Mike Campbell, Co-Chairman

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September 2004 New York Boston Non-Deal Roadshow
Mike Campbell, Co-Chairman Co-CEO Kurt Hall,
Co-Chairman Co-CEO Amy Miles, CFO
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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 included
  herein, other than statements of historical fact,
  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 2003 Annual
  Report on Form 10-K filed with the Securities and
  Exchange Commission on March 16, 2004. All
  forward-looking statements are expressly
  qualified in their entirety by such factors.
• This presentation contains references to
  Adjusted EBITDA (earnings before interest,
  taxes, depreciation and amortization expense,
  loss on debt extinguishment, merger and
  restructuring expenses and amortization of
  deferred stock compensation, gain on disposal and
  impairment of operating assets, minority interest
  in earnings of consolidated subsidiaries and
  other, net) was approximately 553.4 million, or
  21.9 of total revenues, for the four quarters
  ended July 1, 2004. We believe EBITDA, Adjusted
  EBITDA and Free Cash Flow provide useful measures
  of cash flows from operations for our investors
  because EBITDA, Adjusted EBITDA and Free Cash
  Flow are industry comparative measures of cash
  flows generated by our operations and because
  they are financial measures used by management to
  assess the performance and liquidity of our
  Company. EBITDA, 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 substitutes 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 EBITDA, 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 Companys 2003
  Annual Report on Form 10-K filed with the
  Securities and Exchange Commission on March 16,
  2004. EBITDA, Adjusted EBITDA and Free Cash
  Flow, 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.

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Agenda

• Regal Overview
• Steady Industry Growth Trends and Solid
  Fundamentals
• Proven Business Strategy Generates Free Cash Flow
• Regal CineMedia Generating Incremental Free Cash
  Flow
• Financial Overview Summary

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Regal Overview
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Largest Domestic Motion Picture Exhibitor

• Trailing 4 Quarters Ended July 1, 2004
• Revenue 2.5 billion
• Adjusted EBITDA 553 million
• Adj. EBITDA margin 21.9
• Attendance 265 million

• Free Cash Flow 312 million
• Free Cash Flow Per Share 2.12

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National Footprint Modern Assets

• 544 Theatres
• 6,053 Screens
• 11.1 Screens/Theatre
• 17 of U.S. Screens
• 61 Stadium Seating
• 85 of Screens in sole exhibitor zones
• 45 of Top 50 Markets

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As of 7/1/04

2 Billion Invested Since 1997 Modern Asset
Base Significant Free Cash Flow
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Industry Leading Margins
LTM Adj. LTM Adj. Free Cash FCF EBITDA EBITDA
Margin(2) Flow Margin(3)
Regal 553 21.9 312 12.3 Comparable
Avg.(1) - 17.9 - 7.3

• Focus on efficient theatre operations
• Lower rent and occupancy costs
• Effective cost controls
• Utilize scale to negotiate national contracts
• Regal CineMedia provides margin accretion

Industry Leading Margins Increased Free Cash
Flow

1. Comparable average includes AMC Entertainment
   Inc., Carmike Cinemas, Inc. Cinemark, Inc. for
   the fiscal twelve month or 52/53 week period
   ending closest to June 30, 2004.
2. Adj. EBITDA is presented as calculated by Regal
   and AMC in their quarterly financial reports and
   is calculated for Carmike and Cinemark as Income
   from operation depreciation amortization.
3. Free cash flow Cash provided by operating
   activities capital expenditures proceeds from
   asset sales.

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Steady Industry Growth Trends Solid Fundamentals
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Steady Box Office Growth Trends
Steady Box Office Growth

• Box Office Growth
• Avg. 6.2 growth per year
• Attendance
• Avg. 2.7 growth per year
• Ticket Concession Prices
• Avg. 2-3 growth per year

(billions)
6.2 Growth Per Year
Box Office Revenue
Source NATO Nielsen EDI
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Industry Screen Count

• Improved supply dynamics
• Screen count down from peak increased
  attendance/screen
• Decline in seats increases utilization
• Replacement cycle is increasing screens per
  theatre and enhancing margins
• Expect growth in screensto return to historical
  replacement model(2-3 per annum)
• Regals model works regardless of pace of
  rationalization

Source NATO
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Proven Business Strategy Generates Free Cash Flow
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Proven Business Strategy

