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February 12, 2009

2008 RESULTS
Cautionary Statement Concerning Forward-Looking Statements
 This presentation contains both historical and forward-looking statements. All statements that 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: the continuation or worsening of current economic conditions generally, and in
 advertising markets in particular; the public acceptance of the Company’s programs, motion pictures and
 games; competition for audiences and distribution; 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 motion pictures and games; changes in the Federal communications laws
 and regulations; the impact of piracy; 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 its 2008
 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 fourth quarter and year ended December 31, 2008.




                                                                                                                 2
Reported Results
($ In Millions, except per share amounts)

                                               4th Quarter         Full Year
                                             2008 B/(W) 2007    2008 B/(W) 2007
   Revenues                                 $ 4,243      -     $14,625     9%
   Expenses                                  (3,615)   (15%)   (11,598)   (16%)
   Equity Compensation                          (29)   (32%)       (99)   (15%)
   D&A                                        (124)    (29%)      (405)   (3%)
   Operating Income                            475     (51%)     2,523    (14%)

   Net Earnings,
                                               172     (68%)     1,233    (24%)
   Continuing Operations

   Diluted EPS,
                                              0.28     (66%)      1.97    (18%)
   Continuing Operations
   Weighted Average
                                             611.5      6%       625.4     7%
   Diluted Shares



                                                                                  3
2008 Restructuring and Other Charges

                                                  By Segment
($ In Millions)
                               Media         Filmed
                              Networks    Entertainment     Corporate         Total

        Severance and Lease
                              $    71     $            29   $     3       $     103
        Termination Costs
        Programming and
                                  286                  19             -         305
        Film Inventory
        Asset Impairments
                                   32                  14             -          46
        and Other
        Total                 $   389     $            62   $     3       $     454

                                              By Expense Line Item
                              Operating         SG&A            D&A           Total

        Severance and Lease
                              $     -     $            94   $     9       $     103
        Termination Costs
        Programming and
                                  305                   -             -         305
        Film Inventory
        Asset Impairments
                                   14                   -         32             46
        and Other
        Total                 $   319     $            94   $     41      $     454

                                                                                      4
Adjusted Results
 ($ In Millions, except per share amounts)

                                                        4th Quarter                    Full Year
                                                      2008 (1) B/(W) 2007(2)        2008 (1) B/(W) 2007(2)
  Revenues                                          $ 4,243                -       $14,625      9%
  Adjusted Expenses                                   (3,204)            (2%)      (11,187)    (13%)
  Adjusted Equity Compensation                            (27)          (23%)          (97)    (13%)
  Adjusted D&A                                            (83)           14%          (364)     7%
  Adjusted Operating Income                              929             (6%)        2,977      (1%)

  Adjusted Net Earnings,
                                                         464            (16%)        1,491      (6%)
  Continuing Operations

  Adjusted Diluted EPS,
                                                         0.76           (10%)         2.38      1%
  Continuing Operations
  Weighted Average
                                                       611.5              6%         625.4      7%
  Diluted Shares


See page 6 for footnotes and pages 18 - 23 for a reconciliation to GAAP results.                             5
Footnotes


1.   2008 adjusted results for the three months ended December 31, 2008 exclude $454 million of
     pre-tax restructuring and other charges ($411 million in expenses, $2 million in equity
     compensation and $41 million in D&A), principally related to programming abandonments,
     severance, the write-down of film inventory and other charges ($286 million after-tax, $0.47 per
     share); $15 million of pre-tax non-cash investment impairments ($15 million after-tax, $0.02 per
     share); and $9 million of discrete tax benefits ($0.01 per share). The discrete tax benefits were
     principally the result of effectively settled audits.
     2008 adjusted results for the year ended December 31, 2008 exclude the restructuring and other
     charges discussed above; $27 million of pre-tax non-cash investment impairment ($27 million
     after-tax, $0.04 per share); and $55 million of discrete tax benefits ($0.09 per share).

