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Odeon & UCI Finco plc

1

FY 2011 Investor Presentation 13 March 2012

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Disclaimer

DISCLAIMER THIS DOCUMENT HAS BEEN PREPARED BY ODEON & UCI FINCO PLC (“ODEON”). BY REVIEWING THIS

DOCUMENT OR PARTICIPATING IN THE CONFERENCE CALL THAT PRESENTS IT, YOU AGREE TO BE BOUND BY THE FOLLOWING CONDITIONS.

THIS DOCUMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ODEON. FURTHERMORE, IT DOES NOT CONSTITUTE A RECOMMENDATION BY ODEON OR ANY OTHER PARTY TO SELL OR BUY SECURITIES IN ODEON OR ANY OTHER SECURITIES. ALL WRITTEN OR ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO ODEON OR PERSONS ACTING ON THEIR BEHALF ARE QUALIFIED IN THEIR ENTIRETY BY THESE CAUTIONARY STATEMENTS.

Unaudited Information This document contains financial information regarding ODEON and its fellow subsidiaries (the “Group”). Such

financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this document or any related presentation should not be regarded as a representation or warranty by ODEON, any of its respective affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the Group.

Non-GAAP information We have presented certain non-GAAP information in this document. As used in this document, this information

includes ‘‘EBITDA’’, which represents earnings before interest, tax, depreciation, amortisation, exceptional items and strategic costs. Our management believes that EBITDA is meaningful for investors because it provides an analysis of our operating results, profitability and ability to service debt and because EBITDA is used by our chief operating decision makers to track our business evolution, establish operational and strategic targets and make important business decisions. In addition, we believe that EBITDA is a measure commonly used by investors and other interested parties in our industry.

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Forward-Looking Statements

  Forward-Looking Statements This document includes forward-looking statements. When used in this document, the words "anticipate," "believe," "estimate," "forecast," "expect," "intend," "plan" and "project" and similar expressions, as they relate to ODEON, its management or third parties, identify forward-looking statements. Forward-looking statements include statements regarding ODEON’s business strategy, financial condition, results of operations, and market data, as well as any other statements that are not historical facts. These statements reflect beliefs of ODEON’s management, as well as assumptions made by its management and information currently available to ODEON. Although ODEON believes that these beliefs and assumptions are reasonable, the statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties expressly qualify all subsequent oral and written forward-looking statements attributable to ODEON or persons acting on its behalf.

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Q4 2011 Results Highlights

 Group attendance was up 20% with LFL paid attendance up 1%:

–  UK, Spanish and German market attendance were all up due to strong local and Hollywood film slates and better weather than December 2010 when snow impacted the UK and Germany. UK and Ireland market box office revenue advanced 11% on Q4 2010, Spanish market attendance was up 12% and Germany market attendance 1%.

–  Italy market attendance was down 12% due to strong comparatives when local product such as Benvenuti al Sud and Maschi Contro Femmine outperformed.

 Group revenue of £197m was ahead 21% because of acquisitions and 4% on LFL basis* due to improved yield on the estate.

 Group EBITDA of £32m was ahead 62% and LFL EBITDA of £25m was ahead 35%.

4 * Stated at constant fx rate

Q4 EBITDA was higher than any previous quarter

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FY 2011 Results Highlights

  The cinema sector again proved resilient to economic weakness in 2011: –  UK and Germany were both ahead 2% on a market attendance basis on FY 2010 –  Spain market attendance was down 2%. Q1 and Q3 were down on 2010 but Q2 and Q4

improved over 2010 –  Italy market attendance was down 8% on strong comparatives in 2010 due to Avatar

(which was released in January 2010 in this market) and a stronger local film slate in 2010.

  Group attendance was up 8% reflecting the impact of the acquisitions.   LFL attendance was down reflecting the lower markets and reduction in 3D where

we have higher shares.   Revenue of £725m was up 12% on 2010 due to the recent acquisitions. LFL

revenue was up 1%.   EBITDA of £93m was up 13% on 2010 and LFL EBITDA of £82m was up 4%.

