#1amc A WANDA GROUP COMPANY September 2016 Investor Presentation#2Disclaimer This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. 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. Similarly, statements made herein and elsewhere regarding the pending acquisitions of Odeon & UCI and Carmike Cinemas (collectively "the targets") are also forward-looking statements, including statements regarding the anticipated closing date of the acquisitions, the source and structure of financing, management's statements about effect of the acquisitions on AMC's future business, operations and financial performance and AMC's ability to successfully integrate the targets into its operations. These forward-looking statements are based on information available at the time the statements are made and/or managements' 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: the parties' ability to satisfy closing conditions in the anticipated time frame or at all; obtaining regulatory approval, including the risk that any approval may be on terms, or subject to conditions, that are not anticipated; obtaining the Carmike stockholders approval for the Carmike transaction; the possibility that these acquisitions do not close, including in circumstances in which AMC would be obligated to pay a termination fee or other damages or expenses; related to financing these transactions, including AMC's ability to finance the transactions on acceptable terms and to issue equity at favorable prices; responses of activist stockholders to the transactions; AMC's ability to realize expected benefits and synergies from the acquisitions; AMC's effective implementation, and customer acceptance, of its marketing strategies; disruption from the proposed transactions- making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on transaction-related issues; the negative effects of this announcement or the consummation of the proposed acquisitions- on the market price of AMC's common stock; unexpected costs, charges or expenses relating to the acquisitions; unknown liabilities; litigation and/or regulatory actions related to the proposed transactions; AMC's significant indebtedness, including the indebtedness incurred to acquire the targets; AMC's ability to utilize net operating loss carry-forwards to reduce future tax liability; continued effectiveness of AMC's strategic initiatives; the impact of governmental regulation, including anti-trust investigations concerning potentially anticompetitive conduct, including film clearances and participation in certain joint ventures; operating a business in markets AMC is unfamiliar with; the United Kingdom's exit from the European Union and other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange or interest rates, changes in tax laws, regulations, rates and policies; and 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 AMC's Annual Report on Form 10-K, filed with the SEC on March 8, 2016, 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 September 2016 2#3Amc is the guest experience leader amc Market 1 New York 45% 2 26% 3 Chicago 43% 4 Philadelphia 28% 5 Dallas 30% Total 34% Los Angeles amc. Share Source: National Association of Theatre Owners, Rentrak and Nielsen Claritas - LTM June 30, 2016 4mc operates 9 of the top 15 grossing theaters in the country¹ September 2016 LTM Box Office Rank #1 #1 #1 #2 #2 #1 Nearly 200 million guests 386 Theatres (1) LTM June 30, 2016 40% of U.S. population within 10 miles 5,334 Screens $3.0 billion in revenue¹ $539 million in adj. EBITDA¹ 3#4Industry is large and stable 30% 20% 10% 0% -10% -20% -30% amc Positive long term trend NABO QUARTERLY Y-o-Y % Change June 2003 - June 2016 I w September 2016 M $12.0 $11.0 $10.0 $9.0 $8.0 $7.0 Value leader vs other out-of-home entertainment options NABO-LTM ($in billions) June 2003 - June 2016 Source: Rentrak, National Association of Theatre Owners. Note: North America box office figures represent the U.S. and Canada. 