NOTE 18—CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10, Financial statements of guarantors and issuers of guaranteed securities registered or being registered. Each of the subsidiary guarantors are 100% owned by AMCE. The subsidiary guarantees of AMCE's Notes due 2019 and Notes due 2020 are full and unconditional and joint and several. There are significant restrictions on the Company's ability to obtain funds from any of its subsidiaries through dividends, loans or advances. The Company and its subsidiary guarantor's investments in its consolidated subsidiaries are presented under the equity method of accounting.

Successor from Inception on August 31, 2012 through December 31, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non- Guarantors			Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Revenues
Admissions	$	—		$	547,094		$	1,538		$	—		$	548,632
Concessions		—			229,101			638			—			229,739
Other theatre		—			32,990			131			—			33,121

Total revenues		—			809,185			2,307			—			811,492

Operating costs and expenses
Film exhibition costs		—			290,888			673			—			291,561
Concession costs		—			30,374			171			—			30,545
Operating expense		(21	)		229,199			1,256			—			230,434
Rent		—			142,698			676			—			143,374
General and administrative:
Merger, acquisition and transaction costs		—			3,366			—			—			3,366
Management fee		—			—			—			—			—
Other		—			29,073			37			—			29,110
Depreciation and amortization		—			71,616			17			—			71,633

Operating costs and expenses		(21	)		797,214			2,830			—			800,023

Operating income (loss)		21			11,971			(523	)		—			11,469
Other expense (income)
Equity in net loss of subsidiaries		48,107			788			—			(48,895	)		—
Other expense		—			49			—			—			49
Interest expense:
Corporate borrowings		45,145			61,280			—			(61,166	)		45,259
Capital and financing lease obligations		—			1,873			—			—			1,873
Equity in losses of non-consolidated entities		348			2,114			18			—			2,480
Investment expense (income)		(50,909	)		(9,967	)		—			61,166			290

Total other expense		42,691			56,137			18			(48,895	)		49,951

Loss from continuing operations before income taxes		(42,670	)		(44,166	)		(541	)		48,895			(38,482	)
Income tax benefit		—			3,500			—			—			3,500

Loss from continuing operations		(42,670	)		(47,666	)		(541	)		48,895			(41,982	)
Loss from discontinued operations, net of income taxes		—			(441	)		(247	)		—			(688	)

Net loss	$	(42,670	)	$	(48,107	)	$	(788	)	$	48,895		$	(42,670	)

Predecessor from March 30, 2012 through August 30, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non- Guarantors			Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Revenues
Admissions	$	—		$	814,034		$	1,997		$	—		$	816,031
Concessions		—			341,260			870			—			342,130
Other theatre		—			47,771			140			—			47,911

Total revenues		—			1,203,065			3,007			—			1,206,072

Operating costs and expenses
Film exhibition costs		—			435,526			1,013			—			436,539
Concession costs		—			47,142			184			—			47,326
Operating expense		28			295,708			1,592			—			297,328
Rent		—			188,283			803			—			189,086
General and administrative:
Merger, acquisition and transaction costs		—			172			—			—			172
Management fee		—			2,500			—			—			2,500
Other		—			27,013			12			—			27,025
Depreciation and amortization		—			80,944			27			—			80,971

Operating costs and expenses		28			1,077,288			3,631			—			1,080,947

Operating income (loss)		(28	)		125,777			(624	)		—			125,125
Other expense (income)
Equity in net earnings of subsidiaries		(88,759	)		(15,269	)		—			104,028			—
Other expense		—			960			—			—			960
Interest expense:
Corporate borrowings		67,366			87,133			—			(86,885	)		67,614
Capital and financing lease obligations		—			2,390			—			—			2,390
Equity in (earnings) losses of non-consolidated entities		60			(6,382	)		(1,223	)		—			(7,545	)
Investment income		(73,095	)		(13,831	)		—			86,885			(41	)

Total other expense		(94,428	)		55,001			(1,223	)		104,028			63,378

Earnings from continuing operations before income taxes		94,400			70,776			599			(104,028	)		61,747
Income tax provision		—			2,500			—			—			2,500