  LFL ATP was up 2%* despite lower 3D volumes. LFL RPH was also up 2%* reflecting improvements to the cinema estate and customer offer.

  Net Debt at year end was £434m (including finance leases), an increase of £154m during the year reflecting acquisitions, refinancing fees and temporary funding of some digital assets. Net debt/EBITDA Proforma was comfortable at 4.2 times.

5 * Stated at constant fx rate

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Q4 2011 Activity Highlights

  Five cinemas were acquired from Reel in the UK during the quarter. The cinemas have been rebranded as Odeon.

  Swiss Cottage reopened after an extensive refurbishment to add North London’s first IMAX screen, new club seats in two screens, an Ambar and a Costa.

  2 Costas were added to the UK estate in Q4 to bring the total to 22. An additional 8 in the UK and 4 in Ireland will be opened in the first half of 2012. We anticipate that the UK/Ireland estate could reach up to 40 sites by year-end.

  Two CE sites were refurbished in the quarter namely Las Rozas (Madrid) and Arrabida (Portugal).

  Digital screen roll-out continued to progress quickly, reaching nearly 90% of the total estate by the end of December 2011. The UK & Irish estates became fully digital on 23rd November*.

  London Whiteleys was refurbished during the quarter and reopened in January 2012 with four fully refurbished standard screens and the launch of our new “The Lounge” product with five luxury screens each featuring fully reclinable seats with in-screen dining service.

6 * Excluding the new sites from Reel which were fully digital in February 2012

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FY 2011 Activity Summary

Key Metrics December 2010 December 2011 Change

Sites 205 231 26

Screens 1,869 2,153 284

UK Refurbishments 4 6 +2

CE Refurbishments - 2 +2

Costas 14 22 +8

IMAX 11 15 +4

iSens - 3 +3

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  2011 saw the group continue to grow through acquisitions and new sites in our key territories.

  We continued to innovate our core product offering with new IMAX and iSens big screen and big sound concepts.

  We continued to roll out our successful retail initiatives such as Costa.

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8

Digital Rollout Progressing Quickly

Odeon will be the first to complete the digital roll-out of any major competitors in our markets.

% of total screens

*excluding the newly acquired cinemas from Reel

0

500

1000

1500

2000

2500

Dec-09 Jun-10 Dec-10 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12

UK&I Spain/Portugal Germany/Austria Italy

205

490

805

1,223

1,590

1,926

2,153

75% 26% 58% 12% ~90% 100% 43%

CE All-Digital

UK & IrelandAll-Digital*

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UK

DECEMBER 2010 DECEMBER 2011 Sites: 104 Sites: 109 Screens: 832 Screens: 857 25% market share 25% market share

#1

Ireland


#2


Spain #1

§  Sites: 3

§  Screens: 45

Portugal #3


Italy #1

§  Sites: 3 §  Screens: 38

Austria #3

§  Sites: 23

§  Screens: 203

§  7% market share

Germany #3

Source: Management Information. Spain and Italy 2011 share based on Q3 estimates. Note: Market shares are approximate, based on attendance, except for UK, Ireland and Italy, which are based on Gross Box Office Receipts. UK/Ireland is as reported by IBOE for year-ended 31 December 2011

We now have c.20% market share in 4 important markets with 231 sites and 2,153 screens

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Unique Pan-European Footprint

Total (sites/screens) Dec 2010 Dec 2011

207 / 1,885 231 / 2,153

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10

Largest Operator Outside the Americas

2,153

984 890 790 657

0

500

1000

1500

2000

2500

*Source: Dodona database, April 2011 ** Source: Company website, November 2011

6,777

5,345 5,096

2,337 2,221 2,153

0

1000

2000

3000

4000

5000

6000

7000

8000

Largest Operators - Worldwide Largest Operators - Europe

  We have more than twice the number of screens in Europe of our nearest competitors. However we are only 6th largest worldwide behind the large US and Central American operators.

