# EDGAR Filing Document

**Accession Number:** 0000813828
**File Stem:** 0000947871-23-000341
**Filing Date:** 2023-3
**Character Count:** 244110
**Document Hash:** c0a4386223294010f1d1bdd68657e501
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-23-000341.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0000947871-23-000341

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**EFFECTIVENESS DATE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paramount Global
- **CENTRAL INDEX KEY:** 0000813828
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEVISION BROADCASTING STATIONS [4833]
- **IRS NUMBER:** 042949533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270701
- **FILM NUMBER:** 23747226

**BUSINESS ADDRESS:**
- **STREET 1:** 1515 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-258-6000

**MAIL ADDRESS:**
- **STREET 1:** 1515 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ViacomCBS Inc.
- **DATE OF NAME CHANGE:** 20191204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBS CORP
- **DATE OF NAME CHANGE:** 20060109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIACOM INC
- **DATE OF NAME CHANGE:** 19920703

**As filed with the Securities and Exchange Commission on March 20, 2023**

 **Registration No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**FORM S-3<br> REGISTRATION STATEMENT**<br> ***UNDER*<br> *THE SECURITIES ACT OF 1933***

**Paramount Global** **<br> (Exact name of registrant as specified in its charter)**

**Delaware<br> (State or other jurisdiction of incorporation or organization)<br> 04-2949533<br> (I.R.S. Employer Identification No.)<br> 1515 Broadway<br> New York, New York 10036<br> (212) 258-6000<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Christa A. D'Alimonte, Esq.<br> Executive Vice President, General Counsel and Secretary<br> Paramount Global<br> 1515 Broadway<br> New York, New York 10036<br> (212) 258-6000<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

**Lona Nallengara<br> Shearman & Sterling LLP<br> 599 Lexington Avenue<br> New York, New York 10022**

**Approximate date of commencement of proposed sale to the public**: From time to time after the effective date of this registration statement.

If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

[**Table of Contents**](#TableOfContents)

If this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐

[**Table of Contents**](#TableOfContents)

**PROSPECTUS**

![](image_001.jpg)

**PARAMOUNT GLOBAL**

**Debt Securities<br> Preferred Stock<br> Class A Common Stock<br> Class B Common Stock<br> Warrants**

We, or one or more selling security holders to be identified in a prospectus supplement, may offer and sell, from time to time, in one or more offerings and series, together or separately:

&nbsp;&nbsp;&nbsp;&nbsp;· debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;· voting Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;· non-voting Class B Common Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;· warrants representing rights to purchase any of the other securities that may be sold under this prospectus.

The debt securities may be convertible into or exchangeable for Class A Common Stock, Class B Common Stock or preferred stock, and the preferred stock may be convertible into or exchangeable for Class A Common Stock or Class B Common Stock.

Our voting Class A Common Stock and non-voting Class B Common Stock are listed and traded on The Nasdaq Global Select Market under the symbols "PARAA" and "PARA," respectively.

**Investing in our securities involves risks that are referenced under the caption "<u>[Risk Factors](#TOC1)</u>" on page i of this prospectus.**

When we offer securities we will provide you with a prospectus supplement or term sheet describing the specific terms of the specific issue of securities, including the offering price of the securities. You should carefully read this prospectus and the prospectus supplements or term sheets relating to the specific issue of securities before you decide to invest in any of these securities.

We may offer and sell these securities to or through one or more underwriters, dealers or agents, or directly to one or more purchasers, on a delayed or continuous basis. Selling security holders may offer and sell their securities from time to time on terms described in the applicable prospectus supplement.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is March 20, 2023.**

[**Table of Contents**](#TableOfContents)

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| [RISK FACTORS](#TOC1) | i |
| [ABOUT THIS PROSPECTUS](#TOC2) | i |
| [WHERE YOU CAN FIND MORE INFORMATION](#TOC3) | i |
| [INCORPORATION BY REFERENCE](#TOC4) | ii |
| [CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS](#TOC5) | iii |
| [THE COMPANY](#TOC6) | 1 |
| [USE OF PROCEEDS](#TOC7) | 2 |
| [DESCRIPTION OF DEBT SECURITIES](#TOC8) | 3 |
| [DESCRIPTION OF PREFERRED STOCK](#TOC9) | 13 |
| [DESCRIPTION OF COMMON STOCK](#TOC10) | 16 |
| [DESCRIPTION OF WARRANTS](#TOC11) | 18 |
| [PLAN OF DISTRIBUTION](#TOC12) | 20 |
| [LEGAL MATTERS](#TOC13) | 21 |
| [EXPERTS](#TOC14) | 21 |

---

[**Table of Contents**](#TableOfContents)

**RISK FACTORS**

Prior to making any investment decision with respect to the securities that we may offer, prospective investors should carefully consider the specific factors set forth under the caption "Risk Factors" in the applicable prospectus supplement and in our periodic reports filed with the Securities and Exchange Commission (the "SEC") that are incorporated by reference herein, together with all of the other information appearing in this prospectus, in the applicable prospectus supplement or incorporated by reference into this prospectus or into the applicable prospectus supplement in light of their particular investment objectives and financial circumstances.

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the SEC utilizing the "shelf" registration process. This prospectus provides you with a general description of the securities we may offer. Each time we offer securities, we will provide a prospectus supplement that will contain specific information about the terms of such offering. The prospectus supplement may also add to, update or change information contained in this prospectus. The prospectus supplement will also contain, with respect to the securities being sold, the names of any underwriters, dealers or agents, together with the terms of the offering, the compensation of any underwriters and the net proceeds to us. Any underwriters, dealers or agents participating in such offering may be deemed "underwriters" within the meaning of the Securities Act of 1933, as amended, which we refer to in this prospectus as the "Securities Act." You should carefully read both this prospectus and any prospectus supplement together with the additional information described under the heading "Incorporation by Reference."

In this prospectus we use the terms "Paramount Global," "we," "us," and "our" and similar words to refer to Paramount Global, a Delaware corporation, and its consolidated subsidiaries, unless the context requires otherwise. References to "securities" include any security that we might offer under this prospectus or any prospectus supplement. References to "$" and "dollars" are to United States dollars.

We have not authorized anyone to provide any information or to make any representation other than those contained or incorporated by reference in this prospectus, in the related prospectus supplement or in any free writing prospectus that we have prepared. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus or that any document incorporated by reference into this prospectus is accurate as of any date other than the date of such document. Our business, financial condition, results of operations and prospects may have changed since such date.

Some of the market and industry data contained or incorporated by reference in this prospectus are based on independent industry publications or other publicly available information, while other information is based on internal studies. Although we believe that these independent sources and our internal data are reliable as of their respective dates, the information contained in them has not been independently verified. As a result, you should be aware that the market and industry data contained or incorporated by reference in this prospectus, and beliefs and estimates based on such data, may not be reliable.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public on the SEC's website at *www.sec.gov*. Our Class A Common Stock and Class B Common Stock are listed on The Nasdaq Global Select Market under the symbols "PARAA" and "PARA," respectively.

i

[**Table of Contents**](#TableOfContents)

**INCORPORATION BY REFERENCE**

We incorporate by reference into this prospectus the documents listed below and any future filings made with the SEC (other than any portion of such filings that are furnished under applicable SEC rules rather than filed) under Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including filings made after the date of this prospectus and until the offering of the particular securities covered by a prospectus supplement has been completed.

We are "incorporating by reference" specified documents that we have filed with the SEC, which means that we can disclose important information to you by referring you to those documents that are considered part of this prospectus. Information that we subsequently file with the SEC will automatically update and supersede this information. We incorporate by reference:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/813828/000081382823000005/para-20221231.htm) for the fiscal year ended December 31, 2022 (filed on February 16, 2023);

&nbsp;&nbsp;&nbsp;&nbsp;(b) Our Current Reports on Form 8-K filed on [March 3, 2023](https://www.sec.gov/Archives/edgar/data/813828/000081382823000009/para-20230227.htm) and [March 9, 2023](https://www.sec.gov/Archives/edgar/data/813828/000094787123000311/ss1849200_8k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Our Definitive Proxy Statement on [Schedule 14A](https://www.sec.gov/Archives/edgar/data/813828/000119312523074091/d436078ddef14a.htm) filed on March 17, 2023 (to the extent incorporated in Part III of the Annual Report
on Form 10-K for the fiscal year ended December 31, 2022); and

&nbsp;&nbsp;&nbsp;&nbsp;(d) The description of our Class A Common Stock and Class B Common Stock contained in our [Form 8-A](https://www.sec.gov/Archives/edgar/data/813828/000119312519306227/d843789d8a12b.htm) filed on December 4, 2019, and any
amendment or reports filed for the purpose of updating such description.

Any statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

Our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports, are available free of charge on our website as soon as reasonably practicable after they are filed with, or furnished to, the SEC. Our website is *paramount.com*. Information included on or accessible through our website does not constitute a part of this prospectus or any prospectus supplement. You may obtain a copy of these filings at no cost, by writing or telephoning us at the following address: Paramount Global, 1515 Broadway, New York, New York 10036, Attn: Investor Relations, Telephone Number: (212) 258-6000.

ii

[**Table of Contents**](#TableOfContents)

**CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference herein contain both historical and forward-looking statements, including statements related to our future results and performance. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: risks related to our streaming business; the adverse impact on our advertising revenues as a result of changes in consumer viewership, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive industries, including cost increases; our ability to maintain attractive brands and to offer popular content; changes in consumer behavior, as well as evolving technologies and distribution models; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; damage to our reputation or brands; risks related to our ongoing investments in new businesses, products, services, technologies and other strategic activities; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and programming; risks related to environmental, social and governance (ESG) matters; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; domestic and global political, economic and regulatory factors affecting our businesses generally; the impact of COVID-19 and other pandemics and measures taken in response thereto; liabilities related to discontinued operations and former businesses; the loss of existing or inability to hire new key employees or secure creative talent; strikes and other union activity; volatility in the price of our common stock; potential conflicts of interest arising from our ownership structure with a controlling stockholder; and other factors described in our news releases and filings with the SEC, including but not limited to our reports on Form 10-K, Form 10-Q and Form 8-K incorporated by reference herein, and in the section entitled "Risk Factors" on page i of this prospectus. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included or incorporated by reference in this prospectus are made only as of the dates of the respective documents, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

iii

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**THE COMPANY**

We are a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. We operate through the following segments:

&nbsp;&nbsp;&nbsp;&nbsp;·  ***TV Media*** . Our *TV Media* segment consists of our (1) domestic and international broadcast networks and owned television
stations; (2) domestic and international extensions of our cable networks; and (3) domestic and international television studio operations,
and production and distribution of first-run syndicated programming.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Direct-to-Consumer*.** Our *Direct-to-Consumer* segment consists of our portfolio of domestic and international pay
and free streaming services.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Filmed Entertainment*.** Our *Filmed Entertainment* segment consists of our production and acquisition of films, series
and short-form content for release and licensing in media around the world, including in theaters, on streaming services, on television,
and through digital home entertainment and DVDs.

We were organized as a Delaware corporation in 1986. In December 2019, we changed our name to ViacomCBS Inc. in connection with the merger of Viacom Inc. and CBS Corporation. In February 2022, we changed our name to Paramount Global. Our principal offices are located at 1515 Broadway, New York, New York 10036. Our telephone number is (212) 258-6000 and our website is *paramount.com*. Information included on or accessible through our website does not constitute a part of this prospectus or any prospectus supplement.

[**Table of Contents**](#TableOfContents)

**USE OF PROCEEDS**

Unless indicated otherwise in a prospectus supplement, we expect to use the proceeds, net of transaction costs, from the sale of our securities for general corporate purposes, including, but not limited to, repayment of borrowings, working capital, acquisitions, capital expenditures and discretionary share repurchases. Such proceeds may be temporarily invested pending use. We will not receive any of the proceeds from the sale of securities by any selling security holders.

[**Table of Contents**](#TableOfContents)

**DESCRIPTION OF DEBT SECURITIES**

The following description of Paramount Global's debt securities to be issued under the Indenture (as defined below) summarizes the general terms and provisions of its debt securities to which any prospectus supplement may relate. The description set forth below and in any prospectus supplement is not complete and is subject to, and qualified in its entirety by reference to, the Indenture. Paramount Global will describe the specific terms of the debt securities offered by any prospectus supplement and the extent, if any, to which the general provisions summarized in this description may apply to any series of its debt securities in the prospectus supplement relating to that series. References to "Paramount Global" in this description refer only to Paramount Global and not its consolidated subsidiaries, unless the context requires otherwise.

Paramount Global may issue its debt securities from time to time, in one or more series under a base indenture dated as of March 27, 2020, between Paramount Global (formerly known as ViacomCBS Inc.) and Deutsche Bank Trust Company Americas, as trustee, or another trustee named in a prospectus supplement. We refer to this indenture, as may be supplemented from time to time, as the "Indenture." The trustee under the Indenture is called the "Trustee."

The Indenture does not limit the amount of debt securities that may be issued thereunder. The Indenture provides that debt securities may be issued up to an aggregate principal amount authorized by Paramount Global and may be payable in any currency or currency unit designated by Paramount Global.

**General**

Paramount Global may issue debt securities from time to time and offer its debt securities on terms determined by market conditions at the time of their sale. Paramount Global may issue debt securities in one or more series with the same or various maturities and at the same or various prices including at par, at a premium, or at a discount. Any debt securities bearing no interest or interest at a rate which at the time of issuance is below market rates will be sold at a discount, which may be substantial, from their stated principal amount. Paramount Global will describe the material United States federal income tax consequences and other special considerations applicable to any substantially discounted debt securities in a related prospectus supplement.

You should refer to the prospectus supplement for the following terms of the debt securities offered by this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation, aggregate principal amount and authorized denominations of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the percentage of the principal amount (i.e., price) at which Paramount Global will issue the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the date(s) on which the debt securities will mature;

&nbsp;&nbsp;&nbsp;&nbsp;· the annual interest rate(s) of the debt securities, or the method of determining the rate(s);

&nbsp;&nbsp;&nbsp;&nbsp;· the date(s) on which any interest will be payable, the date(s) on which payment of any interest will commence and the regular record
date(s) for the payment of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms of any mandatory or optional redemption(s), including any provisions for sinking, purchase or other similar funds or repayment
options;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency unit(s) for which the debt securities may be purchased and in which the principal, any premium and any interest may be
payable;

&nbsp;&nbsp;&nbsp;&nbsp;· if the currency unit(s) for which the debt securities may be purchased or in which the principal, any premium and any interest may
be payable is at Paramount Global's election or the purchaser's election, the manner in which the election may be made;

&nbsp;&nbsp;&nbsp;&nbsp;· if the amount of payments on the debt securities is determined by an index based on one or more currency units, or changes in the
price of one or more securities or commodities, the manner in which the amounts will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which any of the debt securities will be issuable in temporary or permanent global form, and the manner in which any
interest payable on a temporary or permanent global security will be paid;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms and conditions upon which the debt securities may be convertible into or exchangeable for common stock, preferred stock,
indebtedness or other debt or equity securities of any person, including Paramount Global;

&nbsp;&nbsp;&nbsp;&nbsp;· information with respect to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· a discussion of any material United States federal income tax and other special considerations, procedures and limitations relating
to the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other specific terms of the debt securities not inconsistent with the Indenture.

