We hope you enjoyed seeing Spider-Man: Into The Spider-Verse Engagement with app post-show and receive data-driven recommendations Be sure to share your thoughts on the movie using #ShareAMC. No spoilers, please! ShareAMC Unparalleled viewing experience with state-of-the-art screen & sound Save 50% off any large pepcom & large fountai combo at AMC Theatres Unlock this deal here www.am.com/de-443 50% large pop •Stabs >> Personalized push notification to Stubs member on Friday to book showing Targeted Demand Generation Personalized Data Undock Deal Share with Friends The Lego Movie 2 amc Amazing End-to-End Experience Choose Your Seats B ======== ---- Attendance Growth : EXCKER BOD Relax with reserved seating Enjoy comfort of luxury recliner A-LIST Seamlessly browse & book ticket via mobile app under Stubs A-List Order Ahead For Express Pick-Up express pickup AMC Theatres Movie Ticket 100 ***** CHOICES Coca-Cola Order industry-leading, diverse food & beverage via mobile app amc 8#9High Impact Initiatives Drive Flywheel Effect Transform AMC into a world class leader in customer engagement Deliver the best in-person experience while at AMC Theatres Expand Footprint 4mc Stabs A LIST Subscription Program Recliner Upgrades ICEE New Website & App Stabs Ope DISCOUNT Pricing TUESDAYS Optimization Sak wis IMAX® AT amc DOLBY CINEMA AT 4mc. Premium Large Format Screens New Builds/Spot Acquisitions Stubo INSTOTK Stabs Re-launch of Stubs ACADEMY AWARD NOMINEE LIBRARY OF CONGRESS NATIONAL NEGISTRY KING Social & Community Initiatives D AHEAD and F&B Mobile Ordering Premium Food & Beverage (1) Denotes cash ROI results of recliner upgrades, which represent preponderance of growth capital expenditures Opportunities in U.S., Europe & Middle East Personal -ized Data Targeted Demand Generation 4mc Attend- ance Growth Amazing End-to-End Experience Cash ROI Results (1) Domestic: 25%+ International: 50%+#10Disciplined Approach to Capital Allocation AMC follows a highly disciplined approach to capital allocation with the goal of delivering the best results to our stakeholders: our investors, guests, employees, studios, and other business partners Our priorities include: 1 Invest Adjusted Free Cash Flow in high ROI projects in the U.S., Europe, and Middle East that grow our future cash generation capacity → 25% hurdle rate 2 amc 3 Utilize our expected increasing available cash, as capex normalizes over time, to deleverage balance sheet and improve long term strategic flexibility Return capital to shareholders via dividends and share buybacks 11#11Medium to Long-Term Financial Targets Total Revenue Growth Adjusted EBITDA Margin Capital Expenditures amc Net Leverage Medium to Long-Term Target 3% - 5% (2%-3% box office growth + 1% -2% industry outperformance) 17% -19% (Up to ~200 bps of margin expansion) $250-300M of net capex within 3-5 years ($150M maintenance + $100-150M net growth capex) 3.5x4.5x 3-year target ~3x long-term target Rationale Outperformance driven by the AMC Platform (e.g., Stubs, A-List, premium food & beverage, high ROI growth capex) Margin expansion from operating leverage Reversion to normalized capex level as highest ROI projects are executed Cash generation and Adjusted EBITDA growth enable deleveraging Due to ramp of A-List program, 2019 is expected to be a transitionary year with dollar Adjusted EBITDA growth / accretion, but limited margin expansion 12#122. Business Overview amc 13#13World's Leading Movie Exhibitor amc amc 4mc CLASSIC.SINE-IN DINE-IN ODEON Largest movie exhibitor in the U.S., in Europe, and throughout the world 11,000+ Screens 1,000+ Theatres $5B+ Revenue 350M+ Attendees Operator in 21 of #1 or #2 25 largest U.S. metropolitan areas #1 or #2 Operator in 12 of 15 countries 14#14Nearly a Century of Evolution and Growth ~100 Years of History Leading Domestic Theatrical Exhibition amc MFFERENCE! ***** Enjoy a free refill of freshly popp flavor mag est m'm BOT oy echable Sious -cold ashing inducing ՍՈ Transformation into the Largest Global Theatre Circuit 4mc ODEON Carmike Cinemas NORDIC CINEMA GROUP Investing to Deliver the Best Moviegoing Experience Globally espa My AMC Stubs Dashboard & 1,625 MACGUFF Cultivating World- Class Leadership in Digital Engagement ~Stubs » Stabs A LIST IDER MAN INTO THE SPOUS Thank You for Visiting AMC Tamiami 18 We hope you enjoyed seeing Spider-Man: Into The Spider-Verse Be sure to share your thoughts on the movie using #ShareAMC No spoilers, please! #ShareAMC 15#15Transformation Over the Past Decade amc Total Attendance +73% 359M (2018) 208M (2008) Average Ticket Price +21% $9.43 (2018) $7.78 (2008) Total Revenue +139% $5.5B (2018) $2.3B (2008) Food & Beverage Per Patron +49% $4.66 (2018) $3.12 (2008) Note: Statistics represent metrics from respective fiscal years (1) Reflects household members (2) Represents membership in July 2016 prior to re-launch of AMC Stubs program Total Adjusted EBITDA +150% $929M (2018) $372M (2008) AMC Stubs Members (1) >7x 19.0M (Current) 2.5M (2016) (2) 16#163. Investment Highlights amc 17#17AMC Investment Highlights 1 2 3 4 5 6 7 4mc AMC is the #1 theatrical exhibitor in the U.S., Europe, and the world with benefits of scale Theatrical exhibition is a stable and growing industry with an attractive and enduring value proposition JUU Industry leader in experiential and business model improvements with a proven track record of success Building the AMC Platform to deliver the best end-to-end moviegoing experience, driving demand and spend Substantial opportunity to invest in high ROI experiential enhancements and footprint expansion Demonstrated history of revenue, Adjusted EBITDA, and Adjusted Free Cash Flow growth Flexible capital structure supported by disciplined approach to capital allocation 18#181 ... With Leading Positions in the U.S. and Europe... U.S.: Large Market and Customer Experience Leader Europe: Platform for Investment and Expansion amc ODEON CINEMAS GROUP An ama company Ca THEATRES AMC Major Market AMC Location #1 or #2 Position in 21 4mc of Top 25 Markets (1) amc CLASSIC 256 Million Visitors Per Year(2) DINE-IN ~75% of U.S. Market Theatres Offer Recliners (3) ODEON OKAMELAND UCI CINESA #1 or #2 Position in 11 of 14 Countries (4) SPAIN & PORTUGAL UC CINESA O ODEON Falmstaden NORWAY, SWEDCH & DEMARC ODEON ODEON Filmstaden 103 Million Visitors Per Year(2) (1) Based on box office revenue; (2) LTM as of December 31, 2018; (3) Excluding AMC Classic theatres; (4) Based on market share as of March 2019 In 2018, AMC expanded into the Middle East with the opening of AMC Riyadh UCI GERMANY UCI ITALY Ⓒ FORUM 30 China Minimal Recliner Penetration 20#191... And Significant Benefits of Scale Key attributes include: Breadth of Reach More than 50% of the U.S. population lives within 10 miles of an AMC theatre #1 or #2 operator in 3 of the 5 largest economies in Europe via ODEON brand amc ■ ■ Economies of Scale Largest global procurer of theatrical films, food & beverage, lighting & theatre supplies Network Effects from Stubs, A-List, and European programs Positive feedback loop due to increased engagement, improved data analytics, and personalization Most valuable ecosystem partner for studios, suppliers, sponsors, and landlords 21#202 Theatrical Exhibition is a Stable & Growing Industry... North America Box Office ($B) $6.9 CO RECORD Recession year $7.4 amc RECORD ¹98 '99 TiVo launches The Domestic Box Office Has Demonstrated a Long History of "Slow and Steady" Growth... Even as Multiple Generations of Home Entertainment Technologies Have Launched and Matured $7.7 8 RECORD $8.4 RECORD $9.2 RECORD $9.2 RECORD '00 '01 '02 '03 54% of U.S. households have DVD players $9.4 RECORD '04 $8.8 '05 $9.2 '06 CAGR: +2.4% Netflix launches VOD/streaming Source: MPAA Note: North America box office figures represent the U.S. and Canada $9.7 RECORD $9.6 '07 '08 SC $10.6 $10.6 Hulu launches RECORD '09 '10 $10.2 '11 Amazon Prime Video launches $10.8 $10.9 N RECORD '12 RECORD '13 $10.4 '14 $11.1 RECORD '15 Netflix starts producing original content $11.4 RECORD '16 6 of the last 10 years have been record domestic box office years New record year every 1.5 years over the last two decades $11.1 '17 $11.9 RECORD '18 2018 +7% Y/Y Netflix reaches more than 50% of U.S. households 22#212 Theatrical Exhibition is a Stable & Growing Industry... International Box Office ($B) The International Box Office Has Grown Even Faster, and is Now Larger, Than the Domestic Box Office $14.3 '05 amc Source: MPAA $16.3 '06 $16.6 '07 $18.1 '08 $19.3 '09 $21.0 '10 CAGR: +6% $22.4 '11 $23.9 '12 $25.0 '13 $26.0 '14 $27.3 '15 $27.4 '16 New box office record set in 13 of the past 14 years $29.4 '17 $29.2 '18 23#222... With Avid Moviegoers More Engaged in Streaming Moviegoing is positively correlated with streaming → the most avid moviegoers spend the most time streaming Avg. Hrs Spent Streaming 15+ hrs 8-14 hrs Hours Per Week Streaming Online Subscription Content (1) amc 4-7 hrs 1-3 hrs Number of Respondents 7 hrs/wk 15% 18% 28% 39% 1 to 2 460 Source: Ernst & Young (1) Services include Netflix, Hulu, Amazon Video, etc. Time Spent Streaming 8 hrs/wk 18% 20% 33% 30% 511 10 hrs/wk 26% 26% 30% 18% 3 to 5 6 to 8 Number of Visits to a Movie Theatre Over Last 12 Months Moviegoing Frequency 11 hrs / wk 323 31% 28% 26% 15% 9 or more 438 27#232 Theatrical Platform Differentiates Content... Scope of Frequently Distributed Content Streaming Platforms Video Sharing Sites Theatrical Exhibition amc Cable Tentpole Films Feature Films Premium TV Content AVENGERS DESPICABLE ME AVATAR FURIOUS FAST& CRAZY RICH GREEN BOOK ASIANS BOHEMIAN RHAPSODY Standard TV Content Examples ROMA (1) User Generated Content HOUSE of CARDS GAME OF THRONES how i met your SUITS mother Everybody Loves Raymond THE LUH 70 PUYS Simonit DON'T HUG ME I'M SCARED Hrs. of Content Production Value