1. Mike Campbell, Co-Chairman & Co-CEO Kurt Hall, Co-Chairman & Co-CEO Amy Miles, CFO September 2004 New York & Boston Non-Deal Roadshow

2. 1 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 included herein, other than statements of historical fact, 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 2003 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2004. All forward-looking statements are expressly qualified in their entirety by such factors. This presentation contains references to “Adjusted EBITDA” (earnings before interest, taxes, depreciation and amortization expense, loss on debt extinguishment, merger and restructuring expenses and amortization of deferred stock compensation, gain on disposal and impairment of operating assets, minority interest in earnings of consolidated subsidiaries and other, net) was approximately $553.4 million, or 21.9% of total revenues, for the four quarters ended July 1, 2004. We believe EBITDA, Adjusted EBITDA and Free Cash Flow provide useful measures of cash flows from operations for our investors because EBITDA, Adjusted EBITDA and Free Cash Flow are industry comparative measures of cash flows generated by our operations and because they are financial measures used by management to assess the performance and liquidity of our Company. EBITDA, Adjusted EBITDA and Free Cash Flow are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States of America and should not be considered in isolation or construed as a substitutes for net income or other operations data or cash flow data prepared in accordance with accounting principles generally accepted in the United States of America for purposes of analyzing our profitability or liquidity. In addition, not all funds depicted by EBITDA, Adjusted EBITDA and Free Cash Flow are available for management's discretionary use. For example, a portion of such funds are subject to contractual restrictions and functional requirements to pay debt service, fund necessary capital expenditures and meet other commitments from time to time as described in more detail in the Company’s 2003 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2004. EBITDA, Adjusted EBITDA and Free Cash Flow, as calculated, may not be comparable to similarly titled measures reported by other companies. Regal Entertainment Group has provided a reconciliation of net cash provided by operating activities and operating income to EBITDA and Adjusted EBITDA on its Web site at www.REGmovies.com. All forward-looking statements are expressly qualified in their entirety by such factors.

3. 2 Agenda: Regal Overview Steady Industry Growth Trends and Solid Fundamentals Proven Business Strategy Generates Free Cash Flow Regal CineMedia Generating Incremental Free Cash Flow Financial Overview & Summary

4. Regal Overview

5. 4 Largest Domestic Motion Picture Exhibitor Trailing 4 Quarters Ended July 1, 2004 Revenue$2.5 billion Adjusted EBITDA$553 million Adj. EBITDA margin21.9% Attendance265 million Free Cash Flow$312 million Free Cash Flow Per Share$2.12

6. 5 National Footprint & Modern Assets 544 Theatres 6,053 Screens 11.1 Screens/Theatre 17% of U.S. Screens 61% Stadium Seating 85% of Screens in sole exhibitor zones 45 of Top 50 Markets $2 Billion Invested Since 1997 = Modern Asset Base & Significant Free Cash Flow 5 83 9 23 2 13 22 37 7 3 10 47 169 8 14 1 3 4 1 3 7 24 2 28 13 11 2 25 52 25 2 4 6 As of 7/1/04 13 5 4 11

7. 6 Industry Leading Margins Regal$55321.9%$31212.3% Comparable Avg. (1) -17.9%-7.3% LTM Adj.LTM Adj.Free CashFCF EBITDAEBITDA Margin (2) FlowMargin (3) Focus on efficient theatre operations Lower rent and occupancy costs Effective cost controls Utilize scale to negotiate national contracts Regal CineMedia provides margin accretion Industry Leading Margins = Increased Free Cash Flow (1)Comparable average includes AMC Entertainment Inc., Carmike Cinemas, Inc. & Cinemark, Inc. for the fiscal twelve month or 52/53 week period ending closest to June 30, 2004. (2)Adj. EBITDA is presented “as calculated” by Regal and AMC in their quarterly financial reports and is calculated for Carmike and Cinemark as Income from operation + depreciation & amortization. (3)Free cash flow = Cash provided by operating activities – capital expenditures + proceeds from asset sales.