[**Table of Contents**](#TableOfContents)

If Paramount Global sells any of the debt securities for one or more foreign currencies or foreign currency units or if the principal of, premium, if any, or interest on any series of debt securities will be payable in one or more foreign currencies or foreign currency units, it will describe the restrictions, elections, any material United States federal income tax consequences, specific terms and other information with respect to the issue of debt securities and the currencies or currency units in the related prospectus supplement. Unless otherwise specified in the prospectus supplement, debt securities will be issued in U.S. dollars.

Unless specified otherwise in a prospectus supplement, the principal of, premium, if any, and interest on the debt securities will be payable, and the debt securities will be transferable, at the corporate trust office of the applicable Trustee in New York, New York. However, Paramount Global may make payment of interest, at its option, by check mailed on or before the payment date to the address of the person entitled to the interest payment or by transfer to an account held by the payee as it appears on the registry books of the Trustee, Paramount Global or its agents.

Unless specified otherwise in a prospectus supplement, Paramount Global will issue the debt securities in registered form and in denominations of $2,000 and any integral multiple of $1,000. No service charge will be made for any transfer or exchange of any debt securities, but Paramount Global may, except in specific cases not involving any transfer, require payment of a sufficient amount to cover any tax or other governmental charge payable in connection with the transfer or exchange.

Paramount Global's rights and the rights of its creditors, including holders of debt securities, to participate in any distribution of assets of any Paramount Global subsidiary upon its liquidation, reorganization or otherwise is subject to the prior claims of creditors of the subsidiary, except to the extent that Paramount Global's claims as a creditor of the subsidiary may be recognized.

**Ranking**

Any senior debt securities will be senior unsecured obligations of Paramount Global and will rank equally in right of payment with all of Paramount Global's other unsecured and unsubordinated indebtedness from time to time outstanding.

Any subordinated debt securities will be unsecured obligations of Paramount Global and will be subordinated in right of payment to Paramount Global's Senior Indebtedness (as defined below).

Any debt securities will be effectively subordinated to any secured indebtedness of Paramount Global to the extent of the value of the assets securing such indebtedness. The Indenture does not limit the amount of debt that Paramount Global or its subsidiaries can incur.

In addition, Paramount Global conducts its operations through subsidiaries, which generate a substantial portion of Paramount Global's consolidated operating income and cash flow. As a result, distributions or advances from Paramount Global's subsidiaries are a major source of funds necessary to meet Paramount Global's debt service and other obligations. Contractual provisions, laws or regulations, as well as a subsidiary's financial condition and operating requirements, may limit the ability of Paramount Global to obtain cash required to pay Paramount Global's debt service obligations, including payments on the debt securities. The debt securities (whether senior or subordinated obligations of Paramount Global) will be structurally subordinated to all obligations of Paramount Global's subsidiaries including claims with respect to trade payables. This means that holders of the debt securities of Paramount Global will have a junior position to the claims of creditors of Paramount Global's subsidiaries on the assets and earnings of such subsidiaries. As of December 31, 2022, Paramount Global's direct and indirect subsidiaries and other consolidated entities had approximately $65 million of indebtedness outstanding, including finance lease obligations.

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**Global Securities**

Paramount Global may issue debt securities of a series, in whole or in part, in the form of one or more global securities and will deposit them with, or on behalf of, a depositary identified in the prospectus supplement relating to that series. Paramount Global may issue global securities in either temporary or permanent form. Unless and until it is exchanged in whole or in part for the individual debt securities represented thereby, a global security may only be transferred among the depositary, its nominees and any successors.

The specific terms of the depositary arrangement relating to a series of debt securities will be described in the prospectus supplement relating to that series. It is anticipated that the following provisions will generally apply to depositary arrangements.

Upon the issuance of a global security, the depositary for the global security or its nominee will credit on its book-entry registration and transfer system the principal amounts of the individual debt securities represented by the global security to the accounts of persons that have accounts with the depositary. The accounts will be designated by the dealers, underwriters or agents with respect to the debt securities, or by Paramount Global if the debt securities are offered and sold directly by it. Ownership of beneficial interests in a global security will be limited to persons that have accounts with the applicable depositary participants or persons that hold interests through these participants. Ownership of beneficial interests in a global security will be shown on, and the transfer of that ownership will be effected only through, records maintained by:

&nbsp;&nbsp;&nbsp;&nbsp;· the applicable depositary or its nominee, with respect to interests of depositary participants; and

&nbsp;&nbsp;&nbsp;&nbsp;· the records of depositary participants, with respect to interests of persons other than depositary participants.

So long as the depositary for a global security or its nominee is the registered owner of that global security, the depositary or the nominee will be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the Indenture. Except as provided in the applicable prospectus supplement, owners of beneficial interests in a global security will:

&nbsp;&nbsp;&nbsp;&nbsp;· not be entitled to have any of the individual debt securities of the series represented by the global security registered in their
names;

&nbsp;&nbsp;&nbsp;&nbsp;· not receive, or be entitled to receive, physical delivery of any debt security of that series in definitive form; and

&nbsp;&nbsp;&nbsp;&nbsp;· not be considered the owners or holders thereof under the Indenture governing the debt securities.

The laws of some jurisdictions require that certain purchasers of securities take physical delivery of securities. Those laws may limit the market for beneficial interests in a global security.

**Further Issues**

Not all debt securities of any one series need be issued at the same time and, unless otherwise provided, a series may be reopened, without notice to or the consent of the holders, for issuances of additional debt securities of such series.

**Payment and Paying Agents**

Any payments of principal, premium or interest on individual debt securities represented by a global security registered in the name of a depositary or its nominee will be made to the depositary or its nominee as the registered owner of the global security representing the debt securities. Neither Paramount Global, the Trustee, any paying agent, nor the security registrar for the debt securities will have any responsibility or liability for the records relating to or payments made on account of beneficial ownership interests of the global security for the debt securities or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests.

Paramount Global expects that the depositary for a series of debt securities or its nominee, upon receipt of any payment of principal, premium or interest in respect of a permanent global security representing any of the debt securities, will immediately credit participants' accounts with payments in amounts proportionate to their beneficial interests in the principal amount of the global security for the debt securities as shown on the records of the depositary or its nominee. Paramount Global also expects that payments by participants to owners of beneficial interests in the global security held through the participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in "street name." The payments will be the responsibility of those participants.

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**Merger, Consolidation or Sale of Assets**

Under the terms of the Indenture, Paramount Global generally would be permitted to consolidate or merge with or into another entity or sell or convey all or substantially all of Paramount Global's respective property and assets to another entity, subject to Paramount Global meeting all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;· immediately after such consolidation, merger, sale or conveyance, no Event of Default (as defined below) shall have occurred and be
continuing;

&nbsp;&nbsp;&nbsp;&nbsp;· the surviving entity to such consolidation or merger (if other than Paramount Global) or entity to which such sale or conveyance is
made must be a corporation, association, company (including limited liability company) or business or statutory trust organized under
the laws of the United States or a state of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· the resulting entity (if other than Paramount Global) must agree through a supplemental indenture to be legally responsible for the
debt securities and the performance and observance of all the covenants and conditions of the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global must deliver certain certificates and documents to the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt
securities.

Paramount Global may merge or consolidate with, or sell all or substantially all of its assets to any of its Subsidiaries. References in this section to the sale or conveyance of "all or substantially all of its property and assets" mean property and assets contributing, in the aggregate, at least 80% of the total consolidated revenues of Paramount Global as of its last available quarterly or annual report filed with the SEC.

In the event that Paramount Global consolidates or merges with another entity or sells all or substantially all of its assets to another entity, the surviving entity shall be substituted for Paramount Global under the Indenture and Paramount Global shall be discharged from all of its obligations under the Indenture.

**Limitations on Liens**

Paramount Global covenants in the Indenture that it will not create, assume or suffer to exist any Lien on any of its properties or assets, without securing the debt securities at least equally and ratably with (or prior to) the secured Indebtedness. The foregoing only applies to Liens that in the aggregate exceed 15% of Paramount Global's total consolidated assets as of the end of Paramount Global's most recent accounting period preceding the creation or assumption of any such Lien (reduced by the Attributable Debt related to any permitted sale and leaseback arrangement). See "—Limitations on Sale and Leaseback Transactions" below. The restrictions do not apply to Finance Leases or Indebtedness that is secured by:

&nbsp;&nbsp;&nbsp;&nbsp;· Liens existing, in the case of any series of debt securities, on the date such series of debt securities are issued;

&nbsp;&nbsp;&nbsp;&nbsp;· Liens on any property or any Indebtedness of a person existing at the time the person becomes a Subsidiary (whether by acquisition
or otherwise, including through merger or consolidation);

&nbsp;&nbsp;&nbsp;&nbsp;· Liens in favor of Paramount Global or its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;· Liens existing at the time of acquisition of the assets secured thereby (including acquisition through merger or consolidation) and
purchase money Liens.

The restrictions do not apply to extensions, renewals or replacements of any of the foregoing types of Liens.

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**Limitations on Sale and Leaseback Transactions**

Paramount Global covenants in the Indenture that neither Paramount Global nor any Restricted Subsidiary will enter into any arrangement with any person to lease a Principal Property (except for any arrangements that exist on the date debt securities are issued or that exist at the time any person that owns a Principal Property becomes a Restricted Subsidiary) that has been or is to be sold or transferred by Paramount Global or the Restricted Subsidiary to the person unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the sale and leaseback arrangement involves a lease for a term of not more than three years;

&nbsp;&nbsp;&nbsp;&nbsp;· the sale and leaseback arrangement is entered into between Paramount Global and any Subsidiary of Paramount Global or between Subsidiaries
of Paramount Global;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global or such Restricted Subsidiary would be entitled to incur indebtedness secured by a Lien on the Principal Property
involved in the sale and leaseback arrangement at least equal in amount to the Attributable Debt with respect to the sale and leaseback
arrangement pursuant to the first paragraph under "—Limitations on Liens" above without being required to equally and
ratably secure the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds of the sale and leaseback arrangement are at least equal to the fair market value of the Principal Property (as determined
in good faith by the Board of Directors of Paramount Global (the "Board of Directors")) and Paramount Global applies an amount
equal to the greater of the net proceeds of the sale or the Attributable Debt with respect to the sale and leaseback arrangement within
180 days of such sale to either (or a combination) of (i) the retirement (other than the mandatory retirement, mandatory prepayment or
sinking fund payment or by payment at maturity) of long-term debt for borrowed money of Paramount Global or a Subsidiary of Paramount
Global (other than debt that is subordinated to the debt securities or debt to Paramount Global or a Subsidiary of Paramount Global),
or (ii) the purchase, construction or development of other comparable property; or

&nbsp;&nbsp;&nbsp;&nbsp;· the sale and leaseback arrangement is entered into within 180 days after the initial acquisition by Paramount Global or such Restricted
Subsidiary, as the case may be, of the Principal Property subject to the sale and leaseback arrangement.

The term "Attributable Debt," with regard to a sale and leaseback arrangement of a Principal Property, is defined in the Indenture as an amount equal to the lesser of: (a) the fair market value of the property (as determined in good faith by the Board of Directors); or (b) the present value of the total net amount of rent payments to be made under the lease during its remaining term (including any period for which such lease has been extended and excluding any unexercised renewal or other extension options exercisable by the lessee, and excluding amounts on account of maintenance and repairs, services, taxes and similar charges and contingent rents), discounted at the rate of interest set forth or implicit in the terms of the lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the debt securities of the applicable series then outstanding), compounded semi-annually. The calculation of the present value of the total net amount of rent payments is subject to adjustments specified in the Indenture.

The term "Principal Property" is defined in the Indenture to include any parcel of real property and related fixtures or improvements (other than telecommunications equipment, including, without limitation, satellite transponders) owned by Paramount Global or any Restricted Subsidiary and located in the United States, the aggregate book value of which on the date of determination exceeds $1.5 billion, other than any such real property and related fixtures or improvements that are determined in good faith by the Board of Directors not to be of material importance to the total business conducted by Paramount Global and its Subsidiaries, taken as a whole. As of the date of this prospectus, neither Paramount Global nor any of its Subsidiaries own any Principal Property.

**Defaults and Remedies**

Holders of debt securities will have specified rights if an Event of Default (as defined below) occurs in respect of the debt securities of that series, as described below.

The term "Event of Default" in respect of the debt securities of a particular series means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global does not pay interest on a debt security of such series within 30 days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global does not pay the principal of or any premium on a debt security of such series when due and payable, at its maturity,
or upon its acceleration, redemption or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global remains in breach of a covenant or warranty in respect of the Indenture for 60 days after Paramount Global receives
a written notice of default; such notice must be sent by either the Trustee or holders of at least 25% in principal amount of such series
of outstanding debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global files for bankruptcy or other events of bankruptcy, insolvency or reorganization specified in the Indenture occur;
or

&nbsp;&nbsp;&nbsp;&nbsp;· any other Event of Default that may be specified for the debt securities of such series when such series is created.

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If an Event of Default has occurred, the Trustee or the holders of at least 25% in principal amount of the outstanding debt securities of the affected series may declare the entire unpaid principal amount of (and premium, if any), and all the accrued interest on, the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. There is no action on the part of the Trustee or any holder of debt securities required for such declaration if the Event of Default is a bankruptcy, insolvency or reorganization. Holders of a majority in principal amount of the debt securities of a series may also waive certain past defaults under the Indenture on behalf of all of the holders of such series of debt securities. A declaration of acceleration of maturity with respect to a series of debt securities may be rescinded and annulled, under specified circumstances, by the holders of a majority in principal amount of the outstanding debt securities of such series.

Except in cases of default, where the Trustee has special duties, the Trustee is not required to take any action under the Indenture at the request of holders unless the holders offer the Trustee reasonable protection from costs, expenses, claims and liability satisfactory to the Trustee. If a reasonable indemnity satisfactory to the Trustee is provided, the holders of a majority in principal amount of a series of debt securities may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the Trustee. The Trustee may refuse to follow those directions in certain circumstances specified in the Indenture. No delay or omission in exercising any right or remedy will be treated as a waiver of the right, remedy or Event of Default.

Before holders of a series of debt securities are allowed to bypass the Trustee and bring a lawsuit or other formal legal action or take other steps to enforce their rights or protect their interests relating to the debt securities of such series, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;· holders must give the Trustee written notice of a continuing Event of Default with respect to such series;

&nbsp;&nbsp;&nbsp;&nbsp;· holders of at least 25% in principal amount of the outstanding debt securities of such series must make a written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· the holders must offer to the Trustee indemnity reasonably satisfactory to it against the costs, expenses, claims and liabilities
to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;· the Trustee must have failed to institute any such proceeding for 60 days after receipt of the notice, request and offer of indemnity;
and

&nbsp;&nbsp;&nbsp;&nbsp;· holders of a majority in principal amount of the outstanding debt securities of such series must not have given the Trustee a direction
inconsistent with the above request during such 60-day period.

