B. Riley & Co. 13th Annual Investor Conference

CARMIKE CINEMAS

May 2012

DISCLAIMER

This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words, “believes,” “expects,” “anticipates,” “plans,” “estimates” or similar expressions. Examples of forward-looking statements in this presentation include our ticket and concession price increases, our cost control measures, our strategies and operating goals, our plans regarding debt reduction, our film slate for 2012 and future years, and our capital expenditure and theater expansion/closing plans. These statements are based on beliefs and assumptions of management, which in turn are based on currently available information. The forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include, but are not limited to: The inability to consummate the transactions described in this presentation on terms favorable to us; The inability to satisfy any conditions to closing or to complete any related financing in connection with the transactions described in this presentation; Our ability to comply with covenants contained in our senior secured credit agreement; Our ability to operate at expected levels of cash flow; Our ability to meet our contractual obligations, including all outstanding financing commitments; Financial market conditions including, but not limited to, changes in interest rates and the availability and cost of capital; The availability of suitable motion pictures for exhibition in our markets; Competition in our markets; Competition with other forms of entertainment; The effect of our leverage on our financial condition; and Other factors, including the risk factors disclosed in our annual report on form 10-K for the year ended December 31, 2011 and our quarterly reports on form 10-Q under the caption “risk factors.”

We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of these in light of new information or future events.

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STRICTLY CONFIDENTIAL

COMPANY OVERVIEW

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CARMIKE OVERVIEW

4

OH4IL

9

GA25

SD5

ID2

CO6

TX9

WV2

MI13

TN20

FL9

NY1

OR1

MN 6

NE2

OK10

IN3

WI3

SC10

WA1

VA5MO

1

ND4

WY1

PA19

KY5

NC23

AL13

AR7

KS1

IA5

NM1

MT6

UT3

SUMMARY OF SITES

DE1

4th largest U.S. exhibitor

— 236 theatres / 2,264 screens

Diversified portfolio with theatres in 35 states

America’s Hometown Theatre

— Target small to mid-size non-urban markets

Favorable recent attendance trends vs. industry

Leading digital and 3D platform poised for growth in 3D-driven film slate

— 2,135 digital screens

— 753 3-D screens

— 13 Big D large format auditoriums

Improving operating metrics driven by concessions and cost-cutting measures undertaken

New growth initiatives include 30-year agreement with Screenvision, alternative content, Big D theatre format and VIP Ovation Club offering

Strengthened Balance Sheet through operating and financial discipline

States with 1 – 9 Theatres

States with 10 – 19 Theatres

States with 20+ Theatres

Owned

Leased

Shared OwnershipLeased,

173

Owned, 59

Shared, 4

SMALL MARKET BENEFITS

5

SMALLER FOOTPRINT

UNIQUE HOLLYWOOD FOCUS

SIMPLE EFFICIENT STRATEGY

LIMITED LOCAL ENTERTAINMENT

OPTIONS & COMPETITION

10-12 screens ideal

Offer entertainment in a family-friendly setting

Small town America’s favorite theatre

Presence in locations with minimal entertainment alternatives

3-D / digital strategy

High concession margins

Enhanced cash flow per screen

Connectivity with audience base

Focus on event films, family animation, sequels ideal for hometown audiences

DIGITAL AND 3-D EXHIBITION PIONEER

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Digital Overview

2,135 screens converted to digital including 100% of first-run screens and 94% of total New Big D DIGITAL Entertainment Experience Carmike’s digital large screen format debuted in Columbus, GA - Q3 ’10

– Current footprint includes:– Columbus, GA – St. Clairsville, OH– Franklin, TN – Missoula, MT– Canton, GA – Pottstown, PA – Savannah, GA – Winder, GA– Tyler, TX – Maryville, TN– Billings, MT – Apple Valley, MN– Chattanooga, TN

3-D Overview

National 3-D footprint:

– 753 3-D capable screens (at 3/31/12)

– 35% penetration of digital footprint

3-D is an important revenue driver for Carmike

– Over 20% of box receipts from 3-D titles in some quarters

– 3-D genre is well-suited for Carmike’s markets (animation, family, action)

CARMIKE IS A LEADER IN THE DEPLOYMENT OF DIGITAL AND 3-D CINEMA

SIGNIFICANT DIGITAL UPSIDE

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HISTORICAL AND UPCOMING RELEASES

RECENT AND UPCOMING 3-D RELEASES

FOCUS ON DIGITAL FORMAT HAS POSITIONED CARMIKE TO CAPITALIZE ON GROWING DIGITAL OPPORTUNITIES

Superior picture quality, brightness and color – no degradation over time

Revenue drivers:

— Improved programming flexibility

— Limit “sell outs”

— Increases revenue and customer satisfaction

— 3-D content

— Alternative content

— Concerts (U2 3-D, Kenny Chesney, Dave Matthews, Foo Fighters)

— Opera and ballet (Emerging Pictures relationship)

— Pay-per-view events

— Live sports (BCS Championship, NCAA Final Four, NBA Skills, FIFA World Cup)

— Religious (Fox Faith)

On-screen advertising (Screenvision) – 3-D format, lobby ads, mobile, etc.

