(Nasdaq: CKEC) Investor Presentation November

2 Disclosure Regarding Forward-Looking Statements 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 the potential sale-leaseback transactions, the potential disposition of assets, the estimated value of our real estate, the amount of proceeds from these transactions, our ticket and concession price increases, our cost control measures, our strategies and operating goals, our plans regarding debt reduction, our film slate for 2010 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; the availability of suitable motion pictures for exhibition in our markets; competition in our markets; competition with other forms of entertainment; identified material weaknesses in internal control over financial reporting; 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, 2009 and our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2010 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 Carmike Overview 4th largest U.S. exhibitor 240 theatres / 2,241 screens / 36 states America’s Hometown Theatre Target small to mid-size non-urban markets with populations of 100,000 or less Digital and 3-D leadership 2,111 digital screens D screens Introduced BigD large format New relationship with leading cinema ad provider Screenvision (10/10) Cash infusion Participation in future growth/profits Leased Facilities % Owned Facilities % Shared Ownership 5 2.1% % OR 1 KS 1 MI 13 OK 10 IL 10 IN 3 TN 21 KY 5 PA 18 UT 3 WA 1 MT 6 WY 1 ID 2 CO 6 NM 1 TX 9 NE 2 SD 5 IA 5 MO 1 WI 3 MN 6 ND 5 NC 24 SC 10 GA 22 FL 9 AL 13 AR 8 NY 1 DE 1 WV 2 OH 5 VA 6 CA 1

4 Small Market Benefits screens are ideal Small town America’s favorite theatre High concession margins and enhanced cash flow per screen Ideal for hometown audiences Smaller footprint Limited local entertainment options and competition Simple, efficient strategy of popcorn (gourmet/flavored), soda, candy and movie Hollywood focus on event films, family, animation and sequels (i.e. 3-D!)

5 Digital and 3-D Exhibition Pioneer Leader in deployment of digital and 3-D cinema 2,111 screens converted to digital, or 100% of first-run screens One of the largest national 3-D footprints: 200 theatres with D capable screens 28% penetration of digital footprint All digitized theatres have at least two 3-D auditoriums…some contain as many as six According to NATO, we had ~12% of 3-D screens in the US (at 6/30/10) New BigD Ultimate Entertainment Experience Launched Carmike’s digital large screen format debuted in Columbus, GA - Q3 ’10 Plans to open up to two dozen BigD auditoriums by 12/11 Digital and 3-D build-out largely funded by partners

6 Digital Advantages 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 (U2-3D, Kenny Chesney) Pay-per view events Sports & live events (BCS Championship, NCAA Final Four, NBA Skills, FIFA World Cup) Religious (Fox Faith) Michael Jackson Memorial Service On-screen advertising (Screenvision) – 3-D format, lobby ads, mobile, etc. Enhanced merchandising opportunities

7 3-D Benefits 3-D content is important revenue driver 23% of CKEC Q3 box from 3-D titles (~30% in Q2) 3-D film genre well-suited to CKEC markets Animation, family, action Increased attendance per screen 2-4x levels of 2-D, on average ‘Up’ and ‘Monsters v. Aliens’ had 9:1 3-D to 2-D ratios Higher ticket prices $3.00+ premium up-charge in 2/3 of theatres; remainder have $2.50 average Growing base of 3-D titles and special events 23 films slated for release in ’10, 30+ in ’11 and studios shifting 2-D to 3-D DCIP funding provides larger digital footprint for alternative content Premium Ticket Prices Increased Attendance

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

9 Recent and Upcoming 3-D Release Pipeline 2010 Releases 2011 Releases D releases totaled 13 movies, 2010 has 23 3-D titles and 2011 has 30+ in the pipeline

10 Long-Term Agreement With Screenvision Summary of terms: Extends long-term exclusive exhibition agreement with cinema advertising leader for 30-year term Same terms as previous Carmike has been Screenvision customer for ~20 years Carmike receives $30mm pre-tax cash payment on 1/1/11 Expects to pre-pay bank debt with proceeds, further de-levering balance sheet Carmike receives ownership interest in Screenvision profits and growth Screenvision has similar small-town footprint to Carmike Local advertiser focus yields synergies New relationship forged with respected media investor, Shamrock Capital