Holders are, however, entitled at any time to bring a lawsuit for the payment of money due on the debt securities on or after the due date.

**Modification of the Indenture**

The Indenture provides that Paramount Global and the Trustee may, without the consent of any holders of debt securities, enter into supplemental indentures for the purposes, among other things, of:

&nbsp;&nbsp;&nbsp;&nbsp;· evidencing the succession of another entity to Paramount Global and the assumption by any such successor of the covenants of Paramount
Global contained in the Indenture and in the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· adding to Paramount Global's covenants for the benefit of the holders of all or any series of debt securities or to surrender
any right or power conferred by the Indenture upon Paramount Global;

&nbsp;&nbsp;&nbsp;&nbsp;· adding additional Events of Default;

&nbsp;&nbsp;&nbsp;&nbsp;· changing or eliminating any provisions of the Indenture so long as there are no holders entitled to the benefit of the provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· establishing the form or terms of any series of debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;· curing ambiguities or correcting any inconsistencies in the Indenture or making any other provisions with respect to matters or questions
arising under the Indenture, as long as any such action does not adversely affect in any material respect the interest of the holders
of debt securities of any series.

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With specific exceptions, the Indenture or the rights of the holders of the debt securities may be modified by Paramount Global and the Trustee with the consent of the holders of a majority in aggregate principal amount of the debt securities of each series affected by the modification then outstanding (all such series voting together as a single class); however, no modification may be made without the consent of the holders of each outstanding debt security affected, which would, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· change the maturity of any payment of principal of, or any premium on, or any installment of interest on any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· change the terms of any sinking fund with respect to any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal amount of any debt security, or the rate of interest thereon, or any premium on, any debt security upon redemption
or repayment at the option of the holder;

&nbsp;&nbsp;&nbsp;&nbsp;· change any obligation of Paramount Global to pay additional amounts as contemplated by the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· change any place of payment where, or the currency in which, any debt security or any premium or interest is payable;

&nbsp;&nbsp;&nbsp;&nbsp;· impair the right to sue for the enforcement of any payment on or with respect to any debt security;

&nbsp;&nbsp;&nbsp;&nbsp;· modify the provisions of the Indenture with respect to the mandatory redemption of debt securities or repayment of the debt securities
at the option of the holders in a manner adverse to any holder of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· adversely affect any right to convert or exchange any debt security as may be provided pursuant to any supplemental indenture with
respect to any series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· reduce the percentage in principal amount of outstanding debt securities of any series required to consent to any supplemental indenture,
waive compliance with provisions of the Indenture or specific defaults and their consequences provided for in the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;· modify any of the provisions in the Indenture relating to certain waivers; or

&nbsp;&nbsp;&nbsp;&nbsp;· modify any of the provisions of the Indenture relating to the subordination of the debt securities in a manner adverse to any holders.

**Meetings**

The Indenture contains provisions for convening meetings of the holders of the debt securities of any or all series. Specific terms related to such meetings of the holders are described in the Indenture.

**Defeasance and Covenant Defeasance**

Paramount Global may elect either (i) to defease and be discharged from any and all obligations with respect to a series of the debt securities (except as otherwise provided in the Indenture) ("defeasance") or (ii) to be released from its obligations with respect to certain covenants that are described in the Indenture ("covenant defeasance"), upon the deposit with the Trustee, in trust for such purpose, of money and/or government obligations that through the payment of principal and interest in accordance with their terms will provide money in an amount sufficient, without reinvestment, to pay the principal of, premium, if any, and interest on the debt securities of such series to maturity or redemption, as the case may be, and any mandatory sinking fund or analogous senior payments thereon. As a condition to defeasance or covenant defeasance, Paramount Global must deliver to the Trustee an opinion of counsel to the effect that the holders of the debt securities of such series will not recognize income, gain or loss for United States federal income tax purposes as a result of such defeasance or covenant defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance or covenant defeasance had not occurred. Such opinion of counsel, in the case of defeasance under clause (i) above, must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable United States federal income tax law occurring after the date of the Indenture.

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Paramount Global may exercise its defeasance option with respect to the debt securities of any series notwithstanding its prior exercise of its covenant defeasance option. If Paramount Global exercises its defeasance option, payment of the debt securities of such series may not be accelerated because of an event of default. If Paramount Global exercises its covenant defeasance option, payment of the debt securities of such series may not be accelerated by reference to any covenant from which Paramount Global is released as described under clause (ii) of the immediately preceding paragraph. However, if acceleration were to occur for other reasons, the realizable value at the acceleration date of the money and government obligations in the defeasance trust could be less than the principal and interest then due on the debt securities of such series, in that the required deposit in the defeasance trust is based upon scheduled cash flows rather than market value, which will vary depending upon interest rates and other factors.

**Discharge of Obligations**

Paramount Global's obligations under the Indenture will cease to be of further effect with respect to a series of debt securities when:

&nbsp;&nbsp;&nbsp;&nbsp;· either (a) all debt securities of that series have been delivered (except destroyed, lost or stolen debt securities which have been
replaced or paid and debt securities for which payment money has theretofore been deposited in trust with the Trustee or paying agent
or segregated and held in trust by Paramount Global and thereafter repaid to Paramount Global, or discharged from such trust in accordance
with the Indenture) to the Trustee for cancellation, or (b) all such debt securities not theretofore delivered to the Trustee for cancellation
have become due and payable, will become due and payable at maturity within one year or are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption and Paramount Global has deposited or caused to
be deposited with the Trustee, in trust, an amount sufficient to pay and discharge the entire indebtedness on such debt securities not
theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of maturity
or date of redemption, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global has paid or caused to be paid all sums payable by Paramount Global under the Indenture with respect to such series;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Paramount Global has delivered to the Trustee an officer's certificate and an opinion of counsel relating to compliance with
the conditions set forth in the Indenture.

**Notices**

Notices to holders of debt securities will be given by mail to the addresses of such holders as they appear in the security register or in accordance with the procedures of the applicable depositary, if any.

**Title**

Paramount Global, the Trustee and any agent of Paramount Global or the Trustee may treat the registered owner of any registered debt security as the absolute owner thereof (whether or not the debt security shall be overdue and notwithstanding any notice to the contrary) for the purpose of making payment and for all other purposes.

**Replacement of Debt Securities**

Paramount Global will replace any mutilated debt security at the expense of the holders upon surrender to the Trustee. Paramount Global will replace debt securities that become destroyed, lost or stolen at the expense of the holder upon delivery to the Trustee of satisfactory evidence of the destruction, loss or theft thereof. In the event of a destroyed, lost or stolen debt security, an indemnity or security satisfactory to Paramount Global and the Trustee may be required at the expense of the holder of the debt security before a replacement debt security will be issued.

**Governing Law**

The Indenture and the debt securities will be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws.

**Concerning the Trustee**

In specific instances, Paramount Global or the holders of a majority of the then outstanding principal amount of the debt securities of a series issued under the Indenture may remove the Trustee with respect to debt securities of such series and appoint a successor trustee. The Trustee may become the owner or pledgee of any of the debt securities with the same rights, subject to conflict of interest restrictions, it would have if it were not the Trustee.

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The Trustee and any successor trustee must be eligible to act as trustee under Section 310(a)(1) of the Trust Indenture Act of 1939, as amended, and shall have a combined capital and surplus of at least $50,000,000 and be subject to examination by federal or state authority. Subject to applicable law relating to conflicts of interest, the Trustee may also serve as trustee under other indentures relating to securities issued by Paramount Global or its affiliated companies and may engage in commercial transactions with Paramount Global and its affiliated companies. The initial Trustee under the Indenture is Deutsche Bank Trust Company Americas.

**Subordination**

In addition to the provisions previously described in this prospectus and applicable to all debt securities, the following description of any subordinated debt securities, which may be senior or junior subordinated, summarizes the additional terms and provisions of such subordinated debt securities to which any prospectus supplement may relate. The specific terms of Paramount Global's subordinated debt securities offered by any prospectus supplement and the extent, if any, to which the general provisions summarized below may apply to any series of subordinated debt securities will be described in the prospectus supplement relating to that series.

Any subordinated debt securities will be subordinated in right of payment to Paramount Global's Senior Indebtedness to the extent set forth in the applicable prospectus supplement.

The payment of the principal of, premium, if any, and interest on any subordinated debt securities will be subordinated in right of payment to the prior payment in full of all of Paramount Global's Senior Indebtedness. Paramount Global may not make payment of principal, premium, if any, sinking funds or interest, if any, on any subordinated debt securities unless full payment of amounts then due for principal, premium, if any, sinking funds and interest on all Senior Indebtedness has been made or duly provided for.

For purposes of the description of any subordinated debt securities, the term "Senior Indebtedness" of Paramount Global means all Indebtedness of Paramount Global, except (a) Indebtedness that, pursuant to its terms, is subordinated in right of payment to other Indebtedness and (b) Indebtedness evidenced by an instrument that expressly provides that such Indebtedness is not Senior Indebtedness. Notwithstanding anything to the contrary in the foregoing, Senior Indebtedness will not include any liability for taxes owed or owing by Paramount Global or any trade payables.

**Certain Definitions**

The following definitions are applicable to the Indenture:

"Finance Lease" means any obligation of a person to pay rent or other amounts incurred with respect to real property or equipment (other than in respect of (x) telecommunications equipment including, without limitation, satellite transponders and (y) theme park equipment and attractions) acquired or leased by such person and used in its business that is required to be recorded as a finance lease in accordance with generally accepted accounting principles consistently applied as in effect from time to time.

"Indebtedness" of any person means, without duplication, (i) any obligation of such person for money borrowed; (ii) any obligation of such person evidenced by bonds, debentures, notes or other similar instruments; (iii) any reimbursement obligation of such person in respect of letters of credit or other similar instruments which support financial obligations which would otherwise become Indebtedness; (iv) any obligation of such person under Finance Leases; and (v) any obligation of any third party to the extent secured by a Lien on the assets of such person; *provided*, *however*, that "Indebtedness" of such person shall not include any obligation of such person (i) to any Subsidiary of such person or to any person with respect to which such person is a Subsidiary or (ii) specifically with respect to the production, distribution or acquisition of motion pictures or other programming rights, talent or publishing rights.

"Lien" means any pledge, mortgage, lien, encumbrance or other security interest.

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"Restricted Subsidiary" means a corporation all of the outstanding voting stock of which is owned, directly or indirectly, by Paramount Global or by one or more of its Subsidiaries, or by Paramount Global and one or more of its Subsidiaries, which is incorporated under the laws of a state of the United States, and which owns a Principal Property.

"Subsidiary" of any person means (i) a corporation a majority of the outstanding voting stock of which is at the time, directly or indirectly, owned by such person, by one or more Subsidiaries of such person, or by such person and one or more Subsidiaries thereof, or (ii) any other person (other than a corporation), including, without limitation, a partnership or joint venture, in which such person, one or more Subsidiaries thereof, or such person and one or more Subsidiaries thereof, directly or indirectly, at the date of the determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other persons performing similar functions).

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**DESCRIPTION OF PREFERRED STOCK**

The following description sets forth certain general terms of preferred stock that Paramount Global may offer. The terms of any series of the preferred stock will be described in the applicable prospectus supplement relating to the preferred stock being offered. The description set forth below and in any prospectus supplement is not complete, and is subject to, and qualified in its entirety by reference to, Paramount Global's amended and restated certificate of incorporation, amended and restated bylaws and the certificate of designations relating to each particular series of the preferred stock, which was or will be filed with the SEC at or before the issuance of the series of preferred stock. You are urged to read our amended and restated certificate of incorporation and amended and restated bylaws in their entirety. References to "Paramount Global" in this description refer only to Paramount Global and not its consolidated subsidiaries, unless the context requires otherwise.

**Terms of the Preferred Stock**

Under Paramount Global's amended and restated certificate of incorporation, Paramount Global is authorized to issue up to 25,000,000 shares of preferred stock, par value $0.001 per share. The Board of Directors has the authority, without approval of the stockholders, to cause shares of preferred stock to be issued from time to time in one or more series, with the numbers of shares of each series and the designations, powers, preferences and relative, participating, optional, dividend and other special rights of the shares of each such series and the qualifications, limitations, restrictions, conditions and other characteristics thereof as fixed by the Board of Directors. As of March 1, 2023, Paramount Global had designated 11.5 million preferred shares as the "5.75% Series A Mandatory Convertible Preferred Stock" (the "Series A Mandatory Convertible Preferred Stock"), of which approximately 10 million shares were outstanding. Shares of the Series A Mandatory Convertible Preferred Stock trade on The Nasdaq Stock Market LLC under the ticker symbol "PARAP."

The applicable prospectus supplement will describe the terms of each series of preferred stock, including, where applicable, the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation, stated value, liquidation preference and number of shares offered;

&nbsp;&nbsp;&nbsp;&nbsp;· the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;· the dividend rate(s), or method of calculation, the dividend periods, the date on which dividends shall be payable and whether dividends
are cumulative or noncumulative and, if cumulative, the date(s) from which dividends begin to accumulate;

&nbsp;&nbsp;&nbsp;&nbsp;· any redemption or sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· any conversion or exchange provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· any voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the preferred stock will be issued in certificated or book-entry form;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the preferred stock will be listed on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· information with respect to any book-entry procedures;

&nbsp;&nbsp;&nbsp;&nbsp;· a discussion of any material United States federal income tax and other special considerations, procedures and limitations relating
to the preferred stock; and

&nbsp;&nbsp;&nbsp;&nbsp;· any additional rights, preferences, privileges, limitations and restrictions of the preferred stock which are not inconsistent with
the provisions of the amended and restated certificate of incorporation.

The preferred stock will be, when issued against payment, fully paid and nonassessable. Holders will have no preemptive rights to subscribe for any additional securities that Paramount Global may issue. Unless otherwise specified in the applicable prospectus supplement, the shares of each series of preferred stock will rank equally with all other outstanding series of preferred stock issued by Paramount Global as to payment of dividends, other than with respect to cumulation of dividends, and as to the distribution of assets upon liquidation, dissolution, or winding up of Paramount Global. Each series of preferred stock will rank senior to the common stock and any other stock of Paramount Global that is expressly made junior to that series of preferred stock. However, the Board of Directors may not cause us to issue any preferred stock, or preferred stock that is convertible into or exchangeable for other securities, that, in the aggregate with all other outstanding shares of preferred stock, could elect a majority of the Board of Directors, unless such issuance has been approved by the holders of a majority of the outstanding shares of Class A Common Stock, voting separately as a class. The ability of the Board of Directors to provide for the issuance of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change in control of Paramount Global or changes in our management.

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Paramount Global's rights and the rights of holders of Paramount Global securities, including the holders of preferred stock, to participate in the distribution of assets of any subsidiary of Paramount Global upon its liquidation or recapitalization will be subject to the prior claims of the subsidiary's creditors and preferred stockholders, except to the extent Paramount Global may itself be a creditor with recognized claims against the subsidiary or a holder of preferred stock of the subsidiary.

