Investor Presentation Mike Campbell, Kurt Hall & Amy Miles

Investor PresentationMike Campbell, Kurt Hall & Amy Miles

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Forward-looking StatementsForward-looking Statements

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 1934, as amended. All statements, other than statements of historical fact, included herein may constitute forward-looking statements. Although the

Company believes that the expectations reflected in such forward-looking 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 prospectus dated May 8, 2002. All forward-looking

statements are expressly qualified in the entirety by such factors.

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Overview of Regal Entertainment GroupOverview of Regal Entertainment Group

Largest Domestic Largest Domestic Theatre CircuitTheatre Circuit

Complementary Growth Complementary Growth BusinessesBusinesses

$461M LTM $461M LTM EBITDAEBITDA

21% Margin21% Margin

$2.2 Billion $2.2 Billion LTM LTM

RevenuesRevenues

250+ 250+ Million Million

AttendeesAttendees

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++

Investment HighlightsInvestment Highlights

++Exciting Exciting Growth Growth

OpportunitiesOpportunities

Strong Free Strong Free Cash Flow & Cash Flow &

DividendDividend

Steady Steady Industry Industry

Growth & Solid Growth & Solid FundamentalsFundamentals

Industry Industry Leading Leading Theatre Theatre

OperationsOperations

++

Long-Term Long-Term Earnings and Earnings and

Cash Flow Cash Flow Opportunities Opportunities =

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Steady Industry Growth & Solid Steady Industry Growth & Solid Industry FundamentalsIndustry Fundamentals

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Positive Industry RationalizationPositive Industry Rationalization

Screen Count – Year over Year Growth Screen Count – Year over Year Growth

3.7%2.5% 1.8%

4.2%4.5%

7.1% 7.6%9.1%

(2.3%)(2.3%)

7.4%

-3.0%

0.0%

3.0%

6.0%

9.0%

'65 -'91

'92 '93 '94 '95 '96 '97 '98 '99 '00 '01

2x LT Growth Rate2x LT Growth Rate

First Screen First Screen Decline Decline

Since 1963Since 1963

‘95 - ‘99: Unprecedented Screen Growth

‘00 - ‘02: Major Reduction of 1800+ Screens

2002+: No New Box, Reduced New Developments

Screen Reduction Driving Box Office per ScreenScreen Reduction Driving Box Office per Screen

Source: NATO

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Consistent Growth in DemandConsistent Growth in Demand

$3

$4

$5

$6

$7

$8

$9

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

Healthy Attendance Trends– 3% CAGR over last 10 years– Growth in 3 of the last 5 recessions – 1.5 billion patrons in 2001, up 5%

Consistent Box Office Growth– 10th consecutive record year– $8.4 billion in 2001, up 10%

Stable Annual Price Increases– 3% CAGR over the last 10 years

($ in billions)

Box Office RevenueBox Office Revenue

Steady Box Office GrowthSteady Box Office Growth

6.2% CAGR

6.2% CAGR

Source: NATO

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Beneficiary of Fundamental Patterns & Upcoming Beneficiary of Fundamental Patterns & Upcoming Film CalendarFilm Calendar

Extended Release Calendar– Staggering releases reduces

head-to-head competition, reduces seasonality and broadens patron traffic

Increased Breadth of Films– Increasing appeal to a wider

demographic

Increased Emphasis on Theatrical Success

– Marketing Expenditures by Studios increasing at a 10% CAGR since 1995

Q4 2002Q4 2002Solid FundamentalsSolid Fundamentals

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Beneficiary of Fundamental Patterns & Upcoming Beneficiary of Fundamental Patterns & Upcoming Film CalendarFilm Calendar

20032003

Extended Release Calendar– Staggering releases reduces

head-to-head competition, reduces seasonality and broadens patron traffic

Increased Breadth of Films– Increasing appeal to a wider

demographic

Increased Emphasis on Theatrical Success

– Marketing Expenditures by Studios increasing at a 10% CAGR since 1995

Solid FundamentalsSolid Fundamentals

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Industry Leading Theatre Industry Leading Theatre OperationsOperations

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National, Geographically Diverse FootprintNational, Geographically Diverse Footprint

As of 9/26/02As of 9/26/02

5

89

9

29

2 13

26

37

7

4

11

51

2098

15

1

6

4

1

4

7 2526

35

2511

2 8

13

15

62

12

1

23% 23% Market Market ShareShare

5,711 5,711 ScreensScreens

Largest Largest Domestic Domestic ExhibitorExhibitor

530 530 TheatresTheatres

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Rationalized Theatre Portfolio

61% Screens Built Since 1997

60% Feature Stadium Seating

10.5 Screens / Theatre

75% Theatres with 10+ Screens

9 of Top 10, 23 of Top 25 DMAs

Improved Experience Driving DemandImproved Experience Driving Demand

Modern Theatre Circuit

Outperforms Industry

Minimal Future Cap-X

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20%+ EBITDA Margins20%+ EBITDA Margins

Leading EBITDA MarginsLeading EBITDA Margins

16.3%

18.4%18.2% 18.5%

15.4%

13.0%

15.4%

20.0%

16.0%

19.1%

22.9%

20.0%21.7%

23.0%

10%

12%

14%

16%

18%

20%

22%

24%

1995 1996 1997 1998 1999 2000 2001

Industry Average*Standalone Regal Cinemas

* Industry Includes AMC, Carmike, Loews and Cinemark.* Industry Includes AMC, Carmike, Loews and Cinemark.