8. Steady Industry Growth Trends & Solid Fundamentals

9. 8 Steady Box Office Growth Trends Box Office Revenue Steady Box Office Growth Source: NATO & Nielsen EDI Box Office Growth Avg. 6.2% growth per year Attendance Avg. 2.7% growth per year Ticket & Concession Prices Avg. 2-3% growth per year 6.2% Growth Per Year (billions)

10. 9 Industry Screen Count Improved supply dynamics Screen count down from peak = increased attendance/screen Decline in seats increases utilization Replacement cycle is increasing screens per theatre and enhancing margins Expect growth in screens to return to historical replacement model (2-3% per annum) Regal’s model works regardless of pace of rationalization Source: NATO

11. Proven Business Strategy Generates Free Cash Flow

12. 11 Proven Business Strategy Focus on efficient theatre operations Industry leading margins Selective investment in asset base Return Value to Shareholders $5.65 per share paid in 2003 $5.86 per share paid in 2004 (1) Quarterly dividend has increased substantially From $0.00 to $0.15 (beginning Dec. 2003) From $0.15 to $0.18 (beginning March 2004) From $0.18 to $0.20 (beginning Sept. 2004) From $0.20 to $0.30 (beginning Dec. 2004) Recently announced $50 million share repurchase program Evaluate accretive acquisitions Regal CineMedia opportunities (1) Includes dividends paid through 9/15/04 plus $0.30 per share dividend expected to be paid in December 2004.

13. 12 Prudent Acquisition Strategy Regal’s Focus High quality assets Accretive to cash flows and earnings Significant near term synergies Recent transactions: Transaction ValueEBITDA Pre Post Year(millions)(millions) Synergy Synergy Hoyts2003$223$435.2x4.1x Signature & others2004$226$376.1x5.2x Combination of Regal, United Artists and Edwards = $25-$35 million in synergies Proven acquisition integration process with 16 successful acquisitions since 1995

14. “Recreating the Motion Picture Theatre to Enhance Free Cash Flow”

15. 14 Digital Content Network First of its kind in-theatre Digital Content Network (“DCN”) capable of showing: On-screen advertising Digital Content Distribution Big Screen Concerts CineMeetings CineEducation Other Digital Content As of 7/1/04: Screens: 5,085 Theatres: 420 Plasma: 1,271 Markets: 78 Unparalleled National Presence 265+ Million Annual Attendance 25 of Top 25 Markets 45 of Top 50 Markets % Rev. 80-85% 15-20%

16. 15 Cinema Advertising = Free Cash Flow Revolutionizing cinema advertising Delivery methodSlidesDigital Distribution/production costHighLow Targeting capabilityLimitedHigh Entertainment valueLowHigh Consumer recallLow4-6x TV % National advertisers in cinemaFewGrowing Regal’s margin<=30%50%+ OldNew

17. 16 Big Screen Concerts Big stars Big hits Big concerts

18. 17 RCM Business Model Highlights 2004 First half results % Increase RCM Revenue$43 million+59% % Advertising75% % CineMeetings and other25% Inventory sell-through76%+12% CPM Rate+13% High margin advertising contributing to EBITDA Margins CineMeetings and other businesses exceeding internal budgets Generating incremental free cash flow

19. Financial Overview & Summary

20. 19 Strong Revenue and EBITDA Performance EBITDA* Revenue* ($ in millions) *Pro Forma for the combination of Regal, Edwards and UA. Excludes results of theatres closed in connection with reorganizations

21. 20 Cash is King (1)Closing price as of 9/13/04 = $18.94 LTM 7/1/04 Income from operations$388.7 + Changes in working capital items and other 11.3 Net cash provided by operating activities400.0 - Capital expenditures(129.6) + Proceeds from asset sales41.9 Free cash flow$312.3 Free cash flow / share$2.12 Free cash flow / Adj. EBITDA56% Price / free cash flow8.9x Free cash flow yield11.2% Dividend yield (1) 6.34% ($ in millions)

22. 21 Building Blocks for Growth Revenue Growth Drivers Accretive Acquisitions Free Cash Flow FCF and Capital Structure 6.2% box office growth results from attendance growth of approx. 2.7% and price increases of 2-3% Pursue accretive acquisitions Strong margins = Significant Free Cash Flow Dividend Attractive cash dividend yield Cost Control Industry leading theatre operations Regal CineMedia Generate incremental free cash flow and increase margins (1)Source: NATO (2)Source: Company Estimate

23. 22 Regal Monthly Stock Price & Total Return Note: Total return assumes gross dividends invested in additional shares of Regal stock $5.05 $5.00 $0.15 $0.18 $0.20 $0.15 24% Annual Rate of Return

24. 23 Investment Highlights + + = Steady Industry Growth & Solid Fundamentals Proven Business Strategy Deliver Shareholder Value Generates Free Cash Flow Stock Appreciation + Dividends Paid = 65% Return* Since IPO Based on stock price as of 9/10/04. Total return based on reinvesting gross dividend in shares of common stock. Annual equivalent return with reinvested dividends = 24% Regal CineMedia +

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