National CineMedia, Inc.
Aug 6, 2008

National CineMedia, Inc. Reports Results for Second Quarter Fiscal 2008

~ Provides 2008 Outlook ~

~ Increases Quarterly Cash Dividend ~

CENTENNIAL, CO, Aug 06, 2008 (BUSINESS WIRE) -- National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing member and owner of 42.3% of National CineMedia, LLC (NCM LLC), the operator of the largest digital in-theatre network in North America, today announced consolidated results for the second fiscal quarter ended June 26, 2008.

Total revenue for the second quarter 2008 grew 3.6% to $86.7 million from $83.7 million for the comparable quarter last year. Advertising revenue for the second quarter 2008 was $74.8 million, a decrease of 2.5% compared to $76.7 million for the comparable quarter last year. Meetings and events revenue increased 70.0% to $11.9 million in the second quarter of 2008 compared to $7.0 million for the comparable quarter last year. National advertising inventory utilization for the quarter was 66.2% versus 80.8% in the comparable period in 2007. Cost per thousand (or CPM) advertising rates increased 12.5% in the quarter versus the comparable period last year. Adjusted OIBDA declined 8.4% to $42.8 million for the second quarter 2008 from $46.7 million for the comparable quarter last year. Adjusted OIBDA as a percentage of total revenue decreased from 55.8% in the second quarter of 2007 to 49.4% in the current quarter. Net income for the second quarter 2008 was $4.3 million, or $0.10 per diluted share, compared to net income of $6.3 million, or $0.15 per diluted share, for the comparable quarter last year.

The Company completed its initial public offering (IPO) of stock and NCM LLC completed its debt financing on February 13, 2007; therefore the historical results prior to the IPO are not comparable to the post-IPO results. The six months ended June 28, 2007 is divided into two periods, pre-IPO from December 29, 2006 through February 12, 2007 for its predecessor NCM LLC, and post-IPO from February 13, 2007 through June 28, 2007 for its consolidated results after the acquisition of its interest in NCM LLC. CPMs and inventory utilization for 2007 have been recalculated to conform to the current year presentation.

For the six months ended June 26, 2008, total revenue was $149.4 million compared to $23.6 million for the pre-IPO period and $116.2 million of revenue for the post-IPO period. Net income for the six months ended June 26, 2008 was $3.9 million, or $0.09 per diluted share, compared to a net loss of $4.2 million for the pre-IPO period and net income of $7.4 million for the post-IPO period last year.

The Company is also pleased to announce today that its Board of Directors has authorized the Company's second quarter cash dividend of $0.16 per share of common stock, a one-cent, or 6.7% increase over previously declared quarterly dividends. The dividend will be paid on September 4, 2008, to stockholders of record on August 21, 2008. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors dependent on available cash, anticipated cash needs, overall financial condition, future prospects for earnings and cash flows as well as other relevant factors.

"While I am disappointed with our second quarter results versus 2007, we are still on track with our long-term business strategy as our original thesis about the migration of media spending to new, more effective digital advertising platforms like ours remains intact," said Kurt Hall, National CineMedia's Chairman and CEO. "As demonstrated by the growth implicit in our guidance for the second half of 2008, our growth has not happened on a straight-line basis quarter-to-quarter. Despite a slight decrease in our current quarter OIBDA versus a very strong 2007, we made progress on our plan to expand and improve the quality of our digital network and increase the future spending commitments of existing clients and create relationships with new clients. These are key building blocks of a successful future for NCM as new digital mediums like cinema become an increasingly important part of the media marketplace."

Pro Forma Financial Information

In connection with the completion of the Company's IPO, the Company acquired an interest in NCM LLC and the Company and NCM LLC entered into several new agreements. The Company and NCM LLC's founding members (AMC, Cinemark and Regal) entered into the amended LLC operating agreement and NCM LLC entered into the restated exhibitor services agreements, the Loews integration agreement with AMC and an $805.0 million senior secured credit facility with a group of lenders, of which $772.0 million was outstanding at June 26, 2008.

In order to facilitate additional comparative analysis between periods, set forth below is pro forma financial information for the six months ended June 28, 2007 that reflects the IPO and the related transactions as if they had become effective on December 30, 2006.

