CbsDavid Poltrack Presentation Slides

UBS 44th ANNUAL GLOBAL MEDIA AND COMMUNICATIONS CONFERENCE
The Outlook
for the Broadcast Networks
David F. Poltrack
Chief Research Officer, CBS Corporation
President, CBS Vision
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This presentation may include "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933
and section 21E of the Securities Exchange Act of 1934. Forward-looking statements inherently involve risks, uncertainties
and other factors that could cause actual results to differ materially from the forward-looking statements. These risks,
uncertainties and other factors include, among others: advertising market conditions generally; changes in the public
acceptance of content and viewership habits; changes in technology, including ratings and viewership measurements, and
their effect on competition in the affected markets; changes in the federal communications laws and regulations; the impact
of piracy on products; the impact of the consolidation in the market for content; the impact of negotiations or the loss of
affiliation agreements or retransmission agreements; the impact of union activity, including possible strikes or work
stoppages; changes in other domestic and global economic, business, competitive, technological, strategic and/or
regulatory factors, and other factors affecting the operations of the entities businesses described herein including, without
limitation, of CBS Corporation. Such entities news releases and filings with the Securities and Exchange Commission
(SEC) including, but not limited to, their respective most recent Forms 10-K, 10-Q and 8-K contain a more detailed
description of factors that could affect future results. These SEC filings are available at www.sec.gov.
The forward-looking statements are made only as of the date of the presentation and we do not undertake to update any
forward-looking statements to reflect subsequent events or circumstances.
3
Overview
The Short-Term Forecast

The Longer-Term Outlook
4
Overview
Increasing Stability in the Television Advertising Market
Redefining the Television and Digital Advertising Media
5
The Short-Term Forecast
Revisit the 2016 Forecast
Address the Economic Outlook
The Outlook for 2017
The Audience Picture
6
Original 2016 Forecast
Network Television Ad Revenues + 9.5%
Underlying Growth Rate + 5.0%
7
The Current Market
Sellers Upfront Market
Scatter Market Remains Strong for Q4 2016
Audience Deficiency Obligations at Manageable Levels
Olympics Bring Less Incremental Spending
8
Current 2016 Forecast
Network Television Ad Revenues + 8.0%
9
The Outlook for 2017
The Economic Picture:
Growth in GDP has been sluggish but picked up in Q3
Consumer spending has been growing at a more substantial rate
Private sector employment gains are very encouraging
Weekly wages and earnings are finally beginning to rise, as well
Rising retail sales
10
2017 Forecast
Network Television Ad Revenues No Change

11
2017 Forecast
The Upside: Q1+Q2
12
2017 Forecast
The Upside: Q3
13
2017 Forecast
The Upside: Q4
14
2017 Forecast
Network Television Ad Revenues No Change

15
Advertising Dollars as a Percent of Marketing Dollars
24.0%
23.3% 23.0%
22.3% 22.4% 22.5%
21.8%
2007 2008 2009 2013 2014 2015 2016
Source: Wilkofsky Gruen Associates Inc.

16
Projected Growth in Advertising Share as a Percent of
Marketing Dollars
24.0%
23.3% 23.0%
22.3% 22.4% 22.5%
21.8%
$15,000,000,000
2009 2016
17
Low Trade Promotion Success Rate
100%
90%
80%
70%
60%
67% 72%
50%
Did Not Break Even
40% Did Not Break Even
30%
20%
10%
0%
2014 2016
Source: Nielsens Research on ROI of Trade Promotion
18
19
Sponsors
20
21
There is a Kicker Effect When TV is
Combined with Digital Spending
ROI Increase by Platform / Combination
+60%
+19% +20%
TV Print + TV Radio + TV Digital + TV
Source: Analytic Partners, 2016; Analysis based on over 3,200 campaigns from 2010-2015. Digital 22
includes video and display advertising on desktop and mobile devices. Results are indexed to TV
Projected Growth in Advertising Share as a Percent of
Marketing Dollars
24.0% 23.3% 23.5% 24.0%

22.3% 22.4% 22.5% 23.0%
21.8%
$15,000,000,000
$13,000,000,000
2007 2009 2018
Source: Wilkofsky Gruen Associates Inc.; 2007-2016

23
New Broadcast Season Launch
Cable Network Issues Continue
Cable Universe Estimate Concerns
New Broadcast Series Discovery
Media Consumption Dynamics
NFL Audience Post-Election Gains
24
25
Primetime Broadcast Networks Live+7
2016-17 Season-to-Date
Total Viewers (000)
11,132
9,444
7,636 8,266
1st Place 2nd Place 4th Place 3rd Place
CBS NBC ABC FOX
Source: Nielsen NPM, 9/19/16-11/13/16; Primetime, All Programs; Live+7 Data

26
Primetime 4-Network Total Comps Live+7
2016-17 Season-to-Date vs. Year Ago
YOY Change
-5% -4% -7% -9%
Homes Viewers A25-54 Rating A18-49 Rating
Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