2.   2007 adjusted results for the three months ended December 31, 2007 exclude $7 million of pre-
     tax expenses related to Media Networks restructuring charges, principally severance, affecting
     MTV Networks domestic and international operations ($5 million after-tax, $0.01 per share).
     2007 adjusted results for the year ended December 31, 2007 exclude $77 million of pre-tax
     expenses related to the Media Networks restructuring charges ($49 million after-tax, $0.07 per
     share); a $151 million pre-tax gain on the sale of equity investment ($95 million after-tax, $0.14
     per share); a $36 million non-cash pre-tax investment impairment ($23 million after-tax, $0.04
     per share); and $15 million of net discrete tax benefits ($0.02 per share).




                                                                                                          6
Free Cash Flow

                                                             4th Quarter                    Full Year
 ($ In Millions)

                                                           2008 B/(W) 2007               2008 B/(W) 2007
         Operating Income                              $    475        (51%)           $ 2,523           (14%)
         Restructuring (1)                                  447         n/m                 447           n/m
         Depreciation & Amortization                         83        (14%)                364           (7%)
         Capital Expenditures                                (53)       40%                (288)         (22%)
         Cash Interest                                      (209)       (9%)               (495)          (6%)
         Cash Taxes (2)                                      (97)       60%                (741)         (12%)
         Working Capital & Other                            717         n/m                  (62)         78%
                                                 (4)
                                                       $ 1,363          95%            $ 1,748             3%
            Operating Free Cash Flow
                                               (3)
                                                               -        n/m                     -         n/m
         Cash Taxes on Disposition
                               (4)
                                                       $ 1,363         133%            $ 1,748            14%
         Free Cash Flow
1) Cash paid as of 12/31/08 was $7 million of the total 2008 restructuring charge of $454 million; Cash paid as of 12/31/07 was
   $54 million for FY’07 and $10 million for Q4’07 of the restructuring charges of $77 million and $7 million, respectively.
2) Excludes taxes paid with respect to the dispositions of assets in 2007.
3) For comparison purposes, 2007 operating free cash flow excludes cash taxes paid with respect to the gain recognized in
   2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in 3Q’07 on the sale of
   Famous Music. It is important to note that the net cash proceeds from asset sales is not included in Free Cash Flow. See
   Page 24 for more information.
4) See Page 24 for the definition and reconciliation of free cash flow and operating free cash flow to net cash flow from
   operations.
Note: n/m – not meaningful                                                                                                        7
Debt & Cash
($ In Millions)
                                                        December 31, 2008
                  Bank Debt                                        $   650
                  Floating Rate Senior Notes due 2009                  750
                    Total Floating Rate Debt                         1,400
                  5.75% Senior Notes due 2011                        1,496
                  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                                         136
                  Capital Leases and Other                             246
                    Total Fixed Rate Debt                            6,602
                  Total Debt                                       $ 8,002

                  Cash & Cash Equivalents                             $792
                  Net Debt                                         $ 7,210


                                                                             8
Available Capacity and Long-Term Debt Maturities
 ($ In Millions)

$4,000
             $3,400                                                             Bank Debt undrawn (expires 2010)
$3,500
                                                                                Cash & Cash Equivalents
$3,000        $800                                                              Public Debt
                                                                                Bank Debt drawn
$2,500
             $2,600
$2,000                                                                                  $1,750
                                                           $1,500
                                        $1,500
$1,500

$1,000                 $750 $650                                                                                       $750
                                                                       $500
 $500                                                                                               $250

     $0
              2008 2009 2010 2011                             2016 2017                    2036 2037                    2055
Note: 2008 column denotes combined cash & cash equivalents of $792 million and credit facility availability of $2.6 billion.
      Chart excludes note payable, capital leases and other obligations. Bank debt in above chart refers to revolving bank
      credit facility that matures on 12/31/10. Assumes outstanding credit facility balance of $650 million at year end 2008 is
      paid at maturity.                                                                                                           9
Share Repurchase Program
(In Millions)



                                                            Year Ended
                                           4Q 2008
                                                            12/31/2008

                Cost of Repurchase              $148                 $1,223

                Shares Repurchased                8.5                  38.7

                Year End Shares Outstanding                           606.8




                Remaining program availability as of 12/31/08 is $1.3 billion




                                                                                10
SEGMENT HIGHLIGHTS
Media Networks – Revenues by Type
($ In Millions)



                     4th Quarter         Full Year
                   2008 B/(W) 2007    2008 B/(W) 2007
  Advertising     $ 1,346   (3%)     $ 4,722   1%

