National Cinemedia : Investor Presentation - August 2023

Investor Presentation

August 2023

FORWARD-LOOKINGSTATEMENTS

This presentation contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events and results of operations, including statements concerning the ultimate impact of the restructuring on the Company and National CineMedia, LLC's ("NCM

LLC") business, advertiser's perception of our network, box office and theatrical attendance, ongoing business prospects, programmatic development and launch, and the effectiveness of the Company's growth strategy, among others. Investors are cautioned that reliance on these forward-looking

statements involves risks and uncertainties. Although the Company believes that the assumptions used in the forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate and, as a result, actual results could differ materially from those expressed or implied in the forward-looking statements. The factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are, among others, 1) level of theater attendance or viewership of the Noovie® show; 2) changes to relationships with NCM LLC's largest exhibitors and results of any disputes related to contractual rights; 3) the impacts of NCM LLC's emergence from bankruptcy on NCM LLC's ongoing business, 4) the availability and predictability of major motion pictures displayed in theaters, 5) the impact of pandemics, epidemics or disease outbreaks, such as the novel coronavirus (COVID-19) and the success of actions taken to mitigate such situations, vaccine rollouts and potential changes to consumer behavior; 6) increased competition for advertising expenditures; 7) inability to implement or achieve new revenue opportunities; 8) failure

to realize the anticipated benefits of NCM LLC's agreements with cinema exhibitors; 9) technological changes and innovations; 10) economic conditions,

including the level of expenditures on and perception of cinema advertising; 11) our ability to renew or replace expiring advertising and content contracts; 12) reinvestment in our network and product offerings may require significant funding and resulting reallocation of resources; 13) fluctuations in and timing of operating costs; and 14) changes in interest rates. In addition, the outlook provided does not include the impact of any future unusual or infrequent transactions; sales and acquisitions of operating assets and investments; any future non-cash impairments of intangible and fixed assets; amounts related to litigation or the related impact of taxes that may occur from time to time due to management decisions and changing business circumstances.

The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events. Please refer to the Company's

Securities and Exchange Commission filings, including the "Risk Factor" section of the Company's Annual Report on Form 10-K for the year ended

December 29, 2022, and subsequent Quarterly Reports on Form 10-Q, for further information about these and other risks. Investors are cautioned not to place undue reliance on any such forward-looking statements, which are presented only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result, of new information, future events or otherwise, except as required by law.

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NATIONAL CINEMEDIA LEADERSHIP

THOMAS F. LESINSKI	RONNIE NG	SCOTT FELENSTEIN
CEO	CFO	PRESIDENT, SALES, MARKETING, &
CEO since August 2019 and Board Director since	CFO since September 2021. Former CFO and	PARTNERSHIPS
2014. Formerly CEO and Board Director at Sonar	Head of Corporate Development, Allen Media	President, Sales, Marketing & Partnerships since June
Entertainment, Founder and CEO at Energi	Group, LLC. Prior roles at TCW, UBS, Deutsche	2021. Chief Revenue Officer, NCM, 2017-2021.
Entertainment, President at Paramount Pictures,	Bank, Houlihan Lokey and Arthur Andersen	Former EVP, National Advertising Sales, Discovery
and Executive Vice President at WarnerBros		Communications

MIKE ROSEN	MARIA WOODS	ADAM JOHNSON
EVP, CHIEF REVENUE OFFICER	EVP, GENERAL COUNSEL	SVP, Operations and IT
EVP, Chief Revenue Officer since June 2021.	EVP, General Counsel and Secretary since	SVP, Operations and IT since December 2021.
Senior Vice President of East Coast Sales, NCM	September 2021. Formerly General Counsel and	SVP Operations, NCM 2017-2021; SVP Ad Ops and
2020- 2021. Formerly EVP, Advertising and	Secretary at JumpCloud, Inc. and Vice	Sales Planning, NCM 2014-2017. Previously held
Platform Sales, NBCUniversal	President, General Counsel & Secretary, ONE	media positions at Interpublic's FCB and
	Group Hospitality	Omnicom's OMD

In addition, management includes 39 SVPs and VPs who have been with NCM a cumulative of 450 years,and who have extensive ad sales and media expertise

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NEW BOARD OF DIRECTORS FOCUSED ON GROWTH

LAUREN ZALAZNICK

(Chair of the Board)

THOMAS F. LESINSKI

(CEO)

BERNADETTE AULESTIA

Ms. Zalaznick is a widely recognized business leader with more than 30 years' experience creating and implementing growth strategies for leading media companies and digital startups. Ms. Zalaznick is a Senior Advisor to The Boston Consulting Group in the Global TMT Practice. Ms. Zalaznick's most recent corporate role is as former EVP & Chair, Entertainment & Digital Networks, Comcast NBCUniversal. Ms. Zalaznick currently sits on the boards of The RTL Group and The GoPro Corporation, where she chairs Nomination & Governance. Previously, she served as a director and chair of Nomination & Governance for The Nielsen Corporation as well as several high growth digital companies.