**Dividends and Distributions**

Unless otherwise specified in the prospectus supplement, holders of shares of the preferred stock will be entitled to receive, as, if and when declared by the Board of Directors or a duly authorized committee of the Board of Directors, out of funds legally available for the payment of dividends, cash dividends at the rate set forth in, or calculated in accordance with the formula set forth in, the prospectus supplement relating to the preferred stock being offered. Dividends on the preferred stock may be cumulative or noncumulative as provided in the applicable prospectus supplement. Dividends on the cumulative preferred stock will accumulate from the date of original issue and will be payable as specified in the applicable prospectus supplement. The applicable prospectus supplement will set forth the applicable dividend period with respect to a dividend payment date. If the Board of Directors or a duly authorized committee of the Board of Directors fails to declare a dividend on any series of noncumulative preferred stock for any dividend period, Paramount Global will have no obligation to pay a dividend for that period, whether or not dividends on that series of noncumulative preferred stock are declared for any future dividend period.

No dividends will be declared or paid or set apart for payment on the preferred stock of any series ranking, as to dividends, equally with or junior to any other series of preferred stock for any period unless dividends have been or are contemporaneously declared and paid or declared and a sum sufficient for the payment of those dividends has been set apart for:

&nbsp;&nbsp;&nbsp;&nbsp;· in the case of cumulative preferred stock, all dividend periods terminating on or before the date of payment of full cumulative dividends;
or

&nbsp;&nbsp;&nbsp;&nbsp;· in the case of noncumulative preferred stock, the immediately preceding dividend period.

When dividends are not paid in full upon any series of preferred stock, and any other preferred stock ranking equally as to dividends with that series of preferred stock, all dividends declared upon shares of that series of preferred stock and any other preferred stock ranking equally as to dividends will be declared pro rata so that the amount of dividends declared per share on that series of preferred stock and any other preferred stock ranking equally as to dividends will in all cases bear to each other the same ratio that accrued dividends per share on the shares of that series of preferred stock and the other preferred stock bear to each other. In the case of noncumulative preferred stock, any accrued dividends described in the immediately preceding paragraph will not include any cumulation in respect of unpaid dividends for prior dividend periods.

Except as provided in the immediately preceding paragraph or the applicable prospectus supplement, unless full dividends on all outstanding shares of any series of preferred stock have been declared and paid, in the case of a series of cumulative preferred stock, for all past dividend periods, or in the case of noncumulative preferred stock, for the immediately preceding dividend period, Paramount Global may not declare dividends or pay or set aside amounts for payment or other distribution on any of its capital stock ranking junior to or equally with that series of preferred stock as to dividends or upon liquidation, other than dividends or distributions paid in shares of, or options, warrants or rights to subscribe for or purchase shares of, the common stock of Paramount Global or other capital stock of Paramount Global ranking junior to that series of preferred stock as to dividends and upon liquidation. Other than in connection with the distribution or trading of any of its capital stock, Paramount Global may not redeem, purchase or otherwise acquire any of its capital stock ranking junior to or equally with that series of preferred stock as to dividends or upon liquidation, for any consideration or any moneys paid to or made available for a sinking fund for the redemption of any shares of any of its capital stock, except by conversion or exchange for capital stock of Paramount Global ranking junior to that series of preferred stock as to dividends and upon liquidation.

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Unless otherwise specified in the applicable prospectus supplement, the amount of dividends payable for any period shorter than a full dividend period shall be computed on the basis of twelve 30-day months, a 360-day year and the actual number of days elapsed in any period of less than one month.

**Liquidation Preference**

Unless otherwise specified in the applicable prospectus supplement, upon any voluntary or involuntary liquidation, dissolution or winding up of Paramount Global, the holders of the preferred stock will have preference and priority over the common stock of Paramount Global and any other class of stock of Paramount Global ranking junior to the preferred stock upon liquidation, dissolution or winding up, for payments out of or distributions of the assets of Paramount Global or proceeds from any liquidation, of the amount per share set forth in the applicable prospectus supplement plus all accrued and unpaid dividends, to the date of final distribution to such holders. After any liquidating payment, the holders of preferred stock will not be entitled to any other payments.

**Redemption**

If specified in the prospectus supplement relating to a series of preferred stock being offered, Paramount Global may, at its option, at any time or from time to time, redeem that series of preferred stock, in whole or in part, at the redemption prices and on the dates set forth in the applicable prospectus supplement. The Board of Directors or a duly authorized committee of the Board of Directors may fix other terms of redemption, if any, of such series including, without limitation, redemption prices payable in shares of Class A Common Stock or Class B Common Stock; the terms and amounts of any sinking fund for the purchase or redemption of shares of such series; and any and all other powers, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof pertaining to shares of such series permitted by law.

If less than all outstanding shares of a series of preferred stock is to be redeemed, the selection of the shares to be redeemed shall be determined by lot or pro rata as may be determined to be equitable by the Board of Directors or a duly authorized committee of the Board of Directors. From and after the redemption date, unless Paramount Global is in default in providing for the payment of the redemption price, dividends shall cease to accrue on the shares of that series of preferred stock called for redemption and all rights of the holders shall cease, other than the right to receive the redemption price.

**Voting Rights**

Unless otherwise described in the applicable prospectus supplement, holders of the preferred stock will have no voting rights except as required by law.

**Conversion or Exchange Rights**

The prospectus supplement relating to a series of preferred stock that is convertible or exchangeable will state the terms on which shares of that series are convertible or exchangeable into common stock, another series of preferred stock or debt securities and the terms and conditions, including, without limitation, price and rate of exchange, of such conversion or exchange.

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**DESCRIPTION OF COMMON STOCK**

The authorized common stock of Paramount Global as set forth in its amended and restated certificate of incorporation includes 55,000,000 shares of Class A Common Stock, par value $0.001 per share, and 5,000,000,000 shares of Class B Common Stock, par value $0.001 per share. Paramount Global is registering with the SEC shares of Class A Common Stock and Class B Common Stock, which may be offered by Paramount Global or one or more selling security holders to be identified in a prospectus supplement. References to "Paramount Global" in this description refer only to Paramount Global and not its consolidated subsidiaries, unless the context requires otherwise.

The descriptions set forth below and in any prospectus supplement are not complete, and are subject to, and qualified in their entirety by reference to, Paramount Global's amended and restated certificate of incorporation and amended and restated bylaws and the General Corporation Law of the State of Delaware. You are urged to read our amended and restated certificate of incorporation and amended and restated bylaws in their entirety.

**General**

All issued and outstanding shares of Class A Common Stock and Class B Common Stock are identical and the holders of such shares are entitled to the same rights and powers, except as provided in Paramount Global's amended and restated certificate of incorporation as described below.

As of March 13, 2023, there were 40,704,341 shares of Class A Common Stock outstanding and 610,765,722 shares of Class B Common Stock outstanding.

***Voting Rights***. Holders of Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of Paramount Global common stock are entitled to vote and the affirmative vote of a majority of the outstanding shares of Class A Common Stock, voting separately as a class, is necessary to approve (i) any merger or consolidation of Paramount Global pursuant to which shares of Paramount Global common stock are converted into or exchanged for any other securities or consideration or (ii) certain transactions relating to Paramount Pictures Corporation and its subsidiaries or other Paramount Global subsidiaries involved in Paramount Global's filmed entertainment business.

Holders of Class B Common Stock do not have any voting rights, except as required by Delaware law.

Generally, all matters to be voted on by the stockholders of Paramount Global must be approved by a majority of the aggregate voting power of the shares of capital stock of Paramount Global having voting power present in person or represented by proxy, except as required or may become required by our amended and restated certificate of incorporation, our amended and restated bylaws or applicable law.

***Dividends***. Holders of Class A Common Stock and Class B Common Stock share ratably in any cash dividend declared by the Board of Directors, subject to the rights and preferences of any outstanding preferred stock. The Board of Directors may, at its discretion, declare a dividend of any securities of Paramount Global or of another entity, to the holders of Class A Common Stock and Class B Common Stock in the form of (i) a ratable distribution of identical securities to the holders of Class A Common Stock and Class B Common Stock or (ii) a distribution of one class or series of securities to the holders of Class A Common Stock and another class or series of securities to the holders of Class B Common Stock, *provided* that the securities so distributed do not differ in any respect other than (x) differences in their rights (other than voting rights and powers) consistent in all material respects with the differences between Class A Common Stock and Class B Common Stock and (y) differences in their relative voting rights and powers, with the holders of Class A Common Stock receiving the class or series of such securities having the higher relative voting rights or powers (without regard to whether such voting rights or powers differ to a greater or lesser extent than the corresponding differences in the voting rights or powers of Class A Common Stock and Class B Common Stock provided in the amended and restated certificate of incorporation).

***Conversion***. So long as there are at least 5,000 shares of Class A Common Stock outstanding, each share of Class A Common Stock is convertible at the option of the holder of such share into one share of Class B Common Stock.

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***Liquidation Rights***. In the event of a liquidation, dissolution or winding-up of Paramount Global, all holders of Paramount Global common stock, regardless of class, are entitled to share ratably in any assets available for distributions to holders of shares of Paramount Global common stock subject to the preferential rights of any outstanding preferred stock.

***Split, Subdivision or Combination***. In the event of a split, subdivision or combination of the outstanding shares of Class A Common Stock or Class B Common Stock, the outstanding shares of the other class of Paramount Global common stock will be split, subdivided or combined proportionally.

***Preemptive Rights***. Shares of Class A Common Stock and Class B Common Stock do not entitle a holder to any preemptive rights enabling a holder to subscribe for or receive shares of stock of any class or any other securities convertible into shares of stock of any class of Paramount Global. The Board of Directors possesses the power to issue shares of authorized but unissued Class A Common Stock and Class B Common Stock without further stockholder action, subject to the requirements of applicable law and stock exchanges. The number of authorized shares of Class A Common Stock and Class B Common Stock could be increased with the approval of the holders of a majority of the outstanding shares of Class A Common Stock and without any action by the holders of shares of Class B Common Stock.

***Other Rights***. Paramount Global's amended and restated certificate of incorporation provides that Paramount Global may prohibit the ownership and transfer of, or redeem, shares of its capital stock in order to ensure compliance with, or prevent the applicability of limitations imposed by, the requirements of U.S. laws or regulations applicable to specified types of media companies.

**Anti-Takeover Provisions of Certificate of Incorporation and Bylaws**

Provisions of our amended and restated certificate of incorporation and amended and restated bylaws, in addition to those relating to the voting rights of our common stock, may have the effect of delaying, deferring or preventing a change in Paramount Global ownership or changes in our management. These include provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;· authorize our Board of Directors to provide for the issuance, without stockholder approval, of up to 25,000,000 shares of preferred
stock with rights fixed by the Board of Directors, which rights could be senior to those of the common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· limit the number of directors constituting the entire Board of Directors to a maximum of 20 directors;

&nbsp;&nbsp;&nbsp;&nbsp;· provide that any vacancy on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors
then in office, or by a sole remaining director;

&nbsp;&nbsp;&nbsp;&nbsp;· provide that a special meeting of stockholders may be called only by the affirmative vote of a majority of the Board of Directors
or by our Chairman of the Board, or the Chief Executive Officer, and shall be called at the written request of the holders of record of
at least 50.1% of the aggregate voting power of all outstanding shares of our capital stock entitled to vote generally in the election
of directors, acting together as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;· establish advance notice procedures for stockholders to make nominations of candidates for election as directors or to present any
other proposal to be acted upon at any annual or special meeting of stockholders.

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**DESCRIPTION OF WARRANTS**

The following description sets forth certain general terms of warrants that Paramount Global may offer. Paramount Global may issue warrants for the purchase of its debt securities or shares of preferred stock, Class A Common Stock or Class B Common Stock. Warrants may be issued independently or together with any debt securities or shares of preferred stock, Class A Common Stock or Class B Common Stock offered by any prospectus supplement and may be attached to or separate from such debt securities or shares of preferred stock, Class A Common Stock or Class B Common Stock. The warrants are to be issued under warrant agreements to be entered into with a bank or trust company, as warrant agent, to be named in the prospectus supplement relating to the particular issue of warrants. The warrant agent will act solely as an agent of Paramount Global in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders of warrants or beneficial owners of warrants. The description set forth below and in any prospectus supplement is not complete and is subject to, and qualified in its entirety by reference to, any warrant agreement pursuant to which warrants may be issued. References to "Paramount Global" in this description refer only to Paramount Global and not its consolidated subsidiaries, unless the context requires otherwise.

**General**

If warrants are offered, the prospectus supplement will describe the terms of the warrants, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the offering price;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency unit(s) for which warrants may be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;· the designation, aggregate principal amount, currency unit(s) and terms of debt securities which may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;· the designation, number of shares and terms, as applicable, of the preferred stock, Class A Common Stock or Class B Common Stock purchasable
upon exercise of the stock warrants and the price at which the shares of preferred stock, Class A Common Stock or Class B Common Stock
may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the designation and terms of debt securities or preferred stock with which the warrants are issued and the number of
warrants issued with each debt security or share of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the date on and after which the warrants and the related debt securities, preferred stock, Class A Common Stock, or
Class B Common Stock will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;· the date on which the right to exercise the warrants will commence and the date on which the right will expire;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the warrants will be issued in registered or bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;· a discussion of any material United States federal income tax and other special considerations, procedures and limitations relating
to the warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of the warrants.

Warrants may be exchanged for new warrants of different denominations. If in registered form, the warrants may be presented for registration of transfer. The warrants may be exercised at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement. Before the exercise of their warrants, holders of warrants will not have any of the rights of holders of the various securities purchasable upon the exercise of such warrants, including the right to receive payments of principal of, any premium on, or any interest on debt securities purchasable upon the exercise or to enforce the covenants in the applicable indenture or to exercise any rights as stockholders of Paramount Global, as described below under "—No Rights as Stockholders." If Paramount Global maintains the ability to reduce the exercise price of any stock warrant and the right is triggered, it will comply with federal securities laws, including Rule 13e-4 under the Exchange Act, to the extent applicable.

**Exercise of Warrants**

Each warrant will entitle the holder to purchase a principal amount of debt securities or a number of shares of preferred stock, Class A Common Stock or Class B Common Stock at the exercise price as will in each case be set forth in, or calculable from, the prospectus supplement relating to the warrant. Warrants may be exercised at the times that are set forth in the prospectus supplement relating to the warrants. After the close of business on the date on which the warrant expires, or any later date to which Paramount Global may extend the expiration date, unexercised warrants will become void.

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Subject to any restrictions and additional requirements that may be set forth in the prospectus supplement relating thereto, warrants may be exercised by delivery to the warrant agent of the certificate evidencing the warrants properly completed and duly executed and of payment as provided in the prospectus supplement of the amount required to purchase the debt securities or shares of preferred stock, Class A Common Stock or Class B Common Stock purchasable upon the exercise. The exercise price will be the price applicable on the date of payment in full, as set forth in the prospectus supplement relating to the warrants. Upon receipt of the payment and the certificate representing the warrants to be exercised, properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, Paramount Global will, as soon as reasonably practicable, issue and deliver the debt securities or shares of preferred stock, Class A Common Stock or Class B Common Stock purchasable upon the exercise. If fewer than all of the warrants represented by a certificate are exercised, a new certificate will be issued for the remaining amount of warrants.

