Carmike Cinemas Inc. Nasdaq: CKEC Investor Presentation 1 Disclaimer This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, “believes,” “expects,” “anticipates,” “plans,” “estimates” or similar expressions. Examples of forward- looking statements in this presentation include our ticket and concession price increases, our cost control measures, our strategies and operating goals, our ability to achieve expected results from our strategic acquisitions, our film slate for 2015 and future years, our potential monetization of our investment in Screenvsion, our ability to expand alternative content and our capital expenditure and theater expansion/closing plans. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include, but are not limited to: • The inability to consummate the transactions described in this presentation on terms favorable to us; • Our ability to comply with covenants contained in our senior indebtedness; • Our ability to operate at expected levels of cash flow; • Our ability to meet our contractual obligations, including all outstanding financing commitments; • Financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital; • The availability of suitable motion pictures for exhibition in our markets; • Competition in our markets; • Competition with other forms of entertainment; • The ability of National CineMedia to secure approvals and satisfy conditions necessary to complete the acquisition of Screenvision; • The effect of our leverage on our financial condition; and • Other factors, including the risk factors disclosed in our annual report on form 10-K for the year ended December 31, 2014 and our quarterly reports on form 10-Q under the caption “risk factors.” We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of these in light of new information or future events. 2 Company Overview 3 Circuit Snapshot . 4th largest U.S. exhibitor Average Screens Per Theatre . America’s Hometown Theatre 11.0 10.6 10.6 . 275 theatres 10.5 10.0 . 2,931 screens 10.0 9.4 9.5 . Entertainment complexes across 41 states 9.5 9.0 . Mid-size non-urban markets 8.5 . 51 Premium large format (PLF) auditoriums 2010 2011 2012 2013 2014 . Improving operating metrics driven by film Revenue Per Screen ($ in thousands) slate performance, concessions and the $238.6 $238.2 integration / impact of acquisitions $240 . New growth initiatives include PLF screens, $220 $213.4 $213.4 $209.4 enhanced food and beverage menus and other dining concepts $200 . Expanding upgraded sound, reserved and $180 reclining seating, other amenities 2010 2011 2012 2013 2014 4 Circuit Snapshot WA 2 MT ND OR 5 4 MN 1 6 NH ID WI NY 1 1 SD MI WY 3 1 4 10 1 CT PA NE IA NJ 3 5 22 UT 2 OH 4 CA IN 5 1 CO IL WV DE, 8 12 5 4 KS 2 VA 1 MO KY 1 4 MD 1 6 NC 1 AZ TN 1 OK 22 NM 22 11 AR SC 1 6 GA 8 AL 25 19 TX 12 FL Summary of Sites 22 Shared, 3 Owned, States with 1 – 9 Theatres 54 Owned States with 10 – 19 Theatres Leased Leased, 218 States with 20+ Theatres Shared Ownership 5 Carmike Investment Highlights . America’s Hometown Theatre . Average 10-14 screens per location / family-friendly setting . Presence in locations with minimal entertainment alternatives . Unique Hollywood focus . Connectivity with audience base . Focus on event films, family animation and sequels ideal for hometown audiences . Effective and profitable concessions strategy and theatre enhancement program . High concession margins . Industry-leading concessions per caps . Enhanced food/beverage menu, including alcohol . Partnership with IMAX and growing number of PLFs . Enhanced cash flow per screen . Execution of accretive acquisitions and new builds . Acquired Sundance Cinemas (10/6/15) . Acquired Digital Cinema Destinations Corp. (8/15/14) . Active new-build program . Strong balance sheet and free cash flow profile 6 Long-Term Industry Box Office Success and Stability U.S. Annual Box Office Performance (billions $US) . Cinema has performed well over $12 2014 decades $10.4 $11 5% Box Office CAGR* (1970-2014) . Annual domestic box office revenues $10 have exceeded $10 billion every year $9 since 2009 $8 $7 . 