Q1’20 Earnings Supplemental Presentation Liquidity and COVID-19 Update

National CineMedia Business Update - Covid-19 Impact Due to the COVID-19 pandemic, almost all theaters in the NCM network were temporarily closed as of mid-March NCM entered the global COVID-19 crisis in a strong financial position - As of March 26, 2020, NCM LLC had a cash balance of $132.2 million and a $113.7 million accounts receivable balance . ● ● - NCM believes it has sufficient liquidity to sustain its operations for 18 months (even with theaters in its network fully closed) NCM has been working swiftly and proactively to preserve cash and ensure sufficient liquidity to endure the impacts of the CO VID-19 Pandemic, even if prolonged. Among other measures, the Company has: Temporarily furloughed approximately 1/3 of staff, and temporarily reduced the pay of the remaining employees by up to 50%, which in aggregate reduced wage expense by 50% Temporarily reduced cash compensation of the Company's Board of Directors by 20% Suspended non-essential operating expenditures Implemented a hiring freeze Temporarily suspended the 401K employee match program Terminated or deferred certain non-essential capital expenditures Strategically working with our landlords, vendors, and other business partners to manage, defer, and/or abate certain costs during the disruptions caused by the COVID-19 Pandemic Introduced an active cash management process, which, among other things, requires CEO approval of all outgoing payments Drew down an additional $110 million of revolving credit facility as precautionary measure due to macro-economic concerns We are continuing to evaluate our cost structure for any additional savings On April 30, 2020, NCM obtained approval on an automatic waiver of any non-compliance with its Consolidated Net Senior Secured Leverage Ratio and Consolidated Total Leverage Ratio financial covenants occurring from the quarter ended June 25, 2020 until and including the quarter ended July 1, 2021 The Company continues to evaluate ons of the CARES Act and intends to seek potential benefits that would pos im pact the Company. We believe that the exhibition industry has historically fared well during recessions, and management remains optimistic, though cannot guarantee, that the founding members and network affiliates will rebound and attendance figures will benefit from pent-up social demand as home sheltering subsides and people seek togetherness with a return to normalcy NCM NATIONAL CINEMEDIA 3

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