Primetime, All Programs; Live+7 Data. Percent Changes based on millions for Viewers and ratings for all others
27
Primetime 4-Network Total Comps C3
YOY Change Excluding Sports
-8% -9% -12% -12%
Homes Viewers A25-54 A18-49

Primetime, All Programs, Excluding Sports; C3 Data; Percent changes based on millions
28
Primetime Broadcast Networks Comps C3
YOY Change Excluding Sports
-8% -4% -5% -8% -7% -8%

-9% -9% -10% -9% -9% -11%
-13% -14%
-20% -21%
CBS NBC ABC FOX

Primetime, All Programs, Excluding Sports; C3 Data; Percent changes based on millions
29
Factors Impacting YOY Comps
Year-over-year Comps are impacted by:
2016 Election Coverage
Debates
Election Night
Inflated Cable News Network Audiences
Historic 7 Game World Series
NFL Audience Declines/Schedule Differences
30
The Core Schedule - CBS
8:00 8:30 9:00 9:30 10:00 10:30
Monday Kevin Can Wait Man With A Plan 2 Broke Girls The Odd Couple Scorpion
Tuesday NCIS Bull NCIS: New Orleans
Wednesday Survivor Criminal Minds Code Black
Thursday The Big Bang Theory The Great Indoors Mom Life In Pieces Pure Genius
Friday MacGyver Hawaii Five-0 Blue Bloods
Saturday Crimetime Saturday-8PM Crimetime Saturday 48 Hours
7:00 / 7:30 8:00 / 8:30 9:00 9:30 10:00 10:30

SUNDAY
60 Minutes NCIS: Los Angeles Madam Secretary Elementary
31
Primetime Core Schedule C3
2.6
2.1 1.9 2.1
1.6 1.5 1.5 1.3
Viewers (000) A25-54 Rating A18-49 Rating
CBS NBC ABC FOX
Source: Nielsen NPM, Primetime, only regular programs in regular time periods; 9/19/16-11/13/16; C3 Data
32
Primetime Core Schedule Comps C3
YOY Change
-2% -2% -4% -2% -3% -5% -5%

-7% -10% -7% -7% -9% -9%
-11% -13% -13%
CBS NBC ABC FOX

Primetime, only regular programs in regular time periods; C3 Data; Percent changes based on millions
33
34
Primetime Broadcast vs. Cable C3
YOY Change
-6% -6% -4% -4% -5%

-8% -8% -9%
4-Broadcast Nets Top 10 Billing Cable

Primetime, All Programs; Excluding Sunday NFL Runovers; C3 Data; Percent changes based on millions
35
Primetime Cable Networks
# of Nets
Top 10 Billing Ad-Supported Cable Networks # of Nets Up
Down
Total Viewers 2 8
Adults 18-49 3 7
Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15; C3 (000) Data;

Top 10 Billing = ESPN, TNT, TBS, USA, MTV, COMEDY CENTRAL, BRAVO, FOXNC, AMC, DISCOVERY.
36
Primetime Share of A18-49 Audience
2016-17 Combined Broadcast vs. Top 10 Ad-Supported Cable
THIS SEASON LAST SEASON
32.9% 33.0%
67.1% 67.0%
4-Broadcast Networks 4-Broadcast Networks

Top 10 Cable Networks Top 10 Cable Networks
Source: Nielsen NPM, 9/19/16-11/15/16 vs. 9/21/15-11/15/15; C3 (000) Data

37
Primetime Cable Networks
# of Nets
All Ad-Supported Cable Networks # of Nets Up
Down
Total Viewers 17 32
Adults 18-49 17 32
Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15; C3 (000) Data

