#1#2Forward-Looking Statements This presentation contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events. All statements other than statements of historical facts included in this presentation, including, without limitation, statements related to our business, results of operation and future plans, and the ongoing negative effect of the current COVID-19 pandemic on the Company, may constitute forward-looking statements. Investors are cautioned that reliance on these forward-looking statements involves risks and uncertainties. Although the Company believes that the assumptions used in the forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate and, as a result, actual results could differ materially from those expressed or implied in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are, among others, 1) level of theater attendance or viewership of the Noovie pre-show; 2) increased competition for advertising expenditures; 3) changes to relationships with NCM LLC's founding members; 4) inability to implement or achieve new revenue opportunities; 5) the impact of pandemics, epidemics or disease outbreaks, such as the novel coronavirus (COVID-19); 6) failure to realize anticipated benefits of the 2019 Exhibitor Service Agreement amendments; 7) technological changes and innovations; 8) economic conditions, including the level of expenditures on cinema advertising; 9) our ability to renew or replace expiring advertising and content contracts; 10) our need for additional funding, risks and uncertainties relating to our significant indebtedness; 11) reinvestment in our network and product offerings may require significant funding and resulting reallocation of resources; 12) fluctuations in operating costs; and 13) changes in interest rates. In addition, the outlook provided does not include the impact of any future unusual or infrequent transactions; sales and acquisitions of operating assets and investments; any future non-cash impairments of intangible and fixed assets; amounts related to litigation or the related impact of taxes that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events. Please refer to the Company's Securities and Exchange Commission filings, including the "Risk Factor" section of the Company's Annual Report on Form 10-K for the year ended December 26, 2019, for further information about these and other risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result, of new information, future events or otherwise, except as required by law. This presentation discusses NCM's business plans and strategies. The COVID-19 pandemic has disrupted many of these plans and strategies. Unless otherwise noted, discussions of NCM's business plans and strategies assume a resumption of normal operating conditions, although there can be no assurance when or if operating conditions will return to normal. This presentation contains references to Non-GAAP financial measures including Adjusted OIBDA (Operating Income Before Depreciation and Amortization, Amortization of intangibles recorded for network theater screen leases, excluding share based payment costs and CEO transition costs). A reconciliation of these measures is available in this presentation and on the investor page of the Company's website at www.ncm.com. NCM NATIONAL CINEMEDIA 2#3NCM AMERICA'S MOVIE NETWORK What is NCM? How to Train Your Dragon: The Hidden World#4NCM is an Attractive and Unique Investment 1 2 3 4 5 6 Clear Market Leader Exclusive, Long-Term Agreements with Theaters Most Significant Change since Company's Inception High Margins and Strong FCF Generation Robust Media Industry Trends Highly Resilient to Recessions ● ● . (1) (2) 21,102 screens 650-700 million attendees NCM captures approx. 71% market share across top 10 DMAS. Approximately 20 years remaining on agreements with the three largest US theater circuits (AMC, Cinemark and Regal). 54 exclusive agreements with additional Network Affiliate theaters. Future proof advertising platform with improved inventory including 5 minutes of lights down inventory plus 60 second Premium Platinum Spot. >45% OIBDA margins 95+% unlevered FCF conversion driven by asset light business model with low capex requirements. (2) Consistent growth in media advertising spending (7% CAGR from 2015-2019). Projected growth of 8% in media advertising in 2020, before COVID-19 pandemic Low cost of movie tickets makes cinema the live entertainment medium of choice in economic downturns. All figures as of quarter ending March 26, 2020 unless otherwise indicated. See slide 28 for further information. INCM NATIONAL CINEMEDIA 4#5#6NCM's Provides Unique Access to a Young Audience... 30 ...with Attractive and Differentiated Demographics NCM MOVIEGOERS 35 40 Median ННІ 45 ONBA US Pop 50 TOP CABLE PRIME (NFL) 55 BROADCAST PRIME $71,600 Nielsen Cinema Audience Reports 2019; Nielsen Npower; Linear TV, no repeats Jan-Dec 2019; Doublebase 2019 Gfk MRI, base A18+ Hispanic Hispanic or Spanish Origin or Descent, 100 Index= US Pop Average ...with Cultural Diversity... MOVIEGOING FREQUENCY 1+ TIMES/MONTH 1+ TIMES/WEEK ...and Above Average Income NCM Moviegoers $92,100 2-3 TIMES/MONTH HISPANICS/ AFRICAN- ASIAN LATINOS AMERICANS AMERICANS Index to US Pop 129 100 Index = U.S. Population Average 132 187 150 116 174 111 126 139 127 NCM NATIONAL CINEMEDIA 6#7THE POWER OF NCM Total Audience 650-700 Million Audience Share 63% Opening Weekend Box Office Share 73% Total Theaters 1,719 Total Screens 21,102 12.3 Screens-Per-Theater Source: Nielsen Cinema DMA Summary Report January 2020 Nielsen Cinema Audience Report January - December 2019 Share of US Cinema Attendance Viewing Ads 71% Top 10 DMAS 67% Top 25 DMAs 66% Top 50 DMAs 63% All DMAS NCM NATIONAL CINEMEDIA 7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30#31#32#33