1st QUARTER
2008 RESULTS




               May 2, 2008
Cautionary Statement Concerning Forward-Looking Statements


This presentation contains both historical and forward-lookin...
Reported Results

 ($ In Millions, except per share amounts)

                                                           1...
Adjusted Results

 ($ In Millions, except per share amounts)

                                                            ...
Footnotes

    1.   2008 adjusted results exclude a $12 million pre-tax non-cash impairment of an investment
         in w...
Free Cash Flow

 ($ In Millions)



                                                                         1st Quarter
 ...
Debt & Cash

 ($ In Millions)

                                                         March 31, 2008
                   ...
Share Repurchase Program

 (In Millions)



                                                                  YTD Through
...
SEGMENT HIGHLIGHTS
Media Networks – Revenues by Type

 ($ In Millions)



                                     1st Quarter
                  ...
Media Networks – Financial Results

 ($ In Millions)

                                              1st Quarter
          ...
Filmed Entertainment – Revenues by Type

 ($ In Millions)



                                            1st Quarter
     ...
Filmed Entertainment – Theatrical Releases



          1Q 2008                     1Q 2007
          Cloverfield         ...
Filmed Entertainment – Financial Results

 ($ In Millions)



                                                1st Quarter
...
Business Outlook


      For the three year period from 2008 through 2010, Viacom expects to
      deliver low double-digi...
APPENDIX
RECONCILIATIONS
Supplemental Disclosures – Non-GAAP Financial Information




     Non-GAAP measures, including free cash flow and adjuste...
Supplemental Disclosures – Non-GAAP Financial Information

 ($ In Millions, Except Per Share Amounts)


                  ...
Supplemental Disclosures – Non-GAAP Financial Information

 ($ In Millions, Except Per Share Amounts)


                  ...
Footnotes – Pages 17 - 18

   1.     Pre-tax earnings represent earnings from continuing operations before provision for
 ...
Supplemental Disclosures – Non-GAAP Financial Information

 ($ In Millions)