Earnings from continuing operations		94,400			68,276			599			(104,028	)		59,247
Earnings from discontinued operations, net of income taxes		—			20,483			14,670			—			35,153

Net earnings	$	94,400		$	88,759		$	15,269		$	(104,028	)	$	94,400

Predecessor fifty-two weeks ended March 29, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Revenues
Admissions	$	—		$	1,712,943		$	8,352		$	—		$	1,721,295
Concessions		—			687,083			2,597			—			689,680
Other theatre		—			110,349			653			—			111,002

Total revenues		—			2,510,375			11,602			—			2,521,977
Operating costs and expenses
Film exhibition costs		—			912,405			3,649			—			916,054
Concession costs		—			93,062			519			—			93,581
Operating expense		227			689,239			7,317			—			696,783
Rent		—			442,610			2,716			—			445,326
General and administrative:
Merger, acquisition and transaction costs		85			2,537			—			—			2,622
Management fee		—			5,000			—			—			5,000
Other		—			51,695			81			—			51,776
Depreciation and amortization		—			212,576			241			—			212,817
Impairment of long-lived assets		—			285			—			—			285

Operating costs and expenses		312			2,409,409			14,523			—			2,424,244

Operating income (loss)		(312	)		100,966			(2,921	)		—			97,733
Other expense (income)
Equity in loss of consolidated subsidiaries		93,172			3,658			—			(96,830	)		—
Other expense		—			1,402			—			—			1,402
Interest expense
Corporate borrowings		160,849			206,205			—			(205,409	)		161,645
Capital and financing lease obligations		—			5,968			—			—			5,968
Equity in (earnings) loss of non-consolidated entities		2,359			(15,465	)		547			—			(12,559	)
Investment expense (income)		(175,229	)		(12,539	)		—			205,409			17,641

Total other expense		81,151			189,229			547			(96,830	)		174,097

Loss from continuing operations before income taxes		(81,463	)		(88,263	)		(3,468	)		96,830			(76,364	)
Income tax provision		525			1,490			—			—			2,015

Loss from continuing operations		(81,988	)		(89,753	)		(3,468	)		96,830			(78,379	)
Loss from discontinued operations, net of income taxes		—			(3,419	)		(190	)		—			(3,609	)

Net loss	$	(81,988	)	$	(93,172	)	$	(3,658	)	$	96,830		$	(81,988	)

Predecessor fifty-two weeks ended March 31, 2011:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Revenues
Admissions	$	—		$	1,636,528		$	8,309		$	—		$	1,644,837
Concessions		—			642,565			2,432			—			644,997
Other theatre		—			71,905			799			—			72,704

Total revenues		—			2,350,998			11,540			—			2,362,538
Operating costs and expenses
Film exhibition costs		—			856,870			3,600			—			860,470
Concession costs		—			79,232			531			—			79,763
Operating expense		—			671,379			19,885			—			691,264
Rent		—			446,783			5,091			—			451,874
General and administrative:
Merger, acquisition and transaction costs		—			14,085			—			—			14,085
Management fee		—			5,000			—			—			5,000
Other		—			58,011			125			—			58,136
Depreciation and amortization		—			211,209			235			—			211,444
Impairment of long-lived assets		—			12,779			—			—			12,779

Operating costs and expenses		—			2,355,348			29,467			—			2,384,815

Operating loss		—			(4,350	)		(17,927	)		—			(22,277	)
Other expense (income)
Equity in loss of consolidated subsidiaries		135,042			28,545			—			(163,587	)		—
Other expense		367			27,480			—			—			27,847
Interest expense
Corporate borrowings		143,562			181,973			—			(182,013	)		143,522
Capital and financing lease obligations		—			6,198			—			—			6,198
Equity in (earnings) loss of non-consolidated entities		(490	)		(26,959	)		10,271			—			(17,178	)
Gain on NCM transactions		—			(64,441	)		—			—			(64,441	)
Investment income		(156,328	)		(26,069	)		—			182,013			(384	)