**Additional Provisions**

The exercise price payable and the number of shares of preferred stock, Class A Common Stock or Class B Common Stock purchasable upon the exercise of each stock warrant will be subject to adjustment in specific events, including the issuance of a stock dividend to holders of preferred stock, Class A Common Stock or Class B Common Stock, or a combination, subdivision or reclassification of preferred stock, Class A Common Stock or Class B Common Stock, in each case as applicable. In lieu of adjusting the number of shares of preferred stock, Class A Common Stock or Class B Common Stock purchasable upon exercise of each stock warrant, Paramount Global may elect to adjust the number of stock warrants. No adjustment in the number of shares purchasable upon exercise of the stock warrants will be required until cumulative adjustments require an adjustment of at least 1% thereof. Paramount Global may, at its option, reduce the exercise price at any time. No fractional shares will be issued upon exercise of stock warrants, but Paramount Global will pay the cash value of any fractional shares otherwise issuable. In case of any consolidation, merger, or sale or conveyance of the property of Paramount Global as an entirety or substantially as an entirety, the holder of each outstanding stock warrant will have the right upon the exercise to the kind and amount of shares of stock and other securities and property, including cash, receivable by a holder of the number of shares of preferred stock, Class A Common Stock or Class B Common Stock into which the stock warrants were exercisable immediately prior thereto.

**No Rights as Stockholders**

Holders of stock warrants will not be entitled, by virtue of being the holders, to vote, to consent, to receive dividends, to receive notice as stockholders with respect to any meeting of stockholders for the election of the directors or any other matter, or to exercise any rights whatsoever as its stockholders, with respect to Paramount Global.

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**PLAN OF DISTRIBUTION**

We, or one or more selling security holders to be identified in a prospectus supplement, may offer and sell the securities in any of three ways (or in any combination): (a) through underwriters or dealers; (b) directly to a limited number of purchasers or to a single purchaser; or (c) through agents. The prospectus supplement will set forth the terms of the offering of such securities, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· the name(s) of any underwriters, dealers or agents and the amounts of securities underwritten or purchased by each of them;

&nbsp;&nbsp;&nbsp;&nbsp;· the offering price of the securities and the proceeds to us or the selling security holders, as the case may be, and any discounts,
commissions or concessions allowed or reallowed or paid to dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;· any securities exchanges on which the securities may be listed.

Any offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

If underwriters are used in the sale of any securities, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters. Generally, the underwriters' obligations to purchase the securities will be subject to certain conditions precedent. The underwriters will be obligated to purchase all of the securities if they purchase any of the securities.

We or one or more selling security holders may sell the securities through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions we or one or more selling security holders pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.

We also may sell offered securities directly.

We or one or more selling security holders may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from Paramount Global or one or more selling security holders, as the case may be, at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions we or one or more selling security holders, as the case may be, pay for soliciting these contracts.

Dealers, agents and underwriters may be entitled to indemnification by us and/or any selling security holders against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the dealers, agents or underwriters may be required to make in respect thereof. Dealers, agents and underwriters may be customers of, engage in transactions with, or perform services for us in the ordinary course of business.

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**LEGAL MATTERS**

The validity of the securities offered hereby will be passed upon for us by Shearman & Sterling LLP, New York, New York.

**EXPERTS**

The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2022 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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**PART II INFORMATION<br>NOT REQUIRED IN PROSPECTUS**

Item 14. Other Expenses of Issuance and Distribution.

The following table sets forth the costs and expenses payable by Paramount Global in connection with the sale of the securities being registered hereby. All amounts are estimates except the registration fee.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Amounts to be paid** |
| &nbsp;&nbsp;Registration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$\* |
| &nbsp;&nbsp;Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Blue Sky fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Rating agency fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Accounting fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp; $\*\* |

---

\* To be deferred pursuant to Rule 456(b) and calculated in connection with an offering of securities under this registration statement pursuant to Rule 457(r) under the Securities Act of 1933, as amended.

\*\* Estimated expenses not presently known.

Item 15. Indemnification of Directors and Officers.

Paramount Global is incorporated in the State of Delaware.

*Delaware General Corporation Law*. Section 145(a) of the General Corporation Law of the State of Delaware (the "Delaware General Corporation Law") provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.

Section 145(b) of the Delaware General Corporation Law states that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the Delaware Court of Chancery or such other court shall deem proper.

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Section 145(c) of the Delaware General Corporation Law provides that to the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

Section 145(d) of the Delaware General Corporation Law states that any indemnification under subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be made with respect to a person who is a director or officer at the time of such determination (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (4) by the stockholders.

Section 145(f) of the Delaware General Corporation Law states that the indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office.

Section 145(g) of the Delaware General Corporation Law provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such person against such liability under the provisions of Section 145.

Section 145(j) of the Delaware General Corporation Law states that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 102(b)(7) of the Delaware General Corporation Law allows a corporation to include in its certificate of incorporation a provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except in cases where the director breached his or her duty of loyalty to the corporation or its stockholders, the director's act or omission was not in good faith or which involved intentional misconduct or a knowing violation of the law, the director willfully or negligently authorized the unlawful payment of a dividend or approved an unlawful stock redemption or repurchase, or where the director obtained an improper personal benefit. Paramount Global's amended and restated certificate of incorporation contains provisions that eliminate directors' personal liability in certain circumstances, including the instances described above.

*Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws*. Paramount Global's amended and restated certificate of incorporation and amended and restated bylaws provides that Paramount Global shall indemnify any person who was or is involved in, or is threatened to be involved in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director, officer or employee of Paramount Global, or is or was serving at the request of Paramount Global as a director, officer or employee (including trustee) of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended, against judgments, fines, amounts paid in settlement and expenses (including attorneys' fees), actually and reasonably incurred by him or her in connection with such action, suit or proceeding. Notwithstanding the foregoing, except with respect to proceedings to enforce rights to indemnification and advancement of expenses, Paramount Global shall indemnify an indemnitee in connection with a proceeding (or part thereof) initiated by the indemnitee, if and only if the Board of Directors authorized the bringing of the action, suit or proceeding (or part thereof) in advance of the commencement of the proceeding.

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Paramount Global's amended and restated certificate of incorporation and amended and restated bylaws provide that, to the extent that a director, officer or employee of Paramount Global has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by that person in connection therewith.

*Indemnification Agreements*. The indemnification and advancement of expenses provided by, or granted pursuant to, the indemnification provisions of the amended and restated certificate of incorporation and the amended and restated bylaws of Paramount Global shall not be deemed exclusive of any other rights to which a person seeking indemnification or advancement of expenses may be entitled under any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office. Without limiting the foregoing, Paramount Global is authorized to enter into an agreement with any director, officer or employee of Paramount Global providing indemnification for such person against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement that result from any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, including any action, suit or proceeding by or in the right of Paramount Global, that arises by reason of the fact that such person is or was a director, officer or employee of Paramount Global, or is or was serving at the request of Paramount Global as a director, officer or employee of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, to the fullest extent allowed by law, except that no such agreement shall provide for indemnification for any actions that constitute fraud, actual dishonesty or willful misconduct. Pursuant to the foregoing authorization, Paramount Global has entered into indemnification agreements with each of its directors.

*Liability Insurance*. Paramount Global may purchase and maintain insurance on behalf of any person who is or was a director, officer or employee of Paramount Global, or is or was serving at the request of Paramount Global as a director, officer or employee of another corporation, limited liability company, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not Paramount Global would have the power to indemnify him or her against such liability under the provisions of the Paramount Global amended and restated certificate of incorporation or the amended and restated bylaws. Paramount Global has purchased certain liability insurance for its officers and directors as permitted by Section 145(g) of the Delaware General Corporation Law.

Item 16. Exhibits.

See Exhibit Index.

Item 17. Undertakings.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;

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*provided*, *however*, that paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;(2) that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;(4) that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; *provided*, *however*, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date;

&nbsp;&nbsp;&nbsp;&nbsp;(5) that, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by, or on behalf of, the undersigned registrant or used or referred
to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

[**Table of Contents**](#TableOfContents)

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions set forth in response to Item 15, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.

[**Table of Contents**](#TableOfContents)

**EXHIBIT INDEX**

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit No</u>** | &nbsp;&nbsp;**<u>Description of Exhibit</u>** |
| &nbsp;&nbsp;1.1\* | &nbsp;&nbsp;Form of Underwriting Agreement. |
| &nbsp;&nbsp;4.1 | &nbsp;&nbsp;[Amended and Restated Certificate of Incorporation of Paramount Global, effective February 16, 2022 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Paramount Global filed February 16, 2022).](https://www.sec.gov/Archives/edgar/data/813828/000081382822000011/para_ex3x1.htm) |
| &nbsp;&nbsp;4.2 | &nbsp;&nbsp;[Amended and Restated Bylaws of Paramount Global, effective December 16, 2022 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Paramount Global filed December 21, 2022).](https://www.sec.gov/Archives/edgar/data/813828/000081382822000046/para_ex3x1-121622.htm) |
| &nbsp;&nbsp;4.3 | &nbsp;&nbsp;[Indenture, dated as of March 27, 2020, between Paramount Global (formerly known as ViacomCBS Inc.) and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 (Registration No. 333-237426) of Paramount Global filed March 27, 2020).](https://www.sec.gov/Archives/edgar/data/813828/000119312520087791/d857093dex43.htm) |
| &nbsp;&nbsp;4.4\* | &nbsp;&nbsp;Form of Note. |
| &nbsp;&nbsp;4.5\* | &nbsp;&nbsp;Form of Warrant. |
| &nbsp;&nbsp;4.6\* | &nbsp;&nbsp;Form of Warrant Agreement. |
| &nbsp;&nbsp;5.1+ | &nbsp;&nbsp;[Opinion of Shearman & Sterling LLP as to the validity of the securities being registered.](ss1878012_ex0501.htm) |
| &nbsp;&nbsp;23.1+ | &nbsp;&nbsp;[Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm for Paramount Global](ss1878012_ex2301.htm) |
| &nbsp;&nbsp;23.2+ | &nbsp;&nbsp;[Consent of Shearman & Sterling LLP (included in Exhibit 5.1).](ss1878012_ex0501.htm) |
| &nbsp;&nbsp;24.1+ | &nbsp;&nbsp;[Powers of Attorney.](ss1878012_ex2401.htm) |
| &nbsp;&nbsp;25.1+ | &nbsp;&nbsp;[Form T-1 Statement of Eligibility of the Trustee.](ss1878012_ex2501.htm) |
| &nbsp;&nbsp;107+ | &nbsp;&nbsp;[Calculation of Filing Fee Table.](ss1878012_ex107.htm) |

---

\* Executed versions of these documents will, if applicable, be filed by amendment or as an exhibit to a document to be incorporated by reference herein after the issuance of the securities to which they relate. <br> + Filed herewith.

[**Table of Contents**](#TableOfContents)

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on March 20, 2023.

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| |
|:---|
| &nbsp;&nbsp;**PARAMOUNT GLOBAL<br> (Registrant)** |
| &nbsp;&nbsp;By: <u>/s/ Robert M. Bakish</u> |
| &nbsp;&nbsp;Name: **Robert M. Bakish** |
| &nbsp;&nbsp;Title *President and Chief Executive Officer* |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Signature** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Date** |
| &nbsp;&nbsp; /s/ Robert M. Bakish | &nbsp;&nbsp;President and Chief Executive Officer; Director<br> (Principal Executive Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Robert M. Bakish** | &nbsp;&nbsp;President and Chief Executive Officer; Director<br> (Principal Executive Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; /s/ Naveen Chopra | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer<br> (Principal Financial Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Naveen Chopra** | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer<br> (Principal Financial Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; /s/ Katherine Gill-Charest | &nbsp;&nbsp;Executive Vice President, Controller and Chief Accounting Officer<br> (Principal Accounting Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Katherine Gill-Charest** | &nbsp;&nbsp;Executive Vice President, Controller and Chief Accounting Officer<br> (Principal Accounting Officer) | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Candace K. Beinecke** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Barbara M. Byrne** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Linda M. Griego** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Robert N. Klieger** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Judith A. McHale** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Ronald L. Nelson** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Charles E. Phillips, Jr.** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Non-Executive Chair | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Shari Redstone** | &nbsp;&nbsp;Non-Executive Chair | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Susan Schuman** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Nicole Seligman** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp; \* | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |
| &nbsp;&nbsp;**Frederick O. Terrell** | &nbsp;&nbsp;Director | &nbsp;&nbsp;March 20, 2023 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*By: <u>/s/ Christa A. D'Alimonte</u> <br> **Christa A. D'Alimonte**<br> Attorney-in-Fact for the Directors<br>

## Exhibit 5.1

**Exhibit 5.1**

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| |
|:---|
| ![](image_002.jpg) |
| 599 Lexington Avenue<br> New York, NY 10022-6069<br> +1.212.848.4000 |

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March 20, 2023

The Board of Directors<br> Paramount Global<br> 1515 Broadway<br> New York, New York 10036

Paramount Global<br> <u>Registration Statement on Form S-3</u>

Ladies and Gentlemen:

We have acted as counsel to Paramount Global, a Delaware corporation (the "<u>Company</u>"), in connection with the preparation by the Company of a registration statement on Form S-3 (the "<u>Registration Statement</u>") being filed with the Securities and Exchange Commission (the "<u>Commission</u>") relating to the offering from time to time, pursuant to Rule 415 under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), by the Company or one or more selling security holders of (i) one or more series of debt securities of the Company (the "<u>Debt Securities</u>"), (ii) shares of the Company's preferred stock, par value $0.001 per share (the "<u>Preferred Stock</u>"), (iii) shares of the Company's class A common stock, par value $0.001 per share (the "<u>Class A Common Stock</u>"), (iv) shares of the Company's class B common stock, par value $0.001 per share (the "<u>Class B Common Stock</u>" and, together with the Class A Common Stock, the "<u>Common Stock</u>"), and (v) warrants for the purchase of the Company's debt securities or shares of Preferred Stock, Class A Common Stock or Class B Common Stock (the "<u>Warrants</u>" and, together with the Debt Securities, the Preferred Stock and the Common Stock, the "<u>Securities</u>"). The offering of the Securities will be as set forth in the prospectus forming part of the Registration Statement (the "<u>Prospectus</u>"), as supplemented by one or more supplements to the Prospectus.

The Debt Securities will be issued in one or more series pursuant to an indenture, dated as of March 27, 2020 (the "<u>Indenture</u>"), between the Company (formerly known as ViacomCBS Inc.) and Deutsche Bank Trust Company Americas, as trustee (the "<u>Trustee</u>"). The Warrants will be issued pursuant to one or more warrant agreements (each, a "<u>Warrant Agreement</u>"), each to be entered into between the Company and a financial institution identified therein as the warrant agent (each, a "<u>Warrant Agent</u>"). The Indenture, any Warrant Agreement, any Debt Securities and any Warrants are hereinafter referred to as the "<u>Opinion Documents</u>."