38
Original Cable Shows Top 20 Rank
Summer 2016 vs. Year Ago
Rank Program Net Viewers (000) % 000 Change T/Cs
1 GAME OF THRONES HBOM 10,614 +12% 10
2 RIZZOLI & ISLES TNT 6,697 -3% 13
3 MAJOR CRIMES TNT 6,440 +2% 13
4 FEAR THE WALKING DEAD AMC 5,739 -26% 8
5 ALASKAN BUSH PEOPLE DISC 4,072 -16% 9
6 LAST SHIP, THE TNT 4,005 -19% 12
7 HAVES AND THE HAVE NOTS OWN 3,792 -5% 12
8 LOVE & HIP HOP ATLANTA 5 VH1 3,577 -3% 17
9 SUITS USA 3,474 -11% 10
10 PREACHER AMC 3,292 NEW 10
11 GREENLEAF OWN 3,256 NEW 13
12 DEADLIEST CATCH DISC 3,176 -17% 18
13 FLIP OR FLOP HGTV 3,151 +60% 13
14 REAL HOUSEWIVES OF OC BRVO 3,148 +11% 16
15 STREET OUTLAWS DISC 3,122 +2% 9
16 LOVE & HIP HOP HLLYWD 3 VH1 2,997 -10% 10
17 POWER 3 STZP 2,980 +37% 10
18 MOUNTAIN MEN HIST 2,904 -11% 16
19 CHESAPEAKE SHORES HALL 2,876 NEW 9
20 NAKED AND AFRAID XL DISC 2,841 -26% 8
Source: Nielsen NPM, 4/1/16-10/2/16 vs. Comparable Year Ago Period; Ranked on Per2+ AA (000); Live+ 7 Data
39
Original Cable Shows Top 20 Rank
Fall-to-Date vs. Year Ago
Rank Program Net Viewers (000) % 000 Change T/Cs
1 WALKING DEAD AMC 18,223 -6% 4
2 AMERICAN HORROR STORY FX 6,407 -3% 9
3 TALKING DEAD AMC 6,295 -0% 4
4 GOLD RUSH DISC 4,261 -19% 5
5 REAL HOUSEWIVES ATLANTA BRVO 3,661 -4% 2
6 ALASKA: THE LAST FRONTIER DISC 3,437 -1% 5
7 WESTWORLD HBOM 3,177 NEW 7
8 SOUTH PARK CMDY 3,108 +17% 7
9 PROJECT RUNWAY LIF 3,078 -4% 9
10 CHRISLEY KNOWS BEST USA 2,970 +14% 14
11 QUEEN SUGAR OWN 2,947 NEW 10
12 IF LOVING YOU IS WRONG OWN 2,807 -3% 8
13 STREET OUTLAWS DISC 2,790 +8% 2
14 BELOW DECK BRVO 2,459 +36% 10
15 VANDERPUMP RULES BRVO 2,454 +14% 1
16 SHAMELESS S7 SHO1 2,377 -9% 7
17 TEEN MOM SSN 6 MTV 2,310 -23% 12
18 FAST N LOUD DISC 2,238 -9% 8
19 KEEPING UP KARDASHIANS ENT 2,188 -32% 4
20 MARRIED TO MEDICINE BRVO 2,129 +42% 2
Source: Nielsen NPM, 9/19/16-11/13/16 vs. Comparable Year Ago Period; Ranked on Per2+ AA (000); Live+7 Data
40
Cable Relying on Broadcast Content
More than Ever
Off-Network Series Percent of Total Day Schedule
91.8%
86.1%
75.6%
72.3%
66.6% 64.5%
59.0% 60.3%
TV Land USA TBS TNT

2013-14 // 2015-16
Source: Nielsen NPM, Telecasts x Durations, 9/21/15-9/18/16 vs. 9/23/13-9/21/14

41
Cable News Network Ratings
Pre/Post Election Comps:
Cable News Networks

Viewers (000)
Year Pre-Election Post-Election
2015 1,040 1,042
2016 1,942 1,377
YOY Change +87% +32%
Source: Nielsen NPM, Persons 2+ AA (000), Cable News Networks=CNN, FOXNC, MSNBC.
Pre-Election: 9/19/16-11/6/16 vs. 9/21/15-11/8/15. Post-Election: 11/14/16-11/27/16 vs.11/16/15-11/29/15 42
43
Top 10 Billing Cable Coverage Comps
November 2016 vs. November 2015
Universe Estimates (000) YOY
Nov-16 Nov-15 Change
Top 10 Average 90,876 92,982 -2.3%
ESPN 88,956 91,802 -3.1%
AMC 91,451 93,826 -2.5%
MTV 89,148 91,225 -2.3%
Discovery 92,763 94,916 -2.3%
USA 92,557 94,693 -2.3%
TNT 91,350 93,361 -2.2%
TBS 92,690 94,698 -2.1%
Fox News Channel 90,963 92,818 -2.0%
Bravo 88,468 90,266 -2.0%
Comedy Central 90,415 92,210 -1.9%
Source: Nielsen NPower

44
45
New Series Sampling - Watched
All Fall Premieres
Total Viewer Cume Audience (000)
11,700 11,500
11,300
10,800
Fall 2013 Fall 2014 Fall 2015 Fall 2016
Source: Nielsen NPM, 9/16/13-11/3/13, 9/7/14-11/2/14, 9/15/15-11/1/15, 9/11/16-10/30/16

Live+ 7 Cume Average; All New Series Fall Premieres, CBS, NBC, ABC, FOX, CW 46
Top New Network Series - 2016-17
Total Viewers Live+7
Rank Program Title Network Viewers (000)
1 BULL CBS 17,642

2 DESIGNATED SURVIVOR ABC 14,412
3 THIS IS US NBC 14,210
4 KEVIN CAN WAIT CBS 10,825
5 MACGYVER CBS 10,442
6 TIMELESS NBC 9,994
7 LETHAL WEAPON FOX 9,803
8 GREAT INDOORS, THE CBS 9,388
9 PURE GENIUS CBS 8,555
10 SPEECHLESS ABC 8,163
Source: Nielsen NPM, 9/19/16-11/13/16; Persons 2+ AA (000); Live+7 Data