  Affiliate          667    12%       2,620    12%
  Ancillary          462     -        1,414    32%

  Total           $ 2,475   1%       $ 8,756   8%




                                                        12
Media Networks – Financial Results
  ($ In Millions)

                                                        4th Quarter                         Full Year
                                                      2008 B/(W) 2007                    2008 B/(W) 2007
      Revenues                                    $ 2,475              1%              $ 8,756               8%

      Expenses                                     (1,517)            (5%)               (5,362)           (15%)

      Equity Compensation                               (12)         (20%)                   (40)           (8%)
      D&A                                               (48)           24%                 (236)            14%

      Operating Income, Before
                                                       898            (3%)                3,118               -
      Adjusted Items
      Adjusted Items (1)                               (389)           n/m                 (389)            n/m

                                                  $    509           (44%)             $ 2,729             (10%)
      Operating Income

1) 2008 results include $389 million of restructuring and other charges ($351 million in expenses and $38 million in D&A) for
   the quarter and full year ended December 31, 2008.
  2007 results include $7 million and $77 million, respectively, of expenses related to Media Networks restructuring charges,
  principally severance, affecting MTV Networks domestic and international operations for the quarter and year ended
  December 31, 2007.
Note: n/m – not meaningful                                                                                                    13
Filmed Entertainment – Revenues by Type
($ In Millions)



                             4th Quarter         Full Year
                           2008 B/(W) 2007    2008 B/(W) 2007
  Theatrical           $    350     28%      $ 1,714   17%

  Home Entertainment       1,020    (6%)      2,724    9%

  TV License Fees           351    (13%)      1,333    3%
  Ancillary                  86     9%          262    17%

  Total                $ 1,807      (2%)     $ 6,033   10%




                                                                14
Filmed Entertainment – Theatrical Releases


  4Q 2008                                4Q 2007
  Madagascar 2: Escape to Africa (DWA)   The Heartbreak Kid
  The Curious Case of Benjamin Button    Things We Lost in the Fire
  Revolutionary Road                     Bee Movie (DWA)
  Defiance                               Beowolf
                                         Margot at the Wedding
                                         Kite Runner
                                         Sweeney Todd
                                         There Will Be Blood
                                         No Country For Old Men




                                                                      15
Filmed Entertainment – Financial Results
 ($ In Millions)

                                                        4th Quarter                           Full Year
                                                      2008 B/(W) 2007                      2008 B/(W) 2007
     Revenues                                     $ 1,807              (2%)             $ 6,033              10%

     Expenses                                         (1,689)            -                 (5,823)         (11%)

     Equity Compensation                                  (4)            -                    (14)         (27%)
     D&A                                                 (30)         (11%)                 (108)           (9%)

     Operating Income, Before
                                                         84           (28%)                    88          (15%)
     Adjusted Items
     Adjusted Items (1)                                  (62)          n/m                    (62)           n/m

                                                  $      22           (81%)            $       26          (75%)
     Operating Income




1) 2008 results include $62 million of restructuring and other charges ($60 million in expenses and $2 million in equity
   compensation) for the quarter and full year ended December 31, 2008.
Note: n/m – not meaningful                                                                                                 16
APPENDIX RECONCILIATIONS
Supplemental Disclosures:
Non-GAAP Financial Information


 Non-GAAP measures, including free cash flow, operating free cash flow and
 adjusted results that exclude restructuring and other charges, non-operating
 investment gains and losses, discrete taxes and impairment charges, where
 applicable, are relevant and useful information for investors because they improve
 their ability to understand the Company's operating performance, make it easier to
 compare the Company's results with other companies and allow investors to view
 performance in a manner similar to the method used by the Company's
 management.

 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.