2013 was the second consecutive year $6 the domestic box office broke the all- $5 time record, for a total of $10.9 billion $4 $3 . Stable industry with consistent pricing $2 power, despite technological advances $1 $0 . Inexpensive out-of-home entertainment option typically resilient to economic Commercial Penetration of New Media Forms “Competing” With Box Office: pressures Cable VCR Internet . Average ticket price has grown from DVD $5.66 in 2001 to $8.17 in 2014 Sources: Box Office Mojo, Box Office Magazine 7 Screenvision . Carmike holds equity position in Screenvision . Carmike entered into 30-year advertising agreement in October 2010 . Carmike received $30 million pre-tax cash payment on January 4, 2011 . Received approximately 20% equity (profits interest) in Screenvision . Perfectly aligned partnership . Screenvision has similar small-town footprint to Carmike . Local advertiser focus yields synergies . John Partilla appointed CEO in November 2015 . Relationship with respected media investor Shamrock Capital . Potential future monetization of Screenvision investment . Currently recorded on Carmike’s financial statements at approximately $5 million 8 Growth Strategy and Business Initiatives 9 Growth Strategy: The Case for Industry Consolidation . Financial resources to complete additional Top 50 Circuits1 Screens (rounded to hundred) transactions . Net debt leverage of 2.8x at 9/30/2015 Circuits 36 - 50 Circuits 26 - 35 . Cash on hand ~ $120 million 1,600 1,400 . Plan to deploy available cash for M&A Circuits 16 - 25 2,500 . Margin improvement . Concessions purchases . Film costs Circuits 6 - 15 Big 4* 4,000 19,400 . Efficiency . Current infrastructure can support larger footprint Cineplex . G&A costs of acquired circuits can be eliminated or 1,600 significantly reduced . Geographic and market size for majority of circuits Big 4* Cineplex Circuits 6 - 15 are similar to Carmike Circuits 16 - 25 Circuits 26 - 35 Circuits 36 - 50 . Circuit sizes 6 – 25 have 325 screens on average . Circuit sizes 26 – 50 have 120 screens on average 1 Information obtained from January 2013 Box Office Magazine • Excludes Muvico and Digiplex acquired by Carmike * Big 4 includes Cinemark, Regal, AMC and Carmike 10 Growth Strategy: M&A Activity Recent Acquisitions . Sundance Cinemas purchase completed . Digital Cinema Destinations Corp. (“Digiplex”) 10/6/15 for $36 million purchase completed 8/15/14 (midway in Q3 ‘14) . Sundance’s circuit included 5 theatres and 37 . Digiplex’s circuit included 21 theatres and 206 screens in 4 states screens in 8 states . Located in larger DMA’s . Acquired 3 theatres and 28 screens from Digiplex’s acquisition pipeline . Benefits . Strong brand name . Benefits . All locations have premium food and . Complementary geographic fit beverage options . Was an industry leader in alternative content . ~5% of total admissions revenue in certain quarters 11 Alternative Content Opportunities . Expansion of alternative content focus with Digiplex acquisition . In some quarters, up to 5% of Digiplex’s total box office revenues were generated from alternative content . Bud Mayo and Alternative Programming Team bring alternative content expertise to Carmike . Admission per caps for alternative content features often higher than first-run movies 12 Growth Strategy: M&A Activity Additional Acquisitions Muvico Entertainment Rave Reviews Cinemas . Muvico Circuit . Rave Circuit . 9 theatres and 147 screens across 3 states . 16 Theatres and 251 screens located across 7 states (13 individual markets) . Financial Overview . 7 IMAX screens . $31.8 million purchase price and assumption of . Average theatre only 8 years old $19.1 million in capital leases / financing obligations . Financial Overview . Highlights . $22.2 million purchase price and assumption of $110 . Good geographic fit with Carmike’s circuit million in capital leases / financing obligations1 . 4 PLFs (including 2 IMAX) . 2 Bogart’s Restaurants . Highlights . D-Box Seating . #1 or #2 in market share in 12 of 13 markets . Reserved Seating . Good geographic fit with Carmike’s circuit . Forged new partnership with IMAX M&A Timeline 2012 2013 2014 2015 (1) Represents lease obligations assumed subsequent to fair value accounting adjustments 13 Growth Strategy: Build-To-Suit Theatres Opened New Build Locations City, State Screens Features Sandestin, FL 10 Big D / Ovation Dining Manitowoc, WI 10 Big D Decatur, AL 12 Big D Winchester, VA 12 Big D West Melbourne, FL 12 IMAX Colorado Springs, CO 13 Big D Champaign, IL 13 Big D Opelika, AL 13 Big D Montgomery, AL 13 Big D Fayetteville, NC 14 IMAX Yulee, FL 10 Big D Spring Hill, TN 12 Big D Altoona, PA 12 Big D Lawton, OK 13 Big D Announced Pipeline of New Build Locations City, State Screens Features Albuquerque, NM 13 IMAX Grand Traverse, MI 14 IMAX Tulsa, OK 12 Big D Accomplishments . 14 new build-to-suit theatres opened since January 1, 2013 . Projecting 6 new builds to be completed in 2015 . BigD or IMAX PLF auditoriums, stadium seating and single .