Investor Presentation Mike Campbell, Kurt Hall & Amy Miles

1. Investor Presentation Mike Campbell, Kurt Hall & Amy Miles

2. Forward-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. #73397 v3

3. Overview of Regal Entertainment Group Complementary Growth Businesses Largest Domestic Theatre Circuit $461M LTM EBITDA 21% Margin 250+ Million Attendees $2.2 Billion LTM Revenues #73397 v3

4. Investment Highlights + Long-Term Earnings and Cash Flow Opportunities = + + Steady Industry Growth & Solid Fundamentals Exciting Growth Opportunities Industry Leading Theatre Operations Strong Free Cash Flow & Dividend #73397 v3

5. Steady Industry Growth & Solid Industry Fundamentals #73397 v3

6. Positive Industry Rationalization 2x LT Growth Rate First Screen Decline Since 1963 • ‘95 - ‘99: Unprecedented Screen Growth • ‘00 - ‘02: Major Reduction of 1800+ Screens • 2002+: No New Box, Reduced New Developments Screen Count – Year over Year Growth #73397 v3 Screen Reduction Driving Box Office per Screen Source: NATO

7. Consistent Growth in Demand Steady Box Office Growth ($ in billions) 6.2% CAGR Box Office Revenue • 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 #73397 v3 Source: NATO

8. Beneficiary of Fundamental Patterns & Upcoming Film Calendar Q4 2002 • 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 Fundamentals #73397 v3

9. Beneficiary of Fundamental Patterns & Upcoming Film Calendar 2003 • 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 Fundamentals #73397 v3

10. Industry Leading Theatre Operations #73397 v3

11. National, Geographically Diverse Footprint 5 37 6 1 26 7 4 35 1 26 25 12 4 7 9 6 13 2 1 1 1 25 89 13 15 2 4 2 8 8 15 9 20 29 11 51 Largest Domestic Exhibitor 5,711 Screens 23% Market Share 530 Theatres #73397 v3 As of 9/26/02

12. Improved Experience Driving Demand Outperforms Industry Minimal Future Cap-X Modern Theatre Circuit • 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 #73397 v3

13. 20%+ EBITDA Margins • Superior Operations Management • Lower rent and occupancy costs • Effective controls on theatre-level costs • National contracts and scale drive margins Leading EBITDA Margins #73397 v3 * Industry Includes AMC, Carmike, Loews and Cinemark.

14. Proven Ability to Integrate Acquisitions • 11 Successful Acquisitions Since 1995 Theatre-Level Cash Flow Margin #73397 v3

15. Steady 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 #73397 v3

16. Simple Growth Strategy • Continue Core Theatre Business Momentum • Increase Theatre Margins • Capitalize on Consolidation Opportunities • Pursue High Margin Ancillary Business Opportunities Generating significant Free Cash Flow #73397 v3

17. Regal CineMedia #73397 v3

18. Unique National Digital Theatre Network • First of Its Kind • Internally Funded • Initially Focused on Digital Advertising • Valuable Long-Term Platform • Complementary programming • Digital projectors #73397 v3 Transforming the Theatre into a Unique Advertising, Promotional and Communications Platform

19. RCM’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 #73397 v3

20. Theatres Provide Better Recall High impact Captive audience Increasing Fragmentation Among Traditional Mediums Advertisers Seeking New Platforms to Create Consumer Touchpoints Advertising Revenue Opportunity 2001E Advertising Market Sizes ($ in billions) Existing Market Only $100+ million $25+ $19 $11 $4 Small Shift in Ad Spending 50% - 70%EBITDA Margins Large Impact on EBITDA = + #73397 v3 CPMs

21. #1 Market Share in Top DMA’s DMAs% National BoxRegal Market Share New York / LA 17.7% Top 10 40.3% Top 25 62.1% Top 50 77.7% #1 #1 #1 #1 #73397 v3 Source: EDI

22. Financial Overview #73397 v3

23. Revenue and EBITDA Performance EBITDA* Revenue* ($ in billions) ($ in millions) #73397 v3 *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.

24. 2002 EBITDA Margin Growth Regal Improving EBITDA Margins in 2002 vs. 2001 • Strong box office growth coupled with maximizing operating leverage • Realized integration synergies #73397 v3

25. Conservative Leverage and Excellent Liquidity #73397 v3 Conservative Capital Structure • As of 11/1/02 • Net Debt + Leases / EBITDAR = 3.5x

26. Strong Free Cash Flow ($ in millions) #73397 v3 Significant Free Cash Flow Funds Growth Opportunities • Excludes 2002 reorganization payments of approximately $81 million

27. Financial Flexibility for Growth Strategy • Capitalize on prudent acquisition opportunities • Pursue high margin ancillary business • Make selective investments in asset base • Provide incremental returns through dividends + Conservative Capitalization $200M+ Annual Free Cash FlowBefore Dividend Flexibility to Execute Growth Strategy #73397 v3