Total revenue for the six months ended June 26, 2008 grew 2.4% to $149.4 million from total pro forma revenue of $145.9 million for the comparable period last year. Advertising revenue decreased 3.1% to $128.5 million for the first half of 2008 from pro forma advertising revenue of $132.6 million for the comparable period last year. Adjusted OIBDA decreased 12.3% to $63.5 million from pro forma Adjusted OIBDA of $72.4 million for the first six months of 2008 and 2007, respectively. Pro forma Adjusted OIBDA as a percentage of total pro forma revenue decreased from 49.6% for the six months ended June 28, 2007 to 42.5% for the six months ended June 26, 2008. Net income for the first half of 2008 decreased to $3.9 million compared to pro forma net income for the first half of 2007 of $7.2 million. Earnings per diluted share decreased to $0.09 per share for the first half of 2008 compared to pro forma earnings per diluted share of $0.17 per share for the first half of 2007.

Outlook

The following is the Company's outlook for the third quarter of 2008 and full year 2008. This section contains forward looking statements. Please see "Forward Looking Statements" below.

For the third quarter of 2008, the Company expects total revenue to be in the range of $103 million to $106 million and Adjusted OIBDA to be in the range of $58 million to $60 million.

For the full year 2008, the Company expects total revenue to be in the range of $360 million to $365 million and Adjusted OIBDA to be in the range of $180 million to $185 million.

Conference Call

The Company will host a conference call and audio webcast with investors, analysts and other interested parties today at 5:00 P.M. Eastern time. The live call can be accessed by dialing (888) 599-8655 or for international participants (913) 312-1456. Participants should register at least 15 minutes prior to the commencement of the call. Additionally, a live audio webcast will be available to interested parties at www.ncm.com under the Investor Relations section. Participants should allow at least 15 minutes prior to the commencement of the call to register, download and install necessary audio software.

The replay of the conference call will be available until midnight Eastern Time, August 20, 2008, by dialing (888) 203-1112 or for international participants (719) 457-0820, and entering passcode 2959644.

OIBDA and Adjusted OIBDA

Operating Income Before Depreciation and Amortization (OIBDA), Adjusted OIBDA and Adjusted OIBDA margin are not financial measures calculated in accordance with generally accepted accounting principles (GAAP) in the United States. OIBDA represents operating income (loss) before depreciation and amortization expense. Adjusted OIBDA excludes from OIBDA non-cash severance plan costs, share based payment costs and deferred stock compensation. Adjusted OIBDA margin is calculated by dividing Adjusted OIBDA by total revenue. These non-GAAP financial measures are used by management to evaluate operating performance and to forecast future results. The Company believes these are important supplemental measures of operating performance because they eliminate items that have less bearing on its operating performance and so highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP financial measures. The Company believes the presentation of these measures is relevant and useful for investors because it enables them to view performance in a manner similar to the method used by the Company's management, helps improve their ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that may have different depreciation and amortization policies, non-cash share based compensation programs, net interest or tax rates. A limitation of these measures, however, is that they exclude depreciation and amortization, which represent the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's business. In addition, Adjusted OIBDA has the limitation of not reflecting the effect of the Company's non-cash severance plan costs, share based payment costs and deferred stock compensation. OIBDA or Adjusted OIBDA should not be regarded as an alternative to operating income, net income or as indicators of operating performance, nor should they be considered in isolation of, or as substitutes for financial measures prepared in accordance with GAAP. The Company believes that operating income is the most directly comparable GAAP financial measure to OIBDA and Adjusted OIBDA. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.

OIBDA and Adjusted OIBDA do not reflect the AMC Loews integration payments as those amounts were recorded directly to equity. AMC made Loews payments to NCM LLC pursuant to the Loews screen integration agreement, which were $3.2 million, $4.0 million, $2.8 million and $3.6 million for the quarter ended June 26, 2008, the six months ended June 26, 2008, the quarter ended June 28, 2007 and the 2007 post-IPO period, respectively. The AMC Loews payment for the six months ended June 28, 2007 on a pro forma basis was $4.1 million. In addition, the payments made by Regal associated with Consolidated Theatres payments, which were $0.5 million for the quarter and six months ended June 26, 2008, were recorded to the intangible asset.

Pro Forma Non-GAAP Information

The unaudited pro forma financial information for the six months ended June 28, 2007 is included for informational purposes only and does not purport to reflect the Company's and NCM LLC's results of operations that would have occurred had they operated as a separate, independent company during the periods presented. The historical results of NCM LLC have been affected by related party transactions as discussed more fully in the Company's public filings with the Securities and Exchange Commission. The pro forma financial information should not be relied upon as being indicative of the Company's and NCM LLC's results of operations had the IPO and other transactions contemplated in connection with the IPO been completed on the dates assumed. The pro forma financial information also does not project the results of operations for any future periods. The pro forma information is included because the Company believes it provides the most meaningful basis for comparison between periods.