CEO since August 2019 and Board Director since 2014. Mr. Lesinski was formerly CEO and Board Director at Sonar Entertainment, Founder and CEO at Energi Entertainment, President at Paramount Pictures, and Executive Vice President at WarnerBros.

Ms. Aulestia has extensive experience as an executive in content and digital businesses. She is the former President, Global Distribution HBO. Ms. Aulestia serves on the Boards of Denny's Corporation, Nexstar Media Group, and Latino Corporate Directors Association. Named one of Fortune 50 Most Powerful Latinas in Business, Fast Company's 100 Most Creative People in Business, Ms. Aulestia is currently chair of the Corporate Governance & Nominating Committee of Denny's Corporation (NASDAQ: DENN), and sits on the Compensation Committee of Nexstar Media Group (NASDAQ: NXST)

NICHOLAS BELL

DAVID E. GLAZEK

JULIANA HILL

TIAGO LOURENÇO

JEAN-PHILIPPE MAHEU

JOE MARCHESE

Mr. Bell is a recognized technology leader with more than two decades of experience as a technology and media executive and active angel investor who advises numerous founders and executives. He is the Chief Executive Officer of Fanatics Live, former Head of Product for Google's Search Experience, former Vice Global Head of Content & Partnerships at Snap, and former Senior Vice-President, Digital Products, News Corporation.

Mr. Glazek has over 15 years of experience investing in distressed, special situations and private credit strategies, including as a Partner and Portfolio Manager of Standard General L.P. from 2008. He also serves as Executive Chairman of Turning Point Brands, Inc., a Director of Workers Benefit Consortium, Inc., and an Adjunct Professor at Columbia Business School. He previously worked at Lazard Frères & Co., where he focused on mergers and acquisitions and corporate debt restructuring. He has also worked at the Blackstone Group. Throughout his career he has served on numerous public and private company boards of directors.

Ms. Hill brings her extensive financial, media industry, and outdoor advertising expertise to NCM, following a long career in finance with iHeartMedia, Inc. (formerly Clear Channel Communications, Inc.), the #1 audio company in the United States. From 2013 to 2019, Ms. Hill served as iHeartMedia's Senior Vice President of Liquidity and Asset Management, and also led a steering committee for the separation of iHeart's subsidiary, Clear Channel Outdoor Holdings. Ms. Hill is currently the owner of JFH Consulting, which provides financial and strategic advisory services.

Mr. Lourenço is a Partner at Blantyre Capital, a special situations investment firm with $2.6 billion of committed capital. Prior to this, he was a Vice President at Oaktree Capital Management where he worked for seven years in the distressed opportunities group. Prior to Oaktree, Mr. Lourenço worked at Goldman Sachs and Bain & Company.

Mr. Maheu has extensive digital, media, and technology experience. He is the former Global Vice-President, Client Solutions & Advertising Sales, Twitter, former CEO of Razorfish, former Global CEO of Publicis Modem, and former Chief Digital Officer, North America of Ogilvy & Mather. Mr. Maheu is an Advisor and Board member for various growth stage companies.

Mr. Marchese is the Chief Executive Officer of Attention Capital, a media and technology holding company. He is also the Co-Founder and Executive Chairman of Human Ventures, a leading start-up studio and venture fund, and a Partner/Co-Founder of Casa Komos Brands Group, a portfolio of elevated hospitality brands. Previously, Mr. Marchese served as President of Advertising Revenue for Fox Networks Group, a television broadcasting company, a role in which he oversaw multi-billion-dollar advertising sales, research and innovation for FOX Broadcast, FOX Sports, FS1, FX, FXX and National Geographic.

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LEADING CINEMA ADVERTISING PLATFORM POSITIONED FOR GROWTH

PREMIERE MARKET LEADER	•	NCM captures over 70% market share across top 10 DMAs(1)
•	Over 18,000 screens across 1,400+ theaters
BEST-IN-CLASS ADVERTISING	• Cinema is #1 for attention and continues to attract young and diverse audience
•	Strong advertising reach and effectiveness across all categories
INVENTORY
•	Cinema recovery well underway; YTD June 2023 box office is up 19% yoy to $4.4B (78% of 2019)
EXCLUSIVE, LONG-TERM	• 10-18 years remaining on agreements with the three largest US theater circuits (AMC,
	Cinemark and Regal)
AGREEMENTS WITH THEATERS	•	42 exclusive agreements with additional Network Affiliate theaters
	•	+80% unlevered FCF conversion driven by asset light business model with low capex
STRONG FCF GENERATION		requirements ($5-6M/year), resulting in very high returns on invested capital
	• Unlevered balance sheet with minimal fixed charges
STRONG MANAGEMENT TEAM	•	Deep bench of experienced leadership from blue-chip companies

(1) NCM competes with direct and indirect providers of various media, including theatre, digital out-of-home media, digital media on websites and apps, television, radio, email, magazines, newspapers,	5
direct mail, and specialty advertising and sales promotions