INVESTOR PRESENTATION| J U N E 2 0 2 1 Forward Looking Statement

Certain matters discussed in this presentation are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects of the COVID-19 pandemic on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the duration of the COVID-19 pandemic and related government restrictions and social distancing requirements and the level of customer demand following the relaxation of such requirements; (3) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (particularly following the COVID-19 pandemic, during which the production of new movie content temporarily ceased and release dates for motion pictures have been postponed), as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets, including but not limited to, those caused by the COVID-19 pandemic; (5) the effects of adverse economic conditions, including but not limited to, those caused by the COVID-19 pandemic, on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the COVID-19 pandemic and the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets once hotels and resorts have more fully reopened; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (11) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (12) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, other incidents of violence in public venues such as hotels and movie theatres or epidemics (such as the COVID-19 pandemic); and (13) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, including developments related to the COVID-19 pandemic, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information, including assumptions about our ability to manage difficulties associated with or related to the COVID-19 pandemic; the assumption that our theatre closures, hotel closures and restaurant closures are not expected to be permanent or to re-occur; the continued availability of our workforce; and the temporary and long-term effects of the COVID-19 pandemic on our business. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this presentation and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

2 Non-GAAP Financial Measures Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. The company defines Adjusted net earnings (loss) attributable to The Marcus Corporation as net earnings (loss) attributable to The Marcus Corporation adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance and the tax effect related to those items. The company defines Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation as Adjusted net earnings (loss) attributable to The Marcus Corporation divided by diluted weighted average shares outstanding. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes and depreciation and amortization, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. Reconciliations of these measures to the equivalent measures under GAAP are set forth in the attached tables.

Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are key measures used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are useful measures, as they eliminate certain expenses that are not indicative of the company’s core operating performance and facilitate a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted net earnings, Adjusted diluted earnings per share and Adjusted EBITDA are also used by analysts, investors and other interested parties as performance measures to evaluate industry competitors. Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are non-GAAP measures of the company’s financial performance and should not be considered as alternatives to net earnings (loss) or diluted earnings (loss) per share as a measure of financial performance, or any other performance measure derived in accordance with GAAP and they should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted net earnings (loss) attributable to The Marcus Corporation and Adjusted EBITDA are not intended to be measures of liquidity or free cash flow for management’s discretionary use. In addition, these non-GAAP measures exclude certain non-recurring and other charges. Each of these non-GAAP measures has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted net earnings (loss), Adjusted diluted earnings (loss) per share and Adjusted EBITDA differ among companies in our industries, and therefore Adjusted net earnings (loss), Adjusted diluted earnings (loss) per share and Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

3 A Leader in Lodging and Entertainment Founded in 1935 and headquartered in Milwaukee, Wisconsin

Fiscal 2020 by Division(1)

30% 27% 44% Revenues* Adjusted Operating 56% EBITDA Loss • Fourth largest U.S. exhibitor 70% 73% • 1,097 screens at 89 locations in 17 states

Fiscal 2019 by Division(2)

12% 32% 22%

Revenues* Adjusted Operating • Portfolio of 18 distinctive properties EBITDA Income • Manage ~5,100 rooms in 8 states 68% 78% 88%

(1) As of December 31, 2020 4 (2) As of December 26, 2019 * Revenues exclude Corporate of 0.1% Company Overview

FY 2019 Revenues: FY 2020 Revenues: $820.9M $237.7M

FY 2019 Adjusted FY 2020 Adjusted EBITDA: EBITDA: $155.2M(1) $(71.6)M(1)

FY 2019 Adj. FY 2020 Adj. EBITDA Margin: EBITDA Margin: 18.9%(1) (30.1)%(1)

Market Cap: Since ~$697.2M 1993 (as of 6/10/2021)

(1) Adjusted EBITDA is a Non-GAAP measurement equal to operating income plus depreciation and amortization, impairment charges, non-cash share-based compensation and certain non-recurring 5 expenses. Refer to non-GAAP reconciliation in the appendix for further information; Diversified business platform Outperform respective markets and industries