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|:---|
| **SHEARMAN.COM** |
| Shearman & Sterling LLP is a limited liability partnership organized in the United States under the laws of the state of Delaware, which laws limit the personal liability of partners. |

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| | |
|:---|:---|
| The Board of Directors of Paramount Global | March 20, 2023 |
| Page 2 | Page 2 |

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In that connection, we have reviewed originals or copies of the Registration Statement, the Indenture, the amended and restated certificate of incorporation and amended and restated bylaws of the Company, as amended through the date hereof, such other records of the Company, certificates of public officials and officers of the Company and agreements and other documents as we have deemed necessary as a basis for the opinions expressed below.

In our review of the Indenture and other documents, and otherwise for the purposes of this opinion, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The genuineness of all signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authenticity of the originals of the documents submitted to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The conformity to authentic originals of any documents submitted to us as copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) That each of the Opinion Documents is or will be the legal, valid and binding obligation of each party thereto, other than the Company, enforceable against each such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That the execution, delivery and performance by the Company of the Opinion Documents do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) result in any conflict with or breach of any agreement or document binding on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) That, except with respect to Generally Applicable Law, no authorization, approval, consent or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance by the Company of any Opinion Document or, if any such authorization, approval, consent, action, notice or filing is required, it has been duly obtained, taken, given or made and is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Registration Statement shall have become effective and such effectiveness shall not have been terminated or rescinded.

We have not independently established the validity of the foregoing assumptions.

"<u>Generally Applicable Law</u>" means the federal law of the United States of America, and the law of the State of New York (including in each case the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Company, the Opinion Documents or the transactions governed by the Opinion Documents, and, for purposes of assumption paragraphs (e) and (f) above and our opinions below, the General Corporation Law of the State of Delaware.

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| | |
|:---|:---|
| The Board of Directors of Paramount Global | March 20, 2023 |
| Page 3 | Page 3 |

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Without limiting the generality of the foregoing definition of Generally Applicable Law, the term "Generally Applicable Law" does not include any law, rule or regulation that is applicable to the Company, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.

Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company (a) has the corporate power to execute, deliver and perform the Indenture and (b) has taken all corporate action necessary to authorize the execution, delivery and performance of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Indenture has been duly executed and has been delivered by the Company, and is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When (i) the final terms of the Debt Securities have been duly established and approved by the Company, (ii) the Debt Securities have been duly authorized and (iii) the Debt Securities have been duly executed by the Company and authenticated by the Trustee in accordance with the Indenture and delivered to the purchasers thereof against payment of the consideration therefor duly approved by the Company, the Debt Securities will be the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms and entitled to the benefits of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. When (i) the final terms of the Preferred Stock have been duly established and approved by the Company in conformity with the Company's amended and restated certificate of incorporation, (ii) all corporate action necessary for issuance of the Preferred Stock has been taken, including the adoption and filing of a certificate of designations relating thereto, and (iii) certificates representing shares of the Preferred Stock have been duly executed by the Company and delivered to the purchasers thereof against payment of the consideration therefor (not less than the par value thereof) duly approved by the Company, such shares of Preferred Stock will be duly authorized, validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. When (i) the final terms of issuance and sale of the applicable shares of Common Stock have been duly approved by the Company in conformity with the Company's amended and restated certificate of incorporation, (ii) all corporate action necessary for issuance of the Common Stock has been taken and (iii) such shares of Common Stock are issued and delivered to the purchasers thereof against payment of the consideration therefor (not less than the par value thereof) duly approved by the Company, such shares of Common Stock will be duly authorized, validly issued, fully paid and non-assessable.

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| | |
|:---|:---|
| The Board of Directors of Paramount Global | March 20, 2023 |
| Page 4 | Page 4 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. When (i) the final terms of the Warrants have been duly established and approved by the Company, (ii) the Warrants and the applicable Warrant Agreement have been duly authorized, (iii) the applicable Warrant Agreement has been duly executed and delivered by the Company and duly authorized, executed and delivered by the applicable Warrant Agent and (iv) certificates representing the Warrants have been duly executed by the Company and countersigned by the applicable Warrant Agent in accordance with the applicable Warrant Agreement and delivered to the purchasers thereof against payment of the consideration therefor duly approved by the Company, the Warrants will be the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms and entitled to the benefits of the applicable Warrant Agreement, and the applicable Warrant Agreement will be the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

Our opinions expressed above are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Our opinions in paragraphs 2, 3 and 6 above are subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally (including without limitation all laws relating to fraudulent transfers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Our opinions in paragraphs 2, 3 and 6 above are also subject to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Our opinions are limited to Generally Applicable Law, and we do not express any opinion herein concerning any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any Debt Securities or Warrants denominated in a currency other than United States dollars, we express no opinion as to whether a court would award a judgment in a currency other than United States dollars.

This opinion letter is rendered to you in connection with the preparation and filing of the Registration Statement. This opinion letter may not be relied upon by you for any other purpose without our prior written consent.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.

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| | |
|:---|:---|
| The Board of Directors of Paramount Global | March 20, 2023 |
| Page 5 | Page 5 |

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We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the use of our name under the heading "Legal Matters" in the Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

/s/ Shearman & Sterling LLP

LN/rer/am/aw<br> HH

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of Paramount Global of our report dated February 16, 2023 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in Paramount Global's Annual Report on Form 10-K for the year ended December 31, 2022. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP<br> New York, New York<br> March 20, 2023

## Exhibit 24.1

**Exhibit 24.1**

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 14<sup>th</sup> day of March, 2023.

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| |
|:---|
| /s/ Candace K. Beinecke |
| **Candace K. Beinecke** |

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**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

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| |
|:---|
| /s/ Barbara M. Byrne |
| **Barbara M. Byrne** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 15<sup>th</sup> day of March, 2023.

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| |
|:---|
| /s/ Linda M. Griego |
| **Linda M. Griego** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Robert N. Klieger |
| **Robert N. Klieger** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Judith A. McHale |
| **Judith A. McHale** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 14<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Ronald L. Nelson |
| **Ronald L. Nelson** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 17<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Charles E. Phillips, Jr. |
| **Charles E. Phillips, Jr.** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Shari Redstone |
| **Shari Redstone** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 14<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Susan Schuman |
| **Susan Schuman** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Nicole Seligman |
| **Nicole Seligman** |

---

**PARAMOUNT GLOBAL**

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS that the undersigned director of PARAMOUNT GLOBAL, a Delaware corporation (the "Company"), hereby constitutes and appoints Christa A. D'Alimonte to be her/his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for her/him and in her/his name, place and stead, in any and all capacities, to sign or cause to be signed electronically the Company's Registration Statement on Form S-3 (the "Form S-3"), and any amendments thereto (including post-effective amendments), and any and all instruments and documents filed as part of or in connection with the Form S-3 or any amendment(s) thereto, registering, in each case, for offer and sale the securities of the Company specified in the Form S-3 and any and all documents relating to such securities, in each case to be filed with the Securities and Exchange Commission and/or any national securities exchange under the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the respective rules and regulations thereunder, as applicable, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as she/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her/his substitute or substitutes, shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, I have hereunto signed my name this 16<sup>th</sup> day of March, 2023.

---

| |
|:---|
| /s/ Frederick O. Terrell |
| **Frederick O. Terrell** |

---

## Exhibit 25.1

**Exhibit 25.1**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**<br> FORM T-1** 

**** 

<br> **STATEMENT OF ELIGIBILITY**

**UNDER THE TRUST INDENTURE ACT OF 1939**

**OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE**

**☐** **CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)**

**DEUTSCHE BANK TRUST COMPANY AMERICAS**

**(formerly BANKERS TRUST COMPANY)**

**(Exact name of trustee as specified in its charter)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**NEW YORK** | &nbsp;&nbsp;**13-4941247** |
| &nbsp;&nbsp;(Jurisdiction of Incorporation or | &nbsp;&nbsp;(I.R.S. Employer |
| &nbsp;&nbsp;organization if not a U.S. national bank) | &nbsp;&nbsp;Identification no.) |
| &nbsp;&nbsp;**One Columbus Circle** |  |
| &nbsp;&nbsp;**New York, New York** | &nbsp;&nbsp;**10019** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(Zip Code) |

---

**Deutsche Bank Trust Company Americas**

**Attention: Mirko Mieth**

**Legal Department**

**One Columbus Circle, 19<sup>th</sup> Floor**

**New York, New York 10019**

**(212) 250-1663**

(Name, address and telephone number of agent for service)

****

<br> **Paramount Global**

**(Exact name of obligor as specified in its charter)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**04-2949533** |
| &nbsp;&nbsp;(State or other jurisdiction of | &nbsp;&nbsp;(I.R.S. Employer |
| &nbsp;&nbsp;incorporation or organization) | &nbsp;&nbsp;Identification No.) |

---

---

| |
|:---|
| &nbsp;&nbsp; **1515 Broadway<br> New York, New York 10036**<br> **212-258-6000**<br> **(Address and telephone number of Registrant's principal executive offices)** |
| &nbsp;&nbsp;**____________________________** |
| &nbsp;&nbsp; ***Copies To:*<br> Lona Nallengara<br> Shearman & Sterling LLP**<br> **599 Lexington Avenue<br> New York, New York 10022<br>** <br>|

---

**Debt Securities**

(Title of the Indenture securities)

Item 1. General Information.

Furnish the following information as to the trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which it is subject.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Name</u>** | &nbsp;&nbsp;**<u>Address</u>** |
| &nbsp;&nbsp;Federal Reserve Bank (2nd District) | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;Federal Deposit Insurance Corporation | &nbsp;&nbsp;Washington, D.C. |
| &nbsp;&nbsp;New York State Banking Department | &nbsp;&nbsp;Albany, NY |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the Trustee, describe each such affiliation.

N/A

Item 3. - 15. Not Applicable

Item 16. List of Exhibits.

---

| | |
|:---|:---|
| **Exhibit 1 -** | &nbsp;&nbsp;Restated Organization Certificate of Bankers Trust Company dated August 31, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 18, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 3, 1999; and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated March 14, 2002, incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 2 -** | &nbsp;&nbsp;Certificate of Authority to commence business, incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 3 -** | &nbsp;&nbsp;Authorization of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 4 -** | &nbsp;&nbsp;Existing By-Laws of Deutsche Bank Trust Company Americas, dated March 2, 2022 (see attached). |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit 5 -** | &nbsp;&nbsp;Not applicable. |
| &nbsp;&nbsp;**Exhibit 6 -** | &nbsp;&nbsp;Consent of Bankers Trust Company required by Section 321(b) of the Act, incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-201810. |
| &nbsp;&nbsp;**Exhibit 7 -** | &nbsp;&nbsp;A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority (see attached). |
| &nbsp;&nbsp;**Exhibit 8 -** | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;**Exhibit 9 -** | &nbsp;&nbsp;Not Applicable. |

---

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on this 20<sup>th</sup> day of March, 2023.

---

| | |
|:---|:---|
| DEUTSCHE BANK TRUST COMPANY AMERICAS | DEUTSCHE BANK TRUST COMPANY AMERICAS |
| By: | /s/ Carol Ng |
|  | Name: Carol Ng |
|  | Title: Vice President |

---

**AMENDED AND RESTATED<br> BY-LAWS**

**OF**

**DEUTSCHE BANK TRUST COMPANY AMERICAS**

Article I

<u><br> STOCKHOLDERS</u>

<u>Section 1.01</u>. <u>Annual Meeting</u> . The annual meeting of the stockholders of Deutsche Bank Trust Company Americas (the "Company") shall be held in the City of New York within the State of New York within the first four months of the Company's fiscal year, on such date and at such time and place as the board of directors of the Company ("Board of Directors" or "Board") may designate in the call or in a waiver of notice thereof, for the purpose of electing directors and for the transaction of such other business as may properly be brought before the meeting.

<u>Section 1.02</u>. <u>Special Meetings</u>. Special meetings of the stockholders of the Company may be called by the Board of Directors or by the President, and shall be called by the President or by the Secretary upon the written request of the holders of record of at least twenty-five percent (25%) of the shares of stock of the Company issued and outstanding and entitled to vote, at such times. If for a period of thirteen months after the last annual meeting, there is a failure to elect a sufficient number of directors to conduct the business of the Company, the Board of Directors shall call a special meeting for the election of directors within two weeks after the expiration of such period; otherwise, holders of record of ten percent (10%) of the shares of stock of the Company entitled to vote in an election of directors may, in writing, demand the call of a special meeting at the office of the Company for the election of directors, specifying the date and month thereof, but not less than two nor more than three months from the date of such call. At any such special meeting called on demand of stockholders, the stockholders attending, in person or by proxy, and entitled to vote in an election of directors shall constitute a quorum for the purpose of electing directors, but not for the transaction of any other business.

<u>Section 1.03</u>. <u>Notice of Meetings</u>. Notice of the time, place and purpose of every meeting of stockholders shall be delivered personally or mailed not less than 10 nor more than 50 days before the date of such meeting (or any other action) to each stockholder of record entitled to vote, at his post office address appearing upon the records of the Company or at such other address as shall be furnished in writing by him to the Secretary of the Company for such purpose. Such further notice shall be given as may be required by law or by these By-Laws. Any meeting may be held without notice if all stockholders entitled to vote are present in person or by proxy, or if notice is waived in writing, either before or after the meeting, by those not present.

<u>Section 1.04</u>. <u>Quorum</u>. The holders of record of at least a majority of the shares of the stock of the Company issued and outstanding and entitled to vote, present in person or by proxy, shall, except as otherwise provided by law, by the Company's Organization Certificate or by these By-Laws, constitute a quorum at all meetings of the stockholders; if there be no such quorum, the holders of a majority of such shares so present or represented may adjourn the meeting from time to time until a quorum shall have been obtained.

<u>Section 1.05</u>. <u>Organization of Meetings</u>. Meetings of the stockholders shall be presided over by the Chairman of the Board or, if he is not present, by the President or, if he is not present, by a chairman to be chosen at the meeting. The Secretary of the Company, or in his absence an Assistant Secretary, shall act as secretary of the meeting, if present.

<u>Section 1.06</u>. <u>Voting</u>. At each meeting of stockholders, except as otherwise provided by statute, the Company's Organization Certificate or these By-Laws, every holder of record of stock entitled to vote shall be entitled to one vote in person or by proxy for each share of such stock standing in his name on the records of the Company. Elections of directors shall be determined by a plurality of the votes cast thereat and, except as otherwise provided by statute, the Company's Organization Certificate or these By-Laws, all other action shall be determined by a majority of the votes cast at such meeting.

At all elections of directors, the voting shall be by ballot or in such other manner as may be determined by the stockholders present in person or by proxy entitled to vote at such election.

<u>Section 1.07</u>. <u>Action by Consent</u>. Except as may otherwise be provided in the Company's Organization Certificate, any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting, without prior notice and without a vote if, prior to such action, a written consent or consents thereto, setting forth such action, is signed by all the holders of record of shares of the stock of the Company, issued and outstanding and entitled to vote thereon, having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

Article II

<u><br> DIRECTORS</u>

<u>Section 2.01</u>. <u>Chairman of the Board</u>. Following the election of the Board of Directors at each annual meeting, the elected Board shall appoint one of its members as Chairman. The Chairman of the Board shall preside at all meetings of the Board of Directors and of the stockholders, and he shall perform such other duties and have such other powers as from time to time may be prescribed by the Board of Directors.

