National CineMedia, Inc. Reports Results For Fiscal Second Quarter

Net Income (Loss) and Earnings (Loss) Per Share Excluding the Loss on Swap Terminations and the Write-off of Debt Issuance Costs

Net income (loss) excluding the loss on swap terminations and the write-off of debt issuance costs and earnings (loss) per share excluding the loss on swap terminations and the write-off of debt issuance costs are not financial measures calculated in accordance with generally accepted accounting principles (GAAP) in the United States. Net income (loss) excluding the loss on swap terminations and the write-off of debt issuance costs and earnings (loss) per share excluding the loss on swap terminations and the write-off of debt issuance costs are calculated using reported net income (loss) and earnings (loss) per share and adding back the charge related to the loss on swap terminations and the write-off of debt issuance costs. These non-GAAP financial measures are used by management as an additional tool to evaluate operating performance. The Company believes these are important supplemental measures of operating performance because they eliminate items that have less bearing on its operating performance and so highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP financial measures. The Company believes the presentation of these measures is relevant and useful for investors because it enables them to view performance in a manner similar to a method used by the Company’s management and helps improve their ability to understand the Company’s operating performance. Net income (loss) excluding the loss on swap terminations and the write-off of debt issuance costs should not be regarded as an alternative to net income (loss) and earnings (loss) per share excluding the loss on swap terminations and the write-off of debt issuance costs should not be regarded as an alternative to earnings (loss) per share or as indicators of operating performance, nor should they be considered in isolation of, or as substitutes for financial measures prepared in accordance with GAAP. The Company believes that net income (loss) and earnings (loss) per share are the most directly comparable GAAP financial measures. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.

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