                                                                                      18
Supplemental Disclosures: Non-GAAP Financial Information

 ($ In Millions, except per share amounts)

                                                          Quarter Ended December 31, 2008
                                                                Pre-tax         Net Earnings        Diluted EPS
                                                           Earnings from              from
                                         Operating                                                      from
                                                               Continuing           Continuing
                                             Income                                                 Continuing
                                                           Operations(1)        Operations(2)       Operations

 Reported Results                        $       475       $              256   $            172    $          0.28
 Adjustments:

    Restructuring and
                                                 454                      454                286           0.47
    Other Charges (3)
    Impairment of
                                                      -                    15                 15           0.02
    Investments (5)
                                (6)
                                                      -                     -                 (9)          (0.01)
    Discrete Tax Benefits
 Adjusted Results                        $       929       $              725   $            464    $          0.76




See Page 23 for footnotes.                                                                                            19
Supplemental Disclosures: Non-GAAP Financial Information

 ($ In Millions, except per share amounts)

                                                          Year Ended December 31, 2008
                                                               Pre-tax         Net Earnings        Diluted EPS
                                                          Earnings from              from
                                         Operating                                                     from
                                                              Continuing           Continuing
                                             Income                                                Continuing
                                                          Operations(1)        Operations(2)       Operations

 Reported Results                        $     2,523      $          1,855     $         1,233     $          1.97
 Adjustments:

    Restructuring and
                                                 454                     454                286               0.46
    Other Charges (3)
    Impairment of
                                                      -                   27                 27               0.04
    Investments (5)
                                (6)
                                                      -                    -                (55)          (0.09)
    Discrete Tax Benefits

 Adjusted Results                        $     2,977      $          2,336     $         1,491     $          2.38




See Page 23 for footnotes.                                                                                           20
Supplemental Disclosures: Non-GAAP Financial Information

 ($ In Millions, except per share amounts)

                                                       Quarter ended December 31, 2007
                                                             Pre-tax         Net Earnings         Diluted EPS
                                                        Earnings from              from
                                         Operating                                                    from
                                                            Continuing           Continuing
                                             Income                                               Continuing
                                                        Operations(1)                      (2)
                                                                                                  Operations
                                                                             Operations

 Reported Results                        $       978    $              851   $            545     $      0.83
 Adjustments:

    Media Networks
                                                   7                     7                    5          0.01
                                   (3)
    Restructuring Activities

 Adjusted Results                        $       985    $              858   $            550     $      0.84




See Page 23 for footnotes.                                                                                      21
Supplemental Disclosures: Non-GAAP Financial Information

 ($ In Millions, except per share amounts)

                                                          Year Ended December 31, 2007
                                                               Pre-tax         Net Earnings        Diluted EPS
                                                          Earnings from              from
                                         Operating                                                     from
                                                              Continuing           Continuing
                                             Income                                                Continuing
                                                          Operations(1)                      (2)
                                                                                                   Operations
                                                                               Operations

 Reported Results                        $     2,936      $          2,580     $         1,630     $          2.41
 Adjustments:
    Media Networks
                                                  77                     77                 49                0.07
                                   (3)
    Restructuring Activities
    Gain on Sale of Equity
                                                      -               (151)                 (95)          (0.14)
    Investment (4)
    Impairment of Investment (5)                      -                  36                 23                0.04

    Discrete Tax Benefits (6)                         -                    -                (15)          (0.02)

 Adjusted Results                        $     3,013      $          2,542     $         1,592     $          2.36



See Page 23 for footnotes.                                                                                           22
Footnotes – Pages 19 - 22
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 the applicable
     rates in effect for the period presented.
3.   2008 adjusted results exclude $454 million for the quarter and year ended December 31,
     2008, of restructuring and other charges across all segments. The charge principally
     relates to programming abandonments, severance, the write-down of film inventory and
     other charges. 2007 adjusted results exclude $7 million and $77 million, respectively, of
     expenses related to Media Networks restructuring charges, principally severance, affecting
     MTV Networks domestic and international operations for the quarter and year ended
     December 31, 2007.
4.   In 2007, the Company sold its non-controlling investment in MTV Russia for $191 million
     and recognized a pre-tax gain of $151 million.
5.   2008 adjusted results exclude $15 million and $27 million, respectively, of pre-tax non-cash
     investment impairment charges for the quarter and year ended December 31, 2008. 2007
     adjusted results exclude $36 million of pre-tax non-cash investment impairment charges
     for the year ended December 31, 2007.
6.   2008 adjusted results exclude $9 million and $55 million, respectively, of net discrete tax
     benefits for the quarter and year ended December 31, 2008. 2007 adjusted results exclude
     $15 million of net discrete tax benefits for the year ended December 31, 2007. The discrete
     tax benefits were principally the result of effectively settled audits.


                                                                                                    23
Supplemental Disclosures:
Non-GAAP Financial Information

 ($ In Millions)

                                                            4th Quarter                        Full Year
                                                           2008      2007                    2008      2007

   Cash Provided By Operations                          $ 1,416           $     673       $ 2,036           $ 1,776
                                                               (53)             (89)           (288)             (237)
   Capital Expenditures
   Free Cash Flow (1)                                   $ 1,363           $     584       $ 1,748           $ 1,539

   Cash Taxes on Disposition (2)                                  -             115                  -            163
   Operating Free Cash Flow (3)                         $ 1,363           $     699       $ 1,748           $ 1,702


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.
2) For comparison purposes, 2007 operating free cash flow excluded cash taxes paid with respect to the gain
   recognized in 2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in
   3Q’07 on the sale of Famous Music. It is important to note that the net cash proceeds from asset sales is not
   included in Free Cash Flow.
3) The Company defines operating free cash flow as cash provided by operations minus capital expenditures plus cash
   taxes on dispositions. Operating free cash flow is a non-GAAP measure. Management believes operating free cash
   flow provides investors with an important perspective on the Company’s liquidity from ongoing activities.             24
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viacom 20090211%20FINAL%20Q408%20Web%20Deck

  • 2. Cautionary Statement Concerning Forward-Looking Statements This presentation contains both historical and forward-looking statements. All statements that 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: the continuation or worsening of current economic conditions generally, and in advertising markets in particular; the public acceptance of the Company’s programs, motion pictures and games; competition for audiences and distribution; 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 motion pictures and games; changes in the Federal communications laws and regulations; the impact of piracy; 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 its 2008 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 fourth quarter and year ended December 31, 2008. 2
  • 3. Reported Results ($ In Millions, except per share amounts) 4th Quarter Full Year 2008 B/(W) 2007 2008 B/(W) 2007 Revenues $ 4,243 - $14,625 9% Expenses (3,615) (15%) (11,598) (16%) Equity Compensation (29) (32%) (99) (15%) D&A (124) (29%) (405) (3%) Operating Income 475 (51%) 2,523 (14%) Net Earnings, 172 (68%) 1,233 (24%) Continuing Operations Diluted EPS, 0.28 (66%) 1.97 (18%) Continuing Operations Weighted Average 611.5 6% 625.4 7% Diluted Shares 3
  • 4. 2008 Restructuring and Other Charges By Segment ($ In Millions) Media Filmed Networks Entertainment Corporate Total Severance and Lease $ 71 $ 29 $ 3 $ 103 Termination Costs Programming and 286 19 - 305 Film Inventory Asset Impairments 32 14 - 46 and Other Total $ 389 $ 62 $ 3 $ 454 By Expense Line Item Operating SG&A D&A Total Severance and Lease $ - $ 94 $ 9 $ 103 Termination Costs Programming and 305 - - 305 Film Inventory Asset Impairments 14 - 32 46 and Other Total $ 319 $ 94 $ 41 $ 454 4
  • 5. Adjusted Results ($ In Millions, except per share amounts) 4th Quarter Full Year 2008 (1) B/(W) 2007(2) 2008 (1) B/(W) 2007(2) Revenues $ 4,243 - $14,625 9% Adjusted Expenses (3,204) (2%) (11,187) (13%) Adjusted Equity Compensation (27) (23%) (97) (13%) Adjusted D&A (83) 14% (364) 7% Adjusted Operating Income 929 (6%) 2,977 (1%) Adjusted Net Earnings, 464 (16%) 1,491 (6%) Continuing Operations Adjusted Diluted EPS, 0.76 (10%) 2.38 1% Continuing Operations Weighted Average 611.5 6% 625.4 7% Diluted Shares See page 6 for footnotes and pages 18 - 23 for a reconciliation to GAAP results. 5