47
Top New Network Series - 2016-17
Adults 18-49 Live+7
Rank Program Title Network A18-49 %
1 THIS IS US NBC 4.6

2 DESIGNATED SURVIVOR ABC 3.6
3 KEVIN CAN WAIT CBS 2.8
4 LETHAL WEAPON FOX 2.8
5 BULL CBS 2.6
6 TIMELESS NBC 2.5
7 SPEECHLESS ABC 2.5
8 AMERICAN HOUSEWIFE ABC 2.5
9 GREAT INDOORS, THE CBS 2.1
10 GOOD PLACE NBC 2.0
Source: Nielsen NPM, 9/19/16-11/13/16; Adults 18-49 AA %; Live+7 Data

48
New Show Talk Trend 2016 vs. 2015
Percent talking about a new primetime series
46% 51%
2015-16 2016-17
Source: Keller Fay Groups Fall TV Show TalkTrack; 9/19/16-10/9/16

49
New Series Sampling How Watched
Total Adults
57% 55%
53%
50% 51% 48%
47%
43%
37% 38% 36% 36%
9% 7% 7% 8%
5% 5% 4% 6% 5% 6%
3% 3%
Live as Scheduled Time Shifted with DVR Streamed or Downloaded Watched on VOD
2011 2012 2013 2014 2015 2016
Source: CBS Entertainment Panel, First 2 Weeks of New Season

50
New Series Discovery 2016-17
First Two Episode Averages - Live+35 Days
Viewers (000) 1,145
Total
Category 1 14,592 5,043 21,257
+46%
477
TV LIVE+SD DVR VOD Online Streaming
Source: Nielsen NPM, Per 2+ AA (000); comScore/Rentrak ODE, CBSi Internal Data Warehouse;
Premiere Episode Plus 35 Day Viewing Window, 9/20/16-11/8/16
51
Adults 18-49 % 0.3
Total
Category
1 2.1 1.0 3.6
+71%
0.2
Source: Nielsen NPM, A18-49 AA %; comScore/Rentrak ODE CBSi Internal Data Warehouse;
52
Total Viewer Cume Audience (000)
45,059
43,051
38,508 40,723
35,180
29,747
Cume Audience
New Audience
22,445
7,302
5,433
3,328 2,215 2,328 2,008
Pilot Ep. 2 Ep. 3 Ep. 4 Ep. 5 Ep. 6 Ep. 7
Source: Nielsen NPM, Persons 2+ (000) Cume; 9/19/16-11/22/16; Live+7 Data

53
NFL Audience Post Election Gains
54
Technology/Services Penetration
Third Quarter 2016
HD TV Smartphone DVD Player VOD Tablet

95% 84% 75% 64% 61%
YOY +3% +7% -4% +2% +13%
Multi-Media Enabled
SVOD DVR Game Console Device Smart TV
54% 52% 43% 28% 25%
YOY +18% +6% -4% +25% +33%
Sources: The Nielsen Total Audience Report, Q3 2016 and changes vs. Q3 2015
55
Time Spent With Media Trend
Second Quarter Adults 18+
Weekly Time Spent in the Total US Population A18+
Live TV Live TV Live TV Live TV
Source: Nielsen Total Audience Report and Audience Insights Analysis Q2 2016
56
Hours of Daily TV Viewing Trend
Broadcast Years
6.00
Average Hours.Minutes Viewed Per Adult 18+ Per Day
5.00 5.25 5.17

5.01 5.05 5.05 5.11
20 Year Average = 4:52 5.00 5.00
4.47 4.48 4.55 4.57 4.57 4.55

4.35 4.40
4.00 4.16 4.20 4.26
4.15
3.00
2.00
1.00
0.00
Source: Nielsen NPM, Adults 18+, September-September Averages, Total Day; 1996/97 - 2005/06: Live TV Only.
2006/07 - Present: Live TV+DVR Playback + Encoded VOD Play (2013/14 - Present).
57
Change in Media Habits
In what year do you believe your media habits changed the most?
43%
32%
20%
5%
0%
Pre-2012 2012 2013 2014 2015
Source: CBS TV City New Technology Research, December 2015
58
Alternate Viewing Source Trend
Change vs. Prior Year
+42%
+37%
+6% +8%
+2% n.c. n/a
n.c.
-3% -5%
DVR VOD Online Streaming

2014 vs. 2013 2015 vs. 2014 2016 vs. 2015
Source: DVR based on Nielsen NPM, September-October Averages each year; Households; VOD based on Rentrak/comScore,
September-October Averages. Online Streaming based on Nielsen Q2 Total Audience Report (2016, 2015) & Cross Platform
Report (2014 & 2013), Weekly Time Spent, Adults 18+, Multi-media Device, Video on PC and Video on Smart Phone.
59
+42%
+37%
+6% +8% n/a

+2% n.c. n.c.
-3% -5%

2014 vs. 2013 2015 vs. 2014 2016 vs. 2015
60
DVR Impact
2016-17 Season-to-Date vs. Prior Two Years
DVR HH Penetration Primetime All DVR Playback %