Superior Operations Management– Lower rent and occupancy costs

– Effective controls on theatre-level costs

– National contracts and scale drive margins

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Proven Ability to Integrate AcquisitionsProven Ability to Integrate Acquisitions

11 Successful Acquisitions Since 1995

Theatre-Level Cash Flow MarginTheatre-Level Cash Flow Margin

24.1%

29.8%

23.1%23.3%

16.0%

21.1%

0%

5%

10%

15%

20%

25%

30%

35%

National Litchfield Cobb

Pre-Acquisition Post-Acquisition

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Steady Industry GrowthSteady Industry Growth

On-track to realize $30 - $40 million of synergies

– G&A reductions

– Concession synergies

– Reductions in advertising expense and other theatre operating costs

Expect continued benefits during the first half of 2003

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Simple Growth StrategySimple Growth Strategy

Continue Core Theatre Business Momentum

Increase Theatre Margins

Capitalize on Consolidation Opportunities

Pursue High Margin Ancillary Business Opportunities

Generating significant Free Cash FlowGenerating significant Free Cash Flow

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Regal CineMediaRegal CineMedia

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Unique National Digital Theatre NetworkUnique National Digital Theatre Network

Transforming the Theatre into a Unique Advertising, Transforming the Theatre into a Unique Advertising, Promotional and Communications PlatformPromotional and Communications Platform

First of Its Kind

Internally Funded

Initially Focused on Digital

Advertising

Valuable Long-Term Platform

Complementary programming

Digital projectors

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RCM’s Competitive AdvantagesRCM’s Competitive Advantages

Dedicated Focus on Complementary New Business Opportunities

– High level management, sales and advertising expertise

Direct Control of Theatre Venues and Patron Data– Ability to create of wider variety of products and services

– Better control of delivery of advertising and promotional services

– Attendance data enables capture of valuable in-depth research

Existing Technology Platform Ready – Network operating center in use

– Satellite delivery of digital content implemented in initial theatres

– Sales, distribution and billing software installed

– On-going linking of theatres to network represents simple connection process

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Theatres Provide Better Recall– High impact– Captive audience

Increasing Fragmentation Among Traditional Mediums

Advertisers Seeking New Platforms to Create Consumer Touchpoints

Advertising Revenue OpportunityAdvertising Revenue Opportunity

Small Shift Small Shift in Ad in Ad

SpendingSpending

50% - 70%50% - 70%EBITDA EBITDA MarginsMargins

++ ==Large Large

Impact on Impact on EBITDAEBITDACPMs

$17.8

$0.1

$47.8

$2.4

$0

$10

$20

$30

$40

$50

$60

Television Print Outdoor Cinema

2001E Advertising Market Sizes2001E Advertising Market Sizes

($ in billions)

Existing Existing Market Only Market Only

$100+ million$100+ million

$19 $11 $4 $25+$25+

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DMAs % National Box Regal Market Share

New York / LA 17.7%

Top 10 40.3%

Top 25 62.1%

Top 50 77.7%

#1 Market Share in Top DMA’s#1 Market Share in Top DMA’s

#1

#1

#1

#1

Source: EDI

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Financial OverviewFinancial Overview

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Revenue and EBITDA PerformanceRevenue and EBITDA Performance

$289 $294

$351

$461

20.8%

17.5%

16.1%17.3%

$0

$100

$200

$300

$400

$500

1999 2000 2001 LTM

14%

16%

18%

20%

22%

24%

EBITDA Margin

EBITDA*EBITDA*($ in millions)

Revenue*Revenue*($ in billions)

*Pro Forma for the combination of Regal, Edwards and UA Excludes results of theatres closed in connection with reorganizations 2001 excludes the 53rd week in UA’s fiscal year - $17.9m of revenues and $7.3m of EBITDA.

$1.7

$1.8

$2.0

$2.2

5,71

1

5,88

65,91

1

5,70

9

$1.0

$1.3

$1.5

$1.8

$2.0

$2.3

1999 2000 2001 LTM

5,600

5,700

5,800

5,900

6,000

6,100

6,200

RevenueEnding Screen Count

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2002 EBITDA Margin Growth2002 EBITDA Margin Growth

Regal Improving EBITDA Regal Improving EBITDA Margins in 2002 vs. 2001 Margins in 2002 vs. 2001

$289 $294

$351

$461

$0

$100

$200

$300

$400

$500

1999 2000 2001 LTM

14%

16%

18%

20%

22%

24%

EBITDA Margin

• Strong box office growth coupled with maximizing operating leverage

• Realized integration synergies

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Conservative Leverage and Excellent LiquidityConservative Leverage and Excellent Liquidity

Conservative Capital StructureConservative Capital Structure

(1) As of 11/1/02(2) Net Debt + Leases / EBITDAR = 3.5x

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Strong Free Cash FlowStrong Free Cash Flow

Significant Free Cash Flow Funds Growth OpportunitiesSignificant Free Cash Flow Funds Growth Opportunities

($ in millions)

(1) Excludes 2002 reorganization payments of approximately $81 million

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Financial Flexibility for Growth StrategyFinancial Flexibility for Growth Strategy

Conservative Conservative CapitalizationCapitalization

$200M+ Annual $200M+ Annual Free Cash FlowFree Cash FlowBefore DividendBefore Dividend++

Flexibility to Execute Growth StrategyFlexibility to Execute Growth Strategy

Capitalize on prudent acquisition opportunities

Pursue high margin ancillary business

Make selective investments in asset base

Provide incremental returns through dividends