CARMIKE CINEMAS

1. CARMIKE CINEMAS StifelNicolaus Internet, Media & Publishing Conference June2012

2. 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 plans regarding debt reduction, our film slate for 2012 and future years, 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; • The inability to satisfy any conditions to closing or to complete any related financing in connection with the transactions described in this presentation; • Our ability to comply with covenants contained in our senior secured credit agreement; • 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 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, 2011 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.

3. COMPANY OVERVIEW • 1

4. CARMIKE OVERVIEW WA 1 ID 2 MT 6 OR 1 MN 6 ND 4 • 4th largest U.S. exhibitor • 236 theatres / 2,264 screens • Diversified portfolio with theatres in 35 states • America’s Hometown Theatre • Target small to mid-size non-urban markets • Favorable recent attendance trends vs. industry • Leading digital and 3D platform poised for growth in 3D-driven film slate • 2,135 digital screens • 753 3-D screens • 13 Big D large format auditoriums • Improving operating metrics driven by concessions and cost-cutting measures undertaken • New growth initiatives include 30-year agreement with Screenvision, alternative content, Big D theatre format and VIP Ovation Club offering • Strengthened Balance Sheet through operating and financial discipline WI 3 NY 1 SD 5 MI 13 WY 1 PA 19 IA 5 UT 3 NE 2 OH 4 IL 9 IN 3 DE 1 CO 6 WV 2 VA 5 MO 1 KS 1 KY 5 NC 23 NM 1 TN 20 OK 10 TX 9 AR 7 SC 10 GA 25 AL 13 States with 1 – 9 Theatres States with 10 – 19 Theatres FL 9 States with 20+ Theatres Shared, 4 Owned, 59 Leased, 173

5. Small Market Benefits SMALLER FOOTPRINT • 10-12 screens ideal • Offer entertainment in a family-friendly setting LIMITED LOCAL ENTERTAINMENT OPTIONS & COMPETITION • Small town America’s favorite theatre • Presence in locations with minimal entertainment alternatives SIMPLE EFFICIENT STRATEGY • 3-D / digital strategy • High concession margins • Enhanced cash flow per screen UNIQUE HOLLYWOOD FOCUS • Connectivity with audience base • Focus on event films, family animation, sequels ideal for hometown audiences

6. Digital and 3-D Exhibition Pioneer CARMIKE IS A LEADER IN THE DEPLOYMENT OF DIGITAL AND 3-D CINEMA

7. Significant Digital Upside FOCUS ON DIGITAL FORMAT HAS POSITIONED CARMIKE TO CAPITALIZE ON GROWING DIGITAL OPPORTUNITIES • Superior picture quality, brightness and color – no degradation over time • Revenue drivers: • Improved programming flexibility • Limit “sell outs” • Increases revenue and customer satisfaction • 3-D content • Alternative content • Concerts (U2 3-D, Kenny Chesney, Dave Matthews, Foo Fighters) • Opera and ballet (Emerging Pictures relationship) • Pay-per-view events • Live sports (BCS Championship, NCAA Final Four, NBA Skills, FIFA World Cup) • Religious (Fox Faith) • On-screen advertising (Screenvision) – 3-D format, lobby ads, mobile, etc.

8. Annual attendance (mm) Ticket Price per Patron Movie-going…Most Popular and Best Value Most Popular Out-of-Home Entertainment Experience Most Attractive Value Proposition Source: 2008 MPAA, Pricewaterhouse Coopers

9. New Build-to-Suit Theatres • Three new build-to-suit theatres opened since December 2011 • West Pottstown, PA • Winder, GA • Maryville, TN • All new build-to-suit theatres contain one BIG D auditorium • Feature single point-of-sale for tickets and concessions • Third party ‘build-to-suit’ theatres require less upfront investment for Carmike • Entered into agreement with Entertainment Properties Trust in Q1 2012 to identify and develop future theatre sites • Digital entertainment complexes featuring stadium seating • More new build-to-suit theatres announced • Jacksonville, NC • Cleveland, TN • Decatur, AL • Champaign, IL • Sandestin, FL • Winchester, VA West Pottstown, PA Winder, GA Maryville, TN

10. ACQUISITIONS • Recent Acquisitions: • Davis Theatres • July 2011 • Dothan, AL • MNM Theatres • October 2011 • Atlanta, GA area • Destinta Theatres • March 2012 • Clarion, PA • Opportunities: • Current overhead structure can support 300 theatres and 3,000 screens • Take advantage of exhibitors unable to finance digital expansion • Company is currently positioned to take advantage of accretive acquisitions after completion of equity offering and debt refinancing in April 2012

