1. 0 Janco Partners 9 th Annual Media & Telecommunications Conference March 17, 2004 Kurt Hall – Co-CEO

2. 1 Forward-looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the risk factors contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2003, as amended. This presentation contains references to “Adjusted EBITDA” (income from operations before depreciation and amortization expense, merger and restructuring expenses and amortization of deferred stock compensation, (gain) loss on disposal and impairment of operating assets, minority interest in earnings of consolidated subsidiaries and other expense (income), net) was approximately $544.4 million, or 21.9% of total revenues, for the year ended January 1, 2004. We believe Adjusted EBITDA provides a useful measure of cash flows from operations for our investors because Adjusted EBITDA is an industry comparative measure of cash flows generated by our operations prior to the payment of interest and taxes and because it is a primary financial measure used by management to assess the performance and liquidity of our Company. Additionally, we believe free cash flow provides a useful measure of liquidity. Adjusted EBITDA and free cash flow are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States of America and should not be considered in isolation or construed as a substitute for net income or other operations data or cash flow data prepared in accordance with accounting principles generally accepted in the United States of America for purposes of analyzing our profitability or liquidity. In addition, not all funds depicted by Adjusted EBITDA and free cash flow are available for management's discretionary use. For example, a portion of such funds are subject to contractual restrictions and functional requirements to pay debt service, fund necessary capital expenditures and meet other commitments from time to time as described in more detail in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2003, as amended. Adjusted EBITDA, as calculated, may not be comparable to similarly titled measures reported by other companies. Regal Entertainment Group has provided a reconciliation of net cash provided by operating activities and operating income to EBITDA and Adjusted EBITDA on its Web site at www.REGmovies.com. All forward-looking statements are expressly qualified in their entirety by such factors.

3. 2 Agenda: Regal Overview Steady Industry Growth Trends and Solid Fundamentals Proven Growth Strategy Regal CineMedia Financial Overview & Summary

4. 3 Regal Overview

5. 4 Largest Domestic Motion Picture Exhibitor Trailing 4 Quarters Ended January 1, 2004 Revenue$2.5 billion Adjusted EBITDA$544 million Adj. EBITDA Margin21.9% Attendance266 million

6. 5 National Footprint & Modern Assets 5 85 9 24 2 13 25 37 7 3 11 49 16 9 8 14 1 3 4 1 3 7 25 2 2 8 14 11 2 26 51 24 2 11 13 3 11 4 5 As of 1/1/04 550 Theatres 11.0 Screens/Theatre 17% of U.S. Screens 61% Stadium Seating 85% of Screens in sole exhibitor zones 46 of Top 50 Markets $2 Billion Invested Since 1997 = Modest Future Cap-Ex & Free Cash Flow

7. 6 Steady Industry Growth Trends & Solid Fundamentals

8. 7 Steady Box Office Box Office Revenue Steady Box Office Growth Source: NATO & Nielsen EDI Box Office Growth Solid fiscal 2003 Avg. 6.4% growth per year Attendance Avg. 3.3% growth per year Ticket & Concession Prices Avg. 2-3% growth per year 6.4% Growth Per Year (billions)

9. 8 Screen Rationalization Improving supply dynamics Screen count down 3.6% from peak in 1999 Attendance per screen increasing Decline in seats increases utilization Natural replacement cycle is increasing screens per theatre Regal’s model works regardless of pace of rationalization Source: NATO

10. 9 Proven Growth Strategy

11. 10 Proven Business Strategy Focus on Efficient Theatre Operations Selective investment in new theatre sites and expand capacity in key locations Organic revenue growth / effective cost controls Return Value to Shareholders $5.65 paid in 2003 – $0.15 quarterly dividend, increased to $0.18 in fiscal 2004 Evaluate Accretive Acquisitions Regal CineMedia Opportunities

12. 11 Prudent Acquisition Strategy Regal’s Focus High quality assets Valuation of 5-7x trailing 12-month EBITDA Accretive to cash flows and earnings Marketplace 30 Circuits with >200 screens Circuits #2 - #5 total approx. 13,000 screens Circuits #6 - #30 total approx. 10,000 screens Regal CineMedia Benefits Enhances RCM growth opportunities by Increasing advertising reach Adding venues for meetings & special events Enhancing key market presence

13. 12 Regal CineMedia

14. 13 Digital Content Network Company estimates as of 2/10/04 Building a $70+ million network of digital projectors capable of showing: On-screen advertising Alternative content Concerts TV premieres Educational events Niche sporting events Expected as of 12/30/04: Screens: 5,275 Theatres: 430 Plasma: 1,325 Markets: 78 Unparalleled National Presence 240+ Million Annual Attendance 25 of Top 25 Markets 46 of Top 50 Markets

15. 14 The 2wenty 20-minute pre-show program containing a mix of branded content segments and national and regional advertisements. ContentAdvertisers

16. 15 RCM Business Model Highlights Revenue mix as of fiscal Q4 2003 89% Advertising 11% CineMeetings other RCM initiatives EBITDA Margins Continue to track ahead of 50% target Sell-Through Fiscal Q3 & Q4 – Nearly 100% Pricing $25-30 CPM (Cost per thousand impressions) Recall 5-6x Better recall than TV

17. 16 Financial Overview & Summary

18. 17 Conservative Capital Structure (1)145.3 million fully diluted shares as of 1/1/04 x Closing price of $20.29 as of 3/9/04. 1/1/04 Cash$288.8 3 ¾% Convertible Senior Notes240.0 Senior Credit Facility509.6 9 3/8 Senior Subordinated Notes350.0 Lease Financing Arrangements96.0 Capital Lease Obligations25.4 Other 6.2 Total Net Debt$938.4 Shareholders’ Equity (Mkt. Value) (1) $2,948.1 Total Capitalization$3,886.5 Net Debt / LTM EBITDA1.7x ($ in millions)

19. 18 Investment Highlights + + = Steady Industry Growth & Solid Fundamentals Proven Business Strategy Deliver Shareholder Value Generates Free Cash Flow Stock Appreciation + Dividends Paid = 40% Return Since IPO Based on stock price as of 3/4/04. Regal CineMedia +

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