Total other expense		122,153			126,727			10,271			(163,587	)		95,564

Loss from continuing operations before income taxes		(122,153	)		(131,077	)		(28,198	)		163,587			(117,841	)
Income tax provision		700			1,250			—			—			1,950

Loss from continuing operations		(122,853	)		(132,327	)		(28,198	)		163,587			(119,791	)
Loss from discontinued operations, net of income taxes		—			(2,715	)		(347	)		—			(3,062	)

Net loss	$	(122,853	)	$	(135,042	)	$	(28,545	)	$	163,587		$	(122,853	)

Successor as of December 31, 2012:

(In thousands)	AMCE		Subsidiary Guarantors			Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Assets
Current assets:
Cash and equivalents	$	308	$	89,168		$	41,452	$	—		$	130,928
Receivables, net		20		97,004			84		—			97,108
Other current assets		—		69,150			1,477		—			70,627

Total current assets		328		255,322			43,013		—			298,663
Investment in equity of subsidiaries		888,865		16,980			—		(905,845	)		—
Property, net		—		1,147,874			85		—			1,147,959
Intangible assets, net		—		243,180			—		—			243,180
Intercompany advances		1,958,022		(1,958,901	)		879		—			—
Goodwill		—		2,251,296			—		—			2,251,296
Other long-term assets		59		332,199			482		—			332,740

Total assets	$	2,847,274	$	2,287,950		$	44,459	$	(905,845	)	$	4,273,838

Liabilities and Stockholder's Equity
Current liabilities:
Accounts payable	$	—	$	225,754		$	466	$	—		$	226,220
Accrued expenses and other liabilities		14		154,903			369		—			155,286
Deferred revenues and income		—		171,105			17		—			171,122
Current maturities of corporate borrowings and capital and financing lease obligations		8,004		6,276			—		—			14,280

Total current liabilities		8,018		558,038			852		—			566,908
Corporate borrowings		2,070,671		—			—		—			2,070,671
Capital and financing lease obligations		—		116,369			—		—			116,369
Exhibitor services agreement		—		318,154			—		—			318,154
Other long-term liabilities		—		406,524			26,627		—			433,151

Total liabilities		2,078,689		1,399,085			27,479		—			3,505,253
Stockholder's equity		768,585		888,865			16,980		(905,845	)		768,585

Total liabilities and stockholder's equity	$	2,847,274	$	2,287,950		$	44,459	$	(905,845	)	$	4,273,838

Predecessor as of March 29, 2012:

(In thousands)	AMCE		Subsidiary Guarantors			Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated AMC Entertainment Inc.

Assets
Current assets:
Cash and equivalents	$	686	$	232,009		$	39,642	$	—		$	272,337
Receivables, net		552		42,947			51		—			43,550
Other current assets		—		85,681			2,185		—			87,866

Total current assets		1,238		360,637			41,878		—			403,753
Investment in equity of subsidiaries		221,951		51,981			—		(273,932	)		—
Property, net		—		883,219			478		—			883,697
Intangible assets, net		—		135,024			—		—			135,024
Intercompany advances		2,078,742		(2,130,247	)		51,505		—			—
Goodwill		—		1,923,667			—		—			1,923,667
Other long-term assets		35,064		256,611			176		—			291,851

Total assets	$	2,336,995	$	1,480,892		$	94,037	$	(273,932	)	$	3,637,992

Liabilities and Stockholder's Equity
Current liabilities:
Accounts payable	$	94	$	195,117		$	727	$	—		$	195,938
Accrued expenses and other liabilities		36,027		112,056			1,251		—			149,334
Deferred revenues and income		—		174,314			41		—			174,355
Current maturities of corporate borrowings and capital and financing lease obligations		59,039		2,807			—		—			61,846

Total current liabilities		95,160		484,294			2,019		—			581,473
Corporate borrowings		2,087,495		—			—		—			2,087,495
Capital and financing lease obligations		—		59,413			—		—			59,413
Deferred revenues—for exhibitor services agreement		—		328,442			—		—			328,442
Other long-term liabilities		—		386,792			40,037		—			426,829

Total liabilities		2,182,655		1,258,941			42,056		—			3,483,652
Stockholder's equity		154,340		221,951			51,981		(273,932	)		154,340

Total liabilities and stockholder's equity	$	2,336,995	$	1,480,892		$	94,037	$	(273,932	)	$	3,637,992

Successor from Inception on August 31, 2012 through December 31, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments		Consolidated AMC Entertainment Inc.

