#1THEY TOOK THE AMERICAN DREAM FOR A RIDE MATT DAMON CHRISTIAN BALE FORD, FERRARI WILL SMITH GEMINI MAN TERMINATOR B DARK FATE REASUM NCM AMERICA'S MOVIE NETWORK AR THE RISE OF SKYWALKER WARS DOCTOR SLEEP THINK YOUR FAMILY IS WEIRD? FAMILY "Hatika suti pur good - TRANSPORTING HEART, EMPATHY INVENTION TEMOTIONAL PACKED HUMOR, "The nybe we zul RIGHT NOW The HEARTFELT UPLIFTING FILM BEAUTIFUL DAY NEIGHBORHOOD HARRIET DANIEL ANA JAMIE LEE MICHAEL DON CRAIG EVANS DE ARMAS CURTIS SHANNON JOHNSON TONI LAKEITH KATHERINE JA191 COLLETTE STANFIELD LANGFORD MARTELL AND CHRISTOPHER PLUMMER Knives Out MIDWAY HUMANI THE NEXT LEVEL LITTLE WOMEN FROZEN II THE MOST JOYFUL EVENT OF HARRELSON EISENBERG BRESLIN STONE ZOMBTELAND DOUBLE TAP kweny Q4'19 Earnings Supplemental Presentation HEM QUIN PHOENIX JONER#2Forward-Looking Statements This presentation contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events, including statements providing guidance and projections for the full year 2020. 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) failure to realize anticipated benefits of the 2019 Exhibitor Service Agreement amendments; 6) technological changes and innovations; 7) economic conditions, including the level of expenditures on cinema advertising; 8) our ability to renew or replace expiring advertising and content contracts; 9) our need for additional funding, risks and uncertainties relating to our significant indebtedness; 10) reinvestment in our network and product offerings may require significant funding and resulting reallocation of resources; 11) fluctuations in operating costs; and 12) 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 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#3Q4 2019 Highlights versus Q4 2018 Financial: Total revenue increased 7.1% to $147.2 million. Record total ad revenue for the quarter Adjusted OIBDA (¹) increased 9.6% to $83.5 million. National Sales revenue increased 13.0% to $110.3 million. ● ● ● ● ● ● ● ● ● ● Record National Ad Sales for the quarter. Attendance decline of 9.1% during the quarter. Other: On February 20, 2020, our board of directors declared a $0.19 quarterly dividend, representing a 12% increase in the Company's regular quarterly cash dividend from $0.17 per share of common stock. This represents a $0.76 annual dividend. Local revenue decreased 9.7% to $19.6 million. Regional revenue decreased 1.9% to $10.5 million. Beverage revenue decreased 8.1% to $6.8 million related to 8.2% founding member attendance decline. On October 8, 2019, the Company completed the refinancing of its $400.0 million notes due 2022. The new $400 million notes bear interest at 5.875% and are due in 2028. Total first and second party data sets are over 106 million as of December 26, 2019, up from 27 million a year ago. (1) Adjusted OIBDA represents a non-GAAP measure (operating income before depreciation and amortization and excluding non-cash share based costs and CEO transition costs). See reconciliation to the comparable GAAP measure on slide 17 of this presentation. NCM NATIONAL CINEMEDIA 3#4Revenue (Q4) ($ in millions) 7.1% $147.2 Q4 2019 $137.4 Q4 2018 Total Revenue 13.0% $110.3 Q4 2019 $97.6 Q4 2018 National Revenue 9.7% $19.6 Q4 2019 $21.7 Q4 2018 Local Revenue 1.9% $10.5 Q4 2019 $10.7 Q4 2018 Regional Revenue 8.1% $6.8 Q4 2019 $7.4 Q4 