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11

2011 Market Overview

  Our full year weighted average markets were down 1% in volume versus the same period last year.

  The key factors that impacted attendance were:   Record periods of warm dry weather in all territories especially:

  UK – April, May, October and November   Spain – April, August-October   Italy – April, August-September   Germany – April and October

  Harry Potter performed strongly in the UK but less so in any of our other markets where the franchise had run out of steam

  Relatively weak local titles in Italy, Germany & Spain. Local titles were strong in the UK.   The UK, Spain and Germany had strong Q4 results despite the fact that no film matched Harry

Potter and the Deathly Hallows Part I’s success in 2010. Italy was weaker on strong comparatives as Avatar was released in January 2010 (rather than December 2009 in our other markets).

  Our full year LFL 3D attendance is down only 7% on 2010 when Avatar became the highest grossing film in history.

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FY 2011 Market Attendance

UK 2006-2011 Market Spain 2006-2011 Market

Italy 2006-2011 Market Germany 2006-2011 Market

§  Overall markets have been resilient to recession with our weighted average market decline of just 1% on 2010 (which included an usually high market attendance in Italy).

5 Year Average: 167.7m 5 Year Average: 107.3m

5 Year Average: 113.9m 5 Year Average: 131.4m

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2010 2011 % change

Title (GBOR £000s)

Title (GBOR £000s)

Harry Potter & The Deathly Hallows Part I

48,058 Twilight: Breaking Dawn Part I

30,296

Despicable Me 19,860 Johnny English Reborn 20,580 Paranormal Activity 2 11,011 Arthur Christmas 20,436 Due Date

10,563 The Adventure of Tintin: The Secret of the Unicorn

16,168

Chronicles of Narnia: The Voyage of the Dawn Treader

10,465 Sherlock Holmes: A Game of Shadows

15,294

Total Top 5 99,957 Total Top 5 102,774 3% Other Films 145,310 164,178 Total All Films 245,267 266,952 8%

UK & Ireland Top films Q4

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Total UK & Ireland market was up 8% on Q4 2010.

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CE Top Films Q4

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2010 2011

Q4 Actual (Adm m)

Q4 Actual (Adm m)

% Change

Germ

any

Harry Potter & The Deathly Hallows Part I 4.9 Twilight: Breaking Down Part I 3.0 Despicable Me 2.4 Puss in Boots 2.0 Tangled 1.9 Wickie Auf Grosser Fahrt 1.7 Konferenz Der Tiere 1.4 Johnny English 2 1.6 Due Date 1.3 The Adventures of Tintin: The Secret of the Unicorn 1.3 Total Top 5 11.9 Total 9.6 Total Market 32.2 Total Market 32.7 2

Italy

Benvenuti al Sud 4.9 Twilight: Breaking Dawn Part I 2.3 Harry Potter & The Deathly Hallows Part I 2.7 Sherlock Holmes: A Game of Shadows 1.8 Maschi Contro Femmine 2.1 I Soliti Idioti 1.7 Natale in Sudafrica 2.1 La Peggior Settimana Della Mia Vita 1.5 La Banda dei Babbi Natale 1.9 Midnight in Paris 1.2 Total 13.7 Total 8.5 Total Market 38.1 Total Market 33.7 (12)

Spain

Harry Potter & The Deathly Hallows Part I 2.1 Twilight: Breaking Dawn Part I 3.0 Despicable Me 1.5 The Adventures of Tintin: The Secret of the Unicorn 2.5 ��Tres Metros Sobre El Cielo 1.3 Puss in Boots 2.1 The Chronicles of Narnia: The Voyage of the Dawn Treader 1.3 In Time 0.9

Los Ojos de Julia 1.1 Fuga de Cerebros 2 0.8 Total 7.3 Total 9.3

Total Market 23.3 Total Market 26.0 12

Spain’s Top 5 was ahead 12% despite warmer weather in October. Italy’s Top 5 was down 12% due to strong comparatives when Benvenuti al Sud was the most successful film of all time in Italy.

