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

2. #73397 v3 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, 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.

3. #73397 v3 2 Overview of Regal Entertainment Group Largest Domestic Theatre Circuit Complementary Growth Businesses $461M LTM EBITDA 21% Margin $2.2 Billion LTM Revenues 250+ Million Attendees

4. #73397 v3 3 + Investment Highlights + Exciting Growth Opportunities Strong Free Cash Flow & Dividend Steady Industry Growth & Solid Fundamentals Industry Leading Theatre Operations + Long-Term Earnings and Cash Flow Opportunities =

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

6. #73397 v3 5 Positive Industry Rationalization Screen Count – Year over Year Growth 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 Reduction Driving Box Office per Screen Source: NATO

7. #73397 v3 6 Consistent Growth in Demand 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 –$8.4 billion in 2001, up 10% Stable Annual Price Increases –3% CAGR over the last 10 years ($ in billions) Box Office Revenue Steady Box Office Growth 6.2% CAGR Source: NATO

8. #73397 v3 7 Beneficiary of Fundamental Patterns & Upcoming Film Calendar 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 Q4 2002 Solid Fundamentals

9. #73397 v3 8 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

10. #73397 v3 Industry Leading Theatre Operations

11. #73397 v3 10 National, Geographically Diverse Footprint As of 9/26/02 5 89 9 29 2 13 26 37 7 4 11 51 20 9 8 15 1 6 4 1 4 7 25 26 35 25 11 2 8 13 15 6 2 12 1 23% Market Share 5,711 Screens Largest Domestic Exhibitor 530 Theatres

12. #73397 v3 11 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 Improved Experience Driving Demand Modern Theatre Circuit Outperforms Industry Minimal Future Cap-X

13. #73397 v3 12 20%+ EBITDA Margins Leading EBITDA Margins * Industry Includes AMC, Carmike, Loews and Cinemark. Superior Operations Management –Lower rent and occupancy costs –Effective controls on theatre-level costs –National contracts and scale drive margins

14. #73397 v3 13 Proven Ability to Integrate Acquisitions 11 Successful Acquisitions Since 1995 Theatre-Level Cash Flow Margin

15. #73397 v3 14 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

16. #73397 v3 15 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

17. #73397 v3 Regal CineMedia

18. #73397 v3 17 Unique National Digital Theatre Network Transforming the Theatre into a Unique Advertising, Promotional and Communications Platform First of Its Kind Internally Funded Initially Focused on Digital Advertising Valuable Long-Term Platform Complementary programming Digital projectors

19. #73397 v3 18 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

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

21. #73397 v3 20 DMAs % National Box Regal Market Share New York / LA 17.7% Top 10 40.3% Top 25 62.1% Top 50 77.7% #1 Market Share in Top DMA’s #1 Source: EDI

22. #73397 v3 Financial Overview

23. #73397 v3 22 Revenue and EBITDA Performance EBITDA* ($ in millions) Revenue* ($ in billions) *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. #73397 v3 23 2002 EBITDA Margin Growth Regal Improving EBITDA Margins in 2002 vs. 2001 Strong box office growth coupled with maximizing operating leverage Realized integration synergies

25. #73397 v3 24 Conservative Leverage and Excellent Liquidity Conservative Capital Structure (1)As of 11/1/02 (2)Net Debt + Leases / EBITDAR = 3.5x

26. #73397 v3 25 Strong Free Cash Flow Significant Free Cash Flow Funds Growth Opportunities ($ in millions) (1)Excludes 2002 reorganization payments of approximately $81 million

27. #73397 v3 26 Financial Flexibility for Growth Strategy Conservative Capitalization $200M+ Annual Free Cash Flow Before Dividend + Flexibility to Execute Growth Strategy Capitalize on prudent acquisition opportunities Pursue high margin ancillary business Make selective investments in asset base Provide incremental returns through dividends