About National CineMedia, Inc.

NCM LLC operates the largest digital in-theatre network in North America through long-term agreements with its founding members, AMC Entertainment Inc., Cinemark USA Inc. (NYSE: CNK) and Regal Entertainment Group (NYSE: RGC), the three largest theatre operators in the U.S., and through multi-year agreements with several other theatre operators. NCM LLC produces and distributes its FirstLook pre feature program; cinema and lobby advertising products; comprehensive meeting and event services and other entertainment programming content. NCM LLC's national network includes over 17,000 screens of which approximately 14,700 are part of the Company's Digital Content Network (DCN). NCM LLC's network covers 176 Designated Market Areas(R) (49 of the top 50). During 2007, approximately 685 million patrons attended movies shown in theatres currently included in our network (excluding Consolidated Theatres and Star Theatres). National CineMedia, Inc. (NASDAQ: NCMI) owns a 42.3% interest in and is the managing member of NCM LLC. To learn more about National CineMedia Inc., please visit the Company's website at www.ncm.com.

Forward Looking Statements

This press release contains various forward-looking statements that reflect management's current expectations or beliefs regarding future events, including statements regarding guidance and the dividend policy. 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) the level of expenditures on cinema advertising; 2) increased competition for advertising expenditures; 3) technological changes and innovations; 4) popularity of major motion picture releases and level of theatre attendance; 5) shifts in population and other demographics that affect theatre attendance; 6) our ability to renew or replace expiring advertising and content contracts; 7) our need for additional funding, risks and uncertainties relating to our significant indebtedness; 8) fluctuations in operating costs; 9) changes in interest rates, and 10) changes in accounting principles. In addition, the outlook provided does not include the impact of any future unusual or infrequent transactions; unidentified restructuring charges; sales and acquisitions of operating assets and investments; any future noncash impairments of goodwill, intangible and fixed assets; amounts related to securities 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 for further information about these and other risks.

                       NATIONAL CINEMEDIA, INC.
                       Statement of Operations
                              Unaudited
                ($ in millions, except per share data)

                                         Quarter Ended  Quarter Ended
                                         June 26, 2008  June 28, 2007
                                         -------------- --------------
REVENUE:
    Advertising (including revenue from
     founding members of $10.6 and
     $11.8, respectively)                $         74.8 $         76.7
    Meetings and events                            11.9            7.0
                                         -------------- --------------

         Total                                     86.7           83.7
                                         -------------- --------------

EXPENSES:
    Advertising operating costs                     3.8            2.2
    Meetings and events operating costs             7.3            3.9
    Network costs                                   3.9            3.7
    Theatre access fees--founding
     members                                       12.1           12.0
    Selling and marketing costs                    11.9           10.3
    Administrative and other costs                  5.7            5.8
    Severance plan costs                            0.1            0.5
    Depreciation and amortization                   2.8            1.3
                                         -------------- --------------

         Total                                     47.6           39.7
                                         -------------- --------------


OPERATING INCOME (LOSS)                            39.1           44.0

Interest Expense, Net                              15.1           16.4
                                         -------------- --------------


INCOME (LOSS) BEFORE INCOME TAXES AND
 MINORITY INTEREST                                 24.0           27.6

Provision for Income Taxes                         10.5           11.3
Minority Interest, Net                              9.2           10.0

                                         -------------- --------------
NET INCOME (LOSS)                        $          4.3 $          6.3
                                         ============== ==============

EARNINGS PER SHARE:
  Basic                                  $         0.10 $         0.15
  Diluted                                $         0.10 $         0.15

                       NATIONAL CINEMEDIA, INC.
                       Statement of Operations
                              Unaudited
                ($ in millions, except per share data)

                                          Period
                                       February 13,  Period December
                     Six Months Ended  2007 through  29, 2006 through
                       June 26, 2008   June 28, 2007 February 12, 2007
                     ----------------- ------------- -----------------
REVENUE:
    Advertising
     (including
     revenue from
     founding
     members of
     $20.8, $17.3,
     and $0.0,
     respectively)   $           128.5 $       105.8 $           20.6
    Administrative
     fees--founding
     members                        --            --              0.1
    Meetings and
     events                       20.9          10.3              2.9
    Other                           --           0.1               --
                     ----------------- ------------- -----------------