8.7
HH 8.9
8.9 n.c.
48.4% 48.2% 51.0% 5.3

A18-49 5.2
-6%
4.9
6.4
A50+ 6.7
6.9 +3%
2014-15 2015-16 2016-17 2014-15 2015-16 2016-17
Source: Nielsen NPM, 09/19/16-11/6/16 vs. 9/21/15-11/8/15 vs. 9/22/14-11/9/14

61
DVR Playback Window Expands
Percent of Viewing Post 7 Days of Live Airing 4-Network Averages
5.2%
3.8%
2015-16 Season 2016-17 Season
Source: Nielsen NPM, Beyond 7 Report; 9/19/16-11/06/16 vs. 9/21/15-11/8/15;

Primetime Regular, First-Run Entertainment Based Series; Based on Household Ratings
62
+42%
+37%
+6% +8% n/a

+2% n.c. n.c.
-3% -5%

2014 vs. 2013 2015 vs. 2014 2016 vs. 2015
63
VOD Nielsen C3 CBS Primetime Lift
Adults 18-49 Percentage Lift
+7.4%
+4.1%
CBS Primetime Average MacGyver
Source: Nielsen NPM, 9/19/16-10/23/16

64
+42%
+37%
+6% +8% n/a

+2% n.c. n.c.
-3% -5%

2014 vs. 2013 2015 vs. 2014 2016 vs. 2015
65
Multi-Media Device Impact
2016-17 Season-to-Date vs. Prior Two Years
HH Penetration Primetime All Streaming %

1.2
HH 2.5
4.1 +64%
1.0
A18-49 1.9
3.0 +58%
28%
22%
15% 0.4
A50+ 0.9
1.5 +67%
2014-15 2015-16 2016-17 2014-15 2015-16 2016-17
Source: Nielsen NPM, 09/19/16-11/6/16 vs. 9/21/15-11/8/15 vs. 9/22/14-11/9/14

Multimedia Device = combination of usage of Internet Connected Devices and Audio-Video viewing
sources that are connected to a home television set. 66
TV Show Streaming Trend
Percentage of Respondents Who Stream TV Shows Regularly/Occasionally
43%
34% 34% 34%
2013 2014 2015 2016
Source: CBS Entertainment Panel, Weighted to population; November Each Year

67
Percentage of Respondents Who Stream TV Shows by Device
58%
57%
57%
51%
49%
47%
46%
46%
43%
38%
38%
34%
34%
32%
32%
31%
31%
31%
31%
31%
30%
29%
28%
28%
27%
26%
22%
19%
2013 N/A
2012 N/A
Desktop Laptop TV with Game TV with Other Smartphone Tablet
Console/PC (Incl. OTT)
2012 2013 2014 2015 2016
Source: CBS Entertainment Panel, November Each Year

68
Netflix Streaming
Non-Television
In which of the following ways do you stream
video on Netflix? Television
160%
140%
120%
49% 42%
100%
80%
60%
40% 86% 92%

20%
0%
2015 2016
Source: CBS Entertainment Panel, November, Includes multiple responses
69
Streaming More or Less vs. This Time Last Year
43%
32% 36% 34% 32%
14% 11% 13% 12% 7%
2012 2013 2014 2015 2016
More Less
Source: CBS Entertainment Panel, November Each Year

