Cineworld : Chapter 11 Update - Proposed Appointment of CEO

CINEWORLD GROUP PLC

("Cineworld" or the "Company")

Proposed appointment of Eduardo Acuna as Chief Executive Officer

Cineworld (together with its subsidiaries, the "Group") understands that its lenders have agreed terms to appoint Eduardo Acuna as Chief Executive Officer of the newly incorporated parent company of the Group ("NewCo") on the effective date of Cineworld's plan of reorganisation (the "Plan"), which was confirmed by the United States Bankruptcy Court for the Southern District of Texas, Houston Division on 28 June 2023.

The Plan contemplates that NewCo will become the sole owner of the Group upon the emergence of Cineworld and certain of its subsidiaries from their Chapter 11 cases, currently expected to take place in July 2023.

As previously announced on 29 June 2023, Eric Foss is expected to become Chairperson of the Board of NewCo on the effective date of the Plan. Cineworld understands that a selection process for the remaining members of the Newco Board is ongoing.

"Eduardo is a seasoned executive with significant industry experience and a proven track record of driving growth and stakeholder value," said Eric Foss. "I am confident that under Eduardo's leadership, Cineworld is well positioned to reach new heights and continue to grow its global business and further enhance its cinemas for guests around the world."

"I am thrilled to have the opportunity to chart Cineworld's new course, capitalize on its strong financial position and growth potential and continue to deliver groundbreaking cinema experiences for our guests," said Eduardo Acuna. "With audiences continuing to show how much they love the theatre experience; this is an incredible time for Cineworld."

About Eduardo Acuna

Acuna has served as President of Cinépolis Americas since 2015, and has worked at Cinépolis, the third largest theatrical exhibition circuit in the world, since 2005. In his current role, he heads all operations for Cinépolis in 11 countries across North America and South America. Previously, Acuna served as President and CEO of Cinépolis Brazil, where he received the International Exhibitor of the Year Award by ShowEast in 2014. Prior to Cinépolis, Acuna held positions at McKinsey & Company in Mexico and Argentina, Goldman Sachs in New York, the Bank of Mexico and Mexico's Ministry of Social Development. Acuna currently serves on the Board of Directors at Global Cinema Federation and The Cinema Foundation.

About Eric Foss

Foss has served as Chairman and CEO of two Fortune 200 companies and has extensive global business experience in the food, beverage and service industries. Mr. Foss served as CEO of Aramark from 2012 and as Chairman and CEO from 2015 until his retirement in 2019. Prior to Aramark he served as Chief Executive Officer of Pepsi Beverages Company and Chairman and CEO of The Pepsi Bottling Group. Foss currently serves on the Board of Directors at Cigna, Primo Water Company and Selina Hospitality PLC.

Business as usual

Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration or Cineworld's emergence from its Chapter 11 cases. The Group and its brands around the world - including Regal, Cinema City, Picturehouse and Planet - are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.

Additional information

Information regarding the Chapter 11 cases, is available at the following website: https://cases.ra.kroll.com/cineworld.

Contacts:

FGS Global (UK) (Corporate PR Adviser):

James Leviton / James Thompson

[e-mail]

[phone]

FGS Global (US) (Corporate PR Adviser): Kal Goldberg / Lizzie Hyland / Monique [e-mail]

[phone]

Cineworld Group plc: Israel Greidinger Nisan Cohen Manuela Van [e-mail][phone]

About Cineworld

Cineworld was founded in 1995 and is now one of the leading cinema groups in Europe. Originally a private company, it re-registered as a public company in May 2006 and listed on the London Stock Exchange plc in May 2007. Cineworld's acquisition of Regal Entertainment Group has created the second largest cinema business in the world (by number of screens). Cineworld currently operates in the United Kingdom, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the United States.

Forward looking statements

This announcement is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Group and certain plans and objectives with respect thereto, including with respect to the Group's ordinary shares. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by the Group in light of their experience and their perception of historical trends, current conditions, future developments and other factors the Group believes appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this document could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this document. The Group does not assume any obligation to update or correct the information contained in this document (whether as a result of new information, future events or otherwise), except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions (including any potential sale by the Group) and the risks, uncertainties and costs related to the Chapter 11 cases, including, among others, the timing of any emergence from the Chapter 11 cases and the risk that any Plan may not be confirmed or implemented at all.

Nothing in this announcement is intended as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings, profit or earnings or profit per share or dividend per share for the Group for the current or future financial years would necessarily match or exceed the historical published earnings, profit or earnings or profit per share or dividend per share for the Group.

PJT Partners LP, Alix Partners LLP, Kirkland & Ellis LLP and Slaughter and May (collectively, the "Advisers") are providing advice to Cineworld (and other members of the Group) and no one else in connection with the matters referred to in this announcement. The Advisers will not regard any other person as their client in connection with such matters, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to such matters.