AMC Mergers and Acquisitions Presentation Deck

Other Factors Influencing AMC's Valuation Significant Integration & Transaction Costs Additional Investment Required Screenvision amc NOLS • The public discussion to date has erroneously neglected to factor in that the Carmike transaction's value to AMC is materially reduced by the value leakage from: - • The deployment of growth initiatives is to be funded by AMC's capital and is at its own risk ● Regulatory driven theatre and other potential divestitures Tax implications regarding the receipt of NCMI founders shares Required quarterly make-whole payments to be made to NCMI Significant company integration and transaction costs • Carmike's Screenvision investment is a minority stake in a privately held company, valued at $7 million as of March 31, 2016 AMC is currently a 18% (1) owner of NCMI, a publicly traded competitor to Screenvision Usage of Carmike's NOLs is limited based on prior Carmike acquisitions, which diminishes the value of the NOLs to AMC significantly • Carmike transaction generates no material value from accelerating AMC's own NOL utilization Source: Company filings. (1) Including 200,000 shares of NCM, Inc. 14

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