Focused and disciplined growth strategy

Investment Strong balance sheet with significant Thesis liquidity

Significant real estate assets

Long-term track record of success Consistent shareholder returns

6 Strong, Stable Senior Management Team

Gregory S. Marcus Thomas F. Kissinger Douglas A. Neis Rolando B. Rodriguez Michael Evans Kim M. Lueck John E. Murray President and Senior Executive Vice Executive Vice Executive Vice President, Marcus Chief Information Officer Vice President Human Chief Executive Officer President, General President, Chief President, The Marcus Hotels & Resorts Joined in 1997 Resources Joined March 1992 Counsel and Secretary Financial Officer and Corporation and Joined January 2020 Joined in April 2016 Joined August 1993 Treasurer Chairman, President More than 20 years Joined February 1986 and CEO, Marcus industry experience Theatres Corporation Joined August 2013 ~40 years industry experience

7 COVID-19 Recovery

Marcus Theatres Marcus Hotels & Resorts All eight company-owned hotels are open, nine out of 10 94% of company-owned theatres are reopened with managed hotels and other properties are open, along with expanded operating days and hours the majority of the company’s restaurants and bars

Continue to prioritize providing a safe and welcoming Demand continues to be driven by the "drive-to leisure" environment for associates and customers. market; Business travel continues to lag, but booking • Following updated CDC guidelines with all policies pace improving subject to local and state restrictions • Leveraging technology to create low-to-no Continue to focus on providing safe and contact experience; enhanced mobile app allows welcoming environment for associates and guests for concession/F&B ordering and pick up • Following updated CDC guidelines with all policies subject to local and state restrictions • Use of technology for low to no contact experience Consumer sentiment to return to moviegoing at highest • Restaurants, bars, spas opened as levels since the pandemic appropriate for demand

8 85-Year History of Prudent Balance Sheet and Liquidity Management

• Approach has been and will remain thoughtful, opportunistic, and focused long-term • Match our debt portfolio to our asset base • Assets primarily of fixed and long-lived assets • Strive to have a significant portion of our debt portfolio fixed and long

9 Entered Pandemic from Position of Strength Debt Ratios • Historically strong and consistent cash flow 50% 10 • Approx. $213 million in cash and revolving credit Debt/Capitalization % Net Debt to Adjusted EBITDA Ratio availability (as of 4/1/2021) 41% 40% • Income tax refund of approximately $24 million 40% 8 expected in fiscal 2021 33% • Amended Credit Agreement, extended term loan 30% 6 and added convertible senior notes to capital 26% structure in Sept. 2020 (see appendix for details)

• Continue to be positioned to meet obligations as 20% 4 they come due and sustain operations throughout 2021 and into 2022, even if properties continue to 2.2 10% 2 generate significantly reduced revenues 1.5 1.3

0% 0 12/28/2017 12/27/2018 12/26/2019 4/1/2021

Note: Adjusted EBITDA is a non-GAAP measurement equal to operating income plus depreciation/amortization, impairment charges and certain nonrecurring expenses. Net debt is a non-GAAP 10 measurement equal to short-term borrowings plus long-term debt net of debt issuance costs, minus cash and cash equivalents. Refer to non-GAAP reconciliation in the appendix for further information. Unique Real Estate Ownership Profile In addition to our owned hotels, unlike most of our peers, we own the underlying real estate for the majority of our theatres

• Real estate ownership enables us to 100% quickly react to changing theatre trends 23% • Reduces our monthly fixed lease 38% payments 75% • Provides significant underlying credit 91% support 50%

• Surplus real estate may be monetized if 77% opportunities arise 62% 25% • $3 million of asset sales proceeds in 2020 9% • $4 million of asset sales proceeds 0% during 2021 to date, with possibility Marcus Marcus Peer Group* of $10-40 million of additional sales (legacy) w/ Movie Tavern of surplus and non-core real estate Owned Leased during next 12-18 months *Represents an estimate of AMC, Regal and Cinemark combined, based upon available public filings. 11 Note: Marcus percentages based upon number of screens. Marcus Theatres