70
The Measurement Challenge
71
Cross Platform Measurement Players
72
Nielsen Total Content Ratings
Components
Live Television
DVR Playback
Video on Demand Play
OTT Streaming
Desktop Streaming
Laptop Streaming
Smartphone Streaming
Tablet Streaming
73
What is the total viewership when all
platforms are added together?
74
Viewers (000) 1,145
Total
Category 1 14,592 5,043 21,257
+46%
477
75
Adults 18-49 % 0.3
Total
Category
1 2.1 1.0 3.6
+71%
0.2
Source: Nielsen NPM, A18-49 AA %; comScore/Rentrak ODE CBSi Internal Data Warehouse;
76
CBS Primetime Multi-Platform Audience Shift
Total Viewers in Millions 2016-17 vs. 2015-16
2016-17 Top 10 (Live+35 Days) 2015-16 Top 10 (Live+35 Days)
BIG BANG THEORY, THE 22.73 BIG BANG THEORY, THE 24.15
BULL 21.22 NCIS 22.63
NCIS 21.04 NCIS: NEW ORLEANS 17.29
NCIS: NEW ORLEANS 15.81 BLUE BLOODS 15.66
BLUE BLOODS 15.61 SCORPION 15.37
NCIS: LOS ANGELES 14.45 LIMITLESS 15.31
HAWAII FIVE-0 14.03 60 MINUTES 14.95
KEVIN CAN WAIT 13.81 CRIMINAL MINDS 14.87
CRIMINAL MINDS 13.66 +2% MADAM SECRETARY 14.58
MACGYVER 13.31 HAWAII FIVE-0 12.70
CBS All Prime Average 14.33 CBS All Prime Average 14.09
9/19/16-11/13/2016 vs 9/21/1511/15/15 77
CBS Primetime Multi-Platform Audience Shift
Total Viewers in Millions 2016-17 vs. Ten Years Ago
2016-17 Top 10 (Live+35 Days) 2006-07 Top 10 (Live)
BIG BANG THEORY, THE 22.73 CSI 22.06
BULL 21.22 CSI: MIAMI 17.51
NCIS 21.04 SURVIVOR: COOK 15.96
NCIS: NEW ORLEANS 15.81 CSI: NY 15.86
BLUE BLOODS 15.61 WITHOUT A TRACE 15.63
NCIS: LOS ANGELES 14.45 CRIMINAL MINDS 15.50
HAWAII FIVE-0 14.03 TWO AND A HALF MEN 15.00
KEVIN CAN WAIT 13.81 COLD CASE 14.59
CRIMINAL MINDS 13.66 +10% NCIS 14.24
MACGYVER 13.31 SHARK 14.17
CBS All Prime Average 14.33 CBS All Prime Average 13.00
9/19/16-11/13/2016 vs 9/18/0610/8/07 78
New Series Discovery
79
NFL Gains Post-Election Out-Pace 2015
Games Pre/Post Election 2016 vs. 2015
Viewers (000)
20,088
19,071 18,648
16,604
+15% +8%
(Pre Election Day) (Post Election Day)
2016 2015
NFL Weeks 1-9 NFL Weeks 10-12
Source: Nielsen NPM, Percent changes based on Persons 2+ AA (000), Pre Election Day: NFL Weeks 1-9 (9/10-11/9/15,
9/8/16-11/7/16); Post Election Day: NFL Weeks 10-12 (11/15-11/30/15, 11/13/16-11/28/16). CBS and FOX, Sunday Afternoon +
Thanksgiving, NBC and ESPN Primetime games, Thursday Night Football Games Excluded . Live+SD data
80
According to Nielsen live-plus-same-day
data, the Cowboys' 31-26 victory
delivered a staggering 35.1 million
viewers and a 14.5 household rating,
making it the most-watched regular-
season contest on Fox since the
network first began broadcasting NFL
games back in 1994.
81
82
From Counting the House to Measuring Results
TV Ad $ Moving to Digital
83
Adults 18-49 Correlation: Costs vs. Audience

Buyers Replacing Age/Sex Demos
84
Ad Cost vs. Audience Delivery
Correlations
Adults 18-49
0.91 0.88 0.85
0.76
0.69
Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2015
Source: Nielsen NPM and AdViews; Top 50 returning series, excludes sports
85
Millennials Value Will Increase Over Time
From 2000-2015, more people turned 18 each year than turned 35

From 2016-Forward, more people will turn 35 than will turn 18
86
Campaign Performance Audit Components
Step 1: Test Your Message
Step 2: Maximize Your Weekly Reach
Step 3: Get the Most Out of Recency
Step 4: Precisely Target Potential Customers
Step 5: Consider Context
87
MEDIA PLANS EMPHASIZE DELIVERY AND EFFICIENCY
High ratings in the A18-49 demo coupled with a concentrated A18-49 audience
The Upper Right Quadrant is where you want to see the programs you buy
A18-49 Ratings and Concentration of A18-49 Index

5.000
4.000
3.000
2.000
ht 2015 The Nielsen Company. Confidential and proprietary.
1.000
0.000
0 20 40 60 80 100 120 140 160 180 200
Sources: Nielsen Monitor+, Nielsen National People Meter and Nielsen Buyer Insights. Apr 25 2016 - May 29 2016. Live+3.
Circles represent regularly scheduled broadcast primetime shows that air during May 2016 88
EMPIRE EFFICIENTLY DELIVERS A18-49
And comes at a premium CPM based on its young, large, concentrated audience
Blue Bloods delivers a good A18-49 rating compared to other programs but at below average concentration
A18-49 Ratings and Concentration of A18-49 Index

5.000
4.000
3.000
2.000
1.000
0.000
0 20 40 60 80 100 120 140 160 180 200
DELIVERY OF BUYERS TELLS ANOTHER STORY
Blue Bloods delivers a high buyer rating for a major retailer with about average concentration
Buyer Ratings and Buyer Concentration Index

5.000
4.000
3.000
2.000
1.000
0.000
0 20 40 60 80 100 120 140 160 180 200
BLUE BLOODS VIEWERS SPEND MORE WITH THIS MAJOR
RETAILER THAN DO VIEWERS OF EMPIRE
Buyer Ratings and Average Purchase $ per Buyer