<u>Section 2.02</u>. <u>Lead Independent Director</u>. Following the election of the Board of Directors at each annual meeting, the elected Board may appoint one of its independent members as its Lead Independent Director. When the Chairman of the Board is not present at a meeting of the Board of Directors, the Lead Independent Director, if there be one, shall preside.

<u>Section 2.03</u>. Director Emeritus. The Board of Directors may from time to time elect one or more Directors Emeritus. Each Director Emeritus shall be elected for a term expiring on the date of the regular meeting of the Board of Directors following the next annual meeting. No Director Emeritus shall be considered a "director" for purposes of these By-Laws or for any other purpose.

<u>Section 2.04</u>. <u>Powers, Number, Quorum, Term, Vacancies, Removal</u>. The business and affairs of the Company shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Company and do all such lawful acts and things as are not by statute or by the Company's Organization Certificate or by these By-Laws required to be exercised or done by the stockholders.

The number of directors may be changed by a resolution passed by a majority of the members of the Board of Directors or by a vote of the holders of record of at least a majority of the shares of stock of the Company issued and outstanding and entitled to vote, but at all times the Board of Directors must consist of not less than seven nor more than thirty directors. No more than one-third of the directors shall be active officers or employees of the Company. At least one-half of the directors must be citizens of the United States at the time of their election and during their continuance in office.

Except as otherwise required by law, rule or regulation, or by the Company's Organization Certificate, at all meetings of the Board of Directors or any committee thereof, a majority of the entire Board of Directors or a majority of the directors constituting such committee, as the case may be, shall constitute a quorum for the transaction of business and the act of a majority of the directors or committee members present at any meeting at which there is a quorum shall be the act of the Board of Directors, or such committee, as applicable. Any one or more members of the Board may participate in a meeting of the Board by means of a conference telephone or video, or other similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting. Whether or not a quorum shall be present at any meeting of the Board of Directors or a committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time; notice of the adjourned meeting shall be given to the directors who were not present at the time of the adjournment, but if the time and place of the adjourned meeting are announced, no additional notice shall be required to be given to the directors present at the time of adjournment.

Directors shall hold office until the next annual election and until their successors shall have been elected and shall have qualified. Director vacancies not exceeding one-third of the whole number of the Board of Directors may be filled by the affirmative vote of a majority of the directors then in office, and the directors so elected shall hold office for the balance of the unexpired term.

Any one or more of the directors of the Company may be removed either with or without cause at any time by a vote of the holders of record of at least a majority of the shares of stock of the Company, issued and outstanding and entitled to vote, and thereupon the term of the director or directors who shall have been so removed shall forthwith terminate and there shall be a vacancy or vacancies in the Board of Directors, to be filled by a vote of the stockholders as provided in these By-Laws.

<u>Section 2.05</u>. <u>Meetings, Notice</u>. Meetings of the Board of Directors shall be held at such place either within or without the State of New York, as may from time to time be fixed by resolution of the Board, or as may be specified in the call or in a waiver of notice thereof. Regular meetings of the Board of Directors and its Executive Committee shall be held as often as may be required under applicable law, and special meetings may be held at any time upon the call of two directors, the Chairman of the Board or the President, by oral, telegraphic or written notice duly served on or sent or mailed to each director not less than two days before such meeting. Any meeting may be held without notice, if all directors are present, or if notice is waived in writing, either before or after the meeting, by those not present.

<u>Section 2.06</u>. <u>Compensation</u>. The Board of Directors may determine, from time to time, the amount of compensation, which shall be paid to its members. The Board of Directors shall also have power, in its discretion, to allow a fixed sum and expenses for attendance at each regular or special meeting of the Board, or of any committee of the Board. The Board of Directors shall also have power, in its discretion, to provide for and pay to directors rendering services to the Company not ordinarily rendered by directors, as such, special compensation appropriate to the value of such services, as determined by the Board from time to time.

Article III

<u><br> COMMITTEES</u>

<u>Section 3.01</u>. <u>Executive Committee</u>. There shall be an Executive Committee of the Board who shall be appointed annually by resolution adopted by the majority of the entire Board of Directors. The Chairman of the Board shall preside at meetings of the Executive Committee. In his absence, the Chief Executive Officer or, in his absence, the President or any Co-President or, in their absence, such other member of the Executive Committee as the Executive Committee from time to time may designate shall preside at such meetings.

<u>Section 3.02</u>. <u>Audit and Fiduciary Committee</u>. There shall be an Audit and Fiduciary Committee appointed annually by resolution adopted by a majority of the entire Board of Directors which shall consist of such number of independent directors, as may from time to time be fixed by the Audit and Fiduciary Committee charter adopted by the Board of Directors.

<u>Section 3.03</u>. <u>Other Committees</u>. The Board of Directors shall have the power to appoint any other Committees as may seem necessary, and from time to time to suspend or continue the powers and duties of such Committees. Each Committee appointed pursuant to this Article shall serve at the pleasure of the Board of Directors.

<u>Section 3.04</u>. <u>Limitations</u>. No committee shall have the authority as to the following matters: (i) the submission to stockholders of any action that needs stockholders' authorization under New York Banking Law; (ii) the filling of vacancies in the Board of Directors or in any such committee; (iii) the fixing of compensation of the directors for serving on the Board of Directors or on any committee; (iv) the amendment or repeal of these By-Laws, or the adoption of new by-laws; (v) the amendment or repeal of any resolution of the Board of Directors which by its terms shall not be so amendable or repealable; or (vi) the taking of action which is expressly required by any provision of New York Banking Law to be taken at a meeting of the Board of Directors or by a specified proportion of the directors.

Article IV

<u><br> OFFICERS</u>

<u>Section 4.01</u>. <u>Titles and Election</u>. The officers of the Company, who shall be chosen by the Board of Directors within twenty-five days after each annual meeting of stockholders, shall be a President, Chief Executive Officer, Chief Risk Officer, Chief Financial Officer, Treasurer, Secretary, and a General Auditor. The Board of Directors from time to time may elect one or more Managing Directors, Directors, Vice Presidents, Assistant Secretaries, Assistant Treasurers and such other officers and agents as it shall deem necessary, and may define their powers and duties. Any number of offices may be held by the same person, except the offices of President and Secretary.

<u>Section 4.02</u>. <u>Terms of Office</u>. Each officer shall hold office for the term for which he is elected or appointed, and until his successor has been elected or appointed and qualified.

<u>Section 4.03</u>. <u>Removal</u>. Any officer may be removed, either with or without cause, at any time, by the affirmative vote of a majority of the Board of Directors.

<u>Section 4.04</u>. <u>Resignations</u>. Any officer may resign at any time by giving written notice to the Board of Directors or to the Secretary. Such resignation shall take effect at the time specified therein and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

<u>Section 4.05</u>. <u>Vacancies</u>. If the office of any officer or agent becomes vacant by reason of death, resignation, retirement, disqualification, removal from office or otherwise, the Board of Directors may choose a successor, who shall hold office for the unexpired term in respect of which such vacancy occurred.

<u>Section 4.06</u>. <u>President</u>. The President shall have general authority to exercise all the powers necessary for the President of the Company. In the absence of the Chairman and the Lead Independent Director, the President shall preside at all meetings of the Board of Directors and of the stockholders. The President shall have the power to execute bonds, mortgages and other contracts, agreements and instruments of the Company, and he shall perform such other duties and have such other powers as may be incident to the office of the president of a corporation and as from time to time may otherwise be prescribed by the Board of Directors.

<u>Section 4.07</u>. <u>Chief Executive Officer</u>. Unless otherwise determined by the Board of Directors, the President shall be the Chief Executive Officer of the Company. The Chief Executive Officer shall exercise the powers and perform the duties usual to the chief executive officer and, subject to the control of the Board of Directors, shall have general management and control of the affairs and business of the Company; he shall appoint and discharge employees and agents of the Company (other than officers elected by the Board of Directors); he shall see that all orders and resolutions of the Board of Directors are carried into effect; he shall have the power to execute bonds, mortgages and other contracts, agreements and instruments of the Company, and he shall perform such other duties and have such other powers as may be incident to the office of the chief executive officer of a corporation and as from time to time may otherwise be prescribed by the Board of Directors.

<u>Section 4.08</u>. <u>Chief Risk Officer</u>. The Chief Risk Officer shall have the responsibility for the risk management and monitoring of the Company. The Chief Risk Officer shall have the power to execute bonds, notes, mortgages and other contracts, agreements and instruments of the Company, and he shall perform such other duties and have such other powers as may be incident to his office and as from time to time may otherwise be prescribed by the Board of Directors.

<u>Section 4.09</u>. <u>Chief Financial Officer</u>. The Chief Financial Officer shall have the responsibility for reporting to the Board of Directors on the financial condition of the Company, preparing and submitting all financial reports required by applicable law, and preparing annual financial statements of the Company and coordinating with qualified third party auditors to ensure such financial statements are audited in accordance with applicable law.

<u>Section 4.10</u>. <u>Treasurer</u>. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys, and other valuable effects in the name and to the credit of the Company, in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the directors whenever they may require it an account of all his transactions as Treasurer and of the financial condition of the Company.

<u>Section 4.11</u>. <u>Secretary</u>. The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of proceedings in records or books to be kept for that purpose. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors and shall perform such other duties and have such other powers as may be incident to the office of the secretary of a corporation and as from time to time may otherwise be prescribed by the Board of Directors. The Secretary shall have and be the custodian of the stock records and all other books, records and papers of the Company (other than financial) and shall see that all books, reports, statements, certificates and other documents and records required by law are properly kept and filed.

<u>Section 4.12</u>. <u>General Auditor</u>. The General Auditor shall be responsible, through the Audit and Fiduciary Committee, to the Board of Directors for the determination of the program of the internal audit function and the evaluation of the adequacy of the system of internal controls. Subject to the Board of Directors, the General Auditor shall have and may exercise all the powers and shall perform all the duties usual to such office and shall have such other powers as may be prescribed or assigned to him from time to time by the Board of Directors or vested in him by law or by these By-Laws. He shall perform such other duties and shall make such investigations, examinations and reports as may be prescribed or required by the Audit and Fiduciary Committee. The General Auditor shall have unrestricted access to all records and premises of the Company and shall delegate such authority to his subordinates. He shall have the duty to report to the Audit and Fiduciary Committee on all matters concerning the internal audit program and the adequacy of the system of internal controls of the Company which he deems advisable or which the Audit and Fiduciary Committee may request.

<u>Section 4.13</u>. <u>Managing Directors, Directors and Vice Presidents</u>. If chosen, the Managing Directors, Directors and Vice Presidents, in the order of their seniority, shall, in the absence or disability of the President, exercise all of the powers and duties of the President. Such Managing Directors, Directors and Vice Presidents shall have the power to execute bonds, notes, mortgages and other contracts, agreements and instruments of the Company, and they shall perform such other duties and have such other powers as may be incident to their respective offices and as from time to time may be prescribed by the Board of Directors or the President.

<u>Section 4.14</u>. <u>Duties of Officers may be Delegated</u>. In case of the absence or disability of any officer of the Company, or for any other reason that the Board may deem sufficient, the Board may delegate, for the time being, the powers or duties, or any of them, of such officer to any other officer.

Article V

<u><br> INDEMNIFICATION OF DIRECTORS, OFFICERS AND OTHERS</u>

<u>Section 5.01</u>. <u>Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Company</u>. Subject to the other provisions of this Article V, and subject to applicable law, the Company shall indemnify any person made or threatened to be made a party to an action or proceeding (other than one by or in the right of the Company to procure a judgment in its favor), whether civil or criminal, including an action by or in the right of any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise, which any director or officer of the Company served in any capacity at the request of the Company, by reason of the fact that such person, his or her testator or intestate, was a director or officer of the Company, or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, if such director or officer acted, in good faith, for a purpose which such person reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the Company, and had no reasonable cause to believe that such person's conduct was unlawful.

<u>Section 5.02</u>. <u>Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Company</u>. Subject to the other provisions of this Article V, and subject to applicable law, the Company shall indemnify any person made, or threatened to be made, a party to an action by or in the right of the Company to procure a judgment in its favor by reason of the fact that such person, his or her testator or intestate, is or was a director or officer of the Company, or is or was serving at the request of the Company as a director or officer of any other corporation of any type or kind, domestic or foreign, of any partnership, joint venture, trust, employee benefit plan or other enterprise, against amounts paid in settlement and reasonable expenses, including attorneys' fees, actually and necessarily incurred by such person in connection with the defense or settlement of such action, or in connection with an appeal therein, if such director or officer acted, in good faith, for a purpose which he reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the Company, except that no indemnification under this Section 5.02 shall be made in respect of (a) a threatened action, or a pending action which is settled or otherwise disposed of, or (b) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless and only to the extent that the court in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines upon application that, in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such portion of the settlement amount and expenses as the court deems proper.

<u>Section 5.03</u>. <u>Authorization of Indemnification</u>. Any indemnification under this Article V (unless ordered by a court) shall be made by the Company only if authorized in the specific case (i) by the Board acting by a quorum consisting of directors who are not parties to such action or proceeding upon a finding that the director or officer has met the standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be; or (ii) if a quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs, (x) by the Board upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because the applicable standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be, has been met by such director or officer; or (y) by the stockholders upon a finding that the director or officer has met the applicable standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be. A person who has been successful on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character described in Sections 5.01 or 5.02, shall be entitled to indemnification as authorized in such section.

<u>Section 5.04</u>. <u>Good Faith Defined</u>. For purposes of any determination under Section 5.03, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company, or to have had no reasonable cause to believe such person's conduct was unlawful, if such person's action is based on the records or books of account of the Company or another enterprise, or on information supplied to such person by the officers of the Company or another enterprise in the course of their duties, or on the advice of legal counsel for the Company or another enterprise or on information or records given or reports made to the Company or another enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or another enterprise. The provisions of this Section 5.04 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be.

<u>Section 5.05</u>. <u>Serving an Employee Benefit Plan on behalf of the Company</u>. For the purpose of this Article V, the Company shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Company also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; excise taxes assessed on a person with respect to an employee benefit plan pursuant to applicable law shall be considered fines; and action taken or omitted by a person with respect to an employee benefit plan in the performance of such person's duties for a purpose reasonably believed by such person to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Company.

<u>Section 5.06</u>. <u>Indemnification upon Application to a Court</u>. Notwithstanding the failure of the Company to provide indemnification and despite any contrary resolution of the Board or stockholders under Section 5.03, or in the event that no determination has been made within ninety days after receipt of the Company of a written claim therefor, upon application to a court by a director or officer, indemnification shall be awarded by a court to the extent authorized in Section 5.01 or Section 5.02. Such application shall be upon notice to the Company. Neither a contrary determination in the specific case under Section 5.03 nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct.

