Cineplex GalaxyIncome FundFourth Quarter & Full Year

Cineplex Entertainment Circuit

The Largest and Most Successful Motion Picture Theatre Exhibition Company in Canada

130 Theatres 1,331ScreenswithAs of December 31, 2008

Box Office Market Share

Market Share of Canadian Box Office Revenues2008

Empire13.3%

Other7.7%

AMC6.3%

Landmark2.7%

Guzzo3.2%

66.8%

CineplexEntertainment

OverviewExhibition Business

Canadian Industry* +1.3% +3.3%

Cineplex Entertainment +6.5% +4.5%

2007 2008

2007 and 2008 Industry Box Office

* Source: Motion Picture Theatre Associations of Canada

Films for Q1 2009

Bride WarsJanuary 9th

Gran TorinoJanuary 9th

Paul Blart: Mall CopJanuary 16th

Confessions of a ShopaholicFebruary 13th

He’s Just Not That Into You

February 6th

TakenJanuary 30th

The InternationalFebruary 13th

WatchmenMarch 6th

Films for Spring/Summer 2009

Night at the Museum: Battle of the Smithsonian

May 22nd

Hannah Montana The MovieApril 10th

Angels & DemonsMay 15th

Star TrekMay 8th

X-Men Origins: Wolverine

May 1st

Terminator Salvation: The Future Begins

May 22nd

Transformers: Revenge of the

FallenJune 26th

Harry Potter and the Half Blood Prince

July 17th

3D Films for 2009

Jonas Brothers: The 3D Concert

ExperienceFebruary 27th

UpMay 29th

Monsters vs. Aliens

March 27th

My Bloody ValentineJanuary 16th

OTHER

3DReleases

Ice Age III - Jul 1st

G-Force - Jul 24th

Toy Story - Oct 2nd

A Christmas Carol - Nov 6th

Avatar - Dec 18th

CoralineFebruary 6th

Final Destination 4 - Aug 21st

Cloudy with a Chance Sep 18th

of Meatballs-

Company Overview

Looking Ahead

Year of transformation and innovation2007

2008-2009 Reaping the rewards of innovation throughgrowth and leadership

2006

2005Consolidated and realized $30M in synergies

Acquired Famous Players

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

Cineplex Media

Fully integrated media business94% Canadian market shareCoast to Coast coverageAdvertising sales:- In-theatre:

- On-screen - full motion and digital pre-show- Lobby - monitors and backlits- Special media - banners, popcorn bags,

sampling, kiosks etc.

- Magazines:- Famous, Famous Quebec, Famous Kids

- Cineplex.com

Cineplex Media

Digital Pre-Show31%

Magazine7%

Lobby/Monitors 3%

Full Motion48%

Commissions 3%

Website and Other 8%

2008 Revenue by Component

$34.2

$47.1

$56.2$61.0

ProForma2005

2006 2007 2008

Cineplex Media Growth

($millions)

+78%

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

SCENE Loyalty Program

Number of members (000’s)

On July 22, 2008 SCENE reached the one million

member mark.

230

400

618

760

942

1.163

1.375

Q2 ‘07 Q3 ‘07 Q4 ‘07 Q1 ‘08 Q2 ‘08 Q3 ‘08 Q4 ‘08

SCENE Loyalty Program

Continued member acquisition

New reward partners

New reward platforms

Member engagement

Leverage database

FUTUREINITIATIVES

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

Alternative Programming

Our theatres continue to build new audiences through alternative programming such as:

The Metropolitan Opera

World Wrestling Entertainment

Bollywood and Ethnic Movies

Concerts and Live Events

Championship Sports

Future 3D Sports (e.g. NBA)

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

Cineplex.com

2008 and the Future...