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3D/2D Split

298.4 346.8

149.5 141.9

0

100

200

300

400

500

600

2010 2011

3D 33.4% 3D 31.6%

*

3D 2D

61.2 56.4

18.0 16.7

0

10

20

30

40

50

60

70

80

90

2010 2011

3D 24.6% 3D 21.1%

Attendance (m) Box Office Revenue (£m)

  Continuing strong contribution from 3D despite a weaker film slate   Audiences responded to good quality 3D films   Our share of the 3D GBOR continued to improve.

* Stated at constant FX

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§  In 2011 film goers were more discerning over the choice between 3D and 2D; higher quality 3D movies attracted a higher proportion of audience in 3D than lower quality.

§  The producers responded with better quality product as the year went by. §  The table belows shows a selection of 3D performance share in the UK:

Title Release Month

Odeon 2011 3D % of UK GBOR

Summ

er

Transformers: Dark of the Moon June 83% The Smurfs August 65% Harry Potter and the Deathly Hallows Part II July 61% Cars 2 July 54% Conan the Barbarian August 32% Horrid Henry July 26%

Winter

Hugo December 90% Immortals November 94% The Lion King October 90% The Adventures of Tintin: The Secret of the Unicorn October 68%

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3D Performance

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Q4 2011 KPIs

17

0

5

10

15

20

25

Q4 2010 Q4 2011

UK&I Spain Italy Germany Other territories

Paid Attendance by Territory Revenue by Territory (£m)

  Attendance increased year-on-year due to acquisitions.   LFL attendance was also up by 1% against a strong comparative film slate which

included Harry Potter and the Deathly Hallows Part I but was also impacted by snow.

  Revenue increased ahead of attendance, reflecting improving yield on the cinema estate.

18.1m 21.6m

0

50

100

150

200

250

Q4 2010 Q4 2011


£162.5m £197.3m 19.7% 21.4%

m

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FY 2011 KPIs

18

0

20

40

60

80

FY 2010 FY 2011


Paid Attendance by Territory Revenue by Territory (£m)

  Paid attendance and revenue were up due to the impact of the acquisitions.   Weighted average market attendance was down marginally at 1% due to the fact that Italy

had a banner year in 2010 (which had been 6% up on the historic 5-year average). This demonstrated the group’s resilience to individual territory variations, which provides earnings stability.

  Revenue increased ahead of attendance, reflecting improvements in ticket and retail KPIs.

73.1m 79.2m

0

100

200

300

400

500

600

700

800

FY 2010 FY 2011


£649.6m £725.1m 8.3% 11.6% m

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Q4 and FY 2011 Revenue KPIs

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Group ATP & RPH (LFL)

Revenue KPIs progressed well, reflecting continuing improvements to the cinema estate and customer offer

Group ATP progressed despite lower 3D, benefiting from investment in the estate including seats, refurbishments and big screen technology.

Group RPH was down in Q4 against the comparative due to the impact of Harry Potter and the Deathly Hallows Part I which was a more retail-friendly film. However the full year result was ahead of 2010 due to our continuous retail innovation and despite weak economies.

Q4 2011 Variance % to prior year FY 2011 Variance % to

prior year

Total LFL ATP £ (1) 6.15 0.9% 6.28 2.2%

Total LFL RPH £ (1) 2.01 (0.7%) 2.03 1.8% (1) Stated at constant fx rates and constant territory weighting, for major territories

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Q4 2011 Margins and Costs

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Q4 2011 gross profit margin improved from lower film hire on a broader range of smaller films. For the year gross profit margin also improved mainly from better film hire.

Q4 2011 indirect costs increased with higher volume but margin improved. For the year operating costs increased only 1.7% reflecting a strong cost management performance, despite inflationary pressures.

