INVESTOR PRESENTATION. Second Quarter 2016

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1 INVESTOR PRESENTATION Second Quarter 2016

THIS PRESENTATION INCLUDES "FORWARDLOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

2 THIS PRESENTATION INCLUDES "FORWARDLOOKING STATEMENTS" WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. ALL STATEMENTS INCLUDED HEREIN, OTHER THAN STATEMENTS OF HISTORICAL FACT, MAY CONSTITUTE FORWARDLOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARDLOOKING STATEMENTS ARE REASONABLE, IT CAN GIVE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S EXPECTATIONS ARE DISCLOSED IN THE RISK FACTORS CONTAINED IN THE COMPANY'S 2015 ANNUAL REPORT ON FORM 10K FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE SEC ) ON FEBRUARY 29, ALL FORWARDLOOKING STATEMENTS ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY SUCH FACTORS. THIS PRESENTATION CONTAINS REFERENCES TO NONGAAP FINANCIAL MEASURES INCLUDING ADJUSTED EBITDA (NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST ADJUSTED FOR INTEREST EXPENSE, NET, PROVISION FOR INCOME TAXES, DEPRECIATION AND AMORTIZATION, NET LOSS ON DISPOSAL AND IMPAIRMENT OF OPERATING ASSETS AND OTHER, SHAREBASED COMPENSATION EXPENSE, LOSS ON EXTINGUISHMENT OF DEBT, EARNINGS RECOGNIZED FROM NCM, CASH DISTRIBUTIONS FROM NCM, CASH DISTRIBUTIONS FROM OTHER NONCONSOLIDATED ENTITIES, NONCONTROLLING INTEREST, NET OF TAX AND EQUITY IN INCOME OF NONCONSOLIDATED ENTITIES AND OTHER, NET). A RECONCILIATION OF CURRENT YEAR NONGAAP FINANCIAL MEASURES IS AVAILABLE ON THE COMPANY S WEB SITE AT WE BELIEVE EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW PROVIDE USEFUL MEASURES OF CASH FLOWS FROM OPERATIONS FOR OUR INVESTORS BECAUSE EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW ARE INDUSTRY COMPARATIVE MEASURES OF CASH FLOWS GENERATED BY OUR OPERATIONS AND BECAUSE THEY ARE FINANCIAL MEASURES USED BY MANAGEMENT TO ASSESS THE LIQUIDITY AND PERFORMANCE OF OUR COMPANY. EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW ARE NOT MEASUREMENTS OF LIQUIDITY OR PERFORMANCE UNDER U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE CONSIDERED IN ISOLATION OR CONSTRUED AS A SUBSTITUTE FOR OTHER OPERATIONS DATA OR CASH FLOW DATA PREPARED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR PURPOSES OF ANALYZING OUR LIQUIDITY OR PERFORMANCE. IN ADDITION, NOT ALL FUNDS DEPICTED BY EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW ARE AVAILABLE FOR MANAGEMENT'S DISCRETIONARY USE. FOR EXAMPLE, A PORTION OF SUCH FUNDS ARE SUBJECT TO CONTRACTUAL RESTRICTIONS AND FUNCTIONAL REQUIREMENTS TO PAY DEBT SERVICE, FUND NECESSARY CAPITAL EXPENDITURES AND MEET OTHER COMMITMENTS FROM TIME TO TIME AS DESCRIBED IN MORE DETAIL IN THE COMPANY S 2015 ANNUAL REPORT ON FORM 10K FILED WITH THE SEC ON FEBRUARY 29, EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW, AS CALCULATED, MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES REPORTED BY OTHER COMPANIES.