  • 6. Footnotes 1. 2008 adjusted results for the three months ended December 31, 2008 exclude $454 million of pre-tax restructuring and other charges ($411 million in expenses, $2 million in equity compensation and $41 million in D&A), principally related to programming abandonments, severance, the write-down of film inventory and other charges ($286 million after-tax, $0.47 per share); $15 million of pre-tax non-cash investment impairments ($15 million after-tax, $0.02 per share); and $9 million of discrete tax benefits ($0.01 per share). The discrete tax benefits were principally the result of effectively settled audits. 2008 adjusted results for the year ended December 31, 2008 exclude the restructuring and other charges discussed above; $27 million of pre-tax non-cash investment impairment ($27 million after-tax, $0.04 per share); and $55 million of discrete tax benefits ($0.09 per share). 2. 2007 adjusted results for the three months ended December 31, 2007 exclude $7 million of pre- tax expenses related to Media Networks restructuring charges, principally severance, affecting MTV Networks domestic and international operations ($5 million after-tax, $0.01 per share). 2007 adjusted results for the year ended December 31, 2007 exclude $77 million of pre-tax expenses related to the Media Networks restructuring charges ($49 million after-tax, $0.07 per share); a $151 million pre-tax gain on the sale of equity investment ($95 million after-tax, $0.14 per share); a $36 million non-cash pre-tax investment impairment ($23 million after-tax, $0.04 per share); and $15 million of net discrete tax benefits ($0.02 per share). 6
  • 7. Free Cash Flow 4th Quarter Full Year ($ In Millions) 2008 B/(W) 2007 2008 B/(W) 2007 Operating Income $ 475 (51%) $ 2,523 (14%) Restructuring (1) 447 n/m 447 n/m Depreciation & Amortization 83 (14%) 364 (7%) Capital Expenditures (53) 40% (288) (22%) Cash Interest (209) (9%) (495) (6%) Cash Taxes (2) (97) 60% (741) (12%) Working Capital & Other 717 n/m (62) 78% (4) $ 1,363 95% $ 1,748 3% Operating Free Cash Flow (3) - n/m - n/m Cash Taxes on Disposition (4) $ 1,363 133% $ 1,748 14% Free Cash Flow 1) Cash paid as of 12/31/08 was $7 million of the total 2008 restructuring charge of $454 million; Cash paid as of 12/31/07 was $54 million for FY’07 and $10 million for Q4’07 of the restructuring charges of $77 million and $7 million, respectively. 2) Excludes taxes paid with respect to the dispositions of assets in 2007. 3) For comparison purposes, 2007 operating free cash flow excludes cash taxes paid with respect to the gain recognized in 2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in 3Q’07 on the sale of Famous Music. It is important to note that the net cash proceeds from asset sales is not included in Free Cash Flow. See Page 24 for more information. 4) See Page 24 for the definition and reconciliation of free cash flow and operating free cash flow to net cash flow from operations. Note: n/m – not meaningful 7
  • 8. Debt & Cash ($ In Millions) December 31, 2008 Bank Debt $ 650 Floating Rate Senior Notes due 2009 750 Total Floating Rate Debt 1,400 5.75% Senior Notes due 2011 1,496 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 136 Capital Leases and Other 246 Total Fixed Rate Debt 6,602 Total Debt $ 8,002 Cash & Cash Equivalents $792 Net Debt $ 7,210 8
  • 9. Available Capacity and Long-Term Debt Maturities ($ In Millions) $4,000 $3,400 Bank Debt undrawn (expires 2010) $3,500 Cash & Cash Equivalents $3,000 $800 Public Debt Bank Debt drawn $2,500 $2,600 $2,000 $1,750 $1,500 $1,500 $1,500 $1,000 $750 $650 $750 $500 $500 $250 $0 2008 2009 2010 2011 2016 2017 2036 2037 2055 Note: 2008 column denotes combined cash & cash equivalents of $792 million and credit facility availability of $2.6 billion. Chart excludes note payable, capital leases and other obligations. Bank debt in above chart refers to revolving bank credit facility that matures on 12/31/10. Assumes outstanding credit facility balance of $650 million at year end 2008 is paid at maturity. 9