         Total                   149.4         116.2             23.6
                     ----------------- ------------- -----------------

EXPENSES:
    Advertising
     operating costs               6.5           3.2              1.1
    Meetings and
     events
     operating costs              13.6           5.7              1.4
    Network costs                  8.0           5.6              1.7
    Theatre access
     fees/circuit
     share costs--
     founding
     members                      23.6          17.5             14.4
    Selling and
     marketing costs              23.5          15.4              5.2
    Administrative
     and other costs              12.4           8.7              2.8
    Severance plan
     costs                         0.3           1.0              0.4
    Depreciation and
     amortization                  4.7           1.8              0.7
                     ----------------- ------------- -----------------

         Total                    92.6          58.9             27.7
                     ----------------- ------------- -----------------


OPERATING INCOME
 (LOSS)                           56.8          57.3             (4.1)

Interest Expense,
 Net                              31.1          24.5              0.1
                     ----------------- ------------- -----------------


INCOME (LOSS) BEFORE
 INCOME TAXES AND
 MINORITY INTEREST                25.7          32.8             (4.2)

Provision for Income
 Taxes                            11.2          13.2               --
Minority Interest,
 Net                              10.6          12.2               --

                     ----------------- ------------- -----------------
NET INCOME (LOSS)    $             3.9 $         7.4 $           (4.2)
                     ================= ============= =================

EARNINGS PER SHARE:
  Basic              $            0.09 $        0.17
  Diluted            $            0.09 $        0.17

                       NATIONAL CINEMEDIA, INC.
                     Selected Balance Sheet Data
                      Unaudited ($ in millions)

                                       June 26, 2008 December 27, 2007
                                       ------------- -----------------
Cash, cash equivalents and short-term
 investments                           $       18.1  $           29.9
Receivables, net                               73.2              93.2
Property and equipment, net                    27.0              22.2
Total Assets                                  540.1             463.6
Borrowings                                    772.0             784.0
Stockholders' equity/(deficit)               (474.8)           (572.4)
Total Liabilities and Stockholders'
 Equity                                       540.1             463.6

                NATIONAL CINEMEDIA, INC. (Historical)
                            Operating Data
                              Unaudited

               Quarter and   Quarter and
                Six Months    Six Months
                   Ended         Ended
               June 26, 2008 June 28, 2007
               ------------- -------------

Total Screens
 at Period End
 (1) (6)              17,049        14,137

Founding
 Member
 Screens at
 Period End
 (2) (6)              14,278        13,131

Total Digital
 Screens at
 Period End
 (3)                  14,696        12,339

                  Quarter       Quarter     Six Months    Six Months
                   Ended         Ended         Ended         Ended
               June 26, 2008 June 28, 2007 June 26, 2008 June 28, 2007
               ------------- ------------- ------------- -------------

Total
 Attendance
 for Period
 (4) (6)
(in millions)          155.2         145.3         298.9         282.4

Founding
 Member
 Attendance
 for Period
 (5) (6)
(in millions)          134.0         137.7         262.0         268.0

Capital
 Expenditures
 (in millions) $         3.7 $         2.2 $         9.0 $         3.9

   (1) Represents the sum of founding member screens and network
    affiliate screens.

   (2) Represents the sum of founding member screens.

   (3) Represents the total number of screens which are connected to
    the digital content network.

   (4) Represents the total attendance within NCM LLC's advertising
    network in theatres operated by the founding members and network
    affiliates.

   (5) Represents the total attendance within NCM LLC's advertising
    network in theatres operated by the founding members.

   (6) Excludes AMC Loews attendance and screens for 2007 and through
    May 2008 and Star Theatres (a subsidiary of AMC Loews) and
    Consolidated Theatres attendance and screens for 2007 and 2008.