3 COMPANY OVERVIEW

88 per share o Credit rating B1/B+ o Employees over 25,000 o CEO Amy Miles o CFO David

4 About Us 7,307 Screens 564 Theaters ~20% of North American Box Office Over 216M Annual Attendees o NYSE ticker RGC o Market capitalization* $3.5 billion o Annual dividend $0.88 per share o Credit rating B1/B+ o Employees over 25,000 o CEO Amy Miles o CFO David Ownby o Senior executive average tenure 19 years o Company headquarters Knoxville, TN 4 *As of 6/30/16

5 Regal is a Leader in the U.S. Exhibition Industry Geographic Diversification o States: 42 + D.C & 3 U.S. territories o Markets: 46 out of Top 50 Modern Asset Base o o o 13 screens per theatre avg. Sony 4K Digital Projection ~57% feature premium amenities 5

Investment Thesis Regal is a LEADER in a Stable, Mature Industry Regal generates significant FREE CASH FLOW We use our cash in ways that BENEFIT SHAREHOLDERS o o o Long term box office trend line

6 Investment Thesis Regal is a LEADER in a Stable, Mature Industry Regal generates significant FREE CASH FLOW We use our cash in ways that BENEFIT SHAREHOLDERS o o o Long term box office trend line shows annual growth of ~4% Record industry box office in 3 out of the last 4 years As one of the largest exhibitors, we benefit from size and scale o o o Average annual free cash flow of approx. ~$250M for the last five years Free cash flow well ahead of our competitors Able to generate free cash flow in good and bad box office periods o o o Grow the asset base by building and acquiring theaters Find innovative, returnfocused ways to better utilize existing assets Provide a meaningful return of capital to shareholders 6

7 BUSINESS MODEL & STRATEGY

0 ~4% Box Office CAGR (1985 2015) $6.0 $4.0 $2.0 $0.

8 Our Industry Provides Stable LongTerm Growth Industry Box Office exceeded $10B each of the last 7 years $12.0 $10.0 $8.0 ~4% Box Office CAGR ( ) $6.0 $4.0 $2.0 $0.0 8 Cable VCR Note: Red bar indicates a recession year. Internet DVD Netflix Redbox

9 Most Affordable Out of Home Entertainment Option $85.83 $62.18 Average Ticket Price $53.98 $52.36 $28.94 $8.43 All major sports NFL NHL NBA Theme Parks MLB Cinema Family of four can go to the movies for under $40 Theme parks Cinema 9 Source: 2015 MPAA data More people went to the movies in 2015 than all theme parks, MLB, NFL, NBA & NHL combined.

10 $860M of Return Focused Investments since 2012 Acquired ~875 screens at post synergy multiples under 5x cash flow Constructed 25 theatres in the US Luxury reclining seats available in over 1,000 auditoriums Added ~90 large format IMAX and RPX screens 10 Enhanced food menu and/or alcohol program at 255 locations

Luxury Reclining Seats 93 sites and 1,026 screens operating with

year end 2017 Before and after: 691 screens converted prior to 2016 o

0% 2x that of our traditional theaters o Annualized incremental Adjusted

11 Luxury Reclining Seats 93 sites and 1,026 screens operating with reclining seats currently ~30% of the circuit with reclining seats by year end 2017 Before and after: 691 screens converted prior to 2016 o Attendance growth of 25% per screen o Average ticket price growth of 14.0% 2x that of our traditional theaters o Annualized incremental Adjusted EBITDA of almost $54 million Efficient capital spend, moderate investment with high return 11

12 Enhanced Food and Beverage Offerings Expanded food in 195 locations ~240 locations by year end 2016 Alcohol in 129 locations ~175 locations by year end 2016 Generated over $35M in revenue in last 12 months Incremental to EBITDA margin, low investment with moderate return 12

sections inside traditional theatres VIP area with bar

13 Large Format Screens and VIP Concepts Large Format 89 IMAX screens 91 RPX screens VIP Concepts Luxury sections inside traditional theatres VIP area with bar and lounge Auditorium service prior to showtime Reserved seating 13

14 FINANCIAL REVIEW

15 5 Year Financial Overview Revenue $ 3,127.3 $ 2,990.1 $ 3,038.1 $ 2,820.0 $ 2,675.9 Net Income Adj EBITDA % Rev % % % % % Cash provided by operating Activities Capital expenditures net Free Cash Flow % Rev % % % % % 15

