#1#2Forward-Looking Statements This presentation contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events. Investors are cautioned that reliance on these forward-looking statements involves risks and uncertainties. Although National CineMedia, Inc (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) the 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) technological changes and innovations; 6) economic conditions, including the level of expenditures on NCM; 7) our ability to renew or replace expiring advertising and content contracts; 8) our need for additional funding, risks and uncertainties relating to our significant indebtedness; 9) reinvestment in our network product offerings may require significant funding and resulting in reallocation of resource; 10) fluctuations in operating costs; 11) changes in interest rates. In addition, this presentation does not include: 1) the impact of any future unusual or infrequent transactions; 2) any impact of sales and acquisitions of operating assets and investments; 3) any future noncash impairments of intangible and fixed assets; or 4) 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 for further information about these and other risks. In addition, the pro forma information provided in this presentation is included for informational purposes only and does not purport to reflect the results of operations or financial position of the Company or National CineMedia, LLC ("NCM LLC") that would have occurred had the particular transactions become effective on the dates specified. References in this presentation to "PF" or "Pro Forma" mean that the information is presented as if the IPO, the reorganization and the transactions and material changes to contractual arrangements which occurred in connection with the IPO had become effective on the dates specified. This presentation contains references to Non-GAAP financial measures including Adjusted OIBDA (Operating Income Before Depreciation and Amortization and excluding share based payment costs, merger-related costs, CEO transition costs, early lease termination expense and Fathom operating income). 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#3Q3 2018 Highlights versus Q3 2017 Financial: Total revenue decreased 5.4% to $110.1 million. Adjusted OIBDA decreased 14.4% to $53.6 million. National Sales revenue decreased 4.4% to $80.8 million. Local & Regional revenue decreased 13.1% to $21.9 million. Beverage revenue increased 10.4% to $7.4 million. ● ● ● ● ● ● ● Over 40% of our National on-screen revenue now comes from campaigns with Digital extensions, up from 30% in 2017. Retired $7.7 million of 5.75% Unsecured Notes due 2026 at a discount (interest savings to maturity of $3.5 million). NCM NATIONAL CINEMEDIA 3#4#5#6#7#8#9#10#11#12#13#14#15#16#17#18#19