Mike Campbell, Co-Chairman & Co-CEOKurt Hall, Co-Chairman & Co-CEO

Amy Miles, CFO

September 2004New York & Boston Non-Deal Roadshow

2

Forward-looking StatementsThis 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 Company’s 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

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

6

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

$2 Billion Invested Since 1997 =

Modern Asset Base & Significant Free Cash Flow

5

83

9

23

2 13

22

37

7

3

10

47

1698

14

1

3

4

1

3

7 24

2

2 8

13

11

2

25

52

252

4

6

As of 7/1/04

13

5

4

1311

7

Industry Leading Margins

Regal $553 21.9% $312 12.3%

Comparable Avg.(1) - 17.9% - 7.3%

LTM Adj. LTM Adj. Free Cash FCF

EBITDA EBITDA Margin(2) Flow Margin(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.

Steady Industry Growth Trends & Solid Fundamentals

9

Steady Box Office Growth Trends

$3

$4

$5

$6

$7

$8

$9

$10

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

Box Office Revenue

Steady Box Office Growth

Source: NATO & Nielsen EDI

Box Office GrowthAvg. 6.2% growth per year

AttendanceAvg. 2.7% growth per year

Ticket & Concession PricesAvg. 2-3% growth per year

6.2% Growth Per Year

(billions)

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Industry Screen Count Improved supply dynamics

Screen count down from peak = increased attendance/screenDecline in seats increases utilization

Replacement cycle is increasing screens per theatre and enhancing marginsExpect growth in screensto return to historical replacement model(2-3% per annum)Regal’s model works regardless of pace of rationalization

Source: NATO

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

Ind

oo

r S

cre

en

% C

ha

ng

e f

rom

Ye

ar-

to-Y

ea

r36

38

40

42

44

46

48

50

Att

en

da

nc

e/S

cre

en

(0

00

s)

Year-to-Year Chg. Attendance/Screen

Proven Business Strategy Generates Free Cash Flow

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Proven Business Strategy

Focus on efficient theatre operationsIndustry leading marginsSelective 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 substantiallyFrom $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 acquisitionsRegal 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 StrategyRegal’s Focus

High quality assetsAccretive to cash flows and earningsSignificant near term synergies

Recent transactions: TransactionValue EBITDA Pre Post

Year (millions) (millions) Synergy SynergyHoyts 2003 $223 $43 5.2x 4.1xSignature & 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

“Recreating the Motion Picture Theatreto Enhance Free Cash Flow”

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Digital Content NetworkFirst of its kind in-theatre Digital Content Network (“DCN”) capable of showing:

On-screen advertisingDigital Content Distribution

Big Screen ConcertsCineMeetingsCineEducationOther Digital ContentAs of 7/1/04:

Screens: 5,085

Theatres: 420

Plasma: 1,271

Markets: 78

Unparalleled National Presence265+ Million Annual Attendance

25 of Top 25 Markets45 of Top 50 Markets

% Rev.

80-85%

15-20%

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Cinema Advertising = Free Cash Flow

Revolutionizing cinema advertising

Delivery method Slides DigitalDistribution/production cost High Low

Targeting capability Limited High

Entertainment value Low High

Consumer recall Low 4-6x TV

% National advertisersin cinema Few Growing

Regal’s margin <=30% 50%+

Old New

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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

Financial Overview & Summary

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Strong Revenue and EBITDA Performance

$1,819

$2,014

$2,267

$2,490 $2,527

6,053

6,045

5,6635,8765,911

$600

$1,000

$1,400

$1,800

$2,200

$2,600

$3,000

2000 2001 2002 2003 LTM

5,000

5,400

5,800

6,200

6,600

Revenue Ending Screen Count

EBITDA*Revenue*($ in millions)($ in millions)

$553.0

$293.5

$350.8

$481.1

$544.4

21.9%21.9%21.2%

17.4%

16.1%

$150

$200

$250

$300

$350

$400

$450

$500

$550

$600

2000 2001 2002 2003 LTM

14%

16%

18%

20%

22%

24%

26%

28%

EBITDA Margin

*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

(1) Closing price as of 9/13/04 = $18.94

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)

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Building Blocks for Growth

Revenue Growth

Drivers

Accretive Acquisitions

Free Cash Flow

FCF and Capital Structure

6.2% box office growth results from attendancegrowth of approx. 2.7% and price increases of 2-3%

Pursue accretive acquisitions

Strong margins = Significant Free Cash Flow

Dividend Attractive cash dividend yield

Cost Control Industry leading theatre operations

Regal CineMediaGenerate incremental free cash flow and increase margins

(1) Source: NATO(2) Source: Company Estimate

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Regal Monthly Stock Price & Total Return

$16.00$18.00$20.00$22.00$24.00$26.00$28.00$30.00$32.00$34.00

5/9

/20

02

8/9

/20

02

11

/9/2

00

2

2/9

/20

03

5/9

/20

03

8/9

/20

03

11

/9/2

00

3

2/9

/20

04

5/9

/20

04

8/9

/20

04

Stock Price

Total Return

Note: Total return assumes gross dividends invested in additional shares of Regal stock

$5.05

$5.00

$0.15

$0.18

$0.20

$0.15

24% Annual Rate of Return

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Investment Highlights

++

++

==

Steady Industry Growth & Solid Fundamentals

Proven Business Strategy

Deliver Shareholder

Value

Generates Free Cash Flow

Stock A

ppreciatio

n + Dividends P

aid = 65% Retu

rn* S

ince IPO

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%

Regal CineMedia++

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