  • 10. Share Repurchase Program (In Millions) Year Ended 4Q 2008 12/31/2008 Cost of Repurchase $148 $1,223 Shares Repurchased 8.5 38.7 Year End Shares Outstanding 606.8 Remaining program availability as of 12/31/08 is $1.3 billion 10
  • 12. Media Networks – Revenues by Type ($ In Millions) 4th Quarter Full Year 2008 B/(W) 2007 2008 B/(W) 2007 Advertising $ 1,346 (3%) $ 4,722 1% Affiliate 667 12% 2,620 12% Ancillary 462 - 1,414 32% Total $ 2,475 1% $ 8,756 8% 12
  • 13. Media Networks – Financial Results ($ In Millions) 4th Quarter Full Year 2008 B/(W) 2007 2008 B/(W) 2007 Revenues $ 2,475 1% $ 8,756 8% Expenses (1,517) (5%) (5,362) (15%) Equity Compensation (12) (20%) (40) (8%) D&A (48) 24% (236) 14% Operating Income, Before 898 (3%) 3,118 - Adjusted Items Adjusted Items (1) (389) n/m (389) n/m $ 509 (44%) $ 2,729 (10%) Operating Income 1) 2008 results include $389 million of restructuring and other charges ($351 million in expenses and $38 million in D&A) for the quarter and full year ended December 31, 2008. 2007 results include $7 million and $77 million, respectively, of expenses related to Media Networks restructuring charges, principally severance, affecting MTV Networks domestic and international operations for the quarter and year ended December 31, 2007. Note: n/m – not meaningful 13
  • 14. Filmed Entertainment – Revenues by Type ($ In Millions) 4th Quarter Full Year 2008 B/(W) 2007 2008 B/(W) 2007 Theatrical $ 350 28% $ 1,714 17% Home Entertainment 1,020 (6%) 2,724 9% TV License Fees 351 (13%) 1,333 3% Ancillary 86 9% 262 17% Total $ 1,807 (2%) $ 6,033 10% 14
  • 15. Filmed Entertainment – Theatrical Releases 4Q 2008 4Q 2007 Madagascar 2: Escape to Africa (DWA) The Heartbreak Kid The Curious Case of Benjamin Button Things We Lost in the Fire Revolutionary Road Bee Movie (DWA) Defiance Beowolf Margot at the Wedding Kite Runner Sweeney Todd There Will Be Blood No Country For Old Men 15
  • 16. Filmed Entertainment – Financial Results ($ In Millions) 4th Quarter Full Year 2008 B/(W) 2007 2008 B/(W) 2007 Revenues $ 1,807 (2%) $ 6,033 10% Expenses (1,689) - (5,823) (11%) Equity Compensation (4) - (14) (27%) D&A (30) (11%) (108) (9%) Operating Income, Before 84 (28%) 88 (15%) Adjusted Items Adjusted Items (1) (62) n/m (62) n/m $ 22 (81%) $ 26 (75%) Operating Income 1) 2008 results include $62 million of restructuring and other charges ($60 million in expenses and $2 million in equity compensation) for the quarter and full year ended December 31, 2008. Note: n/m – not meaningful 16
  • 18. Supplemental Disclosures: Non-GAAP Financial Information Non-GAAP measures, including free cash flow, operating free cash flow and adjusted results that exclude restructuring and other charges, non-operating investment gains and losses, discrete taxes and impairment charges, where applicable, are relevant and useful information for investors because they improve their ability to understand the Company's operating performance, make it easier to compare the Company's results with other companies and allow investors to view performance in a manner similar to the method used by the Company's management. These measures are not calculated in accordance with GAAP. They should not be considered in isolation of, or as a substitute for, net cash flow from operations, operating income, net earnings from continuing operations and diluted EPS from continuing operations as indicators of operating performance. Such non-GAAP measures, as calculated by the Company, may not be comparable to similarly titled measures employed by other companies. 18
  • 19. Supplemental Disclosures: Non-GAAP Financial Information ($ In Millions, except per share amounts) Quarter Ended December 31, 2008 Pre-tax Net Earnings Diluted EPS Earnings from from Operating from Continuing Continuing Income Continuing Operations(1) Operations(2) Operations Reported Results $ 475 $ 256 $ 172 $ 0.28 Adjustments: Restructuring and 454 454 286 0.47 Other Charges (3) Impairment of - 15 15 0.02 Investments (5) (6) - - (9) (0.01) Discrete Tax Benefits Adjusted Results $ 929 $ 725 $ 464 $ 0.76 See Page 23 for footnotes. 19