4#5Strong '16 Box Office and Record '17-'18 Potential 2016 Box Office Performance (YTD and QTD Box Office in $mm) (1) amc ● ● ● ● ● $7.4 2015 YTD GUARDIANS GALAXY2 Lego Batman Movie - IMAX The Great Wall - IMAX Beauty and the Beast Furious 8 IMAX Guardians of the Galaxy CAGR: 5.2% 2017 Films 2 - IMAX Pirates of the Caribbean: Dead Men Tell No Tales September 2016 PINTES C ● ● ● DESPICABLE ME 3 2017 $7.8 2016 YTD Wonder Woman Cars 3 Despicable Me 3 Thor: Ragnarok Justice League Star Wars Episode VIII - IMAX STAR EPISODE VIII WARS ● ● $1.8 INTESILAYARA 2015 QTD CAGR: 19.8% 2018 Films Bad Boys for Life The Predator Wreck It Ralph 2 Avengers: Infinity War Star Wars: Han Solo Toy Story 4 HAN SOLO IMAX Indicates Film has been already announced in IMAX Format ● $2.2 2016 QTD Jurassic World 2 Ant-Man & The Wasp Secret Life of Pets 2 Fantastic Beasts and Where to Find Them 2 Avatar 2 JURATIC TOOLDS COMING SOON AVATAR (1) As of 8/21/16. LO 5#6Guest Experience Leader Strategy Targeted Programming Latino & African American • Bollywood ● ● amc AMCi Open Road Films Fathom Premium Sight & Sound • IMAX Dolby Cinema at AMC Prime ● • Proprietary PLF • 3D & Digital ● September 2016 Comfort & Convenience Recliner seating • Open source internet ticketing • Reserved seating ● amc ● Enhanced Food & Beverage • Mobile Ordering Food and Beverage Kiosks Marketplace MacGuffins Bar & Lounges Dine-in Theatres ● ● Guest Engagement AMC Stubs Mobile apps amctheatres.com Social media ● 6#7AMC's Path to Becoming the Biggest and the Best in the World amc Grow through disciplined and value accretive acquisitions Odeon and Carmike acquisitions represent a once-in-a-lifetime opportunity to nearly double AMC's scale making it the largest exhibitor in the U.S., Europe and the world Develop world-class marketing to grow demand and increase market share Quicken the pace and development of theatre innovation deployment September 2016 7#8World Class Marketing to Drive Growth amc Re-launch of Stubs Stabs INSIDER am Stubs PREMIERE Re-launch of AMC Website and App Batman v Superman Increased Focus on Pricing September 2016 ● ● ● ● ● New website and Smartphone app to roll out in 4Q 2016 • More graphically rich interface More robust content Increase ease of use, drive action ● ● ● Introduced new free loyalty tier, relaunched paid tier Increased enrollment rates by 7x New Vice President of Pricing hired July 15th 1st person to serve in this role in AMC's 95 year history Dedicated to optimizing pricing across box office and food & beverage • Develop pricing strategies and competitive actions. ● Surpassed 3.5 million active members, heading to 4 million by year end 40% growth in active membership since July 11, 2016 Expect to double active membership over the next 24 to 36 months Early box office and food & beverage results are very positive ● 8#9Quicken Pace of Theatre Innovation Deployment Recliner Reseats Dine In-Theatres amc September 2016 (1) (2) (3) (4) Progress to Date Screens:(¹) Growth to Date(2) Attendance: ATP: Total Revenue: Progress to Date Screens:(3) Growth to Date(4) F&B / Patron: Attendance: 1,364 Total Revenue: 56% 6% 73% 312 162% 6% 72% 2016: 2017: 2018: 2016: 2017: 2018: As of June 30, 2016. Includes 1,254 recliner screens, 110 DIT recliner screens and 20 Dolby Cinema recliner screens First 56 locations converted prior to July 1, 2015, excludes screens acquired and DIT recliner screens. As of June 30, 2016 First 15 locations open prior to July 1, 2014, Second year post -DIT compared to LTM pre-DIT Pipeline Screens 1,800 2,550 3,300 Pipeline Screens 312 335 370 S#10Quicken Pace of Theatre Innovation Deployment amc IMAX AT DOLBY CINEMA AT 4mc. September 2016 4mc. Proprietary AMC PLF Offering Ⓡ (1) As of August 26, 2016. Largest IMAX operator in the US with 153 locations (1) • Premium Large Format (PLF) experience Global brand ● ● ● ● Announced expansion with 25 additional IMAX screens to be deployed between 2016 and 2019 Largest Dolby Cinema operator in the US with 22 locations (1) Dolby Atmos Sound, HDR Laser, with power recliners Announced acceleration of up to 100 auditoriums by the end of 2017 50 expected to be open by the end of 2016 Mid-tier PLF experience Designed for smaller locations that can't support high-end premium. investment No shared economics • In development 10#11Track Record of Food & Beverage Innovation and Results High F&B Margins... (LTM as of 6/30/16) ...and Growing F&B Take