11. Theatre Management Strategy • Focus on details “through the eyes of our patrons” • Refreshing our circuit • Clean facilities • Friendly and well-trained associates • Appropriate number of employees per theatre to achieve better customer experience • Performing general maintenance on older theatres • Helps compete with other entertainment attractions in Carmike markets • Theatre utilization • Alternative content – leveraging digital platform • Staggered show times • Opening larger, state-of-the art theatres averaging ~12 screens • Third party ‘build-to-suit’ theatres require less upfront investment for Carmike • Digital entertainment complexes featuring stadium seating • Closing under-performing theatres, exiting expired leases • Most are smaller theatres with fewer/non-digital screens

12. Concessions Success • Excellent, industry-leading margins • Nine straight quarter-over-quarter per cap increases • Streamlined concession offerings • Focus on highest margin products such as: • Coca-Cola/fountain drinks, popcorn (including flavored), nachos, cotton candy and select candy offerings (M&M products) • Driving more revenue • Up-selling patrons with combo / value pricing • Reusable/refillable popcorn buckets – leads to repeat visits/loyalty • Stimulus Tuesdays (still going strong after 3 years) • Special Stimulus Tuesday discounted concession offerings • Single point-of-sale for tickets and concessions – pilot program • Promotions – including specialized tie-ins, bounce-backs, etc. • Ovation Room (VIP Auditorium in Chattanooga, TN – nation’s first ‘Green’ theatre) 1

13. Screenvision Agreement 30 YEAR AGREEMENT WITH ADVERTISING PARTNER SCREENVISION PROVIDES FURTHER GROWTH OPPORTUNITIES • Extended long-term on-screen exclusive exhibition agreement with cinema advertising leader for additional 30 years • Carmike has been Screenvision customer for ~20 years • Current deal enhances partnership and provides Carmike with equity upside • Carmike received $30 million pre-tax cash payment on 1/4/11 • Prepaid bank debt with $15 million of proceeds, further deleveraging balance sheet • Carmike received 20% ownership interest in Screenvision profits and growth; which can go as high as 25% or as low as 15% depending on screen count, while also giving Carmike rights to distributions upon a monetization event of Screenvision • Perfectly aligned partnership • Screenvision has similar small-town footprint to Carmike • Local advertiser focus yields synergies • New relationship forged with respected media investor Shamrock Capital • Cinema advertising regarded as one of the fastest growing media segments in the United States

14. FINANCIAL SUMMARY • 2

15. Theatre Operations – YTD 2012 2 Notes: 1 As percentage of total revenue for YTD 3/31/2012 2 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses

16. Q1 2012 and YTD 2011 Financial Update

17. TOTAL DEBT AND BANK DEBT (unaudited) 1 Financing obligations are not included as debt under the terms of the Company’s debt agreement. 2The Company has prepaid $120 million of debt in the last four years.

18. Q2 Financing transactions Public Equity Offering • The Company completed a public equity offering under its current shelf registration on April 11, 2012. • Issued 4.6 million shares, including the underwriters’ overallotment at $13/share • Net proceeds totaled $56.2 million Debt Refinancing • The Company issued $210 million bonds on April 27, 2012 to replace its existing term loan ($199.7 million at 3/31/12) • Net proceeds of $202.8 million after bond issuance costs • Fewer covenant restrictions with notes resulting in increased flexibility to pursue capital expenditures, acquisitions, dividends, etc. • The Company also entered into a new $25 million revolving credit facility to replace its existing $30 million revolving credit facility.

19. Key Financial Takeaways • Strengthened balance sheet to continue to pursue growth opportunities (upgrade equipment, new builds, acquisitions, etc.) vs. paying dividends or repurchasing stock • Raised $56 million through public offering in April 2012 • Achieved goal of $200 million bank debt at year-end; Refinanced debt in April 2012 to provide more flexibility • Want to take advantage of the expiring window of opportunity to go digital that some smaller circuits are either unwilling or unable to do • Concessions success with industry-leading margins • Nine straight quarters of higher per caps • Creative experimentation with promotions and merchandising strategies to up-sell patrons and foster loyalty/repeat visits • Continue focus on ‘details matter’ strategy • Improving attendance metrics and encouraging repeat business with customer-centric attitude • High margins and free cash flow conversion to serve as catalysts to strengthen balance sheet and pre-pay existing debt • Screenvision partnership, strategic new builds / closures and improved pricing • Further capitalize upon digital/3-D circuit advantages • Admission premiums, programming flexibility, high-quality image/sound, alternative content, etc.

20. Q&A Session Thank You! Investor Relations contacts: Richard Hare, CFO Carmike Cinemas (706)576-3415 rhare@carmike.com Robert Rinderman J C I R 212/835-8500 CKEC@jcir.com