Brand Value ~25-50 hrs ~100 hrs ~500 hrs 5,000+ hrs 1M+ hrs (2) (3) High Medium / High Medium Low None High Medium Low / Medium None None "[The Crazy Rich Asians] story would not have happened without the theatrical experience...we made movie stars. In a time when we need shared experiences more than ever to help see each other, [cinema] can be the most powerful potent tool." ~Jon M. Chu, Director of Crazy Rich Asians Note: Content shown is limited to films and TV series where possible (excludes unscripted content such as live content, sports, etc.) (1) Includes television film (i.e., TV movie); (2) Best estimate of hours of content created annually; (3) Assumes only a fraction of user generated content qualifies as "higher quality" / popular content 28 (e.g., 150M+ hrs uploaded to YouTube alone every year)#242 ... Examples amc And Creates Enduring Brand Value Tentpole Films AVATAR AVENGERS DESPICABLE ME 2001 2003 2006 2009 BEART 2011 2013 2015 2017 HELUKE TALKING Formin FARFA STUART FURIOUS APRI Film Franchise Merchandise 23andMe shop 23 pairs of chromosomes. One unique you. Gru ordered his kit discover his results Corporate Partnerships MARVEL AGENTS OF S.H.I.E.L.D. TV Series FAST & FURIOUS SHOWDOWN TEEN T EGRO WALT DISNEY World. PANDORA THE WORLD OF AVATAR FAST& FURIOUS Mayallein 20 and 30 30 mode for ages 7. See back ACTIVISION. NINTENDO3DS. Theme Parks Video Games 29#252 2018 Set a New Industry Box Office Record 4mc Record Box Office Performance in 2018 North America Box Office ($B) $10.9 2013 $10.4 Source: MPAA $11.1 2014 $11.4 2015 2017 2018 was the largest North America box office year ever at nearly $12 billion +7% 2016 $11.1 $11.9 2018 JURASSIC WORLD FALLEN KINGDOM Wy MISSION: IMPOSSIBLE 6 TEM HARDY VENOM NOW PLAYING ILLUMINATION PRESENTS HALLOWEEN OCTOBER 19 STAR THE WORLD HAS ENOUGH SUPERHER Dr. Seuss GRINCH INCREDIBLES 2 BORN Say PIXAR DEADPOOL QUAYAN AVENGERS CRAZY RICH ASIANS CUT INSTAL PL PANTHER MARVEL STUOKS ANFMAN WASP 30#262 AVENGERS: ENDGAME Is New Presale Record Holder... On April 2, 2019, AVENGERS: ENDGAME set a new U.S. first-day presale record, surpassing the previous record established by STAR WARS: THE FORCE AWAKENS by ~50% amc MARVEL SIMLETICS AVENGERS END GAME AMC Presale Tickets Sold On Day One AVENGERS: ENDGAME beat previous record by ~50% Sequel outsold original movie by >3x AVENGERS: ENDGAME did more than $15M in presales on day one AVENGERS: STAR WARS: AVENGERS: INFINITY THE FORCE ENDGAME WAR AWAKENS AVENGERS: ENDGAME outsold all four of these movies combined on day one: AVENGERS: INFINITY WAR, CAPTAIN MARVEL, BLACK PANTHER, and STAR WARS: THE LAST JEDI 31#272... And One of Many Highly Anticipated Releases in 2019 4mc SALARY AVENGERS CHRIE HEMEWORTH THOMPÄIN. LIAU MEDRON MIB INTERNATIONAL SUMMER ANGRY BIRDS SUMMER MESTINE KEANU REEVES CHAPTER JOHN WICK PARABELLUN PIXAR ΤΟΥ STORY 14 IN CINEMAS JUNE 2019 JESSICA CHASTAINE Pielie CHAPTER Coming Soon Disney CHOOSE WISELY WITH US May I❤ VENICE SPIDER-MAN Far From Home Disney MALEFICENT MISTRESS OF EVIL OCTORES GHIDORAH GODZILLA Exp THE LION KING +39 READ 30 AND IMAX 30 Dancy FROZEN II NOVEMBER Don's laugh 070 -U PETS2 SUMMER DWAYNE JOHNSON HOBART W JUMANJI THE NEXT CHAPTER C DARK PHOENI JUNE 7 Disney ARTEMIS FOWL LIEVE STAR WARS PISODE 32#28GRAND OPENING TODAY! MEDIA CENTER ANK O Previous Era's Moviegoing Experience amo OLD PASADENA BRASE 4mc TeleTicket ama POPCORN & DRINKS ONLY 0 50€ BEBEB 6 penga ROP Media Center k 818-953-9800 Coincidentally see billboard or print advertising for new movie release ... Stand in line at movie theatre box office to purchase ticket from cashier with cash .... LE KANALA PE ... Order popcorn and soda at concession stand ... Linear Experience Arrive at theatre 30+ minutes early or scramble to find seats ... with little legroom & thin cushions ... View movie running on 35 mm film projectors with analog sound 35#294 AMC Platform: Moviegoing Experience for 21st Century r SPIDERANAL TO THE SPO IMAX AT amc DOLBY CINEMA AT mc Thank You for Visiting AMC Tamiami 18 PRIME AT amc We hope you enjoyed seeing Spider-Man: Into The Spider-Verse Engagement with app post-show and receive data-driven recommendations Be sure to share your thoughts on the movie using #ShareAMC. No spoilers, please! #ShareAMC Unparalleled viewing experience with state-of-the-art screen & sound Save 50% off any large pepcom & large fountai combo at AMC Theatres Unlock this deal here www.am.com/del-443 50% large pop Personalized Data Undock Deal Share with Friends Personalized push notification to Stubs member on Friday to book showing Targeted Demand Generation The Lego Movie 2 Choose Your Seats B ======== ---- ~Stabs amc Amazing End-to-End Experience : EXCKER BOD Attendance Growth Relax with reserved seating Enjoy comfort of luxury recliner Stabs A LIST Order Ahead For Express Pick-Up Seamlessly browse & book ticket via mobile app under Stubs A-List express pickup Your