Company Overview November 2012 2 Summary Overview TTM Stock Price / Volume • AMC Networks businesses are comprised of two main operating segments, 1. National Networks 50 3.0 2. International/Other 45 2.5 •. National (U.S.) networks operates four nationally ) ) M $ ( ( distributed networks AMC, WE tv, IFC and Sundance 40 2.0 e e c m Combined National Networks i r 35 1.5 u l P •. Subscribers 281MM o 30 1.0 V •. Advertising Revenue $450MM •. Subscription Revenue $600MM 25 0.5 20 0.0 41192 41151 41113 41072 41031 40990 40949 40907 40865 41214 41172 41131 41092 41051 41011 40970 40931 40886 Volume Price Financial Information Valuation ($MM) CY09 CY10 CY11 LTM Net Revenue • Market Cap $3.4BN U.S. Networks 896.5 994.6 1,082.4 NA International and Other 95.9 104.5 125.6 NA • Net Debt $1.9BN Consolidated Revenues, net 973.6 1,078.3 1,187.7 1,276.7 Growth 11% 10% 7% • Enterprise Value $5.3BN EBIT • EV/Revenue 4.2x U.S. Networks 278.8 312.5 349.3 NA • EV/EBITDA 11.0x International and Other (37.9) (29.6) (21.9) NA Consolidated EBIT 237.7 279.8 326.5 386.7 Consolidated EBIT Margin 24.4% 26.0% 27.5% 30.3% EBITDA Consolidated EBITDA 357.2 385.2 444.5 485.5 Consolidated EBITDA Margin 36.7% 35.7% 37.4% 38.0% 3 Channel Overview – AMC Overview Illustrative Programming ● Ad Revenue: $300MM; Sub Revenue: $280MM ● AMC is a television network focused on the highest quality storytelling – both originally produced and curated, and delivered in series and feature-film form ● Garnered many of the industry’s highest honors, including:23 Emmy Awards ● Programming includes: • Original scripted dramatic television series such as Mad Men, Breaking Bad, The Walking Dead and The Killing • Mini-series such as Broken Trail and The Prisoner • Movie–based entertainment through a licensed film library Key Distributors Nielsen Subscribers (MM) 97.7 96.4 95.2 94.5 2008 2009 2010 2011 4 Channel Overview – WEtv Overview Illustrative Programming ● Ad Revenue: $110MM; Sub Revenue: $105MM ● WE tv offers compelling, entertaining stories and focuses on programming of particular interest to women, with an emphasis on life events such as weddings, having children and raising a family ● Programming includes: • Original series and specials such as Bridezillas, My Fair Wedding with David Tutera, Joan and Melissa: Joan Knows Best and Downsized ● Series such as Ghost Whisperer, Charmed and Golden Girls ● Exclusive license rights to certain films from studios such as Paramount, Sony and Warner Bros Key Distributors Nielsen Subscribers (MM) 76.8 77 74.9 72 2008 2009 2010 2011 5 Channel Overview – IFC Overview Illustrative Programming ● Ad Revenue: $17MM; Sub Revenue: $151MM ● IFC is a network dedicated to independent film and original alternative comedy series ● Focus on developing television programming that provides a unique perspective through original series, notable independent film collection and cult TV shows • Film library from the most significant independent film distributors including Fox Searchlight, Miramax, Sony Classics, IFC Entertainment and Lionsgate • Original content includes The Increasingly Poor Decisions of Todd Margaret, The Onion News Network and Portlandia • Exclusive home of The Independent Spirit Awards, the largest award show for independent movies, for the past decade • Must-see festivals and events, including the annual South- by-Southwest film and music festival Key Distributors Nielsen Subscribers (MM)65 62.7 60.4 58.7 2008 2009 2010 2011 6 Channel Overview – Sundance Overview Illustrative Programming ● Sub Revenue: $75MM ● Sundance Channel is the television destination for independent-minded viewers. Benefitting from its relationship with the Sundance Institute and the renowned Sundance Film Festival ● Features independent films and original series showcasing innovative people and ideas in areas like invention, design, travel, enterprise and fashion ● Programming includes: • Unscripted shows such as the Peabody Award-winning franchise Brick City • Innovative multi-platform fashion programming under the Full Frontal Fashion label ● Sundance Channel’s first scripted mini-series Carlos aired in Fall 2010 to great critical acclaim, including winning the 2011 Golden Globe Award for Best Mini-Series or Movie Key Distributors Nielsen Subscribers (MM) 37.9 39.9 42 30.8 2008 2009 2010 2011 7 International and Other Overview • Four distinct channels in six languages spread across eight countries AMC/Sundance Channel ‒ Eight million viewing subscribers in Canada, England and Asia Global ‒ Broad availability to distributors in Europe and Asia • Distribute critically acclaimed independent films across virtually all available media platforms ‒ IFC In Theaters makes independent films available simultaneously in theaters and on cable’s On Demand IFC platform Entertainment • Rich library of film content of more than 400 titles • IFC Center is a premier independent film exhibitor in New York City • Full-service network programming feed origination and distribution company ‒ Approximately 30 years experience • Origination of 38 programming feeds for national and AMC Network international distribution Communications • Clients include AMC Networks, fuse, MSG Network, MSG Plus, MSG Varsity, two Comcast Sports networks, FSN Regional Sports Network, SNY and Mid Atlantic Sports Network .