16 Reconciliation of Net Income to EBITDA Net Income $ $ $ $ $ 36.8 Interest Expense, net Provision for income taxes Depreciation and amortization EBITDA $ $ $ $ $

17 Reconciliation of EBITDA to Cash Provided by Operating Activities EBITDA $ $ $ $ $ Interest expense, net (129.6) (126.5) (141.3) (135.0) (149.7) Provision for income taxes (100.1) (73.4) (107.0) (89.5) (15.4) Deferred income taxes (10.9) 6.6 (11.8) Changes in operating assets & liabilities 35.5 (42.9) (5.0) (68.3) (15.9) Gain on sale of NCM, Inc (30.9) Loss on extinguishment of debt Landlord contributions Impairment of investment in RealD, Inc 13.9 Other items, net Cash provided by operating activities $ $ $ $ $

18 Reconciliation of EBITDA to ADJUSTED EBITDA EBITDA $ $ $ $ $ Net loss on disposal & impairment Share based compensation Gain on sale of NCM, Inc. (30.9) Impairment of investment in RealD, Inc Loss on extinguishment of debt Earnings recognized from NCM (31.0) (32.1) (37.5) (34.8) (37.9) Cash distributions from NCM Cash distributions from other nonconsolidated entities Noncontrolling interest, net of tax and equity in income of nonconsolidated entities and other, net (38.5) (29.4) (28.5) (2.0) 15.7 Adjusted EBITDA $ $ $ $ $

Concession 55.0% 15.0% 52.5% 53.6% 52.4% 52.3% 52.0% 51.8% 52.

19 Size and Scale Advantage Consistently low operating costs driven by SCALE and operational EFFICIENCY Film Rent & Ad Costs Cost of Concession 55.0% 15.0% 52.5% 53.6% 52.4% 52.3% 52.0% 51.8% 52.5% 14.0% 13.4% 13.7% 13.5% 13.6% 14.0% 13.0% 12.7% 50.0% 12.0% 19

20 Liquidity and Debt Our DIVERSIFIED debt structure maximizes flexibility and limits refinance risk $1,000 $750 $500 $250 $0 $775 $957 $250 $ % Sr. Notes Due % Sr. Notes Due 2023 Sr. Credit Facility 5.75% Sr. Notes Due 2022 Net Debt / LTM Adj EBITDA 3.4x 20

Shareholder Value Total Return Since IPO 1 : 437.5% Dividends Since IPO: $28.02 Total Return last 3 Years 2 : 47.4% Dividends Last 3 Years: $3.62 Annualized Return 2 : 13.8% Current Dividend Yield: 4.

21 Shareholder Value Total Return Since IPO 1 : 437.5% Dividends Since IPO: $28.02 Total Return last 3 Years 2 : 47.4% Dividends Last 3 Years: $3.62 Annualized Return 2 : 13.8% Current Dividend Yield: 4.0% $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $ Special Regular 21 Note 1 : Total return assumes gross dividends reinvested in RGC from 05/10/02 to 07/01/16 Note 2 : Total return assumes gross dividends reinvested in RGC from 06/30/13 to 07/01/16

22 LOOKING AHEAD

23 Film Product Outlook

24 2017 Film Product Outlook Film Release Date Fifty Shades Darker 2/10/2017 The Lego Batman Movie 2/10/2017 Beauty and The Beast 3/17/2017 Furious 8 4/14/2017 Guardians of The Galaxy 2 5/5/2017 Pirates of the Caribbean: Dead Men Tell No Tales 5/26/2017 Wonder Woman 6/2/2017 Cars 3 6/16/2017 Despicable Me 3 6/30/2017 Thor: Ragnarok 11/3/2017 Justice League 11/17/2017 Star Wars: Episode VIII 12/15/

25 Kevin Mead Vice President of Investor Relations & Planning investor.regmovies.com (865)

Investor Presentation

Investor Presentation THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF