August 1, 2017 - EX-99.2 - 8-K: Current report filing | AMC Entertainment Holdings, Inc. (AMC)

Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial information of AMC Entertainment Holdings, Inc. (AMC or the Company) is presented to illustrate the estimated effects of (i) the acquisition of Odeon and UCI Cinemas Holdings Limited (Odeon or the Odeon Acquisition), the acquisition of Carmike Cinemas, Inc. (Carmike or the Carmike Acquisition) and the acquisition of Nordic Cinema Group Holdings AB (Nordic or the Nordic Acquisition); (ii) the incurrence of $595,000,000 aggregate principal amount of Senior Subordinated Notes due 2026 (the Dollar Notes) and £250,000,000 aggregate principal amount of Senior Subordinated Notes due 2024 (the Sterling Notes) and $500,000,000 aggregate principal amount of incremental term loans (the New Term Loans due 2023) used to fund the Odeon Acquisition; (iii) the issuance of 4,536,466 shares ($156,735,000) of the Companys Class A Common Stock in a private placement in connection with the Odeon Acquisition and the issuance of 8,189,808 shares ($273,949,000) of the Companys Class A Common Stock in connection with the Carmike Acquisition, (iv) the issuance of $475,000,000 aggregate principal amount of 6.125% Senior Subordinated Notes due 2027 and £250,000,000 aggregate principal amount of 6.375% Senior Subordinated Notes due 2024 used to fund the Nordic (clauses (ii), (iii) and (iv) collectively referred to as the Financings); (v) the issuance of 20,330,874 shares ($640,423,000 at an offering price of $31.50 per share of the Companys Class A Common Stock to repay the $350,000,000 aggregate principal amount of Bridge Loans incurred to partially finance the Carmike Acquisition and for general and corporate purposes (the 2017 Equity Offering) and (vi) the settlement the Company entered into with the United States Department of Justice, pursuant to which the Company agreed to divest theatres in 15 local markets where it has an overlap with Carmike (the Theatre Divestitures).

The pro forma financial information is based in part on certain assumptions regarding the foregoing transactions that we believe are factually supportable and expected to have a continuing impact on our consolidated results. The unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2016, the three and six months ended June 30, 2016, the three and nine months ended September 30, 2016, the three months ended December 31, 2016, the year ended December 31, 2016 and the three months ended March 31, 2017, combine the historical consolidated statements of operations of the Company, Odeon, Carmike and Nordic, giving effect to the Odeon Acquisition, the Carmike Acquisition, the Nordic Acquisition, the Financings, the Theatre Divestitures and the 2017 Equity Offering as if they had been completed on January 1, 2016. The historical consolidated financial information for Odeon and Nordic have been adjusted to comply with U.S. Generally Accepted Accounting Principles (U.S. GAAP). The classification of certain items presented by Odeon under UK Generally Accepted Accounting Practice (UK GAAP) and by Nordic under International Financial Reporting Standards (IFRS) has been modified in order to align with the presentation used by the Company under U.S. GAAP. In addition to the U.S. GAAP adjustments and the reclassifications, amounts for Odeon and Nordic have also been translated to U.S. dollars. The unaudited pro forma condensed combined financial statements should be read in conjunction with the accompanying notes to the unaudited pro forma condensed combined financial statements. In addition, the unaudited pro forma condensed combined financial information was based on, and should be read in conjunction with, the audited consolidated financial statements of the Company as of and for the year ended December 31, 2016, which are included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016, the unaudited consolidated financial statements of Carmike for the nine months ended September 30, 2016, which are contained in Carmikes Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, and the unaudited condensed consolidated financial statements of Odeon prepared in accordance with UK GAAP as of and for the nine months ended September 30, 2016, which have been filed as an exhibit to the Companys Current Report on Form 8-K dated as of November 30, 2016.

The unaudited pro forma condensed combined financial information has been prepared by the Company, as the acquirer, using the acquisition method of accounting in accordance with U.S. GAAP. The acquisition method of accounting is dependent upon certain valuation and other studies that have yet to commence or progress to a stage where there is sufficient information for a definitive measurement. The assets and liabilities of Odeon, Carmike and Nordic have been measured based on various preliminary estimates using assumptions that the Company believes are reasonable based on information that is currently available. The preliminary purchase price allocations for Odeon, Carmike and Nordic are subject to revision as a more detailed analysis is completed and additional information on the fair value of Odeons, Carmikes and Nordics assets and liabilities becomes available. The final allocation of the purchase price, which will be based upon actual tangible and intangible assets acquired as well as

liabilities assumed, will be determined within one year from the completion of the Odeon Acquisition, Carmike Acquisition and Nordic Acquisition respectively, and could differ materially from the unaudited pro forma condensed combined financial information presented here. Any change in the fair value of the net assets of Odeon, Carmike and Nordic will change the amount of the purchase price allocable to goodwill and will also change any resultant depreciation and amortization or other similarly impacted income statement amounts. The pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information prepared in accordance with the rules and regulations of the Securities and Exchange Commission.

The unaudited pro forma condensed combined financial information does not purport to represent the actual results of operations that the Company, Odeon, Carmike and Nordic would have achieved had the companies been combined during the periods presented in the unaudited pro forma condensed combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the Odeon Acquisition, Carmike Acquisition and Nordic Acquisition. The unaudited pro forma condensed combined financial information does not reflect any potential cost savings that may be realized as a result of the Odeon Acquisition, Carmike Acquisition and Nordic Acquisition and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings. No historical transactions between Odeon, Carmike, Nordic and the Company during the periods presented in the unaudited pro forma condensed combined financial statements have been identified at this time.

The unaudited pro forma condensed combined financial information does not give effect to the settlement we entered into with the United States Department of Justice, pursuant to which we agreed to divest most of our holdings and relinquish all of our governance rights in NCM, our joint venture for cinema screen advertising, and (ii) agreed to transfer 24 theatres with a total of 384 screens to the network of Screenvision LLC, the cinema screen advertising business in which Carmike participates.

The Company previously filed unaudited pro forma condensed combined statements of operations in its 8-K/A on March 13, 2017. The Company is furnishing the following pro forma condensed combined statements of operations for all reported quarterly periods in calendar 2016 and 2017 on both a consolidated basis and on a U.S. markets and International markets reporting segments basis and has updated Note 5 from the previously filed 8-K/A to include the pro forma impacts of the Nordic Acquisition, the Nordic Financing and the Theatre Divestitures for 2017.

Unaudited interim and year to date pro forma condensed combined statements of operations for 2016 and 2017 are as follows:

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Pro Forma			AMC
	March 31, 2016			March 31, 2016			March 31, 2016			March 31, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	766,017		$	297,309		$	206,188		$	105,466		(292		)(d)	$	1,358,034
													(2,272		)(d)
													(5,559		)(e)
													(8,823		)(e)
Cost of operations	498,632			186,532			136,943			64,547			(3,609		)(e)	876,835
													(6,210		)(e)
Rent	124,584			43,368			25,878			9,990			509		(d)	200,980
													959		(d)
													(1,220		)(d)
													145		(d)
													(716		)(d)
													(1,014		)(e)
													(1,503		)(e)
General and administrative:
Merger, acquisition and transaction costs	4,604			448			3,752						(3,062		)(b)	1,645
													(345		)(b)
													(3,752		)(b)
Other	18,516			10,932			8,570			5,346						43,364
Depreciation and amortization	60,430			22,920			15,157			5,064			10,142		(d)	123,640
													8,651		(d)
													2,353		(d)
													(706		)(e)
													(371		)(e)
Impairment of long-lived assets							280									280
Operating costs and expenses	706,766			264,200			190,580			84,947			251			1,246,744
Operating income	59,251			33,109			15,608			20,519			(17,197		)	111,290
Other expense (income)	26			42,935									242		(d)	43,203
Interest expense	27,062			45,221			12,386			10,209			(36,312		)(a)	71,482
													18,673		(a)
													1,733		(a)
													(8,683		)(a)
													7,689		(a)
													(3,284		)(d)
													(12,386		)(d)
													2,941		(d)
													3,112		(d)
													(9,856		)(d)
													7,627		(d)
													5,516		(d)
													(166		)(e)
Equity in (earnings) loss of non-consolidated entities	(4,264		)	84			(414		)	(1,872		)				(6,466		)
Investment (income) expense	(9,954		)							1,537			(1,968		)(d)	(10,385		)
Total other expense	12,870			88,240			11,972			9,874			(25,122		)	97,834
Earnings (loss) before income taxes	46,381			(55,131		)	3,636			10,645			7,925			13,456
Income tax provision (benefit)	18,090			611			1,411			2,579			(11,268		)(c)	8,721
													(2,702		)(d)
Net earnings (loss)	$	28,291		$	(55,742	)	$	2,225		$	8,066		$	21,895		$	4,735