12 Leading U.S. Theatre Exhibitor Marcus Theatres by Location(1)

ND 1,097 screens 2 MN NY 10 Fourth at 89 locations in WI 1 24 IA PA (1) NE largest 17 states 5 OH 4 7 IL 2 CO VA U.S. exhibitor MO 9 KY 1 1 9 1

AR 1 GA TX LA 3 5 3

Added 36 Acquisition of Movie Marcus Theatres by Screen(1) theatres, 425 Tavern on February 1, 2019

added 208 screens ND screens and 10 24 MN NY in in the 126 WI states during the 9 states 295 11 IA PA NE South/East 62 OH 36 past six years 83 IL CO 140 34 VA MO Increased screen 10 KY 8 127 13 count by 23% AR 11 GA TX LA 28 50 33

13 (1) As of December 31, 2020 Domestic Attendance & Box Office

14 3 Box Office Revenue 12 Box office Revenue in recession years 2.5 Attendence 10

2 (bn)Admissions

8 1.5 6

1 US Box Office US Box ($bn) 4

0.5 2

0 0

Source: National Association of Theatre Owners DVD Internet 14 Online Video Streaming Long History of Growth and Outperformance Our investments in amenities and implementation of innovative operating and marketing strategies resulted in historically strong performance

Box Office Results(1) Concessions Revenue Ticket Revenue per per person YoY person YoY Growth 10% Growth 8.2% 8.6% 30.0% 8% 6.8% 27.6% 7.0% 6.0% 6% 25.0% 6.0%

4% 20.0% 5.0% 1.8% 16.0% 4.0% 3.7% 2% 15.0% 3.2% 3.4% 3.0% 2.6% 0% 10.0% 6.9% 6.8% 6.4% 2.0% -2% 2016 2017 2018 2019 5.1% -1.0% 5.0% 1.0% -4% -2.6% 0.0% -0.4% (2) (3) (4) (5) (5,6) (5) 0.0% (2) (3) (4) (5) (5) (5,6) -6% -5.5% -6.0% -1.0% -8% U.S. Marcus

(1) Represents change in admission revenues compared to prior year. (4) Excludes Movie Tavern theatres. Source for U.S. numbers: Comscore. Comparisons data for (5) Includes Movie Tavern theatres. U.S. market was not available for the final three quarters of 2020. (6) All theatres were closed during most of Q2 and Q3. (2) Excludes Marcus Wehrenberg Theatres. 15 (3) Includes Marcus Wehrenberg Theatres Created Industry-Leading Theatre Guest Experience Invested ~$570 Million in New and Existing Assets Since June 2013 Recliner Food and PLF Screens New Theatres Seating Beverage Acquisitions

• 76% of company- • 77% of company- • 62% of first-run • ~60% of existing • BistroPlex in-theatre owned theatres owned, first run theatres offer one or circuit via acquisitions dining concept: • 79% of screens theatres more in-lobby dining • Movie Tavern: Greendale, Wis. • Highest percentage • Highest among top concepts (excluding 208 Screens in nine (June 2017) among the top chains Movie Tavern states (Feb. 2019) • New Movie Tavern by chains • 120 PLF screens, theatres) • Wehrenberg Theatres: Marcus – Brookfield, including proprietary • 36% offer in-theatre 197 Screens in four Wis. (Oct. 2019) UltraScreen DLX® and dining states (Dec. 2016) SuperScreen DLX® • 58% offer bars and brands lounges

16 Note: Data as of April 1, 2021 unless otherwise noted Active Promotions and Loyalty Programs

Value Pricing Magical Movie Rewards Alternative Programming

4.0 Million loyalty customers and growing (1)

17 (1) As of December 31, 2020 Technology Improving Our Business • New point-of-sale system • New website ticketing engine • New Marcus Theatres App • Handheld technology for order taking – New: F&B ordering via App/Kiosk • Using data from Movio to understand customer preferences/habits and target rewards and promotions – Opportunities in advanced data analytics to further transform data into information • New labor forecasting tools