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(21,605	)	$	143,430		$	(47,933	)	$	—	$	73,892

Cash flows from investing activities:
Capital expenditures		—			(72,765	)		(9	)		—		(72,774	)
Merger		—			3,110			—			—		3,110
Acquisition of Rave theatres, net of cash acquired		—			(87,555	)		—			—		(87,555	)
Proceeds from the disposition of long-term assets		—			112			(22	)		—		90
Investments in non-consolidated entities, net		—			(1,173	)		(21	)		—		(1,194	)
Other, net		—			(575	)		—			—		(575	)

Net cash used in investing activities		—			(158,846	)		(52	)		—		(158,898	)

Cash flows from financing activities:
Principal payments under Term Loan		(4,002	)		—			—			—		(4,002	)
Principal payments under capital and financing lease obligations		—			(875	)		—			—		(875	)
Capital contributions		100,000			—			—			—		100,000
Change in construction payables		—			22,487			—			—		22,487
Change in intercompany advances		(74,376	)		23,867			50,509			—		—

Net cash provided by financing activities		21,622			45,479			50,509			—		117,610

Effect of exchange rate changes on cash and equivalents		—			3,779			(3,986	)		—		(207	)

Net increase (decrease) in cash and equivalents		17			33,842			(1,462	)		—		32,397
Cash and equivalents at beginning of period		291			55,326			42,914			—		98,531

Cash and equivalents at end of period	$	308		$	89,168		$	41,452		$	—	$	130,928

Predecessor March 30, 2012 through August 30, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments		Consolidated AMC Entertainment Inc.

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(3,735	)	$	82,423		$	809		$	—	$	79,497

Cash flows from investing activities:
Capital expenditures		—			(40,095	)		(21	)		—		(40,116	)
Proceeds from the disposition of long-term assets		—			7,134			157			—		7,291
Investments in non-consolidated entities, net		—			(17	)		1,606			—		1,589
Other, net		—			205			—			—		205

Net cash provided by (used in) investing activities		—			(32,773	)		1,742			—		(31,031	)

Cash flows from financing activities:
Repurchase of Senior Subordinated Notes due 2014		(191,035	)		—			—			—		(191,035	)
Principal payments under Term Loan		(4,002	)		—			—			—		(4,002	)
Principal payments under capital and financing lease obligations		—			(1,298	)		—			—		(1,298	)
Deferred financing costs		(2,378	)		—			—			—		(2,378	)
Change in construction payables		—			(23,575	)		—			—		(23,575	)
Change in intercompany advances		200,755			(200,872	)		117			—		—

Net cash provided by (used in) financing activities		3,340			(225,745	)		117			—		(222,288	)

Effect of exchange rate changes on cash and equivalents		—			(588	)		604			—		16

Net increase (decrease) in cash and equivalents		(395	)		(176,683	)		3,272			—		(173,806	)
Cash and equivalents at beginning of period		686			232,009			39,642			—		272,337

Cash and equivalents at end of period	$	291		$	55,326		$	42,914		$	—	$	98,531

Predecessor fifty-two weeks ended March 29, 2012:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments		Consolidated AMC Entertainment Inc.

