Page 1

FOR IMMEDIATE RELEASE C CINEPLEX® Cineplex Inc. Reports First Quarter Results Company Continues to Control Costs and Receives Additional Financing TORONTO , Canada , May 6 , 2021 ( TSX : CGX ) - Cineplex Inc. ( “ Cineplex ” or the “ Company ” ) today released its financial results for the three months ended March 31 , 2021. Unless otherwise specified , all amounts are in Canadian dollars . " Throughout the pandemic , Cineplex has controlled costs , solidified its financial and liquidity position and is prepared to capitalize on the pent - up demand for social experiences as restrictions are lifted and things get back to normal , " said Ellis Jacob , President & CEO , Cineplex . “ During the first quarter , we remained prudent in managing costs and reported an average monthly net cash burn of $ 26.9 million . Key liquidity actions included the receipt of $ 57 million for the completed sale - leaseback of our Head Office in Toronto and $ 250 million in the form of Second Lien Secured Notes – an offering that was significantly oversubscribed and a testament to the market's faith in our business and our recovery . In addition , we obtained further relief from certain financial covenants under our Credit Facilities . " " These strategic initiatives , combined with our ongoing focus on minimizing cash burn , provide the runway we need to see us through the pandemic recovery period . Encouraged by recent global box office results and the strong film release schedule , we are confident in our position and eager to welcome our guests back . ” Mr. Jacob concluded . First Quarter Financial Results 2021 2020 Period over Period Change ( i ) Total revenues ( ii ) $ 41.4 million $ 282.8 million -85.4 % Theatre attendance Net loss from continuing operations ( iii ) $ 0.4 million ( 89.7 ) million $ 10.7 million -96.1 % ( 174.2 ) million -48.5 % Net loss from discontinued operations $ million $ ( 4.3 ) million -100.0 % Net loss ( iii ) $ ( 89.7 ) million $ ( 178.4 ) million -49.7 % Box office revenues per patron ( " BPP ” ) ( iv ) $ 9.20 $ 10.36 -11.2 % Concession revenues per patron ( " CPP ” ) ( iv ) $ 6.12 $ 6.79 -9.9 % Adjusted EBITDA ( iv ) $ ( 30.1 ) million $ 46.5 million NM Adjusted EBITDAAL ( iii ) ( iv ) $ ( 62.1 ) million $ 2.4 million NM Adjusted EBITDAaL margin ( iii ) ( iv ) ( 149.9 ) % 0.8 % -150.7 % Adjusted free cash flow ( iv ) $ ( 78.8 ) million $ ( 0.2 ) million NM Adjusted free cash flow per common share of Cineplex ( " Share " ) ( iv ) $ ( 1.244 ) $ ( 0.003 ) NM Earnings per Share ( " EPS " ) from continuing operations - basic and diluted ( iii ) $ ( 1.42 ) $ ( 2.75 ) -48.4 % EPS from discontinued operations - basic and diluted $ $ ( 0.07 ) NM EPS basic and diluted ( iii ) $ ( 1.42 ) $ ( 2.82 ) -49.6 % i . ii . All amounts are from continuing operations . iii . iv . Period over period change calculated based on thousands of dollars except percentage and per share values . Changes in percentage amounts are calculated as 2021 value less 2020 value . 2021 includes expenses related to the Cineworld Transaction in the amount of $ 2.4 million ( 2020 - $ 1.3 million ) .. Adjusted EBITDA , adjusted EBITDAaL , adjusted EBITDAaL margin , adjusted free cash flow per common share of Cineplex , BPP and CPP are measures that do not have a standardized meaning under generally accepted accounting principles ( " GAAP " ) . These measures as well as other Non- GAAP financial measures reported by Cineplex are defined in the ' Non - GAAP Financial Measures ' section at the end of this news release .