Rate... (F&B Take Rate as % of Total Attendance) (¹) $947 amc F&B Revenues 27.6% ...Have Diversified AMC's Revenues (F&B Revenues as a % of Total Revenue) (¹) 2011 September 2016 86.0% Gross Profit Margin + 390 bps $814 F&B Gross Profit 31.5% 2016 (1) 52 weeks ended December 29, 2011, and LTM ended June 30, 2016 64.3% 2011 Incremental 13.8 million F&B consumers + 690bps 71.2% 2016 = $65 million 11#12Track Record of Accretive Investments AMC Investing More... Investment & Adjusted EBITDA (¹) Growth (2011 - H1 2016, $ in mm) $1,224 amc $793 LLL $129 (2) $251 amc THEATRES. Adj. EBITDA Margin Expansion (Yo Y Growth) (3) 560 bps REGAL CINEMAS amc THEATRES. September 2016 ...and Superior Flow Through.. Net Investment Adj. EBITDA Growth 130 bps REGAL CINEMAS $914 $164 CINEMARK 50 bps CINEMARK ...at Higher Return Rates... Adj. EBITDA (1) Growth % of Investment (2011 - H1 2016, $ in mm) 20% (1) (2) (3) amc THEATRES. 16% REGAL CINEMAS 18% CINEMARK ...Driving Outsized Growth in Adjusted FCF 36% increase in Adjusted FCF (3) Source: Public filings, US theatre level only, excludes international for Cinemark Adjusted EBITDA excludes G&A Net Investment = capex + acquisition costs (net of NCM stock)- asset sales proceeds LTM ended June 30, 2016 compared to 2015 12#13AMC's Assets Outperform Industry Total Revenue / Screen (1,3) $586 amc THEATRES. amc $428 REGAL CINEMAS September 2016 $476 CINEMARK F&B / Patron (1) Source: Public filings Note: (1) (2) (3) $4.74 amc THEATRES. $4.36 REGAL CINEMAS $4.09 CINEMARK $9.54 amc THEATRES. ATP (1) $9.63 REGAL CINEMAS $7.53 CINEMARK Cinemark US only. LTM ended June 30, 2016. Defined as revenues less film exhibition costs and food & beverage costs divided by average screens. In 000's In 000's GP / Screen (1, 2) $360 Ciftic THEATRES $263 REGAL CINEMAS $286 CINEMARK 13#14Transaction Overview: Odeon & UCI Key Transaction Terms Combined Operating Strategy Closing Conditions & Timing amc September 2016 • Transaction valued at approximately £921 million (1) ● ✓ Cash consideration to seller of £375 million ✓ Stock consideration to seller of £125 million (2) ✓ Assumed net debt of £407 million (3) to be simultaneously refinanced at closing ✓9.1x Enterprise Value / LTM EBITDA (3) • Assuming a Dec 31, 2016 close, transaction valued at $1,199 million (4) Strictly Private & Confidential • Odeon & UCI will be headquartered in London and will operate as a subsidiary of AMC ✓Will continue to be led by current Odeon management team ✓ Maintain existing brand names (Odeon, UCI, and Cinesa) • Antitrust clearance by European Commission and subject to consultation with the European Works Council • Expected to close in the fourth quarter of 2016 (1) (3) (4) Includes approximately £14 million of employee incentive costs. Number of shares to seller to be set based on a formula prior to the date of closing. Based on Odeon public filings as of March 31, 2016. Based on GBP/USD spot rate of 1.30 as of July 5, 2016. 14#15Transaction Overview: Carmike Key Transaction Terms Combined Operating Strategy Closing Conditions & Timing amc September 2016 (1) (2) ● • Transaction valued at approximately $1.2 billion Strictly Private & Confidential ✓ Shareholders can elect to receive $33.06 in cash or 1.0819 AMC shares per Carmike share ● ✓ Subject to proration such that the aggregate consideration is 70% in cash and 30% in AMC stock ✓ Cash consideration to seller of $586 million ✓ Stock consideration to seller of $244 million (1) ✓ AMC will assume and / or refinance Carmike's debt and capital leases ✓ Synergy adjusted Enterprise Value / LTM EBITDA purchase multiple of 6.8x(²) ● • Maintain two brands, one focused on large, urban areas and one focused on midsize non-urban areas • Eliminate redundant overhead costs Shareholder vote required only for Carmike • Subject to U.S. regulatory approvals and other customary closing conditions ● • Expected to close in the fourth quarter of 2016 Based on AMC share price as of 8/15/16. As of March 31, 2016. Net of stock based compensation and M&A expenses. 