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Pro Forma			AMC
	June 30, 2016			June 30, 2016			June 30, 2016			June 30, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	763,962		$	224,907		$	204,674		$	66,442		(292		)(d)	$	1,243,298
													(1,400		)(d)
													(5,845		)(e)
													(9,150		)(e)
Cost of operations	497,066			154,429			140,260			48,858			(3,737		)(e)	830,122
													(6,754		)(e)
Rent	122,819			39,860			26,876			9,645			5,025		(d)	200,653
													959		(d)
													(1,220		)(d)
													147		(d)
													(737		)(d)
													(1,147		)(e)
													(1,574		)(e)
General and administrative:
Merger, acquisition and transaction costs	5,548			9,147			3,856						(5,548		)(b)
													(9,147		)(b)
													(3,856		)(b)
Other	20,634			13,325			7,565			4,217			(568		)(d)	45,173
Depreciation and amortization	62,291			23,085			15,311			5,426			10,453		(d)	126,294
													8,497		(d)
													2,194		(d)
													(591		)(e)
													(372		)(e)
Impairment of long-lived assets				158			1,980									2,138
Operating costs and expenses	708,358			240,004			195,848			68,146			(7,976		)	1,204,380
Operating income (loss)	55,604			(15,097		)	8,826			(1,704		)	(8,711		)	38,918
Other expense (income)	(110		)	31,564									1,373		(d)	32,827
Interest expense	27,035			44,948			12,382			8,511			(36,013		)(a)	71,000
													18,673		(a)
													1,733		(a)
													(8,683		)(a)
													7,689		(a)
													(3,241		)(d)
													(12,382		)(d)
													2,941		(d)
													3,112		(d)
													(8,697		)(d)
													7,627		(d)
													5,530		(d)
													(165		)(e)
Equity in (earnings) loss of non-consolidated entities	(11,849		)	261			(1,101		)	(189		)				(12,878		)
Investment (income) expense	176									4,078			(3,659		)(d)	595
Total other expense	15,252			76,773			11,281			12,400			(24,162		)	91,544
Earnings (loss) before income taxes	40,352			(91,870		)	(2,455		)	(14,104		)	15,451			(52,626		)
Income tax provision (benefit)	16,385			(1,274		)	(857		)	(2,780		)	(10,147		)(c)	(1,344		)
													(2,671		)(d)
Net earnings (loss)	$	23,967		$	(90,596	)	$	(1,598	)	$	(11,324	)	$	28,269		$	(51,282	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Six Months Ended			Six Months Ended			Six Months Ended			Six Months Ended			Pro Forma			AMC
	June 30, 2016			June 30, 2016			June 30, 2016			June 30, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	1,529,979		$	522,216		$	410,862		$	171,908		$	(584	)(d)	$	2,601,332
													(3,672		)(d)
													(11,404		)(e)
													(17,973		)(e)
Cost of operations	995,698			340,961			277,203			113,405			(7,346		)(e)	1,706,957
													(12,964		)(e)
Rent	247,403			83,228			52,754			19,635			5,534		(d)	401,633
													1,918		(d)
													(2,440		)(d)
													292		(d)
													(1,453		)(d)
													(2,161		)(e)
													(3,077		)(e)
General and administrative:
Merger, acquisition and transaction costs	10,152			9,595			7,608						(8,610		)(b)	1,645
													(9,492		)(b)
													(7,608		)(b)
Other	39,150			24,257			16,135			9,563			(568		)(d)	88,537
Depreciation and amortization	122,721			46,005			30,468			10,490			20,595		(d)	249,934
													17,148		(d)
													4,547		(d)
													(1,297		)(e)
													(743		)(e)
Impairment of long-lived assets				158			2,260									2,418
Operating costs and expenses	1,415,124			504,204			386,428			153,093			(7,725		)	2,451,124
Operating income	114,855			18,012			24,434			18,815			(25,908		)	150,208
Other expense (income)	(84		)	74,499									1,615		(d)	76,030
Interest expense	54,097			90,169			24,768			18,720			(72,325		)(a)	142,482
													37,346		(a)
													3,466		(a)
													(17,366		)(a)
													15,378		(a)
													(6,525		)(d)
													(24,768		)(d)
													5,882		(d)
													6,224		(d)
													(18,553		)(d)
													15,254		(d)
													11,046		(d)
													(331		)(e)
Equity in (earnings) loss of non-consolidated entities	(16,113		)	345			(1,515		)	(2,061		)				(19,344		)
Investment (income) expense	(9,778		)							5,615			(5,627		)(d)	(9,790		)
Total other expense	28,122			165,013			23,253			22,274			(49,284		)	189,378
Earnings (loss) before income taxes	86,733			(147,001		)	1,181			(3,459		)	23,376			(39,170		)
Income tax provision (benefit)	34,475			(663		)	554			(201		)	(21,415		)(c)	7,377
													(5,373		)(d)
Net earnings (loss)	$	52,258		$	(146,338	)	$	627		$	(3,258	)	$	50,164		$	(46,547	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Pro Forma			AMC
	September 30, 2016			September 30, 2016			September 30, 2016			September 30, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	779,771		$	251,461		$	209,730		$	84,002		(292		)(d)	$	1,307,366
													(2,058		)(d)
													(6,054		)(e)
													(9,194		)(e)
Cost of operations	504,572			173,002			146,542			53,153			(3,767		)(e)	866,765
													(6,737		)(e)
Rent	121,904			42,241			26,627			9,917			2,473		(d)	199,628
													959		(d)
													(1,220		)(d)
													142		(d)
													(680		)(d)
													(1,145		)(e)
													(1,590		)(e)
General and administrative:
Merger, acquisition and transaction costs	4,961			205			6,845						(4,961		)(b)	71
													(134		)(b)
													(6,845		)(b)
Other	19,785			10,917			6,134			4,880						41,716
Depreciation and amortization	63,025			24,638			15,126			5,269			7,672		(d)	125,541
													8,682		(d)
													2,089		(d)
													(587		)(e)
													(373		)(e)
Impairment of long-lived assets				144			409			(4		)				549
Operating costs and expenses	714,247			251,147			201,683			73,215			(6,022		)	1,234,270
Operating income	65,524			314			8,047			10,787			(11,576		)	73,096
Other expense (income)	79			24,526									740		(d)	25,345
Interest expense	26,778			41,388			12,363			7,910			(34,549		)(a)	70,137
													18,673		(a)
													1,733		(a)
													(8,683		)(a)
													7,689		(a)
													(1,491		)(d)
													(12,363		)(d)
													2,941		(d)
													3,112		(d)
													(7,888		)(d)
													7,627		(d)
													5,060		(d)
													(163		)(e)
Equity in (earnings) loss of non-consolidated entities	(12,030		)	(170		)	(1,843		)	(1,503		)				(15,546		)
Investment (income) expense	176									4,975			(4,538		)(d)	613
Total other expense	15,003			65,744			10,520			11,382			(22,100		)	80,549
Earnings (loss) before income taxes	50,521			(65,430		)	(2,473		)	(595		)	10,524			(7,453		)
Income tax provision (benefit)	20,085			3,114			(1,054		)	175			(9,197		)(c)	10,289
													(2,834		)(d)
Net earnings (loss)	$	30,436		$	(68,544	)	$	(1,419	)	$	(770	)	$	22,555		$	(17,742	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Nine Months Ended			Nine Months Ended			Nine Months Ended			Nine Months Ended			Pro Forma			AMC
	September 30, 2016			September 30, 2016			September 30, 2016			September 30, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	2,309,750		$	773,677		$	620,592		$	255,910		$	(876	)(d)	$	3,908,698
													(5,730		)(d)
													(17,458		)(e)
													(27,167		)(e)
Cost of operations	1,500,270			513,963			423,745			166,558			(11,113		)(e)	2,573,722
													(19,701		)(e)
Rent	369,307			125,469			79,381			29,552			8,007		(d)	601,261
													2,877		(d)
													(3,660		)(d)
													434		(d)
													(2,133		)(d)
													(3,306		)(e)
													(4,667		)(e)
Merger, acquisition and transaction costs	15,113			9,800			14,453						(13,571		)(b)	1,716
													(9,626		)(b)
													(14,453		)(b)
Other	58,935			35,174			22,269			14,443			(568		)(d)	130,253
Depreciation and amortization	185,746			70,643			45,594			15,759			28,267		(d)	375,475
													25,830		(d)
													6,636		(d)
													(1,884		)(e)
													(1,116		)(e)
Impairment of long-lived assets				302			2,669			(4		)				2,967
Operating costs and expenses	2,129,371			755,351			588,111			226,308			(13,747		)	3,685,394
Operating income	180,379			18,326			32,481			29,602			(37,484		)	223,304
Other expense (income)	(5		)	99,025									2,355		(d)	101,375
Interest expense	80,875			131,557			37,131			26,630			(106,874		)(a)	212,619
													56,019		(a)
													5,199		(a)
													(26,049		)(a)
													23,067		(a)
													(8,016		)(d)
													(37,131		)(d)
													8,823		(d)
													9,336		(d)
													(26,441		)(d)
													22,881		(d)
													16,106		(d)
													(494		)(e)
Equity in (earnings) loss of non-consolidated entities	(28,143		)	175			(3,358		)	(3,564		)				(34,890		)
Investment (income) expense	(9,602		)							10,590			(10,165		)(d)	(9,177		)
Total other expense	43,125			230,757			33,773			33,656			(71,384		)	269,927
Earnings (loss) before income taxes	137,254			(212,431		)	(1,292		)	(4,054		)	33,900			(46,623		)
Income tax provision (benefit)	54,560			2,451			(500		)	(26		)	(30,612		)(c)	17,666
													(8,207		)(d)
Net earnings (loss)	$	82,694		$	(214,882	)	$	(792	)	$	(4,028	)	$	72,719		$	(64,289	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

THREE MONTHS ENDED DECEMBER 31, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Nordic
	Historical			Historical			Historical			Historical
	Three Months Ended			Two Months Ended			81 days Ended			Three Months Ended			Pro Forma			AMC
	December 31, 2016			November 30, 2016			December 20, 2016			December 31, 2016			Adjustments			Pro Forma
													Note (5)

Revenues	$	926,096		$	188,242		$	149,668		$	104,621		(291		)(d)	$	1,347,752
													(5,979		)(d)
													(6,125		)(e)
													(8,480		)(e)
Cost of operations	604,854			111,410			108,647			65,453			(3,809		)(e)	882,126
													(4,429		)(e)
Rent	136,156			29,706			22,308			9,734			1,094		(d)	195,031
													958		(d)
													(1,220		)(d)
													116		(d)
													(647		)(d)
													(1,145		)(e)
													(2,029		)(e)
General and administrative:
Merger, acquisition and transaction costs	32,782			4,345			35,515			96			(32,782		)(b)
													(4,345		)(b)
													(35,515		)(b)
													(96		)(b)
Other	31,784			8,009			11,132			4,416			(576		)(d)	54,765
Depreciation and amortization	82,497			13,678			13,003			4,287			6,768		(d)	129,534
													7,631		(d)
													2,652		(d)
													(603		)(e)
													(379		)(e)
Impairment of long-lived assets	5,544			521						1,326						7,391
Operating costs and expenses	893,617			167,669			190,605			85,312			(68,356		)	1,268,847
Operating income (loss)	32,479			20,573			(40,937		)	19,309			47,481			78,905
Other expense (income)	(441		)	(11,049		)							466		(d)	(11,024		)
Interest expense	40,662			42,745			11,707			6,889			(37,972		)(a)	80,257
													18,674		(a)
													1,733		(a)
													(8,684		)(a)
													7,688		(a)
													(907		)(a)
													(1,268		)(d)
													(11,707		)(d)
													2,497		(d)
													2,680		(d)
													(6,718		)(d)
													7,627		(d)
													4,773		(d)
													(162		)(e)
Equity in (earnings) loss of non-consolidated entities	(19,575		)	259			(1,305		)	(2,567		)				(23,188		)
Investment (income) expense	(552		)							(1,209		)	1,314		(d)	(447		)
Total other expense	20,094			31,955			10,402			3,113			(19,966		)	45,598
Earnings (loss) before income taxes	12,385			(11,382		)	(51,339		)	16,196			67,447			33,307
Income tax provision (benefit)	(16,588		)	(667		)	(14,206		)	4,354			13,343		(c)	(15,776		)
													(2,012		)(d)
Net earnings (loss)	$	28,973		$	(10,715	)	$	(37,133	)	$	11,842		$	56,116		$	49,083

