National CineMedia Announces Proposed Refinancing of its Senior Secured Credit Facility; Reaffirms Q1 2013 Guidance

  National CineMedia Announces Proposed Refinancing of its Senior Secured
  Credit Facility; Reaffirms Q1 2013 Guidance

Business Wire

CENTENNIAL, Colo. -- April 22, 2013

National CineMedia, LLC (“NCM LLC”) and National CineMedia, Inc. (NASDAQ:
NCMI) (the “Company”), the managing member and owner of 46.9% of NCM LLC,
announced today that NCM LLC has launched a repricing of its $265 million term
loan and $110 million of its revolving credit facility to lower the applicable
margins on both of those credit facilities. The new $270 million term loan
facility would replace the entire outstanding term loan at lower interest
rates. Upon completion of the proposed transaction, and payment of costs and
expenses incurred therewith, NCM LLC intends to use any excess proceeds for
general corporate purposes. There can be no assurance that the transactions
will be completed.

In addition, the Company reaffirmed its first quarter 2013 outlook, noting it
is comfortable with the upper end of its previously provided Q1 2013 Adjusted
OIBDA range.

Non-GAAP Measures

Adjusted OIBDA is not a financial measure calculated in accordance with
generally accepted accounting principles (GAAP) in the United States. OIBDA
represents operating income (loss) before depreciation and amortization
expense. Adjusted OIBDA excludes from OIBDA non-cash share based payment
costs. This non-GAAP financial measure is used by management to evaluate
operating performance, to forecast future results and as a basis for
compensation. The Company believes this is an important supplemental measure
of operating performance because it eliminates items that have less bearing on
its operating performance and so highlights trends in its core business that
may not otherwise be apparent when relying solely on GAAP financial measures.
The Company believes the presentation of this measure is relevant and useful
for investors because it enables them to view performance in a manner similar
to the method used by the Company’s management, helps improve their ability to
understand the Company’s operating performance and makes it easier to compare
the Company’s results with other companies that may have different
depreciation and amortization policies and non-cash share based compensation
programs, or different interest rates or debt levels or income tax rates. A
limitation of this measure, however, is that it excludes depreciation and
amortization, which represent a proxy for the periodic costs of certain
capitalized tangible and intangible assets used in generating revenues in the
Company’s business. In addition, Adjusted OIBDA has the limitation of not
reflecting the effect of the Company’s share based payment costs. Adjusted
OIBDA should not be regarded as an alternative to operating income, net income
or as indicators of operating performance, nor should they be considered in
isolation of, or as substitutes for financial measures prepared in accordance
with GAAP. The Company believes that operating income is the most directly
comparable GAAP financial measure to Adjusted OIBDA. Because not all companies
use identical calculations, this non-GAAP presentation may not be comparable
to other similarly titled measures of other companies.

About National CineMedia, Inc.

NCM operates NCM Media Networks, a leading integrated media company reaching
U.S. consumers in movie theaters, online and through mobile technology. The
NCM Cinema Network and NCM Fathom present cinema advertising and events across
the nation’s largest digital in-theater network, comprised of theaters owned
by AMC Entertainment Inc., Cinemark Holdings, Inc. (NYSE: CNK), Regal
Entertainment Group (NYSE: RGC) and other leading regional theater circuits.
NCM’s theater advertising network covers 183 Designated Market Areas^® (49 of
the top 50) and includes over 19,300 screens (over 18,400 digital). During
2012, approximately 710 million patrons (on an annualized basis) attended
movies shown in theaters in which NCM currently has exclusive cinema
advertising agreements in place. The NCM Fathom Events live digital broadcast
network (“DBN”) is comprised of over 740 locations in 172 Designated Market
Areas^® (including all of the top 50). The NCM Interactive Network offers
360-degree integrated marketing opportunities in combination with cinema,
encompassing 41 entertainment-related websites, online widgets and mobile
applications. National CineMedia, Inc. (NASDAQ: NCMI) owns a 46.9% interest in
and is the managing member of National CineMedia LLC. For more information,
visit (NCMI-F)

Forward Looking Statements

This press release contains various forward-looking statements that reflect
management’s current expectations or beliefs regarding future events,
including the proposed refinancing and statements regarding guidance.
Investors are cautioned that reliance on these forward-looking statements
involves risks and uncertainties. Although the Company believes that the
assumptions used in the forward looking statements are reasonable, any of
these assumptions could prove to be inaccurate and, as a result, actual
results could differ materially from those expressed or implied in the forward
looking statements. The factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements
are, among others, 1) the level of expenditures on cinema advertising; 2)
increased competition for advertising expenditures; 3) technological changes
and innovations; 4) popularity of major motion picture releases and level of
theatre attendance; 5) shifts in population and other demographics that affect
theatre attendance; 6) our ability to renew or replace expiring advertising
and content contracts; 7) our need for additional funding, risks and
uncertainties relating to our significant indebtedness; 8) fluctuations in
operating costs; 9) changes in interest rates, and 10) changes in accounting
principles. In addition, the outlook provided does not include the impact of
any future unusual or infrequent transactions; unidentified restructuring
charges; sales and acquisitions of operating assets and investments; any
future noncash impairments of goodwill, intangible and fixed assets; amounts
related to securities litigation; or the related impact of taxes that may
occur from time to time due to management decisions and changing business
circumstances. The Company is currently unable to forecast precisely the
timing and/or magnitude of any such amounts or events. Please refer to the
Company's Securities and Exchange Commission filings for further information
about these and other risks.


National CineMedia, LLC
David Oddo, 800-844-0935
Amy Jane Finnerty, 212-931-8177
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