5.000
4.000
3.000
2.000
1.000
0.000
$165 $170 $175 $180 $185 $190 $195 $200
ADD COST TO THE ANALYSIS AND BLUE BLOODS MORE
EFFICIENTLY DELIVERS THIS MAJOR RETAILERS BUYERS
Buyer Ratings and (Average Purchase $ per Buyer Index x Inverse Buyer CPM Index)
5.000
4.000
3.000
2.000
1.000
0.000
0 20 40 60 80 100 120 140 160 180 200
Growth: Nielsen Single Source
Five years ago only 20% of networks were using Nielsen Single Source
data; today, virtually every network group uses Nielsen Single Source
NCS and NBI are used by over 70 TV network Ad Sales teams
Over 200 advertisers actively use NCS/NBI for media planning and buying
The top 10 media agencies utilize NCS/NBI for national television, digital
desktop and mobile media
25% of all pharmaceutical national TV spend utilizes NCS Rx
93
Relevant Projects
SINGLE SOURCE DATA BANKS
94
95
Top CPG Categories Long-Term Spending Patterns
National TV Spend Shares
27%
40% 43% 43% 42%
9% Cable Other
Cable Prime
24% 15%
20% 20% 21%
Broadcast Other
17%
15% 15% 15% Broadcast Prime
40%
28% 22% 22% 22%
2000 2006 2013 2014 2015
Source: Nielsen Monitor+ Jan-Dec Total Spend, $10mm+ annual Ad spend, excluding sports
96
From: Counting the House
To: Measuring Results
Case History Update

Two Competing Food Brands
97
Weekly Reach Two Competitive Food Brands
Fourth Quarter 2013
Category Buyers
57.2
Average Weekly Reach
Cable Other
48.7 35.5
Cable Prime
34.6 Broadcast Other

18.1
Broadcast Prime
14.3 28.4
10.4
10.1 11.8
"Brand A" "Brand B"

Source: Nielsen Npower. September December 2013
Total Spend "Brand A" $5.1m; "Brand B" $5.3m in Q4 2013 98
Fourth Quarter 2014
Category Buyers
Cable Other
48.5 48.6
Cable Prime
31.1 30.7 Broadcast Other

Broadcast Prime
14.5 15.4
21.9 24.2
2.4 Broadcast = 0
"Brand A" "Brand B"

Source: Nielsen Npower, September December 2014
Total National Broadcast and Cable English Language TV Spend, Excluding Sports; Q4
2014: "Brand A" $7.0m; "Brand B" $4.9m ; Source: Nielsen Monitor-Plus 99
Ad Exposure to Two Competing Food Brands 2014
Competitive Food Brands Category Buyers
Only "Brand A"

Only "Brand B"
74% Both Brands

15%
11%
Source: Nielsen Npower, 10/6/14-11/23/14; Only, Only, Both Analysis

100
Television Ad Spend Trend
Food Brand A
Broadcast Primetime
$5,000,000
$4,000,000
YOY -24% -38%
$3,000,000
$2,000,000
$1,000,000
$0
Jan-Sep 2013 Jan-Sep 2014 Jan-Sep 2015
Source: Nielsen AdViews

101
Food Brand B
Broadcast Primetime
$5,000,000
$4,000,000
YOY +2% +88%
$3,000,000
$2,000,000
$1,000,000
$0
Jan-Sep 2013 Jan-Sep 2014 Jan-Sep 2015

102
Second Quarter 2015
Category Buyers
49.5 Cable Other
Cable Prime
23.5
Broadcast Other
29.6 15.7
Broadcast Prime
17.3
23.4
5.8
15.4 12.2
Broadcast = 0
"Brand A" "Brand B"

Source: Nielsen NPower, 4/6/15-6/21/15. Average weekly reach, A18+ among category buyers
103
Fourth Quarter 2015
Category Buyers
44.1 Cable Other
Cable Prime
28.1
33.6 Broadcast Other
13.5 Broadcast Prime
23.8
18.0
12.7
15.2
6.5 Broadcast = 0
"Brand A" "Brand B"

104
Food Brand A
Broadcast Primetime
$5,000,000
$4,000,000
YOY -24% -38% +330%
$3,000,000
$2,000,000
$1,000,000
$0
Jan-Sep 2013 Jan-Sep 2014 Jan-Sep 2015 Jan-Sep 2016

105
Food Brand B
Broadcast Primetime
$5,000,000
$4,000,000
YOY +2% +88% +31%
$3,000,000
$2,000,000
$1,000,000
$0
Jan-Sep 2013 Jan-Sep 2014 Jan-Sep 2015 Jan-Sep 2016

106
Second Quarter 2016
Category Buyers
43.0 Cable Other
Cable Prime
27.7 34.8
Broadcast Other
10.4 21.6 Broadcast Prime
23.6 15.0
7.3
12.0 8.0
"Brand A" "Brand B"

107
Case History Update Food Brand A vs. B
Sales and Brand Share Jan-June 2016 vs. 2015
+4.4%
-0.8% -0.5%
Brand Share +1 n.c.
Total Category Brand "A" Brand "B"
Nielsen AOD: Retail Scan, 1/3/2016 - 6/18/2016, 1/4/2015 - 6/20/2015

108
And its increased spending on media looks to
benefit the biggest social-media platforms and
"broadly appealing" TV shows
The focus is on "reach and continuity," said