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2016

(dollars in thousands, except per share data)

	AMC			Odeon			Carmike			Carmike			Nordic
	Historical			Historical			Historical			Historical			Historical
	Year Ended			Eleven Months Ended			Nine Months Ended			81 days Ended			Year Ended			Pro Forma			AMC
	December 31, 2016			November 30, 2016			September 30, 2016			December 20, 2016			December 31, 2016			Adjustments			Pro Forma
																Note (5)

Revenues	$	3,235,846		$	961,919		$	620,592		$	149,668		$	360,531		(1,167		)(d)	$	5,256,450
																(11,709		)(d)
																(23,583		)(e)
																(35,647		)(e)
Cost of operations	2,105,124			625,374			423,744			108,647			232,011			(14,922		)(e)	3,455,848
																(24,130		)(e)
Rent	505,463			155,175			79,381			22,308			39,286			9,101		(d)	796,292
																3,835		(d)
																(4,880		)(d)
																550		(d)
																(2,780		)(d)
																(4,451		)(e)
																(6,696		)(e)
General and administrative:
Merger, acquisition and transaction costs	47,895			14,145			14,453			35,515			96			(46,353		)(b)	1,716
																(13,971		)(b)
																(49,968		)(b)
																(96		)(b)
Other	90,719			43,183			22,269			11,132			18,859			(1,144		)(d)	185,018
Depreciation and amortization	268,243			84,321			45,594			13,003			20,046			35,035		(d)	505,009
																33,461		(d)
																9,288		(d)
																(2,487		)(e)
																(1,495		)(e)
Impairment of long-lived assets	5,544			823			2,669						1,322						10,358
Operating costs and expenses	3,022,988			923,021			588,110			190,605			311,620			(82,103		)	4,954,241
Operating income (loss)	212,858			38,898			32,482			(40,937		)	48,911			9,997			302,209
Other expense (income)	(446		)	87,976												2,821		(d)	90,351
Interest expense	121,537			174,302			37,131			11,707			33,519			(144,846		)(a)	292,876
																74,693		(a)
																6,932		(a)
																(34,733		)(a)
																30,755		(a)
																(907		)(a)
																(9,284		)(d)
																(48,838		)(d)
																11,320		(d)
																12,016		(d)
																(33,159		)(d)
																30,508		(d)
																20,879		(d)
																(656		)(e)
Equity in (earnings) loss of non-consolidated entities	(47,718		)	434			(3,358		)	(1,305		)	(6,131		)				(58,078		)
Investment (income) expense	(10,154		)										9,381			(8,851		)(d)	(9,624		)
Total other expense	63,219			262,712			33,773			10,402			36,769			(91,350		)	315,525
Earnings (loss) before income taxes	149,639			(223,814		)	(1,291		)	(51,339		)	12,142			101,347			(13,316		)
Income tax provision (benefit)	37,972			1,784			(500		)	(14,206		)	4,328			(17,269		)(c)	1,890
																(10,219		)(d)
Net earnings (loss)	$	111,667		$	(225,598	)	$	(791	)	$	(37,133	)	$	7,814		$	128,835		$	(15,206	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2017

(dollars in thousands, except per share data)

	AMC			Nordic
	Historical			Historical
	Three Months Ended			Three Months Ended			Pro Forma			AMC
	March 31, 2017			March 31, 2017			Adjustments			Pro Forma
							Note (5)

Revenues	$	1,281,413		$	94,850		(2,544		)(f)	$	1,359,344
							32		(d)
							(6,384		)(e)
							(8,023		)(e)
Cost of operations	835,756			59,418			(2,030		)(f)	883,779
							(3,950		)(e)
							(5,415		)(e)
Rent	190,424			9,562			(446		)(f)	196,539
							39		(d)
							(652		)(d)
							(1,007		)(e)
							(1,381		)(e)
General and administrative:
Merger, acquisition and transaction costs	40,206			3,162			(3,162		)(b)	23,011
							(17,195		)(b)
Other	34,409			4,553			(52		)(f)	38,910
Depreciation and amortization	125,305			4,919			(172		)(f)	131,931
							2,107		(d)
							(226		)(e)
							(2		)(e)
Impairment of long-lived assets
Operating costs and expenses	1,226,100			81,614			(33,544		)	1,274,170
Operating income	55,313			13,236			16,625			85,174
Other expense (income)	(2,701		)							(2,701		)
Interest expense	62,141			15,033			(69		)(f)	72,649
							(14,886		)(d)
							6,441		(d)
							4,032		(d)
							(43		)(e)
Equity in (earnings) loss of non-consolidated entities	2,314			(1,813		)				501
Investment (income) expense	(5,608		)	(45		)	116		(d)	(5,537		)
Total other expense	56,146			13,175			(4,409		)	64,912
Earnings (loss) before income taxes	(833		)	61			21,034			20,262
Income tax provision (benefit)	(9,230		)	1,180			5,777		(c)	(5,149		)
							(2,928		)(d)
							52		(f)
Net earnings (loss)	$	8,397		$	(1,119	)	$	18,133		$	25,411

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

Certain conforming reclassifications for the historical three months ended March 31, 2017 have been made to conform with our presentation for the three months ended June 30, 2017.

Unaudited interim and year to date pro forma condensed combined statements of operations by segment for 2016 and 2017 are as follows:

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

THREE MONTHS ENDED MARCH 31, 2016

(dollars in thousands, except per share data)


	AMC			Carmike												Odeon			Nordic
	Historical			Historical			Historical			U.S. Markets						Historical			Historical			Historical			International Markets
	Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma			Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma
	March 31, 2016			March 31, 2016			International Theatre			Adjustments			U.S. Markets			March 31, 2016			March 31, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	766,017		$	206,188		$	(1,786	)	$	(292	)(d)	$	955,745		$	297,309		$	105,466		$	1,786		(2,272		)(d)	$	402,289
										(5,559		)(e)
										(8,823		)(e)
Cost of operations	498,632			136,943			(1,495		)	(3,609		)(e)	624,261			186,532			64,547			1,495						252,574
										(6,210		)(e)
Rent	124,584			25,878			(492		)	959		(d)	147,192			43,368			9,990			492			509		(d)	53,788
										(1,220		)(d)													145		(d)
										(1,014		)(e)													(716		)(d)
										(1,503		)(e)
General and administrative:
Merger, acquisition and transaction costs	4,604			3,752						(3,062		)(b)	1,542			448									(345		)(b)	103
										(3,752		)(b)
Other	18,516			8,570									27,086			10,932			5,346								(d)	16,278
Depreciation and amortization	60,430			15,157			(14		)	8,651		(d)	83,147			22,920			5,064			14			10,142		(d)	40,493
										(706		)(e)													2,353		(d)
										(371		)(e)
Impairment of long-lived assets				280									280
Operating costs and expenses	706,766			190,580			(2,001		)	(11,837		)	883,508			264,200			84,947			2,001			12,088			363,236
Operating income (loss)	59,251			15,608			215			(2,837		)	72,237			33,109			20,519			(215		)	(14,360		)	39,053
Other expense (income)	26												26			42,935									242		(d)	43,177
Interest expense	27,062			12,386						18,673		(a)	65,504			45,221			10,209						(36,312		)(a)	5,978
										1,733		(a)													(3,284		)(d)
										(8,683		)(a)													(9,856		)(d)
										7,689		(a)
										(12,386		)(d)
										2,941		(d)
										3,112		(d)
										7,627		(d)
										5,516		(d)
										(166		)(e)
Equity in (earnings) loss of non-consolidated entities	(4,264		)	(414		)							(4,678		)	84			(1,872		)							(1,788		)
Investment (income) expense	(9,954		)										(9,954		)				1,537						(1,968		)(d)	(431		)
Total other expense	12,870			11,972						26,056			50,898			88,240			9,874						(51,178		)	46,936
Earnings (loss) before income taxes	46,381			3,636			215			(28,893		)	21,339			(55,131		)	10,645			(215		)	36,818			(7,883		)
Income tax provision (benefit)	18,090			1,411						(11,268		)(c)	8,233			611			2,579						(2,702		)(d)	488

Net earnings (loss)	$	28,291		$	2,225		$	215		$	(17,625	)	$	13,106		$	(55,742	)	$	8,066		$	(215	)	$	39,520		$	(8,371	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

THREE MONTHS ENDED JUNE 30, 2016

(dollars in thousands, except per share data)