Ticket 100 ***** CHOICES AMC Theatres ww Movie Ticket Coca-Cola Order industry-leading, diverse food & beverage via mobile app amc 36#30Redesigned Website & App Drive Engagement Re-launch of AMC Website and Mobile App BEFORE CONNECT SLIK 4.3m amo amazing In amo Theatres Now amc alimwaE Minions Son Showten AFTER Follow Home Advance Tickets JURASSIC WORLD Jurassic World Box Sh AMC Stubs see a movie GALLOWS Galows Some Showb Viewing 1-4 of 16 Programe Movies at AMC find a theatre Coming Soon Don't Miss Out on Your Points & Perks Food & Drink minator Genisys 21.5 SANDER Stabs Gift Cards Avengers: Endgame CUSTOMIZE YOUR AMC EXPERIENCE SIGN UP or LOG IN About AMC movie news Work at AMC 1 a TOM CRUISE MISSION: IMPOSSIBLE ROGUE NATION Get Tickets get a FREE movie download Showtimes Not Available We're sorry! You can change your location to get different showtimes or look for other nearby theatres. Bet Location Initiative Details & Results New website and mobile app launched at end of 2016 More graphically rich, user-friendly interface and more robust content Ability to browse movies, buy tickets, select seats / movie times & pre-buy concessions Display review data for certain movies, including Rotten Tomatoes and IMDb Drove increase in adoption and customer online engagement Led to share gain in online ticketing Over 50% of AMC tickets are now sold online in advance, with nearly 70% of those sold through AMC's proprietary mobile app or website amc 37#314 New Tech Initiatives Reserved Seating Reserved seating in all AMC and AMC Dine-In branded theatres by Memorial Day of this year Advances mobile ordering initiative and drives other revenue via online reservation fee < Shazam! AMC WARD PARKWAY 14 TODAY | 10:15 PM | RealD 3D | 2 SEATS amc DE SCREEN 00000 DO B CO 000 Available Unavailable & Wheelchair Seler & Companion Contin < Shazam! AMC WARD PARKWAY 14 TODAY | 10:15 PM RealD 3D | 2 SEATS 2 of 2 TICKETS SELECTED 2 Adult $14.99 Child Age 2-12 $11.99 Senior Age 60+ $13.49 + + Continue < Shazam! AMC WARD PARKWAY 14 Order Ahead Head straight to your auditorium, get comfy and we'll deliver your order right to your seat at the time you choose. pecial Offers 32.86 Continue to Purchase 6:34 Food & Beverage Mobile Ordering Moviegoers can order their snacks ahead of their arrival and skip the line Recent rollouts have seen incremental F&B spend uplift of $1.40 on avg. for each preorder Expect to be in nearly 150 theatres by end of this summer Sit Back Sooner! ORDER FOOD AHEAD Toxos EXPRESS PICK-UP FIRST IN LINE. EVERY TIME. amctheatres.com or on the AMC App amo amc 39#324 A-List Average Frequency: 2.6x Per Month in Q1'19 Average visits per month under A-List continue to outperform status quo ante Average Frequency of Entire A-List Membership Base Visits Per Month 6.0x 4.5x 3.0x 1.5x 0.0x 4.7x Jul-18 4mc Q3'18: 3.8x 4.0x 3.4x Sep-18 3.2x Oct-18 Q4'18: 3.2x (1) Internal target based on behavior from Odeon subscription program 3.4x A-List Nov-18 3.1x Potential month-over-month volatility (e.g., AVENGERS: ENDGAME in April) but trend continues to improve over time Prior to A-List Dec-18 2.8x Jan-19 Target Q1'19: 2.6x 2.4x Feb-19 amc By Quarter 2.6x Aug-18 A-List program avg. frequency is trending towards target of 2.5-3.0x visits per month, which is ahead of plan 0.75x Mar-19 41#334 A-List Drives Profitability Member Admissions Revenue amc Stabs A+LIST amc Food and Beverage + Bring Along Attendance + OR Frequency of Visits amc Profitability Goal is to drive profitability, not to reduce frequency 43#345 amc Significant High ROI Investment Opportunities Attendance Growth Experiential Enhancements Footprint Expansion 1) Recliner seating renovations 2) Premium large format screens 3) Premium food & beverage 4) Optimized pricing 5) Social & community initiatives 6) Opportunistic new builds or spot acquisitions (1) Represents average spend per guest per month (2) Denotes cash ROI results of recliner upgrades, which represent preponderance of growth capital expenditures Avg. Spend Improvement (¹) Cash ROI Results (²) Domestic: 25%+ International: 50%+ 44#355 Continued Recliner Reseat Enhancements Recliners drive traffic & premium pricing, with an average ROI of >25% in U.S. and >50% internationally U.S. recliner upgrades are nearing saturation; however, long runway remains in Europe Global Renovation ROI Statistics (1) LTM Pre-Renovation vs. Year 1 Post-Renovation amc Change in Operating Cash Flow (2) 25%+ 100%+ >25% average ROI in U.S. markets and >50% internationally after accounting for upfront capex requirement Pre-Renovation Theatres Change in Attendance Experiential Enhancements Worldwide Recliner Progress Update Estimated Current Penetration of Opportunity (% of Screens) U.S. Markets (3) International ~75% ~15% Renovated Theatres Premium Luxury Leather Seats | Power Recliners | Additional Legroom "We LOVE this theater for so many reasons. It was redone a few