Chief Brand Officer Marc Pritchard
109

111
TV Ad $ Moving to Digital
112
Yes, Advertising Works.
Now, Whats My ROAS Across Media Platforms?
Meet the Dataset
Nearly 1,400 studies with complete data
11 years of tracking, though not all
media tracked over all years
Media: TV, Online Display & Video,
Mobile, Cross-Platform, Magazines
450 CPG brands in the U.S.
All reported values with less than 10
studies are removed and all values with
between 10-20 studies are shown with
faded color
Copyright 2016 Nielsen Catalina Solutions Confidential & Proprietary 114

ROAS:
$ All Studies Across Media
ROAS
$3.94
$2.63 $2.55 $2.45 $2.62
$1.53
Display Linear TV Mobile Digital Video Magazines Cross Media
Avg. Budget $462K $9,682K $305K $502K $1,912K $1,078K
Source: Nielsen Catalina Solutions, Multi-Media Sales Effect Studies from 2004 Q4 2015. Copyright 2016 Nielsen Catalina Solutions

Incremental Sales per Reached HH:
All Studies Across Media
Incremental $ per Reached HH
$0.33
$0.26 $0.25
$0.23 $0.23
$0.19
Display Linear TV Mobile Digital Video Magazines Cross Media
Avg. Reach 5% 57% 3% 3% 25% 8%
Source: Nielsen Catalina Solutions, Multi-Media Sales Effect Studies from 2004 Q4 2015. Copyright 2016 Nielsen Catalina Solutions

Television=Scale
No other advertising medium can match television in reach.
Digital Advertising lacks scale and, therefore, works most effectively in

combination with television advertising
117
Overview
Increasing Stability in the Television Advertising Market
Redefining the Television and Digital Advertising Media
118
TV Digital
TV Digital
Long Form
Video
TV Digital
Long Form
Video
TV Digital
Long Form
Video
TV Digital
Long Form
Video
Thank You
124

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UBS 44th ANNUAL GLOBAL MEDIA AND COMMUNICATIONS CONFERENCE

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The Short-Term Forecast

Redefining the Television and Digital Advertising Media

Network Television Ad Revenues No Change

The Upside: Q1+Q2

Network Television Ad Revenues No Change

2007 2008 2009 2013 2014 2015 2016

Source: Wilkofsky Gruen Associates Inc.

TV Print + TV Radio + TV Digital + TV

24.0% 23.3% 23.5% 24.0%

Source: Wilkofsky Gruen Associates Inc.; 2007-2016

Total Viewers (000)

1st Place 2nd Place 4th Place 3rd Place

CBS NBC ABC FOX

Source: Nielsen NPM, 9/19/16-11/13/16; Primetime, All Programs; Live+7 Data

-5% -4% -7% -9%

Homes Viewers A25-54 Rating A18-49 Rating

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

YOY Change Excluding Sports

-8% -9% -12% -12%

Homes Viewers A25-54 A18-49

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

YOY Change Excluding Sports

-8% -4% -5% -8% -7% -8%

CBS NBC ABC FOX

Homes Viewers A25-54 A18-49

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

Tuesday NCIS Bull NCIS: New Orleans

Wednesday Survivor Criminal Minds Code Black

Friday MacGyver Hawaii Five-0 Blue Bloods

Saturday Crimetime Saturday-8PM Crimetime Saturday 48 Hours

7:00 / 7:30 8:00 / 8:30 9:00 9:30 10:00 10:30

Viewers (000) A25-54 Rating A18-49 Rating

CBS NBC ABC FOX

-2% -2% -4% -2% -3% -5% -5%

CBS NBC ABC FOX

Homes Viewers A25-54 A18-49

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

-6% -6% -4% -4% -5%

4-Broadcast Nets Top 10 Billing Cable

Homes Viewers A25-54 A18-49

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15;

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15; C3 (000) Data;

THIS SEASON LAST SEASON

4-Broadcast Networks 4-Broadcast Networks

Source: Nielsen NPM, 9/19/16-11/15/16 vs. 9/21/15-11/15/15; C3 (000) Data

Source: Nielsen NPM, 9/19/16-11/13/16 vs. 9/21/15-11/15/15; C3 (000) Data

TV Land USA TBS TNT

Source: Nielsen NPM, Telecasts x Durations, 9/21/15-9/18/16 vs. 9/23/13-9/21/14

Cable News Networks

Year Pre-Election Post-Election

2015 1,040 1,042

2016 1,942 1,377

YOY Change +87% +32%

Source: Nielsen NPower

Fall 2013 Fall 2014 Fall 2015 Fall 2016

Source: Nielsen NPM, 9/16/13-11/3/13, 9/7/14-11/2/14, 9/15/15-11/1/15, 9/11/16-10/30/16

1 BULL CBS 17,642

Source: Nielsen NPM, 9/19/16-11/13/16; Persons 2+ AA (000); Live+7 Data

1 THIS IS US NBC 4.6

Source: Nielsen NPM, 9/19/16-11/13/16; Adults 18-49 AA %; Live+7 Data

Source: Keller Fay Groups Fall TV Show TalkTrack; 9/19/16-10/9/16

2011 2012 2013 2014 2015 2016