TOTAL ESTATE

LIKE-FOR-LIKE ESTATE

TOTAL ESTATE LIKE-FOR-LIKE ESTATE

£m unless otherwise stated

Q4 2011

Q4 2011

Variance from Q4

2010 Fav/(Adv)

FY 2011

FY 2011

Variance from FY

2010 Fav/(Adv)

Group Revenue* 197.3 164.1 4.4% 725.1 639.5 0.1%

Gross Profit* 132.8 110.6 10.1% 470.2 415.1 2.1%

Gross Profit Margin 67.3% 67.4% 3.5% 64.8% 64.9% 1.2%

Total Indirect Costs* 100.8 83.2 (4.2%) 376.8 333.5 (1.7%)

EBITDA 32.0 25.4 35.2% 93.4 81.6 3.6%

EBITDA Margin 16.2% 15.5% 3.5% 12.9% 12.8% 0.5%

* Variances stated at constant fx rate

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Quarterly & Annual EBITDA Progression

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Q1 Q2 Q3 Q4

2008 2009 2010 2011

21

63.4

71.3

82.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Full Year

2008 2009 2010 2011

93.4

EBITDA has progressed strongly in recent years, but phasing each year varies EBITDA in Q4 2011 was significantly ahead on a LFL and total estate basis

£m £m

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Full Year Abbreviated Cashflow

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As at 31 December 2010 31 December 2011 £m

OpCo EBITDA 82.4 93.4 Acquisitions (16.3) (116.2)

Payments for Capex (32.8) (51.2)

Net Interest Paid (24.3) (27.6)

Financing Fees (2.9) (21.9)

Taxation Paid (0.6) (3.8)

Working Capital, Provisions, One-Offs (15.6) (26.3)

Change in Net Debt (10.1) (153.6) Cash balance at end of period 36.4 73.0

§  Net debt increased in the year because of acquisitions, refinancing costs and temporary funding of some digital capex.

§  The increase on Payments for Capex included £13m of digital assets expected to be externally funded in 2012. Other capex increased on revenue-generating initiatives such as site refurbishments, new sites and retail and seating programmes.

§  Cash increased due to the issue of the senior secured notes (£475m) which repaid the existing bank debt (£283.5m), financed the acquisitions and left approximately £50m available for future acquisitions.

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Debt and Leverage

2011A Net Debt/EBITDA 4.2x

Gross Debt/EBITDA 4.9x

Fixed Charge Cover 2.3x

Opco Net Debt £m

Bond 467

Cash (73)

394

Finance Leases 40

Net Debt 434

2011PF £m OpCo EBITDA 93.4

10/11 Acquisitions * 7.2

Digital *** 2.7

2011 Pro-Forma 103.3

Gross and net adjusted debt includes 8x rent and adjusted ENITDA adds back rent * £15m acquired EBITDA less £9.8m in-year contribution and includes historic EBITDA of the Reel sites *** £4.2m proforma adjustment in Offering Memorandum less £1.5m in-year contribution

§  Leverage is comfortable at less than 4.5 times and expected to reduce towards 4 times as acquisitions and investments mature.

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2012 Hollywood Film Slate

§  We anticipate that 2012 will be another good year at the European box office as the slate looks promising with several sequels to established franchises such as Skyfall (Bond 23), Twilight: Breaking Dawn Part II, Ice Age: Continental Drift and the conclusion to Christopher Nolan’s Batman trilogy (The Dark Knight Rises) coupled with the relaunch of existing franchises such as The Amazing Spider-Man and the launch of new potential franchises such as Peter Jackson’s The Hobbit: An Unexpected Journey and The Hunger Games.

§  The phasing will be different to 2011. Q1 2012 slate is weaker compared to the

success of The King’s Speech and Che Belle Giornata, but Q2 and Q3 2012 look stronger and Q4 2012 looks particularly strong with Skyfall, Madagascar 3: Europe’s Most Wanted, The Hobbit: An Unexpected Journey and the conclusion to the Twilight saga.