2018 Beverage Revenue NCM NATIONAL CINEMEDIA#5Network Stats (Q4'19 vs. Q4'18) 1.7% CPMs (NATIONAL) $8.7 Q4 2019 $8.0 Q4 2018 MAKE-GOOD In Millions 2,367.9 Q4 2019 11.4% 2,125.4 Q4 2018 IMPRESSIONS SOLD (NATIONAL) In Millions 9.1% NETWORK ATTENDANCE (FOUNDING MEMBERS + AFFILIATES) (1) Utilization is calculated as utilized impressions divided by total advertising impressions, which is based on eleven 30-second salable national advertising units in our Noovie pre- show, which can be expanded, should market demand dictate. 155.8% 22.5% 127.1% Q4 2019 Q4 2018 UTILIZATION (1) (NATIONAL) 0.2% TOTAL SCREENS (FOUNDING MEMBERS + AFFILIATES) NCM NATIONAL CINEMEDIA#6Adjusted OIBDA (1) (Q4'19 vs. Q4'18) ($ in millions) 9.6% $83.5 56.7% ADJUSTED OIBDA MARGIN Total Adjusted OIBDA (1) Q4 2019 $76.2 (1) Adjusted OIBDA represents a non-GAAP measure (operating income before depreciation and amortization and excluding non-cash share based costs and CEO transition costs). See reconciliation to the comparable GAAP measure on slide 17 of this presentation. 55.5% ADJUSTED OIBDA MARGIN Total Adjusted OIBDA (1) Q4 2018 NCM NATIONAL CINEMEDIA 6#7Other Financial Metrics (Q4) $4.8 Q4 2019 (1) $4.4 Q4 2018 (1) CAPITAL EXPENDITURES (2²) In Millions $15.6 Q4 2019 $13.1 Q4 2018 INTEREST EXPENSE In Millions (1) Includes capital expenditures of $1.4 million in 2019 related to our digital product investment versus $1.6 million in 2018. (2) Includes certain other implementation costs associated with Cloud Computing Arrangements. (3) Integration and other encumbered theatre payments. These payments were recorded as a reduction of an intangible asset and are excluded from Adjusted OIBDA. $8.6 Q4 2019 $8.1 Q4 2018 INTEGRATION PAYMENTS (3) In Millions NCM NATIONAL CINEMEDIA 7#8Full Year 2019 Highlights versus Full Year 2018 Financial: Total revenue increased 0.8% to $444.8 million. Adjusted OIBDA (1) increased 1.0% to $207.5 million. National Sales revenue increased 3.9% to $324.2 million. ● ● ● ● ● · ● (1) Record National Ad Sales for the year. Local revenue decreased 5.4% to $66.9 million. Regional revenue decreased 9.5% to $24.7 million. Beverage revenue decreased 7.6% to $29.0 million related to 7.1% founding member attendance decline. Other: On February 20, 2020, our board of directors declared a $0.19 quarterly dividend, representing a 12% increase in the Company's regular quarterly cash dividend from $0.17 per share of common stock. This represents a $0.76 annual dividend. Retired $5.0 million of 5.75% Unsecured Notes due 2026 at a discount of 7.75% (interest savings to maturity of $2.1 million). On October 8, 2019, the Company completed the refinancing of its $400.0 million notes due 2022. The new $400 million notes bear interest at 5.875% and are due in 2028. Adjusted OIBDA represents a non-GAAP measure (operating income before depreciation and amortization and excluding non-cash share based costs and CEO transition costs). See reconciliation to the comparable GAAP measure on slide 17 of this presentation. NCM NATIONAL CINEMEDIA 8#9Revenue (Full Year 2019) ($ in millions) $444.8 2019 0.8% $441.4 2018 Total Revenue 3.9% $324.2 $312.0 2019 2018 National Revenue 5.4% $66.9 $70.7 2019 2018 Local Revenue 9.5% $24.7 $27.3 2019 2018 Regional Revenue 7.6% $29.0 $31.4 2019 2018 Beverage Revenue NCM NATIONAL CINEMEDIA 9