Raymond James 33 rd Annual Institutional Investors Conference CARMIKE CINEMAS March 2012

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, 2010 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

STRICTLY CONFIDENTIAL COMPANY OVERVIEW 1 3

CARMIKE OVERVIEW 4 OH 4 IL 9 GA 22 SD 5 ID 2 CO 6 TX 9 WV 2 MI 13 TN 21 FL 9 NY 1 OR 1 MN 6 NE 2 OK 10 IN 3 WI 3 SC 10 WA 1 VA 5 MO 1 ND 5 WY 1 PA 17 KY 5 NC 23 AL 14 AR 7 KS 1 IA 5 NM 1 CA 1 MT 6 UT 3 SUMMARY OF SITES DE 1 4th largest U.S. exhibitor —235 theatres / 2,215 screens Diversified portfolio with theatres in 36 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 —2,089 digital screens —726 3-D screens —Introduced Big D large format 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 Note: Includes California theatre no longer operated (10/04); excludes 3 MNM theatres acquired 10/21 States with 1 – 9 Theatres States with 10 – 19 Theatres States with 20+ Theatres

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

DIGITAL AND 3-D EXHIBITION PIONEER 6 Digital Overview 2,089 screens converted to digital including 100% of first-run screens and 94% of total New Big D DIGITAL Entertainment Experience Carmike’s digital large screen format debuted in Columbus, GA - Q3 ’10 –Current footprint includes: –Columbus, GA –Franklin, TN –Canton, GA –Savannah, GA –Tyler, TX –Billings, MT –4 Openings in Q (Chattanooga, TN; Pottstown, PA; St. Clairsville, OH, and Missoula, MT) --with additional theatres opening soon (3 openings in Q1 2012) 3-D Overview National 3-D footprint: –726 3-D capable screens (at 9/30/11) –35% penetration of digital footprint 3-D is an important revenue driver for Carmike –24% of Q3 box receipts from 3-D titles –3-D genre is well-suited for Carmike’s markets (animation, family, action) CARMIKE IS A LEADER IN THE DEPLOYMENT OF DIGITAL AND 3-D CINEMA

SIGNIFICANT DIGITAL UPSIDE 7 HISTORICAL AND UPCOMING RELEASES RECENT AND UPCOMING 3-D RELEASES 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 3-D content is important revenue driver −24% of CKEC Q3 box receipts from 3-D titles 3-D film genre well-suited to CKEC markets −Animation, family, action Higher ticket prices −$3.00+ premium Growing base of 3-D titles and special events −23 films released in ’10, 35+ in 11, including numerous ‘franchise’ sequels, 40+ releases for ‘12 Enhanced Experience Premium Ticket Prices 3-D BENEFITS

BIG D/OVATION CLUB 9

SCREENVISION AGREEMENT 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

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 11

CONCESSIONS SUCCESS Excellent, industry-leading margins —Seven 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 2.5 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) 12 1

MOVIE-GOING…MOST POPULAR AND BEST VALUE 13 Most Popular Out-of-Home Entertainment Experience Most Attractive Value Proposition Annual attendance (mm) Source: 2008 MPAA, Pricewaterhouse Coopers Ticket Price per Patron

STRICTLY CONFIDENTIAL FINANCIAL SUMMARY 2 14

THEATRE OPERATIONS – YTD Notes: 1 As percentage of total revenue for YTD 9/30/ Other theatre operating costs include labor, utilities, occupancy and facility lease expenses REVENUE MIX 1 COSTS AND EXPENSES 2

HISTORICAL FINANCIAL SUMMARY 16

Q3 AND YTD 2011 FINANCIAL UPDATE 17

KEY OPERATING METRICS 18

1 Operating income is defined as operating revenues less operating expenses which includes film exhibition, concession, theatre operating, G&A, and non-cash operating charges. THEATRE LEVEL CASH FLOW (unaudited) 19

TOTAL DEBT AND BANK DEBT (unaudited) 20 1 Financing obligations are not included as debt under the terms of the Company’s debt agreement. 2 The Company has prepaid $110 million of debt in the last four years. 2 1

STRATEGIC INITIATIVES TO ENHANCE BALANCE SHEET 21 DIGITAL SCREEN IMPLEMENTATION Improves revenue (increased exhibition options and 3-D) and cost efficiency SUSPENSION OF CASH DIVIDEND Allowed for cash allocation to repay term loan principal LIMITED CAPEX SPEND Only theater chain to complete its digital roll-out, limiting need for significant future capex LOCALIZATION RATIONALIZATION Rationalized asset base by purging under-performing and non-strategic locations DEBT REPAYMENT Carmike improving its future capital position through repayment of outstanding term loans G&A REDUCTION Carmike has lowered general and administrative costs STATED OBJECTIVE IS TO IMPROVE FREE CASH FLOW GENERATION AND CONTINUE TO REDUCE LEVERAGE CARMIKE HAS UNDERTAKEN SEVERAL INITIATIVES TO IMPROVE CASH FLOW AND FURTHER STRENGTHEN ITS CAPITAL STRUCTURE POSITION

KEY FINANCIAL TAKEAWAYS Continue to utilize free cash to voluntarily pre-pay bank debt and strengthen balance sheet —Goal of $200 million bank debt in reach (~$211 million at quarter-end) Strengthened balance sheet to continue to pursue growth opportunities (upgrade equipment, new builds, acquisitions, etc.) vs. paying dividends or repurchasing stock —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 —Seven 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. 22

CLOSING REMARKS 23 Refreshed Circuit Screenvision Investment Growth via New Builds & Acquisitions Strong Concessions Per Cap Growth Strengthened Balance Sheet BIG D

Q&A SESSION 24 Thank You! Investor Relations contacts: Richard Hare, CFO Carmike Cinemas (706) Robert Rinderman Jaffoni & Collins 212/