§  Phasing will also be impacted by the UEFA EURO Championships from June 8

to July 1 and many studios and distributors are avoiding that period although there is some counterprogramming with female-orientated and family films. We do not anticipate any impact from the London Olympics beyond our London cinemas.

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25 Good film slate supported by sequels, 3D and new movies based on existing franchises. Phasing in 2012 will be different to 2011. Q1 is weaker but the slate overall and Q4 in particular look strong.

UK Slate

* Based on actual performance to 12 March 2012 and anticipated performance for the remainder of the year. Note: Films playing across two years appear in the year of release, in the band corresponding to their expected full gross run based on Odeon forecasts

§  Top 20 titles in any year usually represent half the box office

§  Film slate for the years 2012-2014 could outperform 2011

§  Although business plan is based on flat attendance profile

§  A consistent number of £40m+ blockbusters are being planned in 2012 and 2013 vs. a greater number of £25-40m blockbusters than in 2011

2012 Anticipated Top 20 * 2013 (Announced) Q1 The Pirates! In An Adventure With Scientists 3D Jack the Giant Killer

Woman in Black Les Miserables The Best Exotic Marigold Hotel Aardman’s The Croods War Horse Oz: The Great and Powerful

Q2 Hunger Games Iron Man 3 Wrath Of The Titans 3D The Fast and the Furious 6 Prometheus 3D Star Trek 2 The Avengers 3D Despicable Me 2 Men In Black 3 3D Disney’s The Lone Ranger The Dictator Superman: Man of Steel Dark Shadows

Q3 The Dark Knight Rises Monsters University Ice Age: Continental Drift 3D Dirty Dancing The Amazing Spiderman 3D Spielberg’s Robopocalypse Brave 3D DreamWorks Animation’s Turbo The Bourne Legacy The Smurfs 2

Q4 Skyfall (Bond 23) The Hobbit: There and Back Again The Hobbit: An Unexpected Journey 3D Thor 2

Twilight Saga: Breaking Dawn Part II DreamWorks Animation’s Me and My Shadow

Madagascar 3 3D Walking with Dinosaurs 3D Disney’s Frozen

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2012 Hollywood Film Slate

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Current Trading & Outlook

  Contribution from acquisitions for the part-year in 2011 was £10m. Integration is well advanced and Profit Improvement Plans are in process.

  Slate for 2012 looks good, although it is skewed towards Q3 and Q4.   Q1 2012 will be softer than in 2011 partly due to the strong comparatives with The King’s

Speech and Che Bella Giornata.   Phasing will also be impacted by the UEFA EURO 2012 Football Championships and in

London, by the Olympics.   A new site in The Point (Dublin) is to open this month with our first iSens large screen

format in that market.   We plan to continue to expand our iSens big screen and big sound format in CE with a

further 13 in 2012, of which 5 will be open in Q1 2012.   Our retail plans include more Costas to take the UK estate to 40 and more Farggi coffee

lounges in Spain. In addition we are proceeding with tests including yoghurt franchises (UK and Spain), pizza franchises (UK) and donuts franchises(Spain).

  We will also open more new sites and complete more refurbishments in 2012.   We have c.£50m cash available for acquisition investment if the right opportunity arises.

We continue to investigate potential targets.   Q1 2012 results to be announced 29 May 2012.

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London Whiteleys – The Lounge

  In January 2012 we reopened our London Whiteleys cinema. The entire lower level was refurbished to offer a standard 4 screen product. The upper level was rebranded The Lounge to offer “Fine Food and Film”. The Lounge features 5 new concept luxury screens with a high-class bar, reclinable seats and in-screen dining conceived by Le Cafe Anglais’ Chef Patron Rowley Leigh.

27

  We will be inviting investors to The Lounge in April in order to sample the experience. Further details will be available in due course.

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Q&A & AOB

  Any questions?   Further questions can be addressed below:

–  Email: [email protected] –  PR: [email protected] –  Financial PR: [email protected]

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