18 Remaining 2021 Film Slate Appears Very Strong*

Q2 2021 Films Q3 2021 Films Q4 2021 Films The Forever Purge Jungle Cruise Spiral: Saw Dune Encanto The Boss Baby Family The Suicide Squad No Time to Die West Side Story Cruella Business Spider-Man: No Way Black Widow Free Guy Halloween Kills A Quiet Place: Part II Home Space Jam 2 Paw Patrol The Conjuring: The Devil Made Me Do It Escape Room 2 Candyman The Last Duel Sing 2 In the Heights Shang-Chi and the Legend Old of the Ten Rings Eternals The King’s Man Peter Rabbit 2: The Runaway Snake Eyes: G.I. Joe Ghostbusters: Afterlife The Untitled Matrix Film Clifford the Big Red Dog Origins The Hitman’s Wife’s Bodyguard Top Gun: Maverick Downton Abbey 2 Hotel Transylvania: Venom: Let There Be Fast and Furious 9 Transformania Carnage King Richard

19 * Film slate subject to change Encouraging 2022 Film Slate*

2022 Films

Scream Sonic the Hedgehog 2 John Wick: Chapter 4 Untitled Fantastic Beasts 3 The Flash

Morbius The Lost City of D Jurassic World: Dominion Untitled Indiana Jones The Marvels

Death of the Nile Thor: Love and Thunder Lightyear Black Adam Creed III

Puss in Boots: The Last The Batman DC Super Pets Untitled Transformers Avatar 2 Wish

Spider-Man: Into the Spider- Turning Red Legally Blonde 3 Minions: The Rise of Gru Aquaman 2 Verse Sequel

Doctors Strange in the Black Panther: Wakanda Mission: Impossible 7 Halloween Ends Babylon Multiverse of Madness Forever

20 * Film slate subject to change Q1 2021 Results • Outperformed the industry by 9.0 percentage points during fiscal 2021 first quarter; believe this made Marcus Theatres the top performing theatre circuit during the quarter compared to the top 10 circuits in the U.S. • Sales attributable to Marcus Private Cinema exceeded expectations • Operating loss in first quarter fiscal 2021 was favorably impacted by a nonrecurring state government grant of $1.3 million

21 Outlook • Exhibition industry has historically fared well during recessions, should one occur • Film slate for remainder of 2021 and 2022 is expected to be very strong • Expect distributing films in a movie theatre to remain an important component of studios’ business model • Pent-up demand and vaccination rates bodes well for continued recovery

22 Marcus Hotels & Resorts

23 Diverse Portfolio

8 company majority-owned properties; manage 10 properties for other owners

Grand Geneva Resort, Skirvin Hilton, AC Hotel Chicago Downtown, Saint Kate – The Arts Hotel, Lake Geneva, WI Oklahoma City, OK Chicago, IL Milwaukee, WI

Lincoln Marriott Cornhusker, Hilton Milwaukee City Center, The Pfister Hotel, Hilton Madison Monona Terrace, Lincoln, NE Milwaukee, WI Milwaukee, WI Madison, WI

24 A Formidable Footprint Marcus Hotels Locations •Branded and independent first-class hotels •Nearly 60 years of hotel management experience

• 5,100 Rooms Managed • 200 Meeting & Event Rooms • 40+ Restaurants & Lounges • 18 Managed Properties • 3 Luxurious Spas • 2 World Class Golf Courses • 1 Ski Hill • 1 Airport • 1 Escape Room Experience

25 A Leader in Our Markets and Industry

•Consistently outperforming our competitive sets Marcus Owned Market Share(1) •Expertise in management, 140.0 development, historic 135.9 135.0 renovations, asset 130.0 repositioning and F&B 125.0 120.0 •Operational excellence – 122.1 115.0 110.4 consistently earn industry 110.0 111.6 108.1 110.0 awards 111.3 107.9 110.8 108.5 105.0 106.2 100.0 101.9 100.7 101.8 101.7 95.0 2016 2017 2018 2019(2) 2020 RevPAR ADR Occupancy Fair Market Share

(1) Index value of 100.0 indicates fair market share. Value greater than 100.0 suggests greater than fair share of market. 26 (2) Excludes Saint Kate – The Arts Hotel, which was closed for five months during the year. Industry Performance (During COVID-19 pandemic)

(2)

(1)

Source: Smith Travel Research

(1) Revenue per available room (“RevPAR”) represents the total room revenue divided by the total number of available rooms (2) Occupancy represents the percentage of available rooms sold during a specified time period. Occupancy is calculated by dividing the number of rooms sold by rooms available.

