March 2012

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 10Q 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

 4th largest U.S. exhibitor
— 237 theatres / 2,254 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
—
2,128 digital screens
— 744 3-D screens
— 12 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
OR
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WA
1
ID
2
UT
3
MT
6
WY
1
CO
6
NM
1
ND
5
SD
5
NE
2
KS
1
OK
10
MN
6
WI
3
IA
5
MO
1
IL
9
AR
7
TX
9
MI
13
AL
13
PA
18
IN
3
TN
21
KY
5
OH
4
GA
25
WV
2
VA
5
SC
10
NC
23
NY
1
FL
9
DE
1
States with 1
– 9 Theatres
States with 10
– 19 Theatres
States with 20+ Theatres
Note: Does not include Winder, GA and Maryville, TN opened in Q1 2012.
SUMMARY OF SITES
Shared, 4
Owned
Owned, 61
Leased
Leased, 172
Shared
Ownership
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 10-12 screens ideal

Offer entertainment in a family-friendly setting
SMALLER FOOTPRINT
LIMITED LOCAL
ENTERTAINMENT
OPTIONS & COMPETITION
 Small town America’s favorite theatre
 Presence in locations with minimal entertainment alternatives
SIMPLE EFFICIENT
STRATEGY
UNIQUE HOLLYWOOD
FOCUS
 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
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CARMIKE IS A LEADER IN THE DEPLOYMENT OF DIGITAL AND 3-D CINEMA
Digital Overview
 2,128 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
– Franklin, TN
– Canton, GA
– Savannah, GA
– Tyler, TX
– Billings, MT
– 4 Openings in Q4 2011 (Chattanooga, TN; Pottstown, PA; St. Clairsville, OH, and Missoula, MT)
--with additional theatres opening soon (3 openings in Q1 2012)
3-D Overview
 National 3-D footprint:
– 744 3-D capable screens (at 12/31/11)
– 33% 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 wellsuited for Carmike’s markets (animation, family, action)
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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.
HISTORICAL AND UPCOMING RELEASES
RECENT AND UPCOMING 3-D RELEASES
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 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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 Excellent, industry-leading margins
— Eight 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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STRICTLY CONFIDENTIAL

REVENUE MIX
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COSTS AND EXPENSES
G&A, 4%
Concessions and Other
36%
Admissions
64%
Other Theatre
Operating 2 ,
55%
2
Film Exhibition,
37%
Concession,
4%
Notes:
1 As percentage of total revenue for YTD 12/31/2011
2 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses
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Three Months Ended
December 31,
2011 2010 ($ in millions)
Financial Summary
Total Revenue
Theatre Level Cash Flow
Adjusted EBITDA
Adjusted Net (Loss) Income
$ 120.1
24.4
19.0
3.9
$ 115.2
22.0
18.1
1.0
Operating Statistics
Average Theatres
Average Screens
Average Attendance Per Screen
Average Admissions Per Patron
Average Concessions / other Per Patron
Total Attendance (in thousands)
237
2,259
5,046
$ 6.76
$ 3.77
11,401
239
2,237
4,952
$ 7.08
$ 3.39
11,078
Debt Summary
Total Debt
Net Debt
Twelve Months Ended
December 31,
2011
$ 482.2
91.9
72.8
(2.6)
2010
$ 488.0
82.0
64.4
(1.0)
Q4 Variance
($)
$
$
$
$
4.9
2.4
0.9
2.9
(%)
4.3%
10.9%
5.0%
NM
236
2,230
21,155
$ 6.57
$ 3.65
47,177
242
2,266
21,140
$ 6.85
$ 3.43
47,909
December 31, December 31,
2011 2010
$ 315.4
301.8
$ 353.4
340.3
(2) (0.8%)
22 1.0%
94 1.9%
(0.32) (4.5%)
0.38 11.2%
323 2.9%
$ (5.8) (1.2%)
$ 9.9
12.1%
$ 8.4
13.0%
$ (1.6) NM
(6) (2.5%)
(36) (1.6%)
15 0.1%
(0.28) (4.1%)
0.22
6.4%
(732) (1.5%)
$
$
YTD Variance
($)
(38.0)
(38.5)
(%)
(10.8%)
(11.3%)
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$3,959
1
2
196,880
114,608
$315,447
(13,616)
$301,831
$34,113
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.
$4,240
233,092
116,036
$353,368
(13,066)
$340,302
$35,985
$4,261
248,171
116,684
$369,116
(25,696)
$343,420
$33,067
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 Continue to utilize free cash to voluntarily pre-pay bank debt and strengthen balance sheet
— Achieved goal of $200 million bank debt at year-end
 Strengthened balance sheet to continue to pursue growth opportunities (upgrade equipment, new builds, acquisitions, etc.) vs. paying dividends or repurchasing stock
— 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
— Eight 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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Investor Relations contacts :
Richard Hare, CFO
Carmike Cinemas
(706)576-3415 rhare@carmike.com
Robert Rinderman
Jaffoni & Collins
212/835-8500
CKEC@jcir.com
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