                       NATIONAL CINEMEDIA, INC.
                            Operating Data
                              Unaudited
 (in millions, except advertising revenue per attendee and per share
                                 data)

                           Historical Historical Historical Pro Forma
                            Quarter    Quarter   Six Months Six Months
                             Ended      Ended      Ended      Ended
                           June 26,   June 28,   June 26,   June 28,
                              2008       2007       2008       2007
                           ---------- ---------- ---------- ----------

Advertising Revenue        $    74.8  $    76.7  $   128.5  $   132.6
Total Revenue                   86.7       83.7      149.4      145.9
Operating Income                39.1       44.0       56.8       66.9

Total Attendance (1)           155.2      145.3      298.9      282.4
  Advertising Revenue /
   Attendee                $    0.48  $    0.53  $    0.43  $    0.47

OIBDA                      $    41.9  $    45.3  $    61.5  $    69.4
Adjusted OIBDA                  42.8       46.7       63.5       72.4
Adjusted OIBDA Margin           49.4%      55.8%      42.5%      49.6%

Earnings Per Share - Basic $    0.10  $    0.15  $    0.09  $    0.17
Earnings Per Share -
 Diluted                   $    0.10  $    0.15  $    0.09  $    0.17

  (1) Represents the total attendance within NCM LLC's advertising
   network in theatres operated by the founding members and network
   affiliates. Excludes AMC Loews attendance and screens for 2007 and
   through May 2008 and Star Theatres and Consolidated Theatres
   attendance and screens for 2007 and 2008.

               Pre-IPO   Post-IPO                              Six
               period     period                              Months
              December   February                             Ended
                 29,        13,                               June 28,
                2006       2007                                2007
               through    through                              Pro
              February   June 28,    Contractual Transaction  Forma,
              12, 2007      2007       Adjust-    Adjust-       As
              Historical Historical     ments     ments       Adjusted
             ----------- ----------  ---------------------------------
Revenue:
Advertising  $     20.6  $    105.8 $       6.2  $       --  $   132.6
Adminis-
 trative fees
 - founding
 members            0.1          --        (0.1)         --         --
Meetings and
 events             2.9        10.3          --          --       13.2
Other                --         0.1          --          --        0.1
             ----------- ----------  -----------  ---------- ---------

TOTAL REVENUE      23.6       116.2         6.1          --      145.9
             ----------- ----------  -----------  ---------- ---------

Expenses:
Advertising
 operating
 costs              1.1         3.2          --          --        4.3
Meetings and
 events
 operating
 costs              1.4         5.7          --          --        7.1
Network costs       1.7         5.6          --          --        7.3
Circuit share
 costs/
theatre
 access
fees -
 founding
 members           14.4        17.5        (7.7)         --       24.2
Selling and
 marketing
 costs              5.2        15.4          --          --       20.6
Adminis-
 trative and
 other costs        2.8         8.7          --         0.1       11.6
Severance
 plan costs         0.4         1.0          --          --        1.4
Depreciation
 and
 amortization       0.7         1.8          --          --        2.5
             ----------- ----------  -----------  ---------- ---------

TOTAL
 EXPENSES          27.7        58.9        (7.7)        0.1       79.0
             ----------- ----------  -----------  ---------- ---------
Operating
 Income/
(Loss)             (4.1)       57.3        13.8        (0.1)      66.9

Interest
 expense, net       0.1        24.5          --         8.1       32.7
             ----------- ----------  -----------  ---------- ---------
Income/
(Loss) before
 income taxes
 and minority
 interest          (4.2)       32.8        13.8        (8.2)      34.2
Provision for
 income taxes        --        13.2          --         0.7       13.9
Minority
 interest,
 net                 --        12.2          --         0.9       13.1
             ----------- ----------  -----------  ---------- ---------
NET INCOME/
(LOSS)       $     (4.2) $      7.4 $      13.8  $     (9.8) $     7.2
             =========== ==========  ===========  ========== =========
Earnings per
 share:
Basic                                                        $    0.17
Diluted                                                      $    0.17

Notes to the Pro Forma Consolidated Statements of Operations:

    1. Contractual adjustments represent the increase to advertising
        revenue to reflect the pro forma assignment from the founding
        members to NCM LLC of all legacy advertising contracts in
        accordance with the amended exhibitor services agreements,
        based on the actual revenue generated from those legacy
        contracts and the reversal of the related legacy contract
        administrative fees historically recorded by NCM LLC. Legacy
        advertising contracts are those contracts signed by RCM and
        NCN prior to the formation of NCM LLC. In addition,
        adjustments include the pro forma effect of the revenue from
        the sale of additional theatre advertising inventory to the
        founding members, in accordance with the exhibitor services
        agreements, in order for the founding members to fulfill their
        beverage concessionaire agreement on-screen advertising
        commitments. Contractual adjustments also include the change
        in circuit share payments pursuant to the exhibitor services
        agreements. Under the terms of the prior exhibitor service
        agreements with the founding members, the circuit share
        payments were based on varying percentages of advertising
        revenue. Under the modified exhibitor services agreements, the
        theatre access fee payments will initially be based on a per
        attendee and per digital screen calculation.

