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21Confidential | For Discussion Purposes SpringOwl's 99 Page Presentation On Turning Around Viacom

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21Confidential | For Discussion Purposes Only |
New Push Into Digital/OTT
 We Assume Even a Modest Push Into Launching OTT Channels (Beyond Noggin Aimed at Pre-schoolers for
$5.99 a Month) Would Result in Additional Market Cap for Viacom of $600M or $1.50/Share
Additional Value From Combining With AMC or Taking Investment in Paramount from Alibaba Pictures or
Amazon, As Well As New Hit Shows
 What we Have Not Factored Into a Future Share Price for Viacom is The Potential Value of Combining Assets
With AMC or Paramount Taking in an Investment from Alibaba Pictures or Amazon
 New Hit Shows That Could get Developed in the Future Thanks to a Newly Revitalized Creative Culture Can Have
an Enormously Powerful Impact on the Stock Price as Josh Sapan has Shown at AMC Over Many Years
 What’s “The Walking Dead” Worth to AMC? A “Homeland” to Showtime? A “Game Of Thrones” to HBO”? Or a
“Daily Show With Jon Stewart” Vs. Trevor Noah to Viacom?
 Changing the Culture to Start Risk-taking Again is in our View the Biggest Potential Upside to the Stock
Key Drivers To Unlocking Value
In Viacom’s Share Price
If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common
shares may trade at between $65-95.90/share or up to 135% above current levels. Over time, with more hit
shows developed, the share price could move meaningfully higher.
21Source: SpringOwl Asset Management LLC

Published in: Business
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