	AMC			Carmike												Odeon			Nordic
	Historical			Historical			Historical			U.S. Markets						Historical			Historical			Historical			International Markets
	Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma			Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma
	June 30, 2016			June 30, 2016			International Theatre			Adjustments			U.S. Markets			June 30, 2016			June 30, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	763,962		$	204,674		$	(1,472	)	$	(292	)(d)	$	951,877		$	224,907		$	66,442		$	1,472		(1,400		)(d)	$	291,421
										(5,845		)(e)
										(9,150		)(e)
Cost of operations	497,066			140,260			(1,394		)	(3,737		)(e)	625,441			154,429			48,858			1,394						204,681
										(6,754		)(e)
Rent	122,819			26,876			(469		)	959		(d)	146,244			39,860			9,645			469			5,025		(d)	54,409
										(1,220		)(d)													147		(d)
										(1,147		)(e)													(737		)(d)
										(1,574		)(e)
General and administrative:
Merger, acquisition and transaction costs	5,548			3,856						(5,548		)(b)				9,147									(9,147		)(b)
										(3,856		)(b)
Other	20,634			7,565									28,199			13,325			4,217						(568		)(d)	16,974
Depreciation and amortization	62,291			15,311			(8		)	8,497		(d)	85,128			23,085			5,426			8			10,453		(d)	41,166
										(591		)(e)													2,194		(d)
										(372		)(e)
Impairment of long-lived assets				1,980									1,980			158												158
Operating costs and expenses	708,358			195,848			(1,871		)	(15,343		)	886,992			240,004			68,146			1,871			7,367			317,388
Operating income (loss)	55,604			8,826			399			56			64,885			(15,097		)	(1,704		)	(399		)	(8,767		)	(25,967		)
Other expense (income)	(110		)										(110		)	31,564									1,373		(d)	32,937
Interest expense	27,035			12,382						18,673		(a)	65,492			44,948			8,511						(36,013		)(a)	5,508
										1,733		(a)													(3,241		)(d)
										(8,683		)(a)													(8,697		)(d)
										7,689		(a)
										(12,382		)(d)
										2,941		(d)
										3,112		(d)
										7,627		(d)
										5,530		(d)
										(165		)(e)
Equity in (earnings) loss of non-consolidated entities	(11,849		)	(1,101		)							(12,950		)	261			(189		)							72
Investment (income) expense	176												176						4,078						(3,659		)(d)	419
Total other expense	15,252			11,281						26,075			52,608			76,773			12,400						(50,237		)	38,936
Earnings (loss) before income taxes	40,352			(2,455		)	399			(26,019		)	12,277			(91,870		)	(14,104		)	(399		)	41,470			(64,903		)
Income tax provision (benefit)	16,385			(857		)				(10,147		)(c)	5,381			(1,274		)	(2,780		)				(2,671		)(d)	(6,725		)

Net earnings (loss)	$	23,967		$	(1,598	)	$	399		$	(15,872	)	$	6,896		$	(90,596	)	$	(11,324	)	$	(399	)	$	44,141		$	(58,178	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

SIX MONTHS ENDED JUNE 30, 2016

(dollars in thousands, except per share data)

	AMC			Carmike												Odeon			Nordic
	Historical			Historical			Historical			U.S. Markets						Historical			Historical			Historical			International Markets
	Six Months Ended			Six Months Ended			Legacy AMC			Pro Forma			Pro Forma			Six Months Ended			Six Months Ended			Legacy AMC			Pro Forma			Pro Forma
	June 30, 2016			June 30, 2016			International Theatre			Adjustments			U.S. Markets			June 30, 2016			June 30, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	1,529,979		$	410,862		$	(3,258	)	$	(584	)(d)	$	1,907,622		$	522,216		$	171,908		$	3,258		$	(3,672	)(d)	$	693,710
										(11,404		)(e)
										(17,973		)(e)
Cost of operations	995,698			277,203			(2,889		)	(7,346		)(e)	1,249,702			340,961			113,405			2,889						457,255
										(12,964		)(e)
Rent	247,403			52,754			(961		)	1,918		(d)	293,436			83,228			19,635			961			5,534		(d)	108,197
										(2,440		)(d)													292		(d)
										(2,161		)(e)													(1,453		)(d)
										(3,077		)(e)
General and administrative:
Merger, acquisition and transaction costs	10,152			7,608						(8,610		)(b)	1,542			9,595									(9,492		)(b)	103
										(7,608		)(b)
Other	39,150			16,135									55,285			24,257			9,563						(568		)(d)	33,252
Depreciation and amortization	122,721			30,468			(22		)	17,148		(d)	168,275			46,005			10,490			22			20,595		(d)	81,659
										(1,297		)(e)													4,547		(d)
										(743		)(e)
Impairment of long-lived assets				2,260									2,260			158												158
Operating costs and expenses	1,415,124			386,428			(3,872		)	(27,180		)	1,770,500			504,204			153,093			3,872			19,455			680,624
Operating income (loss)	114,855			24,434			614			(2,781		)	137,122			18,012			18,815			(614		)	(23,127		)	13,086
Other expense (income)	(84		)										(84		)	74,499									1,615		(d)	76,114
Interest expense	54,097			24,768						37,346		(a)	130,996			90,169			18,720						(72,325		)(a)	11,486
										3,466		(a)													(6,525		)(d)
										(17,366		)(a)													(18,553		)(d)
										15,378		(a)
										(24,768		)(d)
										5,882		(d)
										6,224		(d)
										15,254		(d)
										11,046		(d)
										(331		)(e)
Equity in (earnings) loss of non-consolidated entities	(16,113		)	(1,515		)							(17,628		)	345			(2,061		)							(1,716		)
Investment (income) expense	(9,778		)										(9,778		)				5,615						(5,627		)(d)	(12		)
Total other expense	28,122			23,253						52,131			103,506			165,013			22,274						(101,415		)	85,872
Earnings (loss) before income taxes	86,733			1,181			614			(54,912		)	33,616			(147,001		)	(3,459		)	(614		)	78,288			(72,786		)
Income tax provision (benefit)	34,475			554						(21,415		)(c)	13,614			(663		)	(201		)				(5,373		)(d)	(6,237		)

Net earnings (loss)	$	52,258		$	627		$	614		$	(33,497	)	$	20,002		$	(146,338	)	$	(3,258	)	$	(614	)	$	83,661		$	(66,549	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

THREE MONTHS ENDED SEPTMEBER 30, 2016

(dollars in thousands, except per share data)

	AMC			Carmike												Odeon			Nordic
	Historical			Historical			Histrical			U.S. Markets						Historical			Historical			Historical			International Markets
	Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma			Three Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma
	September 30, 2016			September 30, 2016			International Theatre			Adjustments			U.S. Markets			September 30, 2016			September 30, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	779,771		$	209,730		$	(1,513	)	$	(292	)(d)	$	972,448		$	251,461		$	84,002		$	1,513		(2,058		)(d)	$	334,918
										(6,054		)(e)
										(9,194		)(e)
Cost of operations	504,572			146,542			(1,314		)	(3,767		)(e)	639,296			173,002			53,153			1,314						227,469
										(6,737		)(e)
Rent	121,904			26,627			(428		)	959		(d)	145,107			42,241			9,917			428			2,473		(d)	54,521
										(1,220		)(d)													142		(d)
										(1,145		)(e)													(680		)(d)
										(1,590		)(e)
General and administrative:
Merger, acquisition and transaction costs	4,961			6,845						(4,961		)(b)				205									(134		)(b)	71
										(6,845		)(b)
Other	19,785			6,134									25,919			10,917			4,880									15,797
Depreciation and amortization	63,025			15,126			(4		)	8,682		(d)	85,869			24,638			5,269			4			7,672		(d)	39,672
										(587		)(e)													2,089		(d)
										(373		)(e)
Impairment of long-lived assets				409									409			144			(4		)							140
Operating costs and expenses	714,247			201,683			(1,746		)	(17,584		)	896,600			251,147			73,215			1,746			11,562			337,670
Operating income (loss)	65,524			8,047			233			2,044			75,848			314			10,787			(233		)	(13,620		)	(2,752		)
Other expense (income)	79												79			24,526									740		(d)	25,266
Interest expense	26,778			12,363						18,673		(a)	64,767			41,388			7,910						(34,549		)(a)	5,370
										1,733		(a)													(1,491		)(d)
										(8,683		)(a)													(7,888		)(d)
										7,689		(a)
										(12,363		)(d)
										2,941		(d)
										3,112		(d)
										7,627		(d)
										5,060		(d)
										(163		)(e)
Equity in (earnings) loss of non-consolidated entities	(12,030		)	(1,843		)							(13,873		)	(170		)	(1,503		)							(1,673		)
Investment (income) expense	176												176						4,975						(4,538		)(d)	437
Total other expense	15,003			10,520						25,626			51,149			65,744			11,382						(47,726		)	29,400
Earnings (loss) before income taxes	50,521			(2,473		)	233			(23,582		)	24,699			(65,430		)	(595		)	(233		)	34,106			(32,152		)
Income tax provision (benefit)	20,085			(1,054		)				(9,197		)(c)	9,834			3,114			175						(2,834		)(d)	455

Net earnings (loss)	$	30,436		$	(1,419	)	$	233		$	(14,385	)	$	14,865		$	(68,544	)	$	(770	)	$	(233	)	$	36,940		$	(32,607	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

NINE MONTHS ENDED SEPTEMBER 30, 2016

(dollars in thousands, except per share data)

	AMC			Carmike												Odeon			Nordic
	Historical			Historical			Historical			U.S. Markets						Historical			Historical			Historical			International Markets
	Nine Months Ended			Nine Months Ended			Legacy AMC			Pro Forma			Pro Forma			Nine Months Ended			Nine Months Ended			Legacy AMC			Pro Forma			Pro Forma
	September 30, 2016			September 30, 2016			International Theatre			Adjustments			U.S. Markets			September 30, 2016			September 30, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	2,309,750		$	620,592		$	(4,771	)	$	(876	)(d)	$	2,880,070		$	773,677		$	255,910		$	4,771		$	(5,730	)(d)	$	1,028,628
										(17,458		)(e)
										(27,167		)(e)
Cost of operations	1,500,270			423,745			(4,203		)	(11,113		)(e)	1,888,998			513,963			166,558			4,203						684,724
										(19,701		)(e)
Rent	369,307			79,381			(1,389		)	2,877		(d)	438,543			125,469			29,552			1,389			8,007		(d)	162,718
										(3,660		)(d)													434		(d)
										(3,306		)(e)													(2,133		)(d)
										(4,667		)(e)
General and administrative:
Merger, acquisition and transaction costs	15,113			14,453						(13,571		)(b)	1,542			9,800									(9,626		)(b)	174
										(14,453		)(b)
Other	58,935			22,269									81,204			35,174			14,443						(568		)(d)	49,049
Depreciation and amortization	185,746			45,594			(26		)	25,830		(d)	254,144			70,643			15,759			26			28,267		(d)	121,331
										(1,884		)(e)													6,636		(d)
										(1,116		)(e)
Impairment of long-lived assets				2,669									2,669			302			(4		)							298
Operating costs and expenses	2,129,371			588,111			(5,618		)	(44,764		)	2,667,100			755,351			226,308			5,618			31,017			1,018,294
Operating income (loss)	180,379			32,481			847			(737		)	212,970			18,326			29,602			(847		)	(36,747		)	10,334
Other expense (income)	(5		)										(5		)	99,025									2,355		(d)	101,380
Interest expense	80,875			37,131						56,019		(a)	195,763			131,557			26,630						(106,874		)(a)	16,856
										5,199		(a)													(8,016		)(d)
										(26,049		)(a)													(26,441		)(d)
										23,067		(a)
										(37,131		)(d)
										8,823		(d)
										9,336		(d)
										22,881		(d)
										16,106		(d)
										(494		)(e)
Equity in (earnings) loss of non-consolidated entities	(28,143		)	(3,358		)							(31,501		)	175			(3,564		)							(3,389		)
Investment (income) expense	(9,602		)										(9,602		)				10,590						(10,165		)(d)	425
Total other expense	43,125			33,773						77,757			154,655			230,757			33,656						(149,141		)	115,272
Earnings (loss) before income taxes	137,254			(1,292		)	847			(78,494		)	58,315			(212,431		)	(4,054		)	(847		)	112,394			(104,938		)
Income tax provision (benefit)	54,560			(500		)				(30,612		)(c)	23,448			2,451			(26		)				(8,207		)(d)	(5,782		)