11 Carmike’s Concessions Strategy Success Excellent, industry-leading margins Three straight quarters of impressive per cap growth Streamlined concession offerings Focus on highest margin products such as: Soda, popcorn, nachos, and select candy offerings Driving more revenue Combo / value pricing Stimulus Tuesdays Introduced gourmet, flavored popcorn in 2009 Tastes great! Experimenting with new products (cotton candy) that also offer high margins Ovation Room (VIP Auditorium in Chattanooga, TN – first ‘Green’ theatre)

12 Theatre (Portfolio) Management Focus on details “through the eyes of our patrons” Refreshing our circuit Clean facilities Friendly and well-trained associates Increase number of employees per theatre to achieve better customer experience Performing general maintenance on older theatres Helps compete with other attractions in Carmike markets Incremental expense incurred in ‘09 Theatre utilization Alternative content – leveraging digital platform Staggered show times Closing underperforming theatres, expired leases Most are smaller theatres with fewer/non-digital screens Opening larger, state-of-the art theatres averaging ~12 screens Third party ‘build-to-suit’ theatres require less upfront investment Digital entertainment complexes featuring stadium seating

FINANCIALS* * Includes non-GAAP measures 13

14 Q3’10 Business Update Quarter Summary… Total revenue increased to $124.8mm; adjusted EBITDA was $14.4mm; theatre level cash flow was $18.8 mm Average admissions per patron rose 2.3% to $6.61; average concessions and other increased 6.0% to $3.36 Q3 ‘10 average revenue per patron rose 3.5% to $9.97 Per screen attendance up slightly (forty fewer screens) Made voluntary term loan debt payments of $5mm $25mm in aggregate pre-paid over nine months ended 9/30/10 Average screens per theater rose to ongoing rationalization of older, under- performing assets – closing theatres and exiting leases; opening new, state-of- the-art multiplexes via build-to-suit Closed 78 theatres since 1/06

15 Theater Operations as of 9/30/10 REVENUES COSTS & EXPENSES 1 1 For quarter ended 9/30/10 2 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses

Summary Financial Data (unaudited) Three Months Ended September 30, Twelve Months Ended December 31, (1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and non- recurring charges. 16 (2) Adjusted net income (loss) is defined as net income (loss) plus impairment of long-lived assets, loss on extinguishment of debt, plus sales and use tax audit assessment and separation agreement charges. 16 Nine Months Ended September 30,

Theatre Performance Statistics Three Months Ended September 30, Twelve Months Ended December 31, 17 Nine Months Ended September 30,

Three Months Ended September 30, Twelve Months Ended December 31, Theatre Level Cash Flow (unaudited) 18 1) Operating income is defined as operating revenues less operating expenses which includes film exhibition, concession, theatre operating, G&A, separation agreement, and gain or loss on sale of PP&E. Nine Months Ended September 30,

Total Debt and Bank Debt (unaudited) 19 September 30, December 31, December 31, Bank debt $235,977 $250,786$273,516 Capital leases and long-term financing obligations 116, ,684117,059 Total debt 352, ,470390,575 Less cash and cash equivalents (4,510) (25,696) (10,867) Net debt $347,675 $341,774 $379,708 (in millions) Interest Expense, net

20 Strategic Initiatives to Enhance Balance Sheet Digital screen implementation Suspension of cash dividend Limited capex spend Location rationalization Debt repayment G&A reduction Carmike has undertaken several initiatives to improve cash flow and further strengthen its capital structure position Improves revenue (increased exhibition options and 3-D) and cost efficiency Allows for cash allocation to repay term loan principal Only theater chain to complete its digital roll-out, limiting need for significant future capex Rationalized asset base by purging underperforming and non-strategic locations Carmike seeks to improve its future capital position through repayment of outstanding term loans Carmike has lowered general and administrative costs Stated objective is to improve free cash flow generation and continue to reduce leverage

21 Key Takeaways Continue to utilize free cash to voluntarily pre-pay bank debt and de-lever Goal of $200 mm bank debt in reach Further capitalize upon digital/3-D circuit advantages Admission premiums, flexibility for exhibitor, high-quality image/sound, alternative content, etc. New Screenvision relationship provides key benefits Cash infusion and participation in growth/profits of leading cinema ad business Continue focus on ‘details matter’ strategy Improving attendance metrics and encourage repeat business with customer-centric attitude Open additional, state-of-the art entertainment complexes via ‘build-to-suit’ strategy Pent-up demand for new development in U.S. as real estate environment improves Expand BigD Footprint Carmike’s proprietary large screen format should play well in small-town America

Thank you! Investor Relations contacts: Richard Hare, CFO Carmike Cinemas (706) Robert Rinderman Jaffoni & Collins 212/