27 Growth Opportunities Opportunistically Adding New Enhancing Value Strong Food Investing in New Management of Owned & Beverage Hotels Contracts Properties Revenues • MCS Capital, wholly owned • Sought after property manager • Maintain and enhance the • F&B represented nearly 28% and investment entity value of our existing 33% of total division revenues for • Comprehensive portfolio properties through thoughtful FY 2020 and FY 2019, respectively • Serves as investment fund of services hotel owners and investments and renovations (excluding cost reimbursements) sponsor, JV partner or sole developers need investor • Saint Kate – The Arts Hotel • Developed and acquired • Will assume management of • Able to make small equity opened in June 2019. successful restaurant brands Coralville Hotel & Conference investments in managed Innovative experiential arts Center in Coralville, Iowa on properties hotel in downtown Milwaukee, August 18, 2021 Completely reimagined former • Current environment may create company-owned branded opportunities hotel. Recipient of numerous national awards Coralville Hotel & Conference Center

Lincoln Marriott Cornhusker Hotel Hilton Madison Monona Terrace

Hyatt Regency Saint Kate Omaha Marriott Schaumburg, IL Downtown Milwaukee

28 Q1 2021 Results • Outperformed the industry and its competitive sets by approximately 8 and 6 percentage points • Operating loss improved significantly compared to the first quarter of fiscal 2020 due to strong cost controls across all properties and strong leisure demand • With its record ski revenues, the Grand Geneva Resort & Spa in Lake Geneva, Wis. contributed to the division’s improved operating performance compared to first quarter 2020

29 Outlook • Economic environment will impact future RevPAR trends; hotel revenues have historically tracked closely with GDP • History (9/11, financial crisis) suggests business and group travel might take longer to recover • Drive-to leisure demand expected to remain strong; Increase in vaccination rates may help future bookings • Most cancelled group bookings that were not for one-time events are rebooking for future dates (ex. Rescheduled Ryder Cup in Sept. 2021) • Hotel supply growth will likely be limited – favorable for existing hotels • Several hotels scheduled for reinvestment in next two to three years 30 The Garland, Los Angeles, CA Shareholder Value Creation Disciplined Historical Capital Allocation Strategy

•Opportunistically allocated over $925 million in capital from June 2013 to December 2019

2% 2%

3% 9% 12% 22% M&A Theatre Cap Ex Operations 12% Asset Sales 9% Hotel Cap Ex Net Debt Proceeds Capital Capital Net Debt Repayments Stock Issuance 3% Uses Dividends Other Sources Share Repurchases Other 15% 73%

38%

32 History of Returning Capital to Shareholders

• Annual cash dividend was $0.68 prior to suspension on 4/29/20 (3-year average yield of Annual Cash Dividends 1.7%) $0.7 • 45 years of consecutive dividends pre-COVID $0.64 $0.60 $0.6 • Special dividends in 2006 ($7.00) and 2012 ($1.00) $0.50 $0.5 $0.45 • Repurchased over 3.9 million shares between $0.39 $0.4 2012 and 2016 at an average price of $0.35 approximately $12 $0.3 • Amended credit agreement allows reduced dividends and/or share repurchases beginning $0.2 in the third quarter of 2021 and all restrictions on capital returns to shareholders are removed $0.1 entirely after the term loan is repaid and the company is in compliance with prior $0.0 covenants 2014 2015 2016 2017 2018 2019

33 Long-Term Value Maximization

Theatre Expansion Hotel Expansion Reinvesting in Existing Assets

• Acquisitions • Joint Ventures • Hotel & Theatre Renovations • New Builds • Management Contracts • New Amenities & Features • Creation of a Fund • F&B Innovations • DreamLoungers, UltraScreen DLX, SuperScreen DLX