    2. Transaction adjustments represent interest expense, including
        amortization of deferred financing fees, over the term of the
        senior secured credit facility of approximately $0.5 million
        per quarter. Interest expense also includes the impact of an
        interest rate hedge agreement covering approximately 75% of
        the outstanding balance on the term loan. In addition, an
        adjustment to reflect minority interest expense is included,
        net of income tax expense/(benefit), resulting from the
        founding members' ownership of approximately 55.2% of the NCM
        LLC common membership units outstanding immediately after the
        offering. Transaction adjustments also include adjustments
        necessary to reflect federal and state income taxes on the
        income allocated from NCM LLC to NCM Inc., including
        amortization of the payable related to the tax sharing
        agreement of approximately $2.8 million per quarter.

    3. Basic earnings per share is calculated on the assumption that
        the 42,000,000 shares sold in the offering are outstanding
        over the entire period. Diluted earnings per share is
        calculated assuming that the unit option shares, as converted
        and unvested shares of restricted stock are outstanding during
        periods corresponding to their original issuance date (after
        application of the treasury stock method). The convertible
        common membership units of the founding members (which
        aggregate 51,850,951 shares) are not included as they are
        antidilutive, due to inclusion in interest expense of non-cash
        amortization of the tax payable to founding members which is
        not deducted by the LLC.

NATIONAL CINEMEDIA, INC. Non-GAAP Reconciliations Unaudited ($ in millions)

OIBDA, Adjusted OIBDA and OIBDA margin

The following table reconciles operating income to OIBDA and Adjusted OIBDA for the periods presented (dollars in millions):

                           Historical Historical Historical Pro Forma
                            Quarter    Quarter   Six Months Six Months
                             Ended      Ended      Ended      Ended
                           June 26,   June 28,   June 26,   June 28,
                              2008       2007       2008       2007
                           ---------- ---------- ---------- ----------
Operating income           $    39.1  $    44.0  $    56.8  $    66.9
Depreciation and
 amortization                    2.8        1.3        4.7        2.5
                           ---------- ---------- ---------- ----------
    OIBDA                       41.9       45.3       61.5       69.4
Severance plan costs             0.1        0.5        0.3        1.4
Share-based compensation
 costs (1)                       0.8        0.9        1.7        1.6
                           ---------- ---------- ---------- ----------
    Adjusted OIBDA         $    42.8  $    46.7  $    63.5  $    72.4
                           ========== ========== ========== ==========
Total Revenue              $    86.7  $    83.7  $   149.4  $   145.9
                           ========== ========== ========== ==========
    Adjusted OIBDA margin       49.4%      55.8%      42.5%      49.6%
                           ========== ========== ========== ==========

Adjusted OIBDA             $    42.8  $    46.7  $    63.5  $    72.4
AMC Loews /Consolidated
 Theatres Payments               3.7        2.8        4.5        4.1
                           ---------- ---------- ---------- ----------
    Adjusted OIBDA after
     AMC
     Loews/Consolidated
     Theatres Payments     $    46.5  $    49.5  $    68.0  $    76.5
                           ========== ========== ========== ==========

   1. Share-based payment costs are included in network operations,
       selling and marketing and administrative expense in the
       accompanying financial statements.

Outlook (in millions)

                               Quarter Ending Sept.    Year Ending
                                     25, 2008         January 1, 2009
                               -------------------- ------------------
                                  Low       High       Low      High
                               ---------- --------- --------- --------
Operating Income               $     53.3 $    54.7 $   164.3 $  167.7
Depreciation and amortization         3.8       4.2      12.0     13.0
                               ---------- --------- --------- --------
       OIBDA                   $     57.1 $    58.9 $   176.3 $  180.7
Severance plan costs                  0.1       0.2       0.4      0.6
Share-based compensation costs
 (1)                                  0.8       0.9       3.3      3.7
                               ---------- --------- --------- --------
        Adjusted OIBDA         $     58.0 $    60.0 $   180.0 $  185.0
                               ========== ========= ========= ========
Total Revenue                  $    103.0 $   106.0 $   360.0 $  365.0
                               ========== ========= ========= ========

SOURCE: National CineMedia, Inc.

National CineMedia, Inc.
Investor:
Nikki Sacks, 800-844-0935
investors@ncm.com
or
Media:
Lauren Leff, 303-957-1709
lauren.leff@ncm.com

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