15#16Thank you! amc A WANDA GROUP COMPANY (R)#17Appendix amc Reconciliation of Adjusted EBITDA: (dollars in thousands) (unaudited) Net Earnings Plus: Income tax provision Interest expense September 2016 Depreciation and amortization Certain operating expenses (3) Equity in earnings of non-consolidated entities Cash distributions from non-consolidated entities Investment (income) loss Other expense (4) General and administrative expense-unallocated: Merger, acquisition and transaction costs Stock-based compensation expense (5) Adjusted EBITDA (2) Adjusted EBITDA Margin (6) $ 3 Months Ended June 30, 2016 23,967 16,385 27,035 62,291 3,838 (11,849) 590 176 (110) 5,548 1,717 $ 129,588 17.0% $ $ 2015 43,923 23,350 27,048 57,249 3,350 (9,362) 1,285 (59) 9,273 261 1,439 157,757 19.2% 6 Months Ended June 30, 2016 $ 52,258 $ 34,475 54,097 122,721 7,240 (16,113) 18,271 (9,778) (84) 10,152 2,804 $ 276,043 18.0% $ 2015 50,061 27,280 55,500 115,026 7,414 (10,686) 15,771 (5,202) 9,273 1,839 7,178 273,454 18.5%#18Appendix amc Reconciliation of Adjusted EBITDA to Adjusted Free Cash Flow (dollars in thousands) (unaudited) Adjusted EBITDA Minus: Cash distributions from non-consolidated entities Income taxes paid, net of refunds Cash interest expense Capital expenditures (excluding change in construction payables) Landlord contributions Principal payments under Term Loan Principal payments under capital and financing lease obligations Adjusted Free Cash Flow September 2016 3 Months Ended June 30, 2016 $ 129,588 $ 590 3,284 25,569 82,569 (27,537) 2,201 2,123 40,789 $ $ 2015 157,757 1,285 (1,635) 27,394 70,823 (12,726) 1,937 1,940 68,739 6 Months Ended June 30, 2016 $ 276,043 18,271 4,090 51,383 128,680 (47,846) 4,403 4,199 $ 112,863 $ $ 2015 273,454 15,771 (1,130) 56,718 130,207 (23,717) 3,875 3,826 87,904#19Appendix (1) We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net earnings plus (i) income tax provision, (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 any cash distributions of earnings from our 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-GAAP financial measure and should not be construed as an alternative to net earnings as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (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, estimate our value and evaluate our ability to service debt. 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; and • does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future. (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. We have 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) Other expense for the prior year quarter and prior year related to the cash tender offer and redemption of the 9.75% Senior Subordinated Notes due 2020. We exclude other expense and income related to financing activities as the amounts are similar to interest expense or income and are non-operating in nature. (4) Non-cash expense included in General and Administrative: Other (5) We define Adjusted EBITDA Margin as Adjusted EBITDA divided by Total Revenues. (6) We use Adjusted Free Cash Flow as a performance measure in our internal evaluation of operating effectiveness and in making decisions regarding the allocation of resources. Adjusted Free Cash Flow is a non-GAAP financial measure and should not be construed as an alternative to net earnings as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with U.S. GAAP). We define Adjusted Free Cash Flow as Adjusted EBITDA minus the sum of cash distributions from non-consolidated entities, cash taxes, cash interest, capital expenditures (excluding change in construction payables) net of landlord contributions, mandatory payments of principal under any credit facility and payments under capital lease obligations and financing lease obligations as further described in the table below. We make adjustments to Adjusted EBITDA for certain cash requirements to determine amounts available for general capital purposes from our operations. Adjusted Free Cash Flow may not be comparable to similarly titled measures reported by other companies or other similar measures of cash flow. We have included Adjusted Free Cash Flow as we believe it provides a useful measure of funds available for general capital purposes from our operations, and because it is used by management to evaluate the performance of our Company. amc September 2016