<u>Section 5.07</u>. <u>Expenses Payable in Advance</u>. Subject to the other provisions of this Article V, and subject to applicable law, expenses incurred in defending a civil or criminal action or proceeding may be paid by the Company in advance of the final disposition of such action or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount (i) if it shall ultimately be determined that such person is not entitled to be indemnified by the Company as authorized in this Article V, (ii) where indemnification is granted, to the extent expenses so advanced by the Company or allowed by a court exceed the indemnification to which such person is entitled and (iii) upon such other terms and conditions, if any, as the Company deems appropriate. Any such advancement of expenses shall be made in the sole and absolute discretion of the Company only as authorized in the specific case upon a determination made, with respect to a person who is a director or officer at the time of such determination, (i) by the Board acting by a quorum consisting of directors who are not parties to such action or proceeding, or (ii) if a quorum is not obtainable or, even if obtainable, if a quorum of disinterested directors so directs, (x) by the Board upon the opinion in writing of independent legal counsel or (y) by the stockholders and, with respect to former directors and officers, by any person or persons having the authority to act on the matter on behalf of the Company. Without limiting the foregoing, the Company reserves the right in its sole and absolute discretion to revoke at any time any approval previously granted in respect of any such request for the advancement of expenses or to, in its sole and absolute discretion, impose limits or conditions in respect of any such approval.

<u>Section 5.08</u>. <u>Nonexclusivity of Indemnification and Advancement of Expenses</u>. The indemnification and advancement of expenses granted pursuant to, or provided by, this Article V shall not be deemed exclusive of any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled whether contained in the Company's Organization Certificate, these By-Laws or, when authorized by the Organization Certificate or these By-Laws, (i) a resolution of stockholders, (ii) a resolution of directors, or (iii) an agreement providing for such indemnification, provided that no indemnification may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Nothing contained in this Article V shall affect any rights to indemnification to which corporate personnel other than directors and officers may be entitled by contract or otherwise under law.

<u>Section 5.09</u>. <u>Insurance</u>. Subject to the other provisions of this Article V, the Company may purchase and maintain insurance (in a single contract or supplement thereto, but not in a retrospective rated contract): (i) to indemnify the Company for any obligation which it incurs as a result of the indemnification of directors and officers under the provisions of this Article V, (ii) to indemnify directors and officers in instances in which they may be indemnified by the Company under the provisions of this Article V and applicable law, and (iii) to indemnify directors and officers in instances in which they may not otherwise be indemnified by the Company under the provisions of this Article V, provided the contract of insurance covering such directors and officers provides, in a manner acceptable to the New York Superintendent of Financial Services, for a retention amount and for co-insurance. Notwithstanding the foregoing, any such insurance shall be subject to the provisions of, and the Company shall comply with the requirements set forth in, Section 7023 of the New York State Banking Law.

<u>Section 5.10</u>. <u>Limitations on Indemnification and Insurance</u>. All indemnification and insurance provisions contained in this Article V are subject to any limitations and prohibitions under applicable law, including but not limited to Section 7022 (with respect to indemnification, advancement or allowance) and Section 7023 (with respect to insurance) of the New York State Banking Law and the Federal Deposit Insurance Act (with respect to administrative proceedings or civil actions initiated by any federal banking agency). Notwithstanding anything contained in this Article V to the contrary, no indemnification, advancement or allowance shall be made (i) to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled, or (ii) in any circumstance where it appears (a) that the indemnification would be inconsistent with a provision of the Company's Organization Certificate, these By-Laws, a resolution of the Board or of the stockholders, an agreement or other proper corporate action, in effect at the time of the accrual of the alleged cause of action asserted in the threatened or pending action or proceeding in which the expenses were incurred or other amounts were paid, which prohibits or otherwise limits indemnification; or (b) if there has been a settlement approved by the court, that the indemnification would be inconsistent with any condition with respect to indemnification expressly imposed by the court in approving the settlement.

Notwithstanding anything contained in this Article V to the contrary, but subject to any requirements of applicable law, (i) except for proceedings to enforce rights to indemnification (which shall be governed by Section 5.06), the Company shall not be obligated to indemnify any director or officer (or his testators intestate) or advance expenses in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Company, (ii) with respect to indemnification or advancement of expenses relating to attorneys' fees under this Article V, counsel for the present or former director or officer must be reasonably acceptable to the Company (and the Company may, in its sole and absolute discretion, establish a panel of approved law firms for such purpose, out of which the present or former director or officer could be required to select an approved law firm to represent him), (iii) indemnification in respect of amounts paid in settlement shall be subject to the prior consent of the Company (not to be unreasonably withheld), (iv) any and all obligations of the Corporation under this Article V shall be subject to applicable law, (v) in no event shall any payments pursuant to this Article V be made if duplicative of any indemnification or advancement of expenses or other reimbursement available to the applicable director or officer (other than for coverage maintained by such person in his individual capacity), and (vi) no indemnification or advancement of expenses shall be provided under these By-Laws to any person in respect of any expenses, judgments, fines or amounts paid in settlement to the extent incurred by such person in his capacity or position with another entity (including, without limitation, an entity that is a stockholder of the Company or any of the branches or affiliates of such stockholder), except as expressly provided in these By-Laws in respect of such person's capacity and position as a director or officer of the Company or such person is a director or officer of the Company serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

<u>Section 5.11</u>. <u>Indemnification of Other Persons</u>. The Company may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement of expenses (whether pursuant to an adoption of a policy or otherwise) to employees and agents of the Company (whether similar to those conferred in this Article V upon directors and officers of the Company or on other terms and conditions authorized from time to time by the Board of Directors), as well as to employees of direct and indirect subsidiaries of the Company and to other persons (or categories of persons) approved from time to time by the Board of Directors.

<u>Section 5.12</u>. <u>Repeal</u>. Any repeal or modification of this Article V shall not adversely affect any rights to indemnification and to the advancement of expenses of a director, officer, employee or agent of the Company existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification.

Article VI

<u><br> CAPITAL STOCK</u>

<u>Section 6.01</u>. <u>Certificates</u>. The interest of each stockholder of the Company shall be evidenced by certificates for shares of stock in such form as the Board of Directors may from time to time prescribe. The certificates of stock shall be signed by the Chairman of the Board or the President or a Managing Director or a Director or a Vice President and by the Secretary, or the Treasurer, or an Assistant Secretary, or an Assistant Treasurer, sealed with the seal of the Company or a facsimile thereof, and countersigned and registered in such manner, if any, as the Board of Directors may by resolution prescribe. Where any such certificate is countersigned by a transfer agent other than the Company or its employee, or registered by a registrar other than the Company or its employee, the signature of any such officer may be a facsimile signature. In case any officer or officers who shall have signed, or whose facsimile signature or signatures shall have been used on, any such certificate or certificates shall cease to be such officer or officers of the Company, whether because of death, resignation, retirement, disqualification, removal or otherwise, before such certificate or certificates shall have been delivered by the Company, such certificate or certificates may nevertheless be adopted by the Company and be issued and delivered as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures shall have been used thereon had not ceased to be such officer or officers of the Company.

<u>Section 6.02</u>. <u>Transfer</u>. The shares of stock of the Company shall be transferred only upon the books of the Company by the holder thereof in person or by his attorney, upon surrender for cancellation of certificates for the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Company or its agents may reasonably require.

<u>Section 6.03</u>. <u>Record Dates</u>. The Board of Directors may fix in advance a date, not less than 10 nor more than 50 days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the distribution or allotment of any rights, or the date when any change, conversion or exchange of capital stock shall go into effect, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any such dividend, or to receive any distribution or allotment of such rights, or to exercise the rights in respect of any such change, conversion or exchange of capital stock, and in such case only such stockholders as shall be stockholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend, or to receive such distribution or allotment or rights or to exercise such rights, as the case may be, notwithstanding any transfer of any stock on the books of the Company after any such record date fixed as aforesaid.

<u>Section 6.04</u>. <u>Lost Certificates</u>. In the event that any certificate of stock is lost, stolen, destroyed or mutilated, the Board of Directors may authorize the issuance of a new certificate of the same tenor and for the same number of shares in lieu thereof. The Board may in its discretion, before the issuance of such new certificate, require the owner of the lost, stolen, destroyed or mutilated certificate or the legal representative of the owner to make an affidavit or affirmation setting forth such facts as to the loss, destruction or mutilation as it deems necessary and to give the Company a bond in such reasonable sum as it directs to indemnify the Company.

Article VII

<u><br> CHECKS, NOTES, ETC.</u>

<u>Section 7.01</u>. <u>Checks, Notes, Etc.</u> All checks and drafts on the Company's bank accounts and all bills of exchange and promissory notes, and all acceptances, obligations and other instruments for the payment of money, may be signed by the President or any Managing Director or any Director or any Vice President and may also be signed by such other officer or officers, agent or agents, as shall be thereunto authorized from time to time by the Board of Directors.

Article VIII

<u><br> MISCELLANEOUS PROVISIONS</u>

<u>Section 8.01</u>. <u>Fiscal Year</u>. The fiscal year of the Company shall be from January 1 to December 31, unless changed by the Board of Directors.

<u>Section 8.02</u>. <u>Books</u>. There shall be kept at such office of the Company as the Board of Directors shall determine, within or without the State of New York, correct books and records of account of all its business and transactions, minutes of the proceedings of its stockholders, Board of Directors and committees, and the stock book, containing the names and addresses of the stockholders, the number of shares held by them, respectively, and the dates when they respectively became the owners of record thereof, and in which the transfer of stock shall be registered, and such other books and records as the Board of Directors may from time to time determine.

<u>Section 8.03</u>. <u>Voting of Stock</u>. Unless otherwise specifically authorized by the Board of Directors, all stock owned by the Company, other than stock of the Company, shall be voted, in person or by proxy, by the President or any Managing Director or any Director or any Vice President of the Company on behalf of the Company.

Article IX

<u><br> AMENDMENTS</u>

<u>Section 9.01</u>. <u>Amendments</u>. The vote of the holders of at least a majority of the shares of stock of the Company issued and outstanding and entitled to vote shall be necessary at any meeting of stockholders to amend or repeal these By-Laws or to adopt new by-laws. These By-Laws may also be amended or repealed, or new by-laws adopted, at any meeting of the Board of Directors by the vote of at least a majority of the entire Board, provided that any by-law adopted by the Board may be amended or repealed by the stockholders in the manner set forth above.

Any proposal to amend or repeal these By-Laws or to adopt new by-laws shall be stated in the notice of the meeting of the Board of Directors or the stockholders or in the waiver of notice thereof, as the case may be, unless all of the directors or the holders of record of all of the shares of stock of the Company issued and outstanding and entitled to vote are present at such meeting.

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| &nbsp;&nbsp;**DEUTSCHE BANK TRUST COMPANY AMERICAS<br> 00623<br> New York, NY 10019** | Board of Governors of the Federal Reserve System<br> Federal Deposit Insurance Corporation<br> Office of the Comptroller of the Currency | OMB Number 7100-0036<br> OMB Number 3064-0052<br> OMB Number 1557-0081<br> Approval expires December 31, 2024<br> Page 1 of 87 |

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| &nbsp;&nbsp;**Federal Financial Institutions Examination Council** | &nbsp;&nbsp;**Federal Financial Institutions Examination Council** | &nbsp;&nbsp;**Federal Financial Institutions Examination Council** |
|  | **Consolidated Reports of Condition and Income for<br> a Bank with Domestic Offices Only—FFIEC 041** | **Consolidated Reports of Condition and Income for<br> a Bank with Domestic Offices Only—FFIEC 041** |
| &nbsp;&nbsp;**Report at the close of business December 31, 2022** | &nbsp;&nbsp;**Report at the close of business December 31, 2022** | &nbsp;&nbsp; <u>20221231</u> |
|  |  | &nbsp;&nbsp;&nbsp; (RCON 9999) |
| &nbsp;&nbsp; This report is required by law: 12 U.S.C. § 324 (State member banks); 12 U.S.C. §1817 (State nonmember banks); 12 U.S.C. §161 (National banks); and 12 U.S.C. §1464 (Savings associations).<br> Unless the context indicates otherwise, the term "bank" in this report form refers to both banks and savings associations. | &nbsp;&nbsp; This report is required by law: 12 U.S.C. § 324 (State member banks); 12 U.S.C. §1817 (State nonmember banks); 12 U.S.C. §161 (National banks); and 12 U.S.C. §1464 (Savings associations).<br> Unless the context indicates otherwise, the term "bank" in this report form refers to both banks and savings associations. | &nbsp;&nbsp;This report form is to be filed by banks with domestic offices only and total consolidated assets of less than $100 billion, except those banks that file the FFIEC 051, and those banks that are advanced approaches institutions for regulatory capital purposes that are required to file the FFIEC 031. |
| &nbsp;&nbsp; NOTE: Each bank's board of directors and senior management are responsible for establishing and maintaining an effective system of internal control, including controls over the Reports of Condition and Income. The Reports of Condition and Income are to be prepared in accordance with federal regulatory authority instructions. The Reports of Condition and Income must be signed by the Chief Financial Officer (CFO) of the reporting bank (or by the individual performing an equivalent function) and attested to by not less than two directors (trustees) for state nonmember banks and three directors for state member banks, national banks, and savings associations.<br> I, the undersigned CFO (or equivalent) of the named bank, attest that the Reports of Condition and Income (including the supporting schedules) for | &nbsp;&nbsp; NOTE: Each bank's board of directors and senior management are responsible for establishing and maintaining an effective system of internal control, including controls over the Reports of Condition and Income. The Reports of Condition and Income are to be prepared in accordance with federal regulatory authority instructions. The Reports of Condition and Income must be signed by the Chief Financial Officer (CFO) of the reporting bank (or by the individual performing an equivalent function) and attested to by not less than two directors (trustees) for state nonmember banks and three directors for state member banks, national banks, and savings associations.<br> I, the undersigned CFO (or equivalent) of the named bank, attest that the Reports of Condition and Income (including the supporting schedules) for | &nbsp;&nbsp; this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true and correct to the best of my knowledge and belief.<br> We, the undersigned directors (trustees), attest to the correctness of the Reports of Condition and Income (including the supporting schedules) for this report date and declare that the Reports of Condition and Income have been examined by us and to the best of our knowledge and belief have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true and correct. |
|  |  | &nbsp;&nbsp;&nbsp;Director (Trustee) |
| &nbsp;&nbsp;&nbsp;Signature of Chief Financial Officer (or Equivalent)<br> **01/30/2023** | &nbsp;&nbsp;&nbsp;Signature of Chief Financial Officer (or Equivalent)<br> **01/30/2023** | &nbsp;&nbsp;&nbsp;Director (Trustee) |
| &nbsp;&nbsp;Date of Signature | &nbsp;&nbsp;Date of Signature | &nbsp;&nbsp;&nbsp;Director (Trustee) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Submission of Reports**<br> Each bank must file its Reports of Condition and Income (Call Report) data by either:<br> (a) Using computer software to prepare its Call Report and then submitting the report data directly to the FFIEC's Central Data Repository (CDR), an Internet-based system for data collection (https://cdr.ffiec.gov/cdr/), or<br> (b) Completing its Call Report in paper form and arranging with a software vendor or another party to convert