Divestitures of Assets Operating Strategies Capital Structure Strategies

• Sale of Selected Hotels • Revenue Enhancements • Share Repurchases (may retain management) • Cost Rationalization • Dividend Policy • Selected Theatre • Management • Balance Sheet Management Replacement

Focused on Long-Term Shareholder Value 34 Financial Performance

35 Historical Financial Performance

Revenues Adjusted EBITDA(4) (in millions) Operating Income (in millions) (in millions)

Operating Income % of Revenues Adjusted EBITDA Adjusted EBITDA Margin % $900 $820.9 $100 $83.2 $83.2 25% $200 30% $800 $77.3 68.2 $707.1 155.2 $160 $149.4 $700 $653.6 $50 11.8% $132.7 11.8% 11.8% 8.3% 0% $117.2 25% $600 $653.6 $120 $0 $500 (1) (2) (3) 2016 2017 2018 2019 2020 -25% $80 $400 -$50 21.1% 20% $40 20.4% 20.3% $300 $237.7 -50% 18.9% -$100 $0 $200 15% 2016 2017 2018 2019 2020 -75% $100 -$150 -$40 $0 -$80 $(71.6) 10% 2016 2017 2018 2019 2020 -$200 $(178.4) -100%

(1) Includes $2.2M of nonrecurring acquisition and preopening expenses and $3.7M of nonrecurring depreciation. (2) Includes impairment charge of $1.9 million and $9.3M of nonrecurring acquisition, preopening and initial startup losses. (3) Includes impairment charges of $24.7 million and net nonrecurring COVID-related expenses of $2.7 million. (4) Non-GAAP measurement equal to operating income plus depreciation and amortization, impairment charges, non-cash share-based compensation and certain non-recurring expenses. Refer to the non-GAAP reconciliation in the appendix for further information. 36 Historical Results by Segment (in millions)

Revenues(1) (in millions) Operating Income (in millions) 2016-19 CAGR $125 $800 $15 $13 $12 $10 $227 1.8% $600 $80 $89 $77 $221 $227 $25 $72 $400 $215 $556 19.2% 2016 2017 2018 2019 2020 $446 -$75 $200 $328 $401 $105 $(121) $133 $0 $(44) 2016 2017 2018 2019 2020 -$175

Theatres Hotels & Resorts Theatres Hotels & Resorts

Adjusted EBITDA (in millions) Capital Expenditures (in millions) & Adjusted EBITDA Margin 2016-19 CAGR $160 35.0% 30.0% $35 $37 $120 $31 5.8% $21 $120 $32 29.0% 23.8% 28.6% 25.0% $80 $80 $15 14.6% 14.2% 15.5% 16.4% $40 15.0% 10.4% $15 $129 $40 $94 $32 $0 $98 $115 $132 $69 -$43 5.0% $44 $5 -$40 $32 -$18 $0 $16 -$80 -5.0% (2) (2) 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Theatres Hotels & Resorts Theatre Hotel Theatres Hotels & Resorts Note: Above charts do not include corporate segment. Adjusted EBITDA is a non-GAAP (1) Excludes cost reimbursements measurement equal to operating income plus depreciation/amortization, impairment charges and 37 (2) Excludes Wehrenberg and Movie Tavern acquisitions. nonrecurring acquisition, preopening expenses and initial startup losses. Refer to non-GAAP reconciliation in the appendix for further information. APPENDIX Credit Agreement Amendment and Convertible Debt Issuance • Amended bank agreements, extended term loan by 5 months and adjusted covenants to provide for near- and medium-term uncertainly • Key component of amended bank agreements was opportunistically raising attractive capital that could ultimately replace the short-term term loan • September 2020 issuance of 5% convertible unsecured notes due September 2025 has the following advantages: • Effectively replaces short-term borrowings with 5-year junior capital • Cash interest payments will be significantly lower than other long-term options • Able to size the issuance appropriately, particularly for a company our size • Purchased a capped call in conjunction with our issuance to effectively increase the strike price of the convertible from 22.5% of our closing stock price to 100% of our closing stock price, significantly reducing any dilution concerns • Option to settle these notes at maturity with cash, equity or a combination thereof, 39 providing further ability to reduce any actual dilution at maturity Future Dilution Minimized by Capped Call and Repayment Options