years ago to be fitted with plush, red leather reclining chairs that can't be beat." (1) Based on average improvement of recliner upgrades from 2011-2018 (2) Represents theatre-level operating cash flow, which is defined as Total Revenue less Film Exhibition Cost less F&B Cost less Operating Expenses less Cash Rent (3) Excludes AMC Classic theatres 45#365 Premium Large Format Screens Premium Large Format (PLF) screens enhance the movie viewing experience, driving attendance, higher average ticket price, and greater willingness to spend on food & beverage amc IMAX® amc AT DOLBY CINEMA AT 4mc. PRIME 4mc isense AT BREATHTAKINGLY REAL ✓ ✓ ✓ Immersive large-format theatrical experience with cutting-edge resolution and state-of-the-art sound tailored for each film AMC is the largest IMAX operator in the U.S. with 187 locations Plan to install IMAX laser systems in 87 U.S. locations by 2022 ODEON will be the largest IMAX exhibitor in Europe by 2020 ✓ Fitted with Dolby Atmos Sound, High Dynamic Range (HDR) Laser, and power recliners ✓ AMC is the largest Dolby Cinema operator in the U.S. (127 locations) and will be the largest in Europe in 2019 ✓ Announced acceleration of up to 140 auditoriums by Dec-2019 Experiential Enhancements ✓ AMC's proprietary PLF experiences Designed for locations where upgrade opportunity exists and benefits from no revenue sharing ✓79 locations currently in operation +70% Premium to Regular Ticket Price +70% Premium to Regular Ticket Price +20-50% Premium to Regular Ticket Price + No Rev. Sharing 46#375 Optimized Pricing Optimized pricing drives demand during off-peak periods and enhances monetization in peak situations Existing Initiatives amc Future Initiatives ICEE Jarene Discount Tuesdays DISCOUNT TUESDAYS Stabs MEMBER EXCLUSINT THE END Drive Traffic on Low Utilization Days Via Price Tentpole Pricing Optimize Pricing for High Demand Movies 00 0000 Weekend Surcharge 8888 888 SCREEN 888 8888 Experiential Enhancements 8888 Optimize Pricing for Popular Zone Pricing Weekend Screenings Optimize Pricing by Seat Location 48#385 Social & Community Initiatives AMC is committed to promoting the cultural aspect of moviegoing and fostering sustainability across the org. ● ● amc Free Screenings of KING: A FILMED RECORD...MONTGOMERY TO MEMPHIS ACADEMY AWARD NOMINEE BEST DOCUMENTARY FEATURE 1970 $7089 KING A FILMED RECORD... MONTGOMERY TO MEMPHIS 35MM ARCHIVAL RESTORATION LIBRARY OF CONGRESS NATIONAL REGISTRY 100 theatres in 56 cities to honor the 51st anniversary of Dr. Martin Luther King Jr.'s passing (Apr. 4) Financially supported ~1,000 students to participate in Students with King program (non-violence training) Be Piloting Green Initiatives in Europe ● ● Experiential Enhancements ● ● UK & Ireland: Replaced plastic straws with paper for all dispensed soft drinks Removes 2.7M plastic items annually Sweden: ODEON subsidiary, Filmstaden, introduced cardboard gift cards to replace plastic versions Removes usage of plastic by 10 tons Germany: Trialing paper nacho trays in four cinemas Italy: Approximately 65% of all waste from theatres is recycled 49#39Selectively Expand Footprint Opportunity exists to selectively add theatres in underserved / high density locations Domestic amc Europe Middle East New Builds: New theatre construction, generally in high traffic location with high expected ROI opportunity Spot Acquisitions: Opportunistic acquisition of underperforming theatres to execute turnaround through AMC's strong operator expertise, recliners and new fixtures AMC has established a strong competitive position in Europe #1 or #2 in 11 of 14 countries Opportunistically evaluate high ROI opportunities, either via new builds or spot acquisitions Partnering with Saudi Arabia Public Investment Fund to jointly build theatres after end of 37-year ban AMC invests 10% of capex (~$1M per theatre) with 10% equity ownership Expect to open 40-50 theatres over the next 3-5 years Footprint Expansion 2-4 Theatres Per Year >25% Avg. ROI 4-6 Theatres Per Year >30% Avg. ROI 5-10 Theatres Per Year >30% Avg. ROI 50#405 Selectively Expand Footprint: Case Study Strategic new builds, such as ODEON Oslo, satisfy latent demand and deliver strong ROI amc ODEON IMAX KINO Footprint Expansion New luxury theatre in Oslo, Norway opened in 2018 and is already the highest grossing theatre in Norway This, combined with the opening of ODEON Alesund, has catapulted AMC to #1 in Norway (¹) Annualized ROI in first year of operations of ~45% (1) Based on industry market share 51#415 amc ODEON Oslo: A Quick Tour ODEON Pre IMAX Footprint Expansion 52#425 Case Study: ODEON Luxe Lee Valley Located in London, ODEON Lee Valley re-launched as a fully-reclining ODEON Luxe cinema in July 2018 and has posted impressive results post-renovation amc ODEON LUXE CECON ODEON LUXE Post-Renovation Uplift Attendance: +87% Average Ticket Price: +2% Food & Beverage Per Patron: +24% Annualized