SMS and digital pre-show integration

Launched social media platform (August)- Blogs/Chats

- Social community development

- User generated content

Launched “My Cineplex” (August)

Mobile and online ticketing enhancements

Mobile and online marketing initiatives

Launched E-Commerce business:- Phase 1 - Q4 2008 (DVD Sales)

- Future Phases (Electronic Downloading)

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

Merchandising CPP Revenue Growth

$2.64 $2.77 $2.89 $3.04$3.44

$3.72 $3.84 $3.96

2001 2002 2003 2004 ProForma 2005

2006 2007 2008

Six Core Business Areas

Customer

Merchandising

Interactive

AlternativeProgramming

Loyalty

Media

Exhibition

Exhibition

63.5 million people visited our theatres in 2008

Exhibition fuels ALL core businesses

Digital and 3D enhances the future of exhibition

Entertainment “destinations”

Hollywood, Bollywood, digital content...

Digital Projection- 46 locations and 84 screens

- Industry rollout on hold due to current credit conditions

3D projection- IMAX 3D (9 locations)- Real D 3D

- 46 locations and 49 units- Commitment for 175 locations

Digital Projection

Red Deer, AB Galaxy 10 March

Brantford, ON Galaxy 8 November

Toronto, ON SilverCity 9 December

Hamilton, ON SilverCity 10 December

Location Brand Screens Opened

New Theatres Opened in 2008

4 Theatres

37Screensand

(Fairview Mall)

Location Brand Screens OpeningLondon, ON Cineplex Odeon 11 2009

Edmonton, AB SilverCity (TBC) 12 2010

New Theatres for 2009+

2 Theatres

23 Screensand

(Windermere)

Financial Highlights

$197.5$250.2

$316.4 $330.0 $353.7

$490.3

$704.6 $740.2$805.0 $849.7

2000 2001 2002 2003 2004 2005 ProForma 2005

2006 2007 2008

Annual Total Revenue($ millions)

2005 excludes divestitures and includes FP for partial year

$24.1

$41.7

$63.0$68.5

$74.5 $77.6 $75.4

$117.6

$137.2$144.9

12.2%

16.7%19.4% 20.4% 21.1%

15.8%

10.7%

15.9%17.0%

17.1%

Adjusted EBITDA Margins - LTM March 2005

Annual EBITDA($ millions)

CGX 20.2% FP 9.0%

EBITDA Margin

2000 2001 2005200420032002 Pro Forma 2005

2006 2007 2008

$704.6 $740.2 $805.0 $849.7

Box Office $510.9 $488.9 4.5%Concessions 251.6 235.1 7.0%Other 87.1 81.0 7.5%Total Revenue $849.7 $805.0 5.5%

Total Revenue 2008($ millions)

2008 2007 Growth

Attendance 63.5 61.1 3.8%Average Ticket Price $8.05 $7.99 0.8% Average Concession Purchase $3.96 $3.84 3.1%

ProForma 2005

2006 2007 2008

Increasing Revenue Per Guest

Revenue per Guest

$9.83 $10.27 $10.84 $11.23$12.28

$12.89 $13.17 $13.38

2001 2002 2003 2004 2005 2006 2007 2008

$6.65 $6.97 $7.28 $7.45 $7.73 $7.99 $7.99 $8.05

$2.64$2.77

$2.89 $3.04$3.44

$3.72 $3.84 $3.96$0.54

$0.53$0.67

$0.74

$1.11$1.18 $1.33 $1.37

Other Concessions

Significant Other Revenue Contribution

Other Revenues ($millions)

Total$87m

Distributions

2008 $1.85 $1.24 67%

2007 $1.72 $1.18 69%

Earned Paid Payout %

Payout Ratio

Credit Facility Amendment – July 2007

Increased commitment amounts

Extended 5 Year term - 2012

Financial covenant improvements

Reductions in interest margins

Additional flexibility in permitted use of funds

Covenant Leverage Ratio

Financial Summary

Leading market positionExhibition - mature industryStable and predictable cash flowsLow capital requirementsSignificant growth opportunitiesStrong balance sheet1.Conservative payout ratio2.Conservative leverage ratio3.Positive tax attributes

Questions

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