  • 20. Supplemental Disclosures: Non-GAAP Financial Information ($ In Millions, except per share amounts) Year Ended December 31, 2008 Pre-tax Net Earnings Diluted EPS Earnings from from Operating from Continuing Continuing Income Continuing Operations(1) Operations(2) Operations Reported Results $ 2,523 $ 1,855 $ 1,233 $ 1.97 Adjustments: Restructuring and 454 454 286 0.46 Other Charges (3) Impairment of - 27 27 0.04 Investments (5) (6) - - (55) (0.09) Discrete Tax Benefits Adjusted Results $ 2,977 $ 2,336 $ 1,491 $ 2.38 See Page 23 for footnotes. 20
  • 21. Supplemental Disclosures: Non-GAAP Financial Information ($ In Millions, except per share amounts) Quarter ended December 31, 2007 Pre-tax Net Earnings Diluted EPS Earnings from from Operating from Continuing Continuing Income Continuing Operations(1) (2) Operations Operations Reported Results $ 978 $ 851 $ 545 $ 0.83 Adjustments: Media Networks 7 7 5 0.01 (3) Restructuring Activities Adjusted Results $ 985 $ 858 $ 550 $ 0.84 See Page 23 for footnotes. 21
  • 22. Supplemental Disclosures: Non-GAAP Financial Information ($ In Millions, except per share amounts) Year Ended December 31, 2007 Pre-tax Net Earnings Diluted EPS Earnings from from Operating from Continuing Continuing Income Continuing Operations(1) (2) Operations Operations Reported Results $ 2,936 $ 2,580 $ 1,630 $ 2.41 Adjustments: Media Networks 77 77 49 0.07 (3) Restructuring Activities Gain on Sale of Equity - (151) (95) (0.14) Investment (4) Impairment of Investment (5) - 36 23 0.04 Discrete Tax Benefits (6) - - (15) (0.02) Adjusted Results $ 3,013 $ 2,542 $ 1,592 $ 2.36 See Page 23 for footnotes. 22
  • 23. Footnotes – Pages 19 - 22 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 the applicable rates in effect for the period presented. 3. 2008 adjusted results exclude $454 million for the quarter and year ended December 31, 2008, of restructuring and other charges across all segments. The charge principally relates to programming abandonments, severance, the write-down of film inventory and other charges. 2007 adjusted results exclude $7 million and $77 million, respectively, of expenses related to Media Networks restructuring charges, principally severance, affecting MTV Networks domestic and international operations for the quarter and year ended December 31, 2007. 4. In 2007, the Company sold its non-controlling investment in MTV Russia for $191 million and recognized a pre-tax gain of $151 million. 5. 2008 adjusted results exclude $15 million and $27 million, respectively, of pre-tax non-cash investment impairment charges for the quarter and year ended December 31, 2008. 2007 adjusted results exclude $36 million of pre-tax non-cash investment impairment charges for the year ended December 31, 2007. 6. 2008 adjusted results exclude $9 million and $55 million, respectively, of net discrete tax benefits for the quarter and year ended December 31, 2008. 2007 adjusted results exclude $15 million of net discrete tax benefits for the year ended December 31, 2007. The discrete tax benefits were principally the result of effectively settled audits. 23
  • 24. Supplemental Disclosures: Non-GAAP Financial Information ($ In Millions) 4th Quarter Full Year 2008 2007 2008 2007 Cash Provided By Operations $ 1,416 $ 673 $ 2,036 $ 1,776 (53) (89) (288) (237) Capital Expenditures Free Cash Flow (1) $ 1,363 $ 584 $ 1,748 $ 1,539 Cash Taxes on Disposition (2) - 115 - 163 Operating Free Cash Flow (3) $ 1,363 $ 699 $ 1,748 $ 1,702 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. 2) For comparison purposes, 2007 operating free cash flow excluded cash taxes paid with respect to the gain recognized in 2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in 3Q’07 on the sale of Famous Music. It is important to note that the net cash proceeds from asset sales is not included in Free Cash Flow. 3) The Company defines operating free cash flow as cash provided by operations minus capital expenditures plus cash taxes on dispositions. Operating free cash flow is a non-GAAP measure. Management believes operating free cash flow provides investors with an important perspective on the Company’s liquidity from ongoing activities. 24