                                           ...
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  1. 1. 1st QUARTER 2008 RESULTS May 2, 2008
  2. 2. Cautionary Statement Concerning Forward-Looking Statements This presentation contains both historical and forward-looking statements. All statements, including Business Outlook, which are not statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements reflect the Company’s current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause actual results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: advertising market conditions; the public acceptance of and ratings for the Company’s feature films, programs, digital services and other content, as well as related advertisements; competition for advertising dollars; technological developments and their effect in the Company’s markets and on consumer behavior; fluctuations in the Company’s results due to the timing, mix and availability of the Company’s programming, films and other content; changes in the Federal communications laws and regulations; the impact of piracy; the impact of increased scale in parties involved in the distribution and aggregation of the Company’s products and program services to consumers and advertisers; the impact of union activity; other domestic and global economic, business, competitive and/or regulatory factors affecting the Company’s businesses generally; and other factors described in the Company’s news releases and filings with the Securities and Exchange Commission, including but not limited to the Company’s 2007 Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking statements included in this presentation are made only as of the date of this presentation, and the Company does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. Reconciliations for any non-GAAP financial information contained in this presentation are included in this presentation or found on the Company’s website at www.viacom.com. This presentation is a supplement to, and should be read in conjunction with, Viacom’s earnings release for the first quarter ended March 31, 2008. Page 1
  3. 3. Reported Results ($ In Millions, except per share amounts) 1st Quarter 2008 2007 B/(W) Revenues $ 3,117 $ 2,718 15% Expenses (2,438) (2,157) (13%) Equity Compensation (20) (24) 17% D&A (92) (96) 4% Operating Income 567 441 29% Net Earnings, 270 202 34% Continuing Operations Diluted EPS, 0.42 0.29 45% Continuing Operations Weighted Average 641.0 694.1 8% Diluted Shares Page 2
  4. 4. Adjusted Results ($ In Millions, except per share amounts) 1st Quarter 2008 (1) 2007 (2) B/(W) Revenues $ 3,117 $ 2,718 15% (2) Adjusted Expenses (2,438) (2,101) (16%) Equity Compensation (20) (24) 17% D&A (92) (96) 4% (2) Adjusted Operating Income 567 497 14% Adjusted Net Earnings, (1) (2) 282 236 19% Continuing Operations Adjusted Diluted EPS, (1) (2) 0.44 0.34 29% Continuing Operations Weighted Average 641.0 694.1 8% Diluted Shares See Page 4 for footnotes. Page 3
  5. 5. Footnotes 1. 2008 adjusted results exclude a $12 million pre-tax non-cash impairment of an investment in which the Company holds a minority interest ($12 million after-tax, $0.02 per share). 2. 2007 adjusted results exclude $56 million of pre-tax expenses related to Media Networks restructuring charges, principally severance, affecting MTV Networks domestic and international operations ($34 million after-tax, $0.05 per share). See pages 16 - 19 for a reconciliation to GAAP results. Page 4
  6. 6. Free Cash Flow ($ In Millions) 1st Quarter 2008 2007 B/(W) Operating Income $ 567 $ 441 29% Depreciation & Amortization 92 96 (4%) Capital Expenditures (88) (41) (115%) Cash Interest (37) (45) 18% (144) (70) (106%) Cash Taxes Working Capital & Other (387) (73) (430%) (1) $ 3 $ 308 (99%) Free Cash Flow 1) See Page 20 for the definition and reconciliation of free cash flow to cash provided by operations. Page 5
  7. 7. Debt & Cash ($ In Millions) March 31, 2008 Commercial Paper / Bank Debt $ 1,168 Floating Rate Senior Notes due 2009 750 Total Floating Rate Debt 1,918 5.75% Senior Notes due 2011 1,494 6.25% Senior Notes due 2016 1,495 6.125% Senior Notes due 2017 497 6.875% Senior Debentures due 2036 1,734 6.75% Senior Debentures due 2037 248 6.85% Senior Notes due 2055 750 Note Payable 166 Capital Leases 308 Total Fixed Rate Debt 6,692 Total Debt $ 8,610 Cash & Cash Equivalents $812 Page 6
  8. 8. Share Repurchase Program (In Millions) YTD Through 1Q 2008 5/1/08 Cost of Repurchase $414 $536 Shares Repurchased 10.4 13.5 Quarter End Shares Outstanding 634.6 Remaining program availability as of 5/1/08 is $2.0 billion Page 7
  9. 9. SEGMENT HIGHLIGHTS
  10. 10. Media Networks – Revenues by Type ($ In Millions) 1st Quarter 2008 2007 B/(W) Advertising $ 1,048 $ 974 8% Affiliate 637 566 13% Ancillary 332 193 72% Total $ 2,017 $ 1,733 16% Page 9
  11. 11. Media Networks – Financial Results ($ In Millions) 1st Quarter 2008 2007 B/(W) Revenues $ 2,017 $ 1,733 16% Expenses (1,253) (999) (25%) Equity Compensation (7) (7) 0% D&A (63) (70) 10% Operating Income, Before 694 657 6% Restructuring Charges Restructuring Charges - (56) n/m $ 694 $ 601 15% Operating Income Page 10
  12. 12. Filmed Entertainment – Revenues by Type ($ In Millions) 1st Quarter 2008 2007 B/(W) Theatrical $ 247 $ 266 (7%) Home Entertainment 499 410 22% TV License Fees 340 308 10% Ancillary 60 40 50% Total $ 1,146 $ 1,024 12% Page 11
  13. 13. Filmed Entertainment – Theatrical Releases 1Q 2008 1Q 2007 Cloverfield Freedom Writers How She Move Norbit Strange Wilderness Reno 911 The Spiderwick Chronicles Black Snake Moan The Eye Zodiac Drillbit Taylor Shooter Stop Loss Blades of Glory Page 12
  14. 14. Filmed Entertainment – Financial Results ($ In Millions) 1st Quarter 2008 2007 B/(W) Revenues $ 1,146 $ 1,024 12% Expenses (1,182) (1,108) (7%) Equity Compensation (2) (2) 0% D&A (25) (22) (14%) Operating Income $ (63) $ (108) 42% Page 13
  15. 15. Business Outlook For the three year period from 2008 through 2010, Viacom expects to deliver low double-digit annual growth in diluted earnings per share from continuing operations. This outlook is based on adjusted earnings and reflects growth from 2007 adjusted diluted earnings per share from continuing operations of $2.36. See the Supplemental Disclosures herein for a description of adjusted results and tables detailing those adjustments that impact the current and prior year. Page 14
  16. 16. APPENDIX RECONCILIATIONS
  17. 17. Supplemental Disclosures – Non-GAAP Financial Information Non-GAAP measures, including free cash flow and adjusted results that exclude non-operating investment gains and losses, discrete taxes, impairment charges and restructuring charges, where applicable, are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by the Company's management, help improve their ability to understand the Company's operating performance and make it easier to compare the Company's results with other companies. These measures are not calculated in accordance with GAAP. They should not be considered in isolation of, or as a substitute for, net cash flow from operations, operating income, net earnings from continuing operations and diluted EPS from continuing operations as indicators of operating performance. Such non-GAAP measures, as calculated by the Company, may not be comparable to similarly titled measures employed by other companies. Page 16
  18. 18. Supplemental Disclosures – Non-GAAP Financial Information ($ In Millions, Except Per Share Amounts) Quarter ended March 31, 2008 Pre-tax Net Earnings Diluted EPS Earnings from from Operating from Continuing Continuing Income Continuing Operations(1) Operations(2) Operations Reported Results $ 567 $ 441 $ 270 $ 0.42 Adjustments: Impairment of - 12 12 0.02 Investment (3) Adjusted Results $ 567 $ 453 $ 282 $ 0.44 See Page 19 for footnotes. Page 17
  19. 19. Supplemental Disclosures – Non-GAAP Financial Information ($ In Millions, Except Per Share Amounts) Quarter ended March 31, 2007 Pre-tax Net Earnings Diluted EPS Operating Earnings from from from Continuing Continuing Income Continuing Operations(1) (2) Operations Operations Reported Results $ 441 $ 331 $ 202 $ 0.29 Adjustments: Media Networks 56 56 34 0.05 (4) Restructuring Activities Adjusted Results $ 497 $ 387 $ 236 $ 0.34 See Page 19 for footnotes. Page 18
  20. 20. Footnotes – Pages 17 - 18 1. Pre-tax earnings represent earnings from continuing operations before provision for income taxes and minority interest. 2. The tax impact of adjustments has been calculated where appropriate using applicable rates in effect for the period presented. 3. 2008 adjusted results exclude a $12 million non-cash impairment of an investment in which the Company holds a minority interest. 4. 2007 adjusted results exclude $56 million of expenses related to Media Networks restructuring charges, principally severance, affecting MTV Networks domestic and international operations. Page 19
  21. 21. Supplemental Disclosures – Non-GAAP Financial Information ($ In Millions) 1st Quarter 2008 2007 Cash Provided by Operations $ 91 $ 349 (88) (41) Capital Expenditures Free Cash Flow (1) $ 3 $ 308 1. The Company defines free cash flow as cash provided by operations minus capital expenditures. Free cash flow is a non- GAAP measure. Management believes free cash flow provides investors with an important perspective on the Company’s liquidity, including ability to service debt, make strategic acquisitions and investments, and repurchase stock. Page 20
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