ROI: 59% 53#435 Case Study: ODEON Luxe Lee Valley (Cont'd) Renovations include 970 luxury, handmade recliner seats across 12 upgraded screens BEFORE AFTER amc 4 54#445 Case Study: ODEON Luxe Lee Valley (Cont'd) amc 333834 AP isense Full interior overhaul, with the foyer and retail area undergoing a complete refurbishment www LIMITLESS MAKE IT YOUR WAY fedhaberisind All-new Oscar's Bar serving a range of alcoholic and non- alcoholic beverages 55#456 Demonstrated History of Revenue & Adj. EBITDA Growth... $2.7B 2014 +19% CAGR $2.9B Revenue 2015 $3.2B 2016 amc (1) See Appendix for reconciliation $5.1B 2017 $5.5B 2018 $464M 2014 Adjusted EBITDA (1) +19% CAGR $536M 2015 $602M 2016 $823M 2017 $929M 2018 56#467 Flexible and Attractive Capital Structure AMC's capital structure is free of significant debt maturities until 2024 Debt Maturity Profile 2019 4mc No material maturities for 5+ years 2020 2021 Term Loan B 2022 2023 Sr. Subordinated Notes Weighted Average Duration of ~6.8 years Covenant-Lite Capital Structure $634M (1) $600M 2024 $600M 2025 Sr. Unsecured Convertible Notes $2,000M $595M 2026 Note: Debt balances as of 3/31/2019. Represents securities at par value, excluding capitalized debt issuance fees, note payable to NCM, and capital & financing lease obligations (1) Represents £500M of GBP denominated Senior Subordinated Notes at par value converted at spot GBP/USD FX rate of 1.268 $475M 2027 58#477 Disciplined Approach to Capital Allocation (Reprise) AMC follows a highly disciplined approach to capital allocation with the goal of delivering the best results to our stakeholders: our investors, guests, employees, studios, and other business partners Our priorities include: 1 Invest Adjusted Free Cash Flow in high ROI projects in the U.S., Europe, and Middle East that grow our future cash generation capacity → 25% hurdle rate 2 amc 3 Utilize our expected increasing available cash, as capex normalizes over time, to deleverage balance sheet and improve long term strategic flexibility Return capital to shareholders via dividends and share buybacks 59#487 Capex Expected to Fall to Normalized State Over Time AMC is currently in an elevated capital deployment state as company invests against high ROI opportunities; capex expected to fall to normalized level as highest ROI projects are executed Historical Gross Capex By Geography (¹) $634M Gross Capex By Maintenance vs. Growth (1) $634M amc $519M (82%) $589M $115M (18%) 2017 $133M $460M (78%) Portfolio optimization & thoughtful capital reallocation: AMC elected to sell approx. $500M of non-core assets in 2017 and 2018 and re-invest proceeds into high ROI projects (2) $129M (22%) Growth 2018 $128M Maintenance Target LT Normalized Net Capex of $250-300M ~$300-350M $150M (1) Excludes change in construction payables (2) Asset sales include $178 million of sale leaseback proceeds $150M -$50M Next 3-5 Yrs ~$50M $534M (84%) $100M (16%) 2017 $589M $416M (71%) $173M (29%) Domestic International 2018 Growth capex is offset by landlord contributions Over the next 3-5 years, net capex is expected to step down to a normalized level of $250-300 million Capex-lite partnership model for Saudi Arabia buildout (AMC contributes ~$1M capex per theatre) 60#494. Financial Outlook amc 61#502018 Financial Performance AMC delivered record-setting financial results in 2018, the best-ever in its 98-year history amc Total Attendance 347M 2017A +3.5% 359M 2018A Pro-forma Growth: 2.0% Total Revenue $5,079M 2017A +7.5% $5,461M Note: Pro-forma growth assumes as if Nordic had been consolidated for the whole of 2018 2018A Pro-forma Growth: 5.9% Total Adjusted EBITDA $929M +13.0% $823M 2017A 2018A Pro-forma Growth: 10.1% 62#51Medium to Long-Term Financial Targets (Reprise) Total Revenue Growth Adjusted EBITDA Margin Capital Expenditures amc Net Leverage Medium to Long-Term Target 3% - 5% (2% -3% box office growth + 1% -2% industry outperformance) 17% -19% (Up to ~200 bps of margin expansion) $250-300M of net capex within 3-5 years ($150M maintenance + $100-150M net growth capex) 3.5x4.5x 3-year target ~3x long-term target Rationale Outperformance driven by the AMC Platform (e.g., Stubs, A-List, premium food & beverage, high ROI growth capex) Margin expansion from operating leverage Reversion to normalized capex level as highest ROI projects are executed Cash generation and Adjusted EBITDA growth enable deleveraging Due to ramp of A-List program, 2019 is expected to be a transitionary year with dollar Adjusted EBITDA growth / accretion, but limited margin expansion 63#52AMC Investment Highlights 1 2 3 4 5 6 7 4mc AMC is the #1 theatrical exhibitor in the U.S., Europe, and the world with benefits of scale Theatrical exhibition is a stable and growing industry with an attractive and enduring value proposition JUU Industry leader in experiential and business model improvements with a proven track record of success Building