Net earnings (loss)	$	82,694		$	(792	)	$	847		$	(47,882	)	$	34,867		$	(214,882	)	$	(4,028	)	$	(847	)	$	120,601		$	(99,156	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

THREE MONTHS ENDED DECEMBER 31, 2016

(dollars in thousands, except per share data)

	AMC			Carmike			Historical									Odeon			Nordic			Historical
	Historical			Historical			Odeon &			U.S. Markets						Historical			Historical			Odeon &			International Markets
	Three Months Ended			81 days Ended			Legacy AMC			Pro Forma			Pro Forma			Two Months Ended			Three Months Ended			Legacy AMC			Pro Forma			Pro Forma
	December 31, 2016			December 20, 2016			International Theatre			Adjustments			U.S. Markets			November 30, 2016			September, 2016			International Theatre			Adjustments			International Markets
										Note (5)															Note (5)

Revenues	$	926,096		$	149,668		$	(114,092	)	$	(291	)(d)	$	946,776		$	188,242		$	104,621		$	114,092		(5,979		)(d)	$	400,976
										(6,125		)(e)
										(8,480		)(e)
Cost of operations	604,854			108,647			(71,764		)	(3,809		)(e)	633,499			111,410			65,453			71,764						248,627
										(4,429		)(e)
Rent	136,156			22,308			(10,222		)	958		(d)	144,806			29,706			9,734			10,222			1,094		(d)	50,225
										(1,220		)(d)													116		(d)
										(1,145		)(e)													(647		)(d)
										(2,029		)(e)
General and administrative:
Merger, acquisition and transaction costs	32,782			35,515			(815		)	(31,967		)(b)				4,345			96			815			(5,160		)(b)
										(35,515		)(b)													(96		)(b)
Other	31,784			11,132			(3,922		)				38,994			8,009			4,416			3,922			(576		)(d)	15,771
Depreciation and amortization	82,497			13,003			(12,092		)	7,631		(d)	90,057			13,678			4,287			12,092			6,768		(d)	39,477
										(603		)(e)													2,652		(d)
										(379		)(e)
Impairment of long-lived assets	5,544												5,544			521			1,326									1,847
Operating costs and expenses	893,617			190,605			(98,815		)	(72,507		)	912,900			167,669			85,312			98,815			4,151			355,947
Operating income (loss)	32,479			(40,937		)	(15,277		)	57,611			33,876			20,573			19,309			15,277			(10,130		)	45,029
Other expense (income)	(441		)				17						(424		)	(11,049		)				(17		)	466		(d)	(10,600		)
Interest expense	40,662			11,707			(1,929		)	18,674		(a)	74,652			42,745			6,889			1,929			(37,972		)(a)	5,605
										1,733		(a)													(1,268		)(d)
										(8,684		)(a)													(6,718		)(d)
										7,688		(a)
										(907		)(a)
										(11,707		)(d)
										2,497		(d)
										2,680		(d)
										7,627		(d)
										4,773		(d)
										(162		)(e)
Equity in (earnings) loss of non-consolidated entities	(19,575		)	(1,305		)	460						(20,420		)	259			(2,567		)	(460		)				(2,768		)
Investment (income) expense	(552		)										(552		)				(1,209		)				1,314		(d)	105
Total other expense	20,094			10,402			(1,452		)	24,212			53,256			31,955			3,113			1,452			(44,178		)	(7,658		)
Earnings (loss) before income taxes	12,385			(51,339		)	(13,825		)	33,399			(19,380		)	(11,382		)	16,196			13,825			34,048			52,687
Income tax provision (benefit)	(16,588		)	(14,206		)	2,591			13,343		(c)	(14,860		)	(667		)	4,354			(2,591		)	(2,012		)(d)	(916		)

Net earnings (loss)	$	28,973		$	(37,133	)	$	(16,416	)	$	20,056		$	(4,520	)	$	(10,715	)	$	11,842		$	16,416		$	36,060		$	53,603

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

YEAR ENDED DECEMBER 31, 2016

(dollars in thousands, except per share data)

	AMC			Carmike			Carmike			Historical										Odeon			Nordic			Historical
	Historical			Historical			Historical			Odeon &			U.S. Markets							Historical			Historical			Odeon &			International Markets
	Year Ended			Nine Months Ended			81 days Ended			Legacy AMC			Pro Forma				Pro Forma			Eleven Months Ended			Year Ended			Legacy AMC			Pro Forma				Pro Forma
	December 31, 2016			September 30, 2016			December 20, 2016			International Theatre			Adjustments				U.S. Markets			November 30, 2016			December 31, 2016			International Theatre			Adjustments				International Markets
													Note (5)																Note (5)

Revenues	$	3,235,846		$	620,592		$	149,668		$	(118,863	)	$	(1,167	)	(d)	$	3,826,846		$	961,919		$	360,531		$	118,863		(11,709		)	(d)	$	1,429,604
													(23,583		)	(e)
													(35,647		)	(e)
Cost of operations	2,105,124			423,745			108,647			(75,967		)	(14,922		)	(e)	2,522,497			625,373			232,011			75,967							933,351
													(24,130		)	(e)
Rent	505,463			79,381			22,308			(11,611		)	3,835			(d)	583,349			155,175			39,286			11,611			9,101			(d)	212,943
													(4,880		)	(d)													550			(d)
													(4,451		)	(e)													(2,780		)	(d)
													(6,696		)	(e)
General and administrative:
Merger, acquisition and transaction costs	47,895			14,453			35,515			(815		)	(45,538		)	(b)	1,542			14,145			96			815			(14,786		)	(b)	174
													(49,968		)	(b)													(96		)	(b)
Other	90,719			22,269			11,132			(3,922		)					120,198			43,183			18,859			3,922			(1,144		)	(d)	64,820
Depreciation and amortization	268,243			45,594			13,003			(12,118		)	33,461			(d)	344,201			84,321			20,046			12,118			35,035			(d)	160,808
													(2,487		)	(e)													9,288			(d)
													(1,495		)	(e)
Impairment of long-lived assets	5,544			2,669													8,213			823			1,322										2,145
Operating costs and expenses	3,022,988			588,111			190,605			(104,433		)	(117,271		)		3,580,000			923,020			311,620			104,433			35,168				1,374,241
Operating income (loss)	212,858			32,481			(40,937		)	(14,430		)	56,874				246,846			38,899			48,911			14,430			(46,877		)		55,363
Other expense (income)	(446		)							17							(429		)	87,976						(17		)	2,821			(d)	90,780
Interest expense	121,537			37,131			11,707			(1,929		)	74,693			(a)	270,415			174,302			33,519			1,929			(144,846		)	(a)	22,461
													6,932			(a)													(9,284		)	(d)
													(34,733		)	(a)													(33,159		)	(d)
													30,755			(a)
													(907		)	(a)
													(48,838		)	(d)
													11,320			(d)
													12,016			(d)
													30,508			(d)
													20,879			(d)
													(656		)	(e)
Equity in (earnings) loss of non-consolidated entities	(47,718		)	(3,358		)	(1,305		)	460							(51,921		)	434			(6,131		)	(460		)					(6,157		)
Investment (income) expense	(10,154		)														(10,154		)				9,381						(8,851		)	(d)	530
Total other expense	63,219			33,773			10,402			(1,452		)	101,969				207,911			262,712			36,769			1,452			(193,319		)		107,614
Earnings (loss) before income taxes	149,639			(1,292		)	(51,339		)	(12,978		)	(45,095		)		38,935			(223,813		)	12,142			12,978			146,442				(52,251		)
Income tax provision (benefit)	37,972			(500		)	(14,206		)	2,591			(17,269		)	(c)	8,588			1,784			4,328			(2,591		)	(10,219		)	(d)	(6,698		)
Net earnings (loss)	$	111,667		$	(792	)	$	(37,133	)	$	(15,569	)	$	(27,826	)		$	30,347		$	(225,597	)	$	7,814		$	15,569		$	156,661			$	(45,553	)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

AMC ENTERTAINMENT HOLDINGS, INC.

