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Odeon & UCI Finco plcODEON & UCI Cinemas Group

Q2 2011 Investor Presentation30 August 2011

Disclaimer

DISCLAIMERTHIS 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 CONDITIONSBOUND 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 LOOKINGSECURITIES 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.

U dit d I f tiUnaudited InformationThis 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 otherrepresentation 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 informationWe have presented certain non GAAP information in this document As used in this document this informationWe 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 strategicused 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 StatementsThis document includes forward-looking statements When used in this document the wordsThis 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 notfinancial 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 thoseand 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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Q2 2011 Results

EBITDA of £12.2m in Q2 was 49% ahead of 2010. YTD EBITDA of £35.9m was in line with expectations behind the unusually-phased 2010 but ahead of 2009 and 2008with expectations, behind the unusually phased 2010, but ahead of 2009 and 2008.Q2 2011 was stronger than Q2 2010, which included the opening weeks of the FIFA World Cup.– April 2011 was weak due to unseasonably warm weather across many territories, which led to p y y ,

disappointing performances, including on Rio and Fast & Furious 5.– In May and June there were some strong Hollywood blockbusters, such as Pirates of the

Caribbean: On Stranger Tides, The Hangover 2, Kung Fu Panda 2, X Men: First Class and BridesmaidsBridesmaids.

Revenue was up over 23%, helped by acquisitions, or 9.5% LFL*, with more attendance on blockbusters.ATP was up 5% on 2010 largely due to a stronger 3D slate.p g y gRPH improved 9% on 2010 due to a more family-friendly mix of films and the continuing impact of our retail initiatives, particularly in the UK.Gross margin decreased in the quarter because of higher film cost on stronger films. g g gYTD gross margin (LFL) improved from 64.1% to 65.5%.Operating cost increase was limited to 3% (LFL*), despite higher volumes and inflation, therefore EBITDA margin improved.Net debt increased by £132m to £383m, principally because of acquisitions and refinancing fees.

4* Stated at constant fx rate

2011 Activity Highlights to date

Issue of £300m 9% senior secured notes and €200m senior secured floating rate notes Euribor +500 both due in 2018 on 13 May 2011.Four acquisitions were completed adding 27 cinemas and 294 screens in Spain, Italy and IrelandIncluding the Pathe acquisition from December 2010 we have invested £104m over

th d i d th b f b 15%seven months and increased the number of screens by 15%.New site at La Coruna opened on 15 April 2011 with 12 screens including our first proprietary big-screen format branded as iSens. A new 8 screen cinema is to open in Cagliari (Italy) in SeptemberCagliari (Italy) in September.Digital screen roll-out progressing quickly, to reach over 75% of the total estate by the end of September 2011 (including acquisitions).Launch of IMAX and iSens in our Continental Europe estate with three and two cinemasLaunch of IMAX and iSens in our Continental Europe estate with three and two cinemas to date respectively. Two further new iSens screens to open in Italy in September.Three cinemas in Continental Europe were fully refurbished and nine cinemas in the UK and Continental Europe benefited from retail and seating-led refurbishments. Subsequent to the June 2011 month-end, Odeon signed an agreement with Reel Cinemas in the UK for the purchase of 4 trading cinemas and a further 3 pipeline sites. Completion is subject to clearance from the competition authorities.

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Q2 and YTD KPIs

18Attendance

180Group Revenue

14EBITDA

Q2

17 1

0.12.0

81012141618

1.415.4

80100120140160180

0.4

0.2

8

10

12

14

14.217.1

14.3 14.7

02468

112.4143.3 127.5 143.6

020406080

1.8

10.37.8

12.0

0

2

4

6

2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Attendance Group Revenue EBITDA

Year To Date

0.2 2.8

25

3035

40Attendance

2.7 22.2

200

250

300

350 Group Revenue0.6

1.8

2530354045 EBITDA

32.2 35.4 35.4 33.2

510

15

2025

242.0296.2 313.4 305.8

50

100

150

200

15.228.6

39.2 34.1

510152025

6

0

5

2008 2009 2010 20110

2008 2009 2010 2011

02008 2009 2010 2011

Non Like-For-Like Group Revenue and EBITDA stated in £ millions

Q2 2011 KPIs

Paid Attendance by Territory (‘000 attendees) Revenue by Territory (£‘000)

