Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.

1. 1st QUARTER
2008 RESULTS
May 2, 2008

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. 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
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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.
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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, $0.05 per share).
See pages 16 - 19 for a reconciliation to GAAP results.
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6. Free Cash Flow
($ 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.
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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
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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
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9. SEGMENT HIGHLIGHTS

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%
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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
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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%
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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
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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%
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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. APPENDIX
RECONCILIATIONS

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.
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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.
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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. 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. 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.
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