UNAUDITED CONDENSED COMBINED PRO FORMA STATEMENT OF OPERATIONS BY SEGMENT

THREE MONTHS ENDED MARCH 31, 2017

(dollars in thousands, except per share data)

	AMC			Historical										Historical			Nordic
	Historical			Nordic, Odeon &			U.S. Markets							Nordic, Odeon &			Historical			International Markets
	Three Months Ended			Legacy AMC			Pro Forma				Pro Forma			Legacy AMC			Three Months Ended			Pro Forma				Pro Forma
	March 31, 2017			International Theatre			Adjustments				U.S. Markets			International Theatre			March 31, 2017			Adjustments				International Markets
							Note (5)													Note (5)

Revenues	$	1,281,413		(289,283		)	(6,384		)	(e)	$	977,723		$	289,283		$	94,850		(2,544		)	(f)	$	381,621
							(8,023		)	(e)										32			(d)
Cost of operations	835,756			(182,845		)	(3,950		)	(e)	643,546			182,845			59,418			(2,030		)	(f)	240,233
							(5,415		)	(e)
Rent	190,424			(41,916		)	(1,007		)	(e)	146,120			41,916			9,562			(446		)	(f)	50,419
							(1,381		)	(e)										39			(d)
																				(652		)	(d)
General and administrative:
Merger, acquisition and transaction costs	40,206						(17,195		)	(b)	23,011						3,162			(3,162		)	(b)

Other	34,409			(11,730		)					22,679			11,730			4,553			(52		)	(f)	16,231
Depreciation and amortization	125,305			(28,557		)	(226		)	(e)	96,520			28,557			4,919			(172		)	(f)	35,411
							(2		)	(e)										2,107			(d)
Impairment of long-lived assets
Operating costs and expenses	1,226,100			(265,048		)	(29,176		)		931,876			265,048			81,614			(4,368		)		342,294
Operating income	55,313			(24,235		)	14,769				45,847			24,235			13,236			1,856				39,327
Other expense (income)	(2,701		)								(2,701		)
Interest expense	62,141			(6,183		)	6,441			(d)	66,388			6,183			15,033			(69		)	(f)	6,261
							4,032			(d)										(14,886		)	(d)
							(43		)	(e)
Equity in (earnings) loss of non-consolidated entities	2,314			19							2,333			(19		)	(1,813		)					(1,832		)
Investment (income) expense	(5,608		)	265							(5,343		)	(265		)	(45		)	116			(d)	(194		)
Total other expense	56,146			(5,899		)	10,430				60,677			5,899			13,175			(14,839		)		4,235
Earnings (loss) before income taxes	(833		)	(18,336		)	4,339				(14,830		)	18,336			61			16,695				35,092
Income tax provision (benefit)	(9,230		)	(1,105		)	5,777			(c)	(4,558		)	1,105			1,180			52			(f)	(591		)
																				(2,928		)	(d)
Net earnings (loss)	$	8,397		$	(17,231	)	$	(1,438	)		$	(10,272	)	$	17,231		$	(1,119	)	$	19,571			$	35,683

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

Certain conforming reclassifications for the historical three months ended March 31, 2017 have been made to conform with our presentation for the three months ended June 30, 2017.

5. Pro Forma Adjustments (dollars in thousands)

The accompanying unaudited pro forma condensed combined financial statements have been prepared as if the Odeon Acquisition, the Carmike Acquisition, the Nordic Acquisition, the Financings, the Theatre Divestitures and the 2017 Equity Offering were completed on January 1, 2016 for statement of operations purposes.

(a) Adjustments to interest expense and other expense have been made to reflect the elimination of the Odeon Shareholder Loans due 2019 and refinancing of the Odeon 9% Senior Secured Note GBP due 2018 and the Floating Rate Senior Secured Note due 2018 as follows:

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017
Eliminate historical interest expense for amounts extinguished for Odeon Indebtedness	$	(36,312	)	$	(36,013	)	$	(72,325	)	$	(34,549	)	$	(106,874	)	$	(37,972	)	$	(144,846	)	$
Cash interest on new indebtedness incurred	18,673			18,673			37,346			18,673			56,019			18,674			74,693
Amortization of deferred charges on new indebtedness incurred	1,733			1,733			3,466			1,733			5,199			1,733			6,932
Eliminate historical interest on Term Loans due 2022	(8,683		)	(8,683		)	(17,366		)	(8,683		)	(26,049		)	(8,684		)	(34,733		)
Interest on Term Loans due 2022 based on amended pricing	7,689			7,689			15,378			7,689			23,067			7,688			30,755
Eliminate historical interest on bridge loan																(907		)	(907		)

b) Adjustment to remove the non-recurring direct incremental costs of the Odeon Acquisition, the Carmike Acquisition and the Nordic Acquisition which are reflected in the historical financial statements of the Company, Odeon, Carmike and Nordic.

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017
Remove the Companys costs (including $815K for 1 month Odeon Q4-16)	$	(3,062	)	$	(5,548	)	$	(8,610	)	$	(4,961	)	$	(13,571	)	$	(32,782	)	$	(46,353	)	$	(17,195	)
Remove Odeons costs	(345		)	(9,147		)	(9,492		)	(134		)	(9,626		)	(4,345		)	(13,971		)
Remove Carmikes costs	(3,752		)	(3,856		)	(7,608		)	(6,845		)	(14,453		)	(35,515		)	(49,968		)
Remove Nordics costs																(96		)	(96		)	(3,162		)

(c) Adjustment to record tax benefit in U.S. tax jurisdictions for Carmike and the Company at the Companys effective income tax rate of 39%. Income and expenses recorded historically by Odeon were not significantly tax effected in foreign jurisdictions as a result of available unrecorded deferred tax assets including net operating loss carryforwards. As a result pro forma adjustments do not result in significant amounts of additional income tax expense or benefit in these foreign jurisdictions.

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended		Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,		December 31,			March 31,
	2016			2016			2016			2016			2016			2016		2016			2017
Record tax effect in U.S. tax jurisdiction	$	(11,268	)	$	(10,147	)	$	(21,415	)	$	(9,197	)	$	(30,612	)	$	13,343	$	(17,269	)	$	5,777

(d) Adjustment to Odeon expenses as a result of adjustments to fair value.

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017

Rent (1)	$	509		$	5,025		$	5,534		$	2,473		$	8,007		$	1,094		$	9,101		$
Depreciation and amortization	10,142			10,453			20,595			7,672			28,267			6,768			35,035
Eliminate non-recurring direct incremental costs of the Odeon acquisition for share-based compensation expense related to the Junior LTIP				(568		)	(568		)				(568		)	(576		)	(1,144		)
Eliminate deferred gain amortization	242			1,373			1,615			740			2,355			466			2,821
Interest Expense for capital and financing lease obligations primarily due to a lower incremental borrowing rate upon re-measurement	(3,284		)	(3,241		)	(6,525		)	(1,491		)	(8,016		)	(1,268		)	(9,284		)


(1) Detail of Odeon rent adjustments above:

Unfavorable lease amortization	$	(2,332	)	$	585		(1,747		)	$	(975	)	$	(2,722	)	$	(694	)	$	(3,416	)	$
Incremental financing lease obligation ground rent	619			667			1,286			777			2,063			568			2,631
Eliminate deferred rent credit from landlord incentives	1,889			3,440			5,329			2,338			7,667			887			8,554
Straight line rent expense	333			333			666			333			999			333			1,332
Total	$	509		$	5,025		$	5,534		$	2,473		$	8,007		$	1,094		$	9,101		$

Adjustment to Carmike revenues and expenses as a result of adjustments to fair value.

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017
Revenues from Screenvision deferred revenues	$	(292	)	$	(292	)	$	(584	)	$	(292	)	$	(876	)	$	(291	)	$	(1,167	)	$
Straight line rent expense	959			959			1,918			959			2,877			958			3,835
Unfavorable lease amortization	(1,220		)	(1,220		)	(2,440		)	(1,220		)	(3,660		)	(1,220		)	(4,880		)
Depreciation and amortization	8,651			8,497			17,148			8,682			25,830			7,631			33,461
Remove Carmike historical interest expense	(12,386		)	(12,382		)	(24,768		)	(12,363		)	(37,131		)	(11,707		)	(48,838		)
Interest expense on capital and financing lease obligations reflecting a lower incremental borrowing rate upon re-measurement	2,941			2,941			5,882			2,941			8,823			2,497			11,320
Interest expense on 6.0% Senior Secured Notes due 2023	3,112			3,112			6,224			3,112			9,336			2,680			12,016

Adjustment to Nordic revenues and expenses as a result of fair value.

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017
Revenues related to breakage income (adjustments are components of Other Revenues)	$	(2,272	)	$	(1,400	)	$	(3,672	)	$	(2,058	)	$	(5,730	)	$	(5,979	)	$	(11,709	)	$	32
Straight line rent expense	145			147			292			142			434			116			550			39
Unfavorable lease amortization	(716		)	(737		)	(1,453		)	(680		)	(2,133		)	(647		)	(2,780		)	(652		)
Depreciation and amortization	2,353			2,194			4,547			2,089			6,636			2,652			9,288			2,107
Remove Nordic historical interest expense	(9,856		)	(8,697		)	(18,553		)	(7,888		)	(26,441		)	(6,718		)	(33,159		)	(14,886		)
Remove Nordic historical investment income	(1,968		)	(3,659		)	(5,627		)	(4,538		)	(10,165		)	1,314			(8,851		)	116
Interest expense on $475 million 6.125% Senior Subordinated Notes due 2027	7,627			7,627			15,254			7,627			22,881			7,627			30,508			6,441
Interest expense on £250 million 6.375% Senior Subordinated Notes due 2024	5,516			5,530			11,046			5,060			16,106			4,773			20,879			4,032
Income tax adjustment related to Nordic adjustments	(2,702		)	(2,671		)	(5,373		)	(2,834		)	(8,207		)	(2,012		)	(10,219		)	(2,928		)

(e) Adjustment Relating to Department of Justice Proposed Divestitures

Adjustments to remove Carmike and AMC historical revenues and expenses for theatres in markets that must be divested in connection with the Department of Justice proposed final judgement whereby we expect to sell certain of our theatres and certain Carmike theatres are reflected in the pro forma financial statements as those planned disposals are identifiable and factually supportable at this time. We believe that the reasonably possible effects on the financial statements for the divestitures are as follows ($ in thousands):

	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	March 31,			June 30,			June 30,			September 30,			September 30,			December 31,			December 31,			March 31,
	2016			2016			2016			2016			2016			2016			2016			2017

AMC Theatres

Revenues	$	(5,559	)	$	(5,845	)	$	(11,404	)	$	(6,054	)	$	(17,458	)	$	(6,125	)	$	(23,583	)	$	(6,384	)
Cost of operations	(3,609		)	(3,737		)	(7,346		)	(3,767		)	(11,113		)	(3,809		)	(14,922		)	(3,950		)
Rent	(1,014		)	(1,147		)	(2,161		)	(1,145		)	(3,306		)	(1,145		)	(4,451		)	(1,007		)
Depreciation and amortization	(706		)	(591		)	(1,297		)	(587		)	(1,884		)	(603		)	(2,487		)	(226		)