14 4m 16 7m

12000

14000

16000

18000 14.4m 16.7m£159.0m£128.9m

120000

140000

160000

180000

6000

8000

10000

12000Other territories

Germany

Italy

Spain 60000

80000

100000

120000

Other territories

Germany

Italy

Spain

0

2000

4000UK

0

20000

40000

Spain

UK

Q2 2010 Q2 2011

Attendance & revenue increased year-on-year in all territories, despite a weak April from unseasonably

Q2 2010 Q2 2011

Attendance & revenue increased year on year in all territories, despite a weak April from unseasonably warm weather, because of a stronger film slate including proven sequels, 3D and retail-friendly films.

Q2 2010 was a weaker comparative because of the start of the FIFA World Cup.

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3D/2D Split (LFL)

Attendance (m) Box Office Revenue (£m)

100

120

3D 28.2%14

163D 19.1% 3D 22.3%

( ) ( )

23.128.8

80

100 3D 24.4%2.7 3.3

10

12

71.4 73.240

60

11.6 11.5

4

6

8

0

20

Q2 2010 Q2 20110

2

4

Q2 2010 Q2 2011 Q2 2010 Q2 2011

3D 2D

Q2 2010 Q2 2011

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3D increased over prior year as a proportion of the business

UK Top films Q2

2009 Top 5 2010 2011Title (GBOR Title (GBOR Title (GBOR

£000s) £000s) £000s)

Star Trek 21,080 Iron Man 2 21,118 Pirates of the Caribbean: On

32,156

Stranger Tides (3D)

Monsters Vs. Aliens 19,357 Sex and the City 2 20,632 The Hangover II 31,457

Night of the Museum: Battle of the

19,117 Clash of the Titans (3D)

20,149 Fast & Furious 5 18,477Battle of the Smithsonian

Titans (3D)

Angels & Demons 18,353 How To Train Your Dragon (3D)

15,464 X-Men: First Class 14,044

T f 17 504 R bi H d 15 225 Th (3D) 14 013Transformers:Revenge of the Fallen

17,504 Robin Hood 15,225 Thor (3D) 14,013

Total Top 5 95,411 38% Total Top 5 92,588 42% Total Top 5 110,147 45%

Variance to 2010 19%

Variance to 2009 15%

Other Films 158,177 62% 132,396 58% 134,903 55%

Total All Films 253,588 224,984 245,050

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UK market significantly higher than prior year led by success of Top 5 films

CE Top Films Q2

2010 2011

Q2 Actual (Adm m)

Q2 Actual (Adm m)(Adm m) (Adm m)

Germany Sex and the City 2 2.1Pirates of the Caribbean: On Stranger Tides 4.2

Kampf Der Titanen 1.3 The Hangover 2 3.4Robin Hood 1.4 Fast & Furious 5 1.6Prince of Persia Sands of Time 1 4 Thor 1 1Prince of Persia: Sands of Time 1.4 Thor 1.1How To Train Your Dragon 1.2 The King’s Speech 1.1Total 7.4 Total 11.4

Italy Robin Hood 1 7Pirates of the Caribbean: On Stranger Tides 2 1Italy Robin Hood 1.7 Tides 2.1

Iron Man 2 1.3 Fast & Furious 5 1.7Prince of Persia: Sands of Time 1.1 The Hangover 2 1.4Sex and the City 2 1.0 Habemus Papam 0.9Clash of the Titans 0.9 Cars 2 0.9Total 6 0 Total 7 0Total 6.0 Total 7.0

Spain Alice in Wonderland 2.8Pirates of the Caribbean: On Stranger Tides 2.5

Robin Hood 1.6 Fast & Furious 5 1.5

Prince of Persia: Sands of Time 1.5 Rio 1.3Clash of the Titans 1.3 Thor 1.2Que Se Mueran Los Feos 1.0 Midnight in Paris 0.9Total 8.2 Total 7.4

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Germany and Italy ‘s Top 5 were ahead of prior year. Spain’s Top 5 was behind due to underperformance of key Hollywood titles, but was compensated by other films, leading to a total market up year-on-year

Q2 Revenue KPIs

Group ATP & RPH

Q2 2010 2011Variance % compared

to prior year

Total Group ATP £ (1) 6.04 6.36 5.3%

Total Group RPH £ (1) 1.96 2.14 8.7%(1) Stated at constant fx rates and constant territory weighting, for major territories

Group ATP was higher than prior year due to:

stronger 3D slate leading to more 3D premium revenue.

