Managing Liquidity in a Changing Rate Environment

Margaret Green Bradley Schiel Sankat Patel Assistant Treasurer Director - Treasury Senior Vice President The Madison Square Garden AMC Networks Fifth Third Bank Is the Changing Rate Environment Keeping You Guessing? Meet Your Panelists

Margaret Green Bradley Schiel Sankat Patel Director, Treasury Director - Treasury Senior Vice President The Madison Square Garden AMC Networks Fifth Third Bank 10 Year Treasury Rate

https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart U.S. Fed Funds Rates

2019 How MSG Manages Liquidity

Set expectations internally: • Fed Funds benchmark • Preserve the cash asset, while earning a prudent return. Set expectations with bank group: • Periodic communication to exchange updates, i.e. market conditions from bank and to extent possible, anticipated drawdowns from us. How MSG Manages Liquidity

Portfolio characteristics and composition: • For flexibility, investment policy is broad in scope and risk tolerance. • More restrictive in practice. Lean heavily on bank group for guidance and information. • Types of investments: • Gov’t Money Market Funds – daily liquidity • Private fund with stable NAV – daily liquidity • Interest bearing bank deposits – daily liquidity • Commercial Paper – A2/P2 and above; fixed term up to 90 days • Contemplating re-allocation/changes as market moves Where Entertainment Lives

Who is AMC Networks Inc. • We operate five cable networks: • AMC • WE tv • SundanceTV • IFC • BBC America • Streaming services include Acorn TV, Shudder, Sundance Now and Urban Movie Channel. How AMC Manages Liquidity

• Diversification of investments vehicles which behave differently as rates change. • Gives AMC some protection on the upside or downside. • Short-term portfolio managed daily, but we make infrequent trades (or balance changes). Tend to buy and hold. • All investments structured with either same-day or next-day liquidity. Let’s Dive Deeper: Panel Discussion Looking Back to Move Forward Matching Current Liquidity Needs with Appropriate Bank Providers Deposit Management in View of Rate Uncertainty Acquisition and Tax Implications Managing Bank Relationships in a Changing Rate Environment Best Practices

• Set liquidity management expectations internally. • Match liquidity needs with appropriate bank providers. • Communicate regularly with bank group to monitor market conditions and anticipate drawdowns. • Develop diverse, flexible investment policy that is broad in scope and risk tolerance. • Consider structuring investments with same-day or next-day liquidity. • Factor in acquisition and tax implications when developing liquidity strategy. • Leverage banking partner for guidance and information. What’s On Your Mind? We’d Love to Hear From You

Margaret Green Bradley Schiel Assistant Treasurer Director - Treasury [email protected] [email protected]

Sankat Patel Senior Vice President [email protected]