40 Q1 2021 Financial Highlights

Q1 2021 Financial Highlights (In thousands, except per share data)

13 Weeks Ended April 1, March 26, 2021 2020

Total revenues $ 50,787 $ 159,460 Operating income (loss) (35,661) (22,200) Net earnings (loss) (28,130) 50,787 Net earnings (loss) per share (0.93) (0.64) Adjusted net earnings (loss)(1) (26,069) (8,837) Adjusted net earnings (loss) per share(1) (0.96) (0.29) Adjusted EBITDA(1) (17,469) 12,050

(1) Adjusted net earnings (loss) attributable to The Marcus Corporation, Adjusted net earnings (loss) per diluted common share attributable to The Marcus Corporation and Adjusted EBITDA are supplemental measures 41 of financial performance that are not required by, or presented in accordance with, GAAP. Reconciliations of these measures to the equivalent measures under GAAP are set forth in the following tables. Q1 2021 Financial Highlights

Reconciliation of Adjusted net loss and Adjusted net loss per diluted common share (Unaudited) (In thousands, except per share data) 13 Weeks Ended April 1, March 26, 2021 2020 Net loss attributable to The Marcus Corporation $ (28,130) $ (19,352) Add (deduct): Property closure expenses - theatres (a) - 2,787 Property closure expenses - hotels (b) - 2,730 Impairment charges (c) - 8,712 Government grant (d) (1,271) - Tax impact of adjustments to net earnings (e) 332 (3,714) Adjusted net earnings (loss) attributable to The Marcus Corporation $ (29,069) $ (8,837)

Net loss per diluted common share attributable to The Marcus Corporation $ (0.93) $ (0.64) Adjusted net loss per diluted common share attributable to The Marcus Corporation $ (0.96) $ (0.29)

a) Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company's movie theatres due to the COVID-19 pandemic. b) Reflects nonrecurring costs (primarily payroll) related to the closure of the company's hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic. c) Impairment charges related to intangible assets (trade name) and several theatre locations. d) Reflects a nonrecurring state government grant awarded to our theatres for COVID-19 relief. 42 e) Represents the tax effect related to adjustments (a), (b), (c) and (d) to net earnings, calculated using a statutory tax rate of 26.1%. Q1 2021 Financial Highlights

Reconciliation of Net loss to Adjusted EBITDA (Unaudited) (In thousands) 13 Weeks Ended April 1, March 26, 2021 2020 Net loss attributable to The Marcus Corporation $ (28,130) $ (19,352) Add (deduct): Investment income (40) 695 Interest expense 4,843 2,516 Other expense 628 590 (Gain) loss on disposition of property, equipment and other assets (2,204) 12 Equity losses from unconsolidated joint ventures - 57 Net earnings (loss) attributable to noncontrolling interests - (148) Income tax benefit (10,758) (6,570) Depreciation and amortization 17,979 19,033 Share-based compensation expenses (a) 1,484 988 Property closure expenses - theatres (b) - 2,787 Property closure expenses - hotels (c) - 2,730 Impairment charges (d) - 8,712 Government grant (e) (1,271) - Adjusted EBITDA $ (17,469) $ 12,050

a) Non-cash charges related to share-based compensation programs. b) Reflects nonrecurring costs (primarily payroll) related to the required closure of all of the company's movie theatres due to the COVID-19 pandemic. c) Reflects nonrecurring costs (primarily payroll) related to the closure of the company's hotels and resorts due to reduced occupancy as a result of the COVID-19 pandemic. 43 d) Impairment charges related to intangible assets (trade name) and several theatre locations. e) Reflects a nonrecurring state government grant awarded to our theatres for COVID-19 relief. INVESTOR PRESENTATION | J U N E 2 0 2 1