Group RPH was higher than prior year due to:

good returns on retail initiatives and investments; andandmore retail-friendly film mix (including Hollywood blockbusters such as Pirates of the Caribbean: On Stranger Tides).

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Revenue KPIs progressed well, supported by a better film mix compared to the unusual Q2 2010

Q2 2011 Margins and Costs

TOTAL ESTATE LIKE-FOR-LIKE ESTATE

£m unless otherwise stated Q22011

Variance from Q2 2010

Q2 2011

Variance from Q2 2010

Group revenue* 159 0 19 9% 143 6 9 5%Group revenue 159.0 19.9% 143.6 9.5%

Gross Profit 103.7 94.3

Gross Profit Margin 65.2% (140 bps) 65.7% (70bps)

Operating costs* 91 5 (13 2%) 82 3 (2 8%)Operating costs* 91.5 (13.2%) 82.3 (2.8%)

EBITDA 12.2 48.6% 12.0 52.9%

EBITDAR Margin 27.0% +120 bps 27.5% +410bps

Gross Profit Margin was lower than in the Operating cost control was good, despite prior year principally due to higher film hire costs on more blockbusters

g ginflationary pressures. EBITDAR Margin (LFL) improved on prior year.

12* Variances stated at constant fx rate

Quarterly & Annual EBITDA Progression

35.0 90.0

£m £m

30.0

63 4

71.3

82.4

70.0

80.0

20.0

25.0

2008

63.4

50.0

60.0

2008

10 0

15.0200920102011 30.0

40.0

200820092010

5.0

10.0

10.0

20.0

0.0

Q1 Q2 Q3 Q40.0

Full Year

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EBITDA has progressed strongly in recent years, but phasing each year variesEBITDA in Q2 2011 was ahead of recent years

Digital Rollout Progressing Quickly

43%

1600

1800 >75%26% 58%12%

193

263

1200

1400

1600

274

378130

153

800

1000

1200

151

274

66

106

33

103

600

800

110298

445666

825

42

93

29

66

24200

400

% of total screens

1100

Dec-09 Jun-10 Dec-10 Jun-11 Sept-11 (Expected)

UK Spain/Portugal Germany/Austria Italy

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Odeon now have more digital auditoria than any operator in the UK and EuropeSource: Management Information

Progress on Acquisitions (1/4)

Ireland (Project Dana)

INTEGRATION PROGRESSING WELL:INTEGRATION PROGRESSING WELL:

– Stillorgan refurbished and opened July 2011

– Retail Matters rolled out to all locations

– Country Manager appointed August 2011

– Costa to be added to Limerick, Waterford and Coolock by the end of 2011

– New lease signed for six screen cinema at the Point, Dublin

– IMAX screen announced for the Point and second location under negotiation

– Loyalty scheme to be launched Q1 2012

– Second 9 screen cinema planned for Dublin – legals being finalised

– Further new cinemas under discussion

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P h (3 i ) l d D b 2010

Italy Acquisitions since December 2010 (including Project Jupiter)

Pathe (3 cinemas) – completed December 2010:– Integration completed– Attendance and RPH higher than business case

UGC Italy (4 cinemas) – completed May 2011:– Refurbishment of retail areas completed at all cinemas improving retail spend figures

f– IT infrastructure completed in all sites– 29 3D screens installed– UCI signage installation in process– Additional arcade games orderedAdditional arcade games ordered

Giometti Italy (7 cinemas) – completed June 2011:Management have begun to implement the acquisition integration plan– Management have begun to implement the acquisition integration plan

– Our integration teams are working with the staff/managers in all cinemas to implement the training and process changes required

– Refurbishment to retail areas agreed and works commence September– Additional 3D screens currently being installed.