MOVIE-GOING…MOST POPULAR AND BEST VALUE

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Most Popular Out-of-Home Entertainment Experience

Cinemas Theme Parks

Baseball (MLB)

Basketball (NBA)

Hockey (NHL)

Football (NFL)

1,364

347

8022 21 18

Most Attractive Value Proposition

Cinemas Baseball (MLB)

Theme Parks

Basketball (NBA)

Hockey (NHL)

Football (NFL)

$7

$24

$36

$49 $50

$71Annual attendance (mm)

Source: 2008 MPAA, Pricewaterhouse Coopers

Ticket Price per Patron

NEW BUILD-TO-SUIT THEATRES

Three new build-to-suit theatres opened since December 2011

— West Pottstown, PA

— Winder, GA

— Maryville, TN

All new build-to-suit theatres contain one BIG D auditorium

Feature single point-of-sale for tickets and concessions

Third party ‘build-to-suit’ theatres require less upfront investment for Carmike

Entered into agreement with Entertainment Properties Trust in Q1 2012 to identify and develop future theatre sites

Digital entertainment complexes featuring stadium seating

More new build-to-suit theatres announced

— Jacksonville, NC

— Cleveland, TN

— Decatur, AL

— Champaign, IL

— Sandestin, FL

— Winchester, VA

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West Pottstown, PA

Winder, GA

Maryville, TN

ACQUISITIONS

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Recent Acquisitions:

Davis Theatres

July 2011

Dothan, AL

MNM Theatres

October 2011

Atlanta, GA area

Destinta Theatres

March 2012

Clarion, PA

Opportunities:

Current overhead structure can support 300 theatres and 3,000 screens

Take advantage of exhibitors unable to finance digital expansion

Company is currently positioned to take advantage of accretive acquisitions after completion of equity offering and debt refinancing in April 2012

THEATRE MANAGEMENT STRATEGY

Focus on details “through the eyes of our patrons”

— Refreshing our circuit

— Clean facilities

— Friendly and well-trained associates

— Appropriate number of employees per theatre to achieve better customer experience

Performing general maintenance on older theatres

— Helps compete with other entertainment attractions in Carmike markets

Theatre utilization

— Alternative content – leveraging digital platform

— Staggered show times

Opening larger, state-of-the art theatres averaging ~12 screens

— Third party ‘build-to-suit’ theatres require less upfront investment for Carmike

— Digital entertainment complexes featuring stadium seating

Closing under-performing theatres, exiting expired leases

— Most are smaller theatres with fewer/non-digital screens

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CONCESSIONS SUCCESS

Excellent, industry-leading margins

—Nine straight quarter-over-quarter per cap increases

Streamlined concession offerings

—Focus on highest margin products such as:

—Coca-Cola/fountain drinks, popcorn (including flavored), nachos, cotton candy and select candy offerings (M&M products)

Driving more revenue

—Up-selling patrons with combo / value pricing

—Reusable/refillable popcorn buckets – leads to repeat visits/loyalty

—Stimulus Tuesdays (still going strong after 3 years)

—Special Stimulus Tuesday discounted concession offerings

—Single point-of-sale for tickets and concessions – pilot program

—Promotions – including specialized tie-ins, bounce-backs, etc.

—Ovation Room (VIP Auditorium in Chattanooga, TN – nation’s first ‘Green’ theatre)

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1

SCREENVISION AGREEMENT

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30 YEAR AGREEMENT WITH ADVERTISING PARTNER SCREENVISION PROVIDES FURTHER GROWTH OPPORTUNITIES

Extended long-term on-screen exclusive exhibition agreement with cinema advertising leader for additional 30 years

— Carmike has been Screenvision customer for ~20 years

— Current deal enhances partnership and provides Carmike with equity upside

Carmike received $30 million pre-tax cash payment on 1/4/11

— Prepaid bank debt with $15 million of proceeds, further deleveraging balance sheet

Carmike received 20% ownership interest in Screenvision profits and growth; which can go as high as 25% or as low as 15% depending on screen count, while also giving Carmike rights to distributions upon a monetization event of Screenvision

Perfectly aligned partnership

— Screenvision has similar small-town footprint to Carmike

— Local advertiser focus yields synergies

New relationship forged with respected media investor Shamrock Capital

Cinema advertising regarded as one of the fastest growing media segments in the United States

STRICTLY CONFIDENTIAL

FINANCIAL SUMMARY

214

Admissions64%

Concessions and Other

36%

THEATRE OPERATIONS – YTD 2012

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Notes:1 As percentage of total revenue for YTD 3/31/20122 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses

REVENUE MIX1 COSTS AND EXPENSES

2

G&A, 4%

Film Exhibition, 37%

Concession, 5%

Other Theatre Operating2 ,

47%

Q1 2012 AND YTD 2011 FINANCIAL UPDATE

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  Three Months Ended   Twelve Months Ended         2011  March 31,   December 31,   Q1 Variance   YTD Variance($ in millions) 2012 2011   2011 2010   ($) (%)   ($) (%)

Financial Summary

Total Revenue $ 130.8

$ 95.8

$ 482.2

$ 488.0 $35.0 36.5%

$ (5.8) (1.2%)

Theatre Level Cash Flow

28.9

10.7

91.9

82.0 $18.2 170.1% $ 9.9 12.1%

Adjusted EBITDA

23.9

6.0  

72.8

64.4   $17.9 298.3%   $ 8.4 13.0%

Adjusted Net (Loss) Income

4.7 (18.2)

(2.6)

(1.0) $22.9 NM

$ (1.6) NM

Operating Statistics

Average Theatres 236 238 236 242 (2) (0.8%)

(6) (2.5%)

Average Screens 2,259 2,229 2,230 2,266 30 1.3%

(36) (1.6%)Average Attendance Per Screen 5,394 4,216 21,155 21,140 1,178 27.9% 15 0.1%

Average Admissions Per Patron $

6.84 $

6.53 $

6.57 $

6.85 0.31 4.7% (0.28) (4.1%)

Average Concessions / other Per Patron $

3.91 $

3.72   $

3.65 $

3.43   0.19 5.1%   0.22 6.4%

Total Attendance (in thousands) 12,183 9,399   47,177 47,909   2,784 29.6%  

(732) (1.5%)

March 31, December

31, Debt Summary 2012 2011

Total Debt $ 314.7

$ 315.4

$ (0.7) (0.2%)

Net Debt 298.4

301.8

$ (3.4) (1.1%)

                       

TOTAL DEBT AND BANK DEBT (unaudited)

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1 Financing obligations are not included as debt under the terms of the Company’s debt agreement.2 The Company has prepaid $120 million of debt in the last four years.

(in thousands)Mar. 31, Dec. 31,  

Dec. 31,

2012 2011 2010

Current Maturities of Long-Term Debt, Capital Leases$4,062 $3,959 $4,240

and Long-Term Financing Obligations

Long-Term Debt Less Current Maturities 196,459 196,880 233,092

Capital Leases and Long-Term Financing Obligations1 114,179 114,608 116,036

Total Debt2 $314,700 $315,447 $353,368

Less Cash and Cash Equivalents (16,289) (13,616) (13,066)

Net Debt $298,411 $301,831 $340,302

Interest Expense   $34,113   $35,985

Q2 FINANCING TRANSACTIONS

Public Equity Offering

The Company completed a public equity offering under its current shelf registration on April 11, 2012.

Issued 4.6 million shares, including the underwriters’ overallotment at $13/share

Net proceeds totaled $56.2 million

Debt Refinancing

The Company issued $210 million bonds on April 27, 2012 to replace its existing term loan ($199.7 million at 3/31/12)

Net proceeds of $202.8 million after bond issuance costs

Fewer covenant restrictions with notes resulting in increased flexibility to pursue capital expenditures, acquisitions, dividends, etc.

The Company also entered into a new $25 million revolving credit facility to replace its existing $30 million revolving credit facility.

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KEY FINANCIAL TAKEAWAYS

Strengthened balance sheet to continue to pursue growth opportunities (upgrade equipment, new builds, acquisitions, etc.) vs. paying dividends or repurchasing stock

— Raised $56 million through public offering in April 2012

— Achieved goal of $200 million bank debt at year-end; Refinanced debt in April 2012 to provide more flexibility

— Want to take advantage of the expiring window of opportunity to go digital that some smaller circuits are either unwilling or unable to do

Concessions success with industry-leading margins

— Nine straight quarters of higher per caps

— Creative experimentation with promotions and merchandising strategies to up-sell patrons and foster loyalty/repeat visits

Continue focus on ‘details matter’ strategy

— Improving attendance metrics and encouraging repeat business with customer-centric attitude

High margins and free cash flow conversion to serve as catalysts to strengthen balance sheet and pre-pay existing debt

Screenvision partnership, strategic new builds / closures and improved pricing

Further capitalize upon digital/3-D circuit advantages

— Admission premiums, programming flexibility, high-quality image/sound, alternative content, etc.

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Q&A SESSION

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Thank You!

Investor Relations contacts:Richard Hare, CFOCarmike Cinemas

(706)576-3415rhare@carmike.com

Robert RindermanJ C I R

212/835-8500CKEC@jcir.com