Admissions	$	3,271		$	3,438		$	6,709		$	3,598		$	10,307		$	3,696		$	14,003		$	3,783
Food & beverage	2,131			2,237			4,368			2,306			6,674			2,228			8,902			2,372
Other	157			170			327			150			477			201			678			229
Total revenues (1)	$	5,559		$	5,845		$	11,404		$	6,054		$	17,458		$	6,125		$	23,583		$	6,384

Film exhibition costs	$	1,778		$	1,873		$	3,651		$	1,877		$	5,528		$	1,945		$	7,473		$	2,070
Food & beverage costs	246			261			507			274			781			266			1,047			271
Operating expense	1,585			1,603			3,188			1,616			4,804			1,598			6,402			1,609
Cost of operations (2)	$	3,609		$	3,737		$	7,346		$	3,767		$	11,113		$	3,809		$	14,922		$	3,950

Carmike Theatres

Revenues	$	(8,823	)	$	(9,150	)	$	(17,973	)	$	(9,194	)	$	(27,167	)	$	(8,480	)	$	(35,647	)	$	(8,023	)
Cost of operations	(6,210		)	(6,754		)	(12,964		)	(6,737		)	(19,701		)	(4,429		)	(24,130		)	(5,415		)
Rent	(1,503		)	(1,574		)	(3,077		)	(1,590		)	(4,667		)	(2,029		)	(6,696		)	(1,381		)
Depreciation and amortization	(371		)	(372		)	(743		)	(373		)	(1,116		)	(379		)	(1,495		)	(2		)
Interest expense	(166		)	(165		)	(331		)	(163		)	(494		)	(162		)	(656		)	(43		)

Admissions	$	5,201		$	5,413		$	10,614		$	5,450		$	16,064		$	4,834		$	20,898		$	4,730
Food & beverage	3,412			3,535			6,947			3,529			10,476			3,262			13,738			3,182
Other	210			202			412			215			627			384			1,011			111
Total revenues (3)	$	8,823		$	9,150		$	17,973		$	9,194		$	27,167		$	8,480		$	35,647		$	8,023

Film exhibition costs	$	2,858		$	3,129		$	5,987		$	3,026		$	9,013		$	2,640		$	11,653		$	2,562
Food & beverage costs	526			541			1,067			543			1,610			427			2,037			423
Operating expense	2,826			3,084			5,910			3,168			9,078			1,362			10,440			2,430
Cost of operations (4)	$	6,210		$	6,754		$	12,964		$	6,737		$	19,701		$	4,429		$	24,130		$	5,415

(f) Adjustment to remove revenues and expenses incuded in the AMC historical period from the date of the Nordic Acquisition on March 28, 2017 through March 31, 2017.

The following segment pro forma financial data for 2016 and 2017 and Adjusted EBIDA have been reconciled to the unaudited interim and year to date pro forma condensed combined statements of operations for 2016 and 2017 and to the unaudited interim and year to date pro forma condensed combined statements of operations by operating segment. See Note 5(d) and Note 5(e) for reconciliation of Revenues and Cost of Operations.

Segment pro forma financial data

Three Months ended March 31, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	595,690		$	279,309		$	874,999
Food & beverage	314,276			93,066			407,342
Other	45,779			29,914			75,693
Total revenues	955,745			402,289			1,358,034

Operating costs and expenses
Film exhibition costs	325,521			118,001			443,522
Food & beverage costs	42,679			21,291			63,970
Operating expense	256,061			113,282			369,343
Rent	147,192			53,788			200,980
General and administrative:
Merger, acquisition and transaction costs	1,542			103			1,645
Other	27,086			16,278			43,364
Depreciation & amortization	83,147			40,493			123,640
Impairment of long-lived assets	280						280
Operating costs and expenses	883,508			363,236			1,246,744
Operating income	72,237			39,053			111,290
Other expense (income)	26			43,177			43,203
Interest expense	65,504			5,978			71,482
Equity in earnings of non-consolidated entities	(4,678		)	(1,788		)	(6,466		)
Investment (income) expense	(9,954		)	(431		)	(10,385		)
Total other expense	50,898			46,936			97,834
Earnings (loss) before income taxes	21,339			(7,883		)	13,456
Income tax provision	8,233			488			8.721
Net earnings (loss)	$	13,106		$	(8,371	)	$	4,735

Adjusted EBITDA	$	180,565		$	82,594		$	263,159

Attendance	65,686			32,852			98,538
Average screens	8,050			2,719			10,769

Segment pro forma financial data

Three Months ended June 30, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	593,591		$	189,927		$	783,518
Food & beverage	312,836			70,209			383,045
Other	45,450			31,285			76,735
Total revenues	951,877			291,421			1,243,298

Operating costs and expenses
Film exhibition costs	327,761			77,666			405,427
Food & beverage costs	43,136			16,920			60,056
Operating expense	254,544			110,095			364,639
Rent	146,244			54,409			200,653
General and administrative:
Merger, acquisition and transaction costs
Other	28,199			16,974			45,173
Depreciation & amortization	85,128			41,166			126,294
Impairment of long-lived assets	1,980			158			2,138
Operating costs and expenses	886,992			317,388			1,204,380
Operating income (loss)	64,885			(25,967		)	38,918
Other expense (income)	(110		)	32,937			32,827
Interest expense	65,492			5,508			71,000
Equity in earnings (loss) of non-consolidated entities	(12,950		)	72			(12,878		)
Investment (income) expense	176			419			595
Total other expense	52,608			38,936			91,544
Earnings (loss) before income taxes	12,277			(64,903		)	(52,626		)
Income tax provision (benefit)	5,381			(6,725		)	(1,344		)
Net earnings (loss)	$	6,896		$	(58,178	)	$	(51,282	)

Adjusted EBITDA	$	158,929		$	16,168		$	175,097

Attendance	64,541			22,689			87,230
Average screens	8,018			2,725			10,743

Segment pro forma financial data

Six Months ended June 30, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	1,189,281		$	469,236		$	1,658,517
Food & beverage	627,112			163,275			790,387
Other	91,229			61,199			152,428
Total revenues	1,907,622			693,710			2,601,332

Operating costs and expenses
Film exhibition costs	653,282			195,667			848,949
Food & beverage costs	85,815			38,211			124,026
Operating expense	510,605			223,377			733,982
Rent	293,436			108,197			401,633
General and administrative:
Merger, acquisition and transaction costs	1,542			103			1,645
Other	55,285			33,252			88,537
Depreciation & amortization	168,275			81,659			249,934
Impairment of long-lived assets	2,260			158			2,418
Operating costs and expenses	1,770,500			680,624			2,451,124
Operating income	137,122			13,086			150,208
Other expense (income)	(84		)	76,114			76,030
Interest expense	130,996			11,486			142,482
Equity in earnings of non-consolidated entities	(17,628		)	(1,716		)	(19,344		)
Investment income	(9,778		)	(12		)	(9,790		)
Total other expense	103,506			85,872			189,378
Earnings (loss) before income taxes	33,616			(72,786		)	(39,170		)
Income tax provision (benefit)	13,614			(6,237		)	7,377
Net earnings (loss)	$	20,002		$	(66,549	)	$	(46,547	)

Adjusted EBITDA	$	339,494		$	98,762		$	438,256

Attendance	130,227			55,541			185,768
Average screens	8,034			2,722			10,756

Segment pro forma financial data

Three Months ended September 30, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	612,668		$	225,549		$	838,217
Food & beverage	319,691			83,476			403,167
Other	40,089			25,893			65,982
Total revenues	972,448			334,918			1,307,366

Operating costs and expenses
Film exhibition costs	323,431			94,708			418,139
Food & beverage costs	43,246			21,455			64,701
Operating expense	272,619			111,306			383,925
Rent	145,107			54,521			199,628
General and administrative:
Merger, acquisition and transaction costs				71			71
Other	25,919			15,797			41,716
Depreciation & amortization	85,869			39,672			125,541
Impairment of long-lived assets	409			140			549
Operating costs and expenses	896,600			337,670			1,234,270
Operating income (loss)	75,848			(2,752		)	73,096
Other expense (income)	79			25,266			25,345
Interest expense	64,767			5,370			70,137
Equity in earnings of non-consolidated entities	(13,873		)	(1,673		)	(15,546		)
Investment expense	176			437			613
Total other expense	51,149			29,400			80,549
Earnings (loss) before income taxes	24,699			(32,152		)	(7,453		)
Income tax provision	9,834			455			10,289
Net earnings (loss)	$	14,865		$	(32,607	)	$	(17,742	)

Adjusted EBITDA	$	175,119		$	39,416		$	214,535

Attendance	67,765			27,526			95,291
Average screens	7,958			2,719			10,677

Segment pro forma financial data

Nine Months ended September 30, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	1,801,949		$	694,785		$	2,496,734
Food & beverage	946,803			246,751			1,193,554
Other	131,318			87,092			218,410
Total revenues	2,880,070			1,028,628			3,908,698

Operating costs and expenses
Film exhibition costs	976,713			290,375			1,267,088
Food & beverage costs	129,061			59,666			188,727
Operating expense	783,224			334,683			1,117,907
Rent	438,543			162,718			601,261
General and administrative:
Merger, acquisition and transaction costs	1,542			174			1,716
Other	81,204			49,049			130,253
Depreciation & amortization	254,144			121,331			375,475
Impairment of long-lived assets	2,669			298			2,967
Operating costs and expenses	2,667,100			1,018,294			3,685,394
Operating income	212,970			10,334			223,304
Other expense (income)	(5		)	101,380			101,375
Interest expense	195,763			16,856			212,619
Equity in earnings of non-consolidated entities	(31,501		)	(3,389		)	(34,890		)
Investment (income) expense	(9,602		)	425			(9,177		)
Total other expense	154,655			115,272			269,927
Earnings (loss) before income taxes	58,315			(104,938		)	(46,623		)
Income tax provision (benefit)	23,448			(5,782		)	17,666
Net earnings (loss)	$	34,867		$	(99,156	)	$	(64,289	)