• Focus on efficient theatre operations
• Industry leading margins
• Selective investment in asset base
• Return Value to Shareholders
• 5.65 per share paid in 2003
• 5.86 per share paid in 2004(1)
• Quarterly dividend has increased substantially
• From 0.00 to 0.15 (beginning Dec. 2003)
• From 0.15 to 0.18 (beginning March 2004)
• From 0.18 to 0.20 (beginning Sept. 2004)
• From 0.20 to 0.30 (beginning Dec. 2004)
• Recently announced 50 million share repurchase
  program
• Evaluate accretive acquisitions
• Regal CineMedia opportunities

(1) Includes dividends paid through 9/15/04 plus
0.30 per share dividend expected to be paid in
December 2004.
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Prudent Acquisition Strategy

• Regals Focus
• High quality assets
• Accretive to cash flows and earnings
• Significant near term synergies
• Recent transactions

Transaction Value EBITDA Pre
Post Year (millions) (millions) Synergy
Synergy Hoyts 2003 223 43 5.2x 4.1x Signature
others 2004 226 37 6.1x 5.2x

• Combination of Regal, United Artists and Edwards
  25-35 million in synergies
• Proven acquisition integration process with 16
  successful acquisitions since 1995

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Recreating the Motion Picture Theatreto Enhance
Free Cash Flow
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Digital Content Network

• First of its kind in-theatre Digital Content
  Network (DCN) capable of showing
• On-screen advertising
• Digital Content Distribution
• Big Screen Concerts
• CineMeetings
• CineEducation
• Other Digital Content

Rev. 80-85 15-20
As of 7/1/04 Screens 5,085 Theatres
420 Plasma 1,271 Markets 78
Unparalleled National Presence265 Million
Annual Attendance25 of Top 25 Markets45 of Top
50 Markets
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Cinema Advertising Free Cash Flow

• Revolutionizing cinema advertising

Old New

• Delivery method Slides Digital
• Distribution/production cost High Low
• Targeting capability Limited High
• Entertainment value Low High
• Consumer recall Low 4-6x TV
• National advertisersin cinema Few Growing
• Regals margin lt30 50

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Big Screen Concerts

• Big stars
• Big hits
• Big concerts

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RCM Business Model Highlights

• 2004 First half results
  Increase
• RCM Revenue 43 million 59
• Advertising 75
• CineMeetings and other 25
• Inventory sell-through 76 12
• CPM Rate 13
• High margin advertising contributing to EBITDA
  Margins
• CineMeetings and other businesses exceeding
  internal budgets
• Generating incremental free cash flow

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Financial Overview Summary
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Strong Revenue and EBITDA Performance
EBITDA
Revenue
( in millions)
( in millions)
Pro Forma for the combination of Regal, Edwards
and UA. Excludes results of theatres closed in
connection with reorganizations
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Cash is King
LTM 7/1/04 Income from operations 388.7
Changes in working capital items and other
11.3 Net cash provided by operating
activities 400.0 - Capital expenditures (129.6)
Proceeds from asset sales 41.9 Free cash
flow 312.3 Free cash flow / share 2.12
Free cash flow / Adj. EBITDA 56 Price / free
cash flow 8.9x Free cash flow yield 11.2
Dividend yield(1) 6.34
( in millions)

1. Closing price as of 9/13/04 18.94

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Building Blocks for Growth
Drivers
6.2 box office growth results from
attendancegrowth of approx. 2.7 and price
increases of 2-3
Revenue Growth
Cost Control
Industry leading theatre operations
Generate incremental free cash flow and increase
margins
Regal CineMedia
Accretive Acquisitions
Pursue accretive acquisitions
FCF and Capital Structure
Free Cash Flow
Strong margins Significant Free Cash Flow
Dividend
Attractive cash dividend yield

1. Source NATO
2. Source Company Estimate

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Regal Monthly Stock Price Total Return
0.20
5.00
0.18
24 Annual Rate of Return
0.15
5.05
0.15
Note Total return assumes gross dividends
invested in additional shares of Regal stock
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Investment Highlights
Deliver Shareholder Value


Regal CineMedia
Stock Appreciation Dividends Paid 65 Return
Since IPO

Generates Free Cash Flow

Proven Business Strategy
Steady Industry Growth Solid Fundamentals
Based on stock price as of 9/10/04. Total return
based on reinvesting gross dividend in shares of
common stock. Annual equivalent return with
reinvested dividends 24
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