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UGC S i (5 i ) l d M 2011

Spain Acquisitions since December 2010 (including Project Neptune)

UGC Spain (5 cinemas) – completed May 2011:– Retail refurbishments completed– Major refurbishment of cinema at Mendez Alvaro will start at end Sept

41 3D di it l i t ll d– 41 3D digital screens installed– Installed additional ATMs to improve booking facilities at box– IT integration has been completed and signage change in progress– Implementation of updated retail product range/prices and a staff training program on UCIImplementation of updated retail product range/prices and a staff training program on UCI

procedures are in progress.

Bilbao Spain (2 cinemas) – completed May 2011:p ( ) p y– Cinesa signage and IT systems installed– 12 3D projectors installed, management and team training in progress

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Total estate now comprises 225 sites & 2,120 screensIreland(Fully Owned)

Sites: 9(2) (+1)S 62 (+7)

#2

Sites: 39 (+11)

Italy#1

Screens: 62 (+7)18% mkt share(1)

Screens: 420 (+117)17% mkt share (+5%) (1)

Sites / Screens: 9 / 62

UCI/Storm Ireland Sites Pathe Italy Sites

Spain#1

Sites / Screens: 9 / 62Market Share: 18.1%

Sites / Screens: 3 / 39Market Share: 2%


UGC Italy Sites

Sites: 44 (+8)Screens: 520 (+127)20% mkt share (+4%) (1)

UGC Spain Sites

Market Share: 3%

Selected Giometti Italy Sites




Selected Coliseo Sites (Bilbao)



La Coruna 12 screens

New Site

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Source: Management Information(1) Note: Market shares based on attendance, except for UK and Ireland, which are based on Gross Box Office Receipts(2) The acquisition in Ireland relates to the 8 sites that were previously managed by Odeon, but not owned, and one additional sitewhich was not part of the Dana estate

Odeon has increased screen count by approximately 15% over the last six months

UK 2011 Initiatives

IMAX– A twelfth IMAX site at London Swiss Cottage is being installed The entire Swiss Cottage site isA twelfth IMAX site at London Swiss Cottage is being installed. The entire Swiss Cottage site is

being refurbished and will re-open on September 15th, with new foyer, seats, screens and the addition of AMBAR and Costa.

Costa– We continue to find opportunities to expand our Costa franchise in the UK. Two new sites have

recently opened at Putney and Aylesbury bringing our total estate to 17 locations.– Stoke opened during the second week of August and additional stores at Swiss Cottage, Cardiff and

Bridgend will be completed by the end of Q3.dge d be co p e ed by e e d o Q3

Retail refurbishments – Schemes were completed in May at Bracknell, Warrington and Dudley and further works are

scheduled during Q4 at Esher and Darlington.

Retail Matters – The programme that targets increased perception of value for money & an improved retail range has

now been rolled out to all UK and Irish sites and is on track to improve RPH benefits.

Seating refurbishments – Seating led refurbishments have been completed at Cardiff and Guildford and are currently

underway at Liverpool Switch Island, Kettering and Nuneaton

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CE 2011 Initiatives

New sites– La Coruna opened in Q2, achieving the No. 1 local market share

IMAX– We have begun a series of trials of the format in CE – three sites opened in May in Madrid, Majorca and Milan.

Good results seen from all three sites on a strong IMAX film slate.Good results seen from all three sites on a strong IMAX film slate.

iSens– We have also launched a trial of our own proprietary Big Screen format in CE called iSens – two sites opened since

April in La Coruna and Principe Pio (Madrid).G d R it t i S t b 2011– Genova and Rome sites to open in September 2011

– Dusseldorf and Hamburg scheduled to open in October 2011

Retail– One Mas que Dulce standalone Pick ‘n’ Mix concession opened in La Maquinista (Barcelona) and a second due toOne Mas que Dulce standalone Pick n Mix concession opened in La Maquinista (Barcelona) and a second due to

open in Equinoccio (Madrid) in October– Retail refurbishments completed in the majority of 2011 acquired sites

RefurbishmentsSi d h f ll f bi h d A bid (P l) L R (M d id) d Vi SCS (A i ) i– Since year-end we have fully refurbished Arrabida (Portugal), Las Rozas (Madrid) and Vienna SCS (Austria) sites.