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	21,673		$	177,633		$	(1,979	)	$	—	$	197,327

Cash flows from investing activities:
Capital expenditures		—			(139,195	)		(164	)		—		(139,359	)
Proceeds from disposition of long-term assets		—			1,474			—			—		1,474
Investments in non-consolidated entities, net		1,049			(27,928	)		(1	)		—		(26,880	)
Proceeds from sale/leaseback of digital projection equipment		—			953			—			—		953
Other, net		—			98			—			—		98

Net cash provided by (used in) investing activities		1,049			(164,598	)		(165	)		—		(163,714	)

Cash flows from financing activities:
Proceeds from issuance of Term Loan due 2018		297,000			—			—			—		297,000
Repayment of Term Loan 2013		(140,657	)		—			—			—		(140,657	)
Repurchase of Senior Subordinated Notes due 2014		(108,965	)		—			—			—		(108,965	)
Principal payments under Term Loan		(4,875	)		—			—			—		(4,875	)
Principal payments under capital and financing lease obligations		—			(3,422	)		—			—		(3,422	)
Deferred financing costs		(6,002	)		—			—			—		(6,002	)
Change in construction payables		—			13,512			—			—		13,512
Dividends paid to Parent		(109,581	)		—			—			—		(109,581	)
Change in intercompany advances		51,044			(52,427	)		1,383			—		—

Net cash provided by (used in) financing activities		(22,036	)		(42,337	)		1,383			—		(62,990	)

Effect of exchange rate changes on cash and equivalents		—			215			341			—		556

Net increase (decrease) in cash and equivalents		686			(29,087	)		(420	)		—		(28,821	)
Cash and equivalents at beginning of period		—			261,096			40,062			—		301,158

Cash and equivalents at end of period	$	686		$	232,009		$	39,642		$	—	$	272,337

Predecessor fifty-two weeks ended March 31, 2011:

(In thousands)	AMCE			Subsidiary Guarantors			Subsidiary Non-Guarantors			Consolidating Adjustments		Consolidated AMC Entertainment Inc.

Cash flows from operating activities:
Net cash provided by operating activities	$	47,587		$	44,144		$	341		$	—	$	92,072

Cash flows from investing activities:
Capital expenditures		—			(128,952	)		(395	)		—		(129,347	)
Acquisition of Kerasotes, net of cash acquired		—			(280,606	)		—			—		(280,606	)
Proceeds from NCM, Inc. stock sale		—			102,224			—			—		102,224
Proceeds from disposition of long-term assets		—			58,391			—			—		58,391
Investments in non-consolidated entities, net		—			(1,819	)		200			—		(1,619	)
Proceeds from sale/leaseback of digital projection equipment		—			4,905			—			—		4,905
Proceeds from disposition of Cinemex, net of cash disposed		—			1,840			—			—		1,840
Other, net		—			(5,825	)		—			—		(5,825	)

Net cash used in investing activities		—			(249,842	)		(195	)		—		(250,037	)

Cash flows from financing activities:
Proceeds from issuance of Senior Subordinated Notes due 2020		600,000			—			—			—		600,000
Repurchase of Senior. Subordinated Notes due 2016		(325,000	)		—			—			—		(325,000	)
Payment of tender offer and consent solicitation consideration on Senior Subordinated Notes due 2016		(5,801	)		—			—			—		(5,801	)
Principal payments under Term Loan		(6,500	)		—			—			—		(6,500	)
Principal payments under capital and financing lease obligations		—			(4,194	)		—			—		(4,194	)
Deferred financing costs		(14,642	)		—			—			—		(14,642	)
Change in construction payables		—			(727	)		—			—		(727	)
Dividends paid to Parent		(278,258	)		—			—			—		(278,258	)
Change in intercompany advances		(17,386	)		16,623			763			—		—

Net cash provided by (used in) financing activities		(47,587	)		11,702			763			—		(35,122	)

Effect of exchange rate changes on cash and equivalents		—			(150	)		(948	)		—		(1,098	)

Net decrease in cash and equivalents		—			(194,146	)		(39	)		—		(194,185	)
Cash and equivalents at beginning of period		—			455,242			40,101			—		495,343

Cash and equivalents at end of period	$	—		$	261,096		$	40,062		$	—	$	301,158