Adjusted EBITDA	$	514,613		$	138,178		$	652,791

Attendance	197,992			83,067			281,059
Average screens	8,009			2,721			10,730

Segment pro forma financial data

Three Months ended December 31, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	595,120		$	262,914		$	858,034
Food & beverage	306,524			90,230			396,754
Other	45,132			47,832			92,964
Total revenues	946,776			400,976			1,347,752

Operating costs and expenses
Film exhibition costs	316,824			109,241			426,065
Food & beverage costs	40,178			21,166			61,344
Operating expense	276,497			118,220			394,717
Rent	144,806			50,225			195,031
General and administrative:
Merger, acquisition and transaction costs
Other	38,994			15,771			54,765
Depreciation & amortization	90,057			39,477			129,534
Impairment of long-lived assets	5,544			1,847			7,391
Operating costs and expenses	912,900			355,947			1,268,847
Operating income	33,876			45,029			78,905
Other income	(424		)	(10,600		)	(11,024		)
Interest expense	74,652			5,605			80,257
Equity in earnings of non-consolidated entities	(20,420		)	(2,768		)	(23,188		)
Investment (income) expense	(552		)	105			(447		)
Total other expense	53,256			(7,658		)	45,598
Earnings (loss) before income taxes	(19,380		)	52,687			33,307
Income tax benefit	(14,860		)	(916		)	(15,776		)
Net earnings (loss)	$	(4,520	)	$	53,603		$	49,083

Adjusted EBITDA	$	162,281		$	88,891		$	251,172

Attendance	67,202			31,011			98,213
Average screens	8,322			2,725			11,047

Segment pro forma financial data

Year ended December 31, 2016

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	2,397,069		$	957,699		$	3,354,768
Food & beverage	1,253,327			336,981			1,590,308
Other	176,450			134,924			311,374
Total revenues	3,826,846			1,429,604			5,256,450

Operating costs and expenses
Film exhibition costs	1,293,537			399,616			1,693,153
Food & beverage costs	169,239			80,832			250,071
Operating expense	1,059,721			452,903			1,512,624
Rent	583,349			212,943			796,292
General and administrative:
Merger, acquisition and transaction costs	1,542			174			1,716
Other	120,198			64,820			185,018
Depreciation & amortization	344,201			160,808			505,009
Impairment of long-lived assets	8,213			2,145			10,358
Operating costs and expenses	3,580,000			1,374,241			4,954,241
Operating income	246,846			55,363			302,209
Other expense (income)	(429		)	90,780			90,351
Interest expense	270,415			22,461			292,876
Equity in earnings of non-consolidated entities	(51,921		)	(6,157		)	(58,078		)
Investment (income) expense	(10,154		)	530			(9,624		)
Total other expense	207,911			107,614			315,525
Earnings (loss) before income taxes	38,935			(52,251		)	(13,316		)
Income tax provision (benefit)	8,588			(6,698		)	1,890
Net earnings (loss)	$	30,347		$	(45,553	)	$	(15,206	)

Adjusted EBITDA	$	676,894		$	227,069		$	903,963

Attendance	265,194			114,078			379,272
Average screens	8,087			2,722			10,809

Segment pro forma financial data

Three Months ended March 31, 2017

(dollars in thousands)

	US			International			Total

Revenue
Admissions	$	610,787		$	259,513		$	870,300
Food & beverage	320,177			89,579			409,756
Other	46,759			32,529			79,288
Total revenues	977,723			381,621			1,359,344

Operating costs and expenses
Film exhibition costs	332,255			110,103			442,358
Food & beverage costs	42,752			20,774			63,526
Operating expense	268,539			109,356			377,895
Rent	146,120			50,419			196,539
General and administrative:
Merger, acquisition and transaction costs	23,011						23,011
Other	22,679			16,231			38,910
Depreciation & amortization	96,520			35,411			131,931
Impairment of long-lived assets
Operating costs and expenses	931,876			342,294			1,274,170
Operating income	45,847			39,327			85,174
Other income	(2,701		)				(2,701		)
Interest expense	66,388			6,261			72,649
Equity in (earnings) loss of non-consolidated entities	2,333			(1,832		)	501
Investment income	(5,343		)	(194		)	(5,537		)
Total other expense	60,677			4,235			64,912
Earnings (loss) before income taxes	(14,830		)	35,092			20,262
Income tax benefit	(4,558		)	(591		)	(5,149		)
Net earnings (loss)	$	(10,272	)	$	35,683		$	25,411

Adjusted EBITDA	$	195,339		$	77,008		$	272,347

Attendance	65,681			33,030			98,711
Average screens	7,969			2,678			10,647

Adjusted EBITDA

We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance and to include attributable EBITDA from equity investments in theatre operators in international markets and any cash distributions of earnings from other equity method investees. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or as similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The following table sets forth our Adjusted EBITDA by reportable operating segment and our reconciliation of Adjusted EBITDA:

Reconciliation of Pro Forma Adjusted EBITDA

to Pro Forma Net Earnings (Loss)

(dollars in thousands)

	Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma
	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	3/31/2016			6/30/2016			6/30/2016			9/30/2016			9/30/2016			12/31/2016			12/31/2016			3/31/2017

Net earnings (loss)	$	4,735		$	(51,282	)	$	(46,547	)	$	(17,742	)	$	(64,289	)	$	49,083		$	(15,206	)	$	25,411
Plus:
Income tax provision (benefit)	8,721			(1,344		)	7,377			10,289			17,666			(15,776		)	1,890			(5,149		)
Interest expense	71,482			71,000			142,482			70,137			212,619			80,257			292,876			72,649
Depreciation and amortization	123,640			126,294			249,934			125,541			375,475			129,534			505,009			131,931
Impairment of long-lived assets	280			2,138			2,418			549			2,967			7,391			10,358
Certain operating expenses (1)	3,472			4,532			8,004			7,737			15,741			7,388			23,129			5,373
Equity in (earnings) losses of non-consolidated affiliates	(6,466		)	(12,878		)	(19,344		)	(15,546		)	(34,890		)	(23,188		)	(58,078		)	501
Cash distributions from non-consolidated entities (3)	17,681			590			18,271			3,401			21,672			18,380			40,052			24,397
Attributable EBITDA (2)	2,341			230			2,571			1,731			4,302			2,098			6,400			1,938
Investment (income) expense	(10,385		)	595			(9,790		)	613			(9,177		)	(447		)	(9,624		)	(5,537		)
Other expense (income) (4)	43,203			32,827			76,030			25,345			101,375			(10,546		)	90,829			(2,262		)
General and administrative expense-unallocated:
Merger, acquisition and transaction costs (5)	1,645						1,645			71			1,716						1,716			23,011
Stock-based compensation expense (6)	2,810			2,395			5,205			2,409			7,614			6,998			14,612			84

Total Adjusted EBITDA	$	263,159		$	175,097		$	438,256		$	214,535		$	652,791		$	251,172		$	903,963		$	272,347

US Markets	$	180,565		$	158,929		$	339,494		$	175,119		$	514,613		$	162,281		$	676,894		$	195,339
International Markets	82,594			16,168			98,762			39,416			138,178			88,891			227,069			77,008

Total Adjusted EBITDA	$	263,159		$	175,097		$	438,256		$	214,535		$	652,791		$	251,172		$	903,963		$	272,347

(1) Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. We have excluded these items as they are non-cash in nature, include components of interest cost for the time value of money or are non-operating in nature.

(2) Attributable EBITDA includes EBITDA from equity investments in theatre operators in certain international markets. See below for a reconciliation of our equity in earnings of non-consolidated entities to Attributable EBITDA. Because these equity investments are in theatre operators in regions where we hold significant market share, we believe attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. We also provide service to these theatre operators including information technology systems, certain on-screen advertising services and our gift card and package ticket program. As these investments relate only to our Nordic acquisition this represents the first time we have made this adjustment and does not impact prior historical presentation of Adjusted EBITDA.

	Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma			Pro Forma
	Quarter Ended			Quarter Ended			Six Months Ended			Quarter Ended			Nine Months Ended			Quarter Ended			Year Ended			Quarter Ended
	3/31/2016			6/30/2016			6/30/2016			9/30/2016			9/30/2016			12/31/2016			12/31/2016			3/31/2017
Equity in earnings (loss)	$	(6,466	)	$	(12,878	)	$	(19,344	)	$	(15,546	)	$	(34,890	)	$	(23,188	)	$	(58,078	)	$	501
Less:
Equity in earnings (loss) non-theatre JVs	(8,220		)	(12,528		)	(20,748		)	(16,641		)	(37,389		)	(24,287		)	(61,676		)	(927		)
Equity in earnings (loss) International theatre JVs	1,754			(350		)	1,404			1,095			2,499			1,099			3,598			1,428

Income tax provision	57			10			67			87			154			549			703			73
Investment income	(117		)	(48		)	(165		)	(47		)	(212		)	(145		)	(357		)	(120		)
Interest expense	21			1			22			11			33			17			50			10
Depreciation and amortization	626			617			1,243			585			1,828			578			2,406			547
Attributable EBITDA	$	2,341		$	230		$	2,571		$	1,731		$	4,302		$	2,098		$	6,400		$	1,938

(3) Includes U.S. non-theatre distributions from equity method investments and International non-theatre distributions from equity method investments to the extent received. We believe including cash distributions is an appropriate reflection of the contribution of these investments to our operations.

(4) Other expense relate to financing activities and foreign currency transaction gains and losses on debt in our international markets. We exclude other expense and income related to financing activities as the amounts are similar to interest expense or income and are non-operating in nature.

(5) Merger, acquisition and transition costs are excluded as it is non-operating in nature.

(6) Non-cash or non-recurring expense included in general and administrative: other.

Adjusted EBITDA is a non-U.S. GAAP financial measure commonly used in our industry and should not be construed as an alternative to net earnings (loss) as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with U.S. GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and estimate our value.

Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. For example, Adjusted EBITDA:

· does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments;

· does not reflect changes in, or cash requirements for, our working capital needs;

· does not reflect the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt;

· excludes income tax payments that represent a reduction in cash available to us;

· does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; and

· does not reflect the impact of divestitures that may be required in connection with recently completed acquisitions.