Raymond James 33rd Annual Institutional Investors Conference

CARMIKE CINEMAS

March 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, 2010 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

13

Leased, 169, 72%

Owned, 61, 26%

Shared Ownership,

5, 2%

CARMIKE OVERVIEW

4

OH4IL

9

GA22

SD5

ID2

CO6

TX9

WV2

MI13

TN21

FL9

NY1

OR1 MN

6

NE2

OK10

IN3

WI3

SC10

WA1

VA5MO

1

ND5

WY1

PA17

KY5 NC

23

AL14

AR7

KS1

IA5

NM1

CA 1

MT6

UT3

SUMMARY OF SITES

DE1

4th largest U.S. exhibitor— 235 theatres / 2,215 screens

Diversified portfolio with theatres in 36 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— 2,089 digital screens — 726 3-D screens— Introduced Big D large format

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

Note: Includes California theatre no longer operated (10/04); excludes 3 MNM theatres acquired 10/21

States with 1 – 9 TheatresStates with 10 – 19 Theatres

States with 20+ Theatres

SMALL MARKET BENEFITS

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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

2,089 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: – 726 3-D capable screens (at 9/30/11)

– 35% penetration of digital footprint 3-D is an important revenue driver for Carmike

– 24% of Q3 box receipts from 3-D titles– 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.

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3-D content is important revenue driver− 24% of CKEC Q3 box receipts from 3-D titles

3-D film genre well-suited to CKEC markets− Animation, family, action

Higher ticket prices− $3.00+ premium

Growing base of 3-D titles and special events− 23 films released in ’10, 35+ in 11, including numerous

‘franchise’ sequels, 40+ releases for ‘12

EnhancedExperience

Premium Ticket Prices

3-D BENEFITS

BIG D/OVATION CLUB

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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

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—Seven 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 2.5 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

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

STRICTLY CONFIDENTIAL

FINANCIAL SUMMARY

214

Admissions64%

Concessions and Other

36%

Film Exhibition

Costs41%

Concession Costs

5%

Other Theatre Operating

Costs50%

G&A Expenses

4%

THEATRE OPERATIONS – YTD 2011

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Notes:1 As percentage of total revenue for YTD 9/30/20112 Other theatre operating costs include labor, utilities, occupancy and facility lease expenses

REVENUE MIX1 COSTS AND EXPENSES

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Three Months Ended Nine Months Ended Twelve Months EndedSeptember 30, September 30, December 31,

($ in millions) 2011 2010 2011 2010 2010 2009 2008

Total Revenue 134.0$ 123.5$ 362.1$ 372.8$ 491.3$ 513.0$ 471.0$

Theatre Level Cash Flow 26.6 18.6 67.5 60.3 82.2 95.2 91.7

Adjusted EBITDA 22.1 14.2 53.8 46.6 64.6 79.1 72.3

Adjusted Net Income (Loss) 3.1 0.8 (6.5) (2.0) (0.8) 7.6 (4.9)

HISTORICAL FINANCIAL SUMMARY

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Three Months Ended Nine Months EndedSeptember 30, September 30, Q3 Variance YTD Variance

($ in millions) 2011 2010 2011 2010 ($) (%) ($) (%)

Financial SummaryTotal Revenue 134.0$ 123.5$ 362.1$ 372.8$ 10.5$ 8.5% (10.7)$ (2.9%)Theatre Level Cash Flow 26.6 18.6 67.5 60.3 8.0$ 43.0% 7.2$ 11.9%Adjusted EBITDA 22.1 14.2 53.8 46.6 7.9$ 55.6% 7.2$ 15.5%Adjusted Net (Loss) Income 3.1 0.8 (6.5) (2.0) 2.3$ 287.5% (4.5)$ NM

Operating StatisticsAverage Theatres 235 240 236 242 (5) (2.1%) (6) (2.5%)Average Screens 2,217 2,244 2,221 2,266 (27) (1.2%) (45) (2.0%)Average Attendance Per Screen 6,013 5,576 16,106 16,252 437 7.8% (146) (0.9%)Average Admissions Per Patron 6.49$ 6.61$ 6.51$ 6.78$ (0.12) (1.8%) (0.27) (4.0%)Average Concessions / other Per Patron 3.57$ 3.36$ 3.63$ 3.44$ 0.21 6.3% 0.19 5.5%Total Attendance (in thousands) 13,332 12,511 35,776 36,831 821 6.6% (1,055) (2.9%)

September 30, December 31,Debt Summary 2011 2010Total Debt 326.2$ 353.4$ (27.2)$ (7.7%)Net Debt 307.2 340.3 (33.1)$ (9.7%)