– We continue to invest in Loge and VIP seating in Germany where new seats were rolled out at Leipzig, Huerth, Othmarschen Hamburg

– New Pick ‘n’ Mix walls have been installed in Italy and GermanyC l t d f bi h t f t il t Vi MEC i i A t i

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– Completed refurbishment of retail areas at Vienna MEC cinema in Austria

YTD Abbreviated Cashflow

Three monthsended 30 June

Six monthsended 30 June

2010 2011 2010 2011

EBITDA 8.2 12.2 39.8 35.9

Working capital, provisions and one‐off (33.3) (19.8) (33.7) 4.9Working capital, provisions and one off (33.3) (19.8) (33.7) 4.9 Cash flows from operating activities (25.1) (7.6) 6.1 40.8

Acquisitions ‐ (88.2) ‐ (88.2)Net payments for capital expenditure (5.1) (9.7) (12.1) (17.7)Interest paid (6 1) (6 8) (12 3) (12 9)Interest paid (6.1) (6.8) (12.3) (12.9)Financing fees paid (2.7) (19.1) (2.7) (20.3)Taxation paid (0.1) (0.5) (0.2) (0.6)

(Increase)/decrease in net debt (39.1) (131.9) (21.2) (98.9)

Cash balance, end of period 24.9 130.3 24.9 130.3Net debt, end of period 287.2 383.3 287.2 383.3

Working capital was an outflow in Q2, as is normal for the quietest quarter of the year. The outflow was lower than 2010 because of g p , q q ystronger trading at the end of the quarter.

Payments for capital expenditure were £10m in 2011 Q2 compared to £5m in 2010. This included £3m of maintenance additions and the balance was development spend on the existing estate and new sites.

Net interest paid of £7m was primarily interest on the bank debt drawn under the old bank facilities, repaid 24 May, and interest on

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finance leases.

Net debt increased by £132m in the quarter to £383m. Closing cash was £130m, including some temporary benefit from strong working capital performance which will reverse later in the year.

Film Slate UK

2010 Actual “Top 20” Releases 2011 Anticipated “Top 20” Releases

Q2 Sex and the City 2 Pirates of the Caribbean: On Stranger Tides (3D)Q2 Sex and the City 2 Pirates of the Caribbean: On Stranger Tides (3D)Iron Man 2 The Hangover IIClash of the Titans (3D) Fast Five (3D)How To Train Your Dragon (3D) X Men: First ClassRobin Hood

Q3 Toy Story 3 (3D) Harry Potter and the Deathly Hallows Part II (3D)Shrek Forever After (3D) Transformers: Dark of the Moon (3D)Inception Cars 2 (3D)The Twilight Saga: Eclipse BridesmaidsKarate Kid The Inbetweeners

Q4 Harry Potter and the Deathly Hallows Part I Adventures of Tintin: The Secret of the Unicorn (3D)Little Fockers The Twilight Saga: Breaking Dawn Part IDespicable Me (3D)* Johnny English 2

Sherlock Holmes 2*Arthur Christmas (3D)Happ Feet 2 (3D)Happy Feet 2 (3D)Alvin and the Chipmunks 3*Puss in Boots (3D)Mission Impossible: Ghost Protocol (3D)*

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Films expected to gross over c.£15m are skewed towards Q3 and Q4 2011

* Part of the full run in the year.

Current Trading & Outlook

The second half film slate looks stronger than 2010.

Q3 includes a number of significant titles (including Harry Potter, Transformers, Cars and Inbetweeners), similar to last year., ), y

In July, the final Harry Potter film became the biggest opening in cinema history.history.

In August, Inbetweeners became the biggest opening British comedy in the UKthe UK.

In Q4, there is a stronger slate compared to 2010, including a wide range of blockbuster sequels (Johnny English Alvin Happy Feetrange of blockbuster sequels (Johnny English, Alvin, Happy Feet, Twilight), new material (Tintin, Puss in Boots) and 3D titles.

Q3 lt t b d 29 N b 2011Q3 results to be announced 29 November 2011.

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Q&A & AOB

A ti ?Any questions?Further questions can be addressed below:– Email: [email protected]– PR: [email protected]– Financial PR: [email protected]

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