The Street Ratings

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Historical Highlights

Rating Indexes

Total Assets ($mil) 4,802.2 4,555.2 4,598.7 4,432.1 4,153.2 3,860.8 3,893.9

Net Prem. ($mil) 288.2 278.7 371.9 373.6 384.9 392.1 403.9

Net Income ($mil)

Weak

Fair

Good

Excellent

Data Date Rating #1 RACR

#2 RACR

Capital ($mil)

CBSCORP CBS NYSE: February18,2013

9-12 9-11 2011 2010 2009 2008 2007

A+ A+ A+ A+ A+ A+ A+

4.30 4.30 4.76 4.08 3.83 3.33 3.78

2.41 2.39 2.74 2.25 2.11 1.81 2.09

719.5 682.1 691.5 637.0 556.5 446.8 501.5

42.9 51.6 58.0 76.3 61.9 46.9 66.3

BUY

HOLD

SELL

BUY RATINGSINCE TARGETPRICE

05/06/2011

$56.36

A+ A A-

B+ B B-

C+ C C-

D+ D D-

E+ E E-

F

AnnualDividendRate $0.48

AnnualDividendYield 1.11%

Beta 2.23

MarketCapitalization $27.3Billion

52-WeekRange $28.22-$43.47

Priceasof2/14/2013 $42.94

Sector: ConsumerGoods&Svcs

Sub-Industry: Broadcasting

Source: S&P

WeeklyPrice:(US$)

SMA(50)

SMA(100)

1Year

2Years

CBSBUSINESSDESCRIPTION CBSCorporation,togetherwithitssubsidiaries, operatesasamassmediacompanyintheUnited Statesandinternationally.

15 20 25 30 35 40 45 50 55 60

TARGETPRICE$56.36 R PI$.6 I . I .3 .

STOCKPERFORMANCE(%) 3Mo.

1Yr.

3Yr(Ann)

PriceChange

28.79

44.14

49.27

GROWTH(%)

LastQtr

12Mo.

3YrCAGR

Revenues NetIncome

-2.28 6.21 16.98

1.90

3.70

20.61 26.84

90.83 94.01

EPS

RatingHistory HOLD BUY

RETURNONEQUITY(%)

CBS IndAvg S&P500

VolumeinMillions

Q42012 Q42011 Q42010

15.50 13.02

13.77 17.23 14.16

13.23 14.77 12.84

200

100

7.37

0

2011

P/ECOMPARISON

2012

2013

COMPUSTATforPriceandVolume,TheStreet.comRatings,Inc.forRatingHistory

RECOMMENDATION WerateCBSCORP(CBS)aBUY.Thisisbasedontheconvergenceofpositiveinvestmentmeasures,which shouldhelpthisstockoutperformthemajorityofstocksthatwerate.Thecompany'sstrengthscanbeseen inmultipleareas,suchasitssolidstockpriceperformance,impressiverecordofearningspersharegrowth, notablereturnonequity,goodcashflowfromoperationsandlargelysolidfinancialpositionwithreasonable debtlevelsbymostmeasures.Althoughnocompanyisperfect,currentlywedonotseeanysignificant weaknesseswhicharelikelytodetractfromthegenerallypositiveoutlook. HIGHLIGHTS Investorshaveapparentlybeguntorecognizepositivefactorssimilartothosewehavementionedinthis report,includingearningsgrowth.Thishashelpeddriveupthecompany'ssharesbyasharp44.14%overthe

17.82 CBS

19.32 IndAvg

17.59 S&P500

EPSANALYSIS¹($)

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