Q3 AND YTD 2011 FINANCIAL UPDATE

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Three Months Ended Nine Months Ended Twelve Months EndedSeptember 30, September 30, December 31,

2011 2010 2011 2010 2010 2009 2008

Average Theatres 235 240 236 242 242 247 256

Average Screens 2,217 2,244 2,221 2,266 2,266 2,285 2,309

Average Attendance Per Screen 6,013 5,576 16,106 16,252 21,140 23,070 21,598

Average Admissions Per Patron 6.49$ 6.61$ 6.51$ 6.78$ 6.85$ 6.52$ 6.32$

Average Concessions / other Per Patron 3.57$ 3.36$ 3.63$ 3.44$ 3.43$ 3.21$ 3.24$

Total Attendance (in thousands) 13,332 12,511 35,776 36,831 47,909 52,702 49,872

KEY OPERATING METRICS

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1Operating income is defined as operating revenues less operating expenses which includes film exhibition, concession, theatre operating, G&A, and non-cash operating charges.

THEATRE LEVEL CASH FLOW (unaudited)

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(in thousands) 2011 2010 2011 2010 2010 2009

Operating Income1 (loss) $13,812 $6,726 $26,841 $18,558 $24,088 $22,277

Separation Agreement Charges - - 845 - - 5,462

(Gain) Loss on Sale of Property and Equipment 47 (658) 108 (649) (667) (425)

Write-off of note receivable - - 750 - - -

Impairment of Long-Lived Assets 18 220 1,342 3,832 8,188 17,554

Sales and Use Tax Audit - - - 1,000 1,000 -

Depreciation and Amortization 8,260 7,947 23,948 23,857 32,017 34,216

Adj. EBITDA $22,137 $14,235 $53,834 $46,598 $64,626 $79,084

General and Administrative Expenses $4,458 $4,365 $13,687 $13,669 $17,570 $16,139

Theatre Level Cash Flow $26,595 $18,600 $67,521 $60,267 $82,196 $95,223

Nine Months EndedSeptember 30,

Three Months EndedSeptember 30,

Twelve Months EndedDecember 31,

TOTAL DEBT AND BANK DEBT (unaudited)

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September 30,

December 31,

December 31,

2011 2010 2009Current Maturities of Long-Term Debt, Capital Leasesand Long-Term Financing Obligations

Long-Term Debt Less Current Maturities 207,153 233,092 248,171

Capital Leases and Long-Term Financing Obligations 115,022 116,036 116,684

Total Debt $326,182 $353,368 $369,116

Less Cash and Cash Equivalents (18,999) (13,066) (25,696)

Net Debt $307,183 $340,302 $343,420

Interest Expense $25,833 $35,985 $33,067

(in thousands)

$4,240 $4,261 $4,007

1 Financing obligations are not included as debt under the terms of the Company’s debt agreement.2 The Company has prepaid $110 million of debt in the last four years.

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STRATEGIC INITIATIVES TO ENHANCE BALANCE SHEET

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DIGITAL SCREEN IMPLEMENTATION

Improves revenue (increased exhibition options and 3-D) and cost efficiency

SUSPENSION OF CASH DIVIDEND

Allowed for cash allocation to repay term loan principal

LIMITED CAPEX SPEND

Only theater chain to complete its digital roll-out, limiting need for significant future capex

LOCALIZATION RATIONALIZATION

Rationalized asset base by purging under-performing and non-strategic locations

DEBT REPAYMENTCarmike improving its future capital position through repayment of outstanding term loans

G&A REDUCTION Carmike has lowered general and administrative costs

STATED OBJECTIVE IS TO IMPROVE FREE CASH FLOW GENERATION AND CONTINUE TO REDUCE LEVERAGE

CARMIKE HAS UNDERTAKEN SEVERAL INITIATIVES TO IMPROVE CASH FLOW AND FURTHER STRENGTHEN ITS CAPITAL STRUCTURE POSITION

KEY FINANCIAL TAKEAWAYS

Continue to utilize free cash to voluntarily pre-pay bank debt and strengthen balance sheet

— Goal of $200 million bank debt in reach (~$211 million at quarter-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

— Seven 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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CLOSING REMARKS

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Refreshed Circuit

Screenvision

Investment

Growth via New Builds & Acquisitions

Strong Concessions Per Cap Growth

Strengthened

Balance Sheet

BIG D

Q&A SESSION

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Thank You!

Investor Relations contacts:Richard Hare, CFOCarmike Cinemas

(706)576-3415rhare@carmike.com

Robert RindermanJaffoni & Collins212/835-8500CKEC@jcir.com