the AMC Platform to deliver the best end-to-end moviegoing experience, driving demand and spend Substantial opportunity to invest in high ROI experiential enhancements and footprint expansion Demonstrated history of revenue, Adjusted EBITDA, and Adjusted Free Cash Flow growth Flexible capital structure supported by disciplined approach to capital allocation 64#535. Appendix amc 65#54Additional Value in Minority Investments & NOLS Minority Investments dcip Digital Cinema Implementation Partners ● FATHOM EVENTS NCM™ Theatre Partnerships amc Facilitated the deployment of digital cinema infrastructure to domestic theatres. Since this joint venture has achieved its objective, it is winding down and will return capital to AMC over the next 3 years. Displays ads to US consumers in movie theatres, online, and through mobile technology. AMC receives cash distributions from NCM in the form of tax receivable payments. Provides entertainment content broadcast in US movie theatres. Operates seven theatres and one IMAX screen in the US, 58 theatres across Europe, and one screen in Saudi Arabia. AMC has over $1.1 billion of tax loss carryforwards and $900 million of future GAAP income already previously taxed... NOLS ● SV SCREEN VISION MEDIA digital cinema media DREAMSCAPE IMMERSIVE atom REAL D Curates storytelling for brands, exhibitors and audiences at US movie theatres. Supplies on-screen advertising content to the largest UK cinema chains. New partnership to bring story-based full- roam virtual reality experiences to AMC theatres in 2019. Operates socially driven movie ticket purchasing platform. Provides the most widely used technology for watching 3D films in cinemas. ... which is equivalent to nearly $500 million of tax attributes Over $200 million of such tax attributes are expected to be monetized in the next 5 years 66#55Adjusted EBITDA Reconciliation amc (in millions) Net earnings (loss) Plus: Income tax provision (benefit) Interest expense Depreciation and amortization Impairment of long-lived assets Certain operating expense (2) Equity in (earnings) loss of non-consolidated entities Cash distributions from non-consolidated entities (3) Attributable EBITDA (4) Investment income Other expense (income) General and administrative-unallocated: Merger, acquisition and transaction costs (5) Management fee Stock-based compensation expense (6) Adjusted EBITDA (1) Memo: Equity in (earnings) loss of non-consolidated entities Less: Equity in (earnings) loss of non-consolidated entities. excluding international theatre JV's Equity in earnings (loss) of International theatre JV's Income tax provision Investment income Depreciation and amortization Attributable EBITDA Predecessor 53 Weeks Ended April 3, 2008 $41.6 $12.6 137.7 222.1 8.9 (16.2) (43.0) 24.9 (23.8) (1.2) 3.7 5.0 0.2 $372.5 Please refer to Accompany Notes on the following page for definitions December 31, 2014 $63.8 $33.5 120.9 216.3 3.1 21.7 (26.6) 35.2 (8.1) (8.3) 1.2 11.3 $464.0 ($26.6) ($26.6) December 31, 2015 $103.9 $59.7 106.1 232.9 1.7 16.8 (37.1) 34.1 (6.2) 10.7 3.4 10.5 $536.5 ($37.1) ($37.1) Successor Year Ended December 31, 2016 $111.7 $38.0 121.5 268.2 5.5 20.2 (47.7) 40.1 (10.2) 47.9 6.8 $602.0 ($47.7) ($47.7) December 31, 2017 ($487.2) $154.1 274.0 538.6 43.6 20.6 185.2 45.4 3.4 (22.6) (1.3) 63.0 5.7 $822.5 $185.2 $187.0 1.8 1.6 $3.4 December 31, 2018 $110.1 $13.6 342.3 537.8 13.8 24.0 (86.7) 35.2 7.3 (6.2) (108.2) 31.3 14.9 $929.2 ($86.7) ($81.9) 4.8 0.4 (0.5) 2.6 $7.3 67#56Accompanying Notes 1) We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in international markets and any cash distributions of earnings from other equity method investees. These further adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is a non-U.S. GAAP financial measure commonly used in our industry and should not be construed as an alternative to net earnings (loss) as an indicator of operating performance (as determined in accordance with U.S. GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and estimate our value. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. For example, Adjusted EBITDA: does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments; does not reflect changes in, or cash requirements for, our working capital needs; does not reflect the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; excludes income tax payments that represent a reduction in cash available to us; does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; and does not reflect the impact of divestitures that were required in connection with recently completed acquisitions. ● ● ● 2) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature, include components of interest cost for the time value of money or are non-operating in nature. 3 Includes U.S. non-theatre distributions from equity method investments and International non-theatre distributions from equity method investments to the extent received. The Company believes including cash distributions is an appropriate reflection of the contribution of these investments to its operations. 4) Attributable EBITDA includes the EBITDA from minority equity investments in theatre operators in certain international markets. See below for a reconciliation of the Company's equity (earnings) loss of non- consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. The Company also provides services to these theatre operators including information technology systems, certain on-screen advertising services and our gift card and package ticket program. As these investments relate only to our Nordic acquisition, the second quarter of 2017 represents the first time the Company has made this adjustment and does not impact prior historical presentations of Adjusted EBITDA. 5) Merger, acquisition and transition costs are excluded as they are non-operating in nature. 6) Stock-based compensation expense is non-cash or non-recurring expense included in General and Administrative: Other. 4mc 68#57Adjusted Free Cash Flow Reconciliation Net cash provided by operating activities (+) Merger, acquisition & transaction costs (2) (-) Loss on NCM recorded in merger, acquisition and transaction costs (2) (-) Maintenance capital expenditures (3) (-) Landlord contributions (5) Adjusted free cash flow (1) Memo: Reconciliation of Capital Expenditures Growth capex (4) Maintenance capex (3) Change in construction payables (6) Total capex amc 2014 $297.3 1.2 (44.0) (59.5) $194.9 $231.0 44.0 (4.4) $270.7 Please refer to Accompany Notes on the following page for definitions 2015 $467.6 3.4 (53.2) (83.3) $334.4 $285.6 53.2 (5.4) $333.4 2016 $431.7 47.9 (60.6) (125.1) $293.8 $353.3 60.6 (7.9) $421.7 2017 $537.4 63.0 (22.6) (115.4) (133.3) $329.1 $518.8 115.4 (7.4) $626.8 2018 $523.1 31.3 (128.7) (127.6) $298.2 $459.8 128.7 (12.2) $576.3 69#58Accompanying Notes Starting in the fourth quarter of 2018, AMC disclosed a new "Adjusted Free Cash Flow" metric as a measure of our liquidity. We believe this measure is indicative of our ability to generate cash in excess of maintenance capital expenditures and certain other non-operating costs and for other uses including repayment of our corporate borrowings and generating cash for growth opportunities. 1) We present "Adjusted Free Cash Flow" as a supplemental measure of our liquidity. Management uses this measure and we believe it is helpful to investors as an indication of our ability to generate cash in- excess-of maintenance capital expenditures and certain other non-operating and costs and for other uses including repayment of our corporate borrowings and generating cash for growth opportunities. Adjusted Free Cash Flow is a non-U.S. GAAP financial measure and is defined as net cash provided by operating activities, plus merger, acquisition and transaction costs, less maintenance capital expenditures and landlord contributions. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. It should be considered in addition to, not a substitute for or superior to net cash provided by operating activities. The term adjusted free cash flow may differ from similar measures reported by other companies. Also provided is a reconciliation of Capital Expenditures disclosed in the Consolidated Statement of Cash Flows made up of growth capital expenditures, maintenance capital expenditures and change in construction payables as further explanation of the components of adjusted free cash flow. 2) Merger, acquisition and transition costs are excluded as they are non-operating. We excluded the 2017 Loss on NCM that was recorded in Merger, acquisition and transaction costs since it was non-cash. 3) Maintenance capital expenditures are amounts required to keep our existing theatres in compliance with regulatory requirement and in a sustainable good operating condition, including expenditures for repair of HVAC, sight and sound systems, compliance with ADA requirements and technology upgrades of existing systems. 4) Growth capital expenditures are investments that enhance the guest experience and grow revenues and profits and include initiatives such as theatre remodels, acquisitions, newly built theatres, premium large formats, enhanced food and beverage offerings and service models and technology that enable efficiencies and additional revenue opportunities. We did not deduct these from adjusted free cash flow because they are discretionary, and the related benefits may not be fully reflected in our net cash provided by operating activities. 5) Landlord contributions represent reimbursements in our strategic growth initiatives by our landlords. 6) Change in construction payables are changes in amounts accrued for capital expenditures and are not deducted or added back to Adjusted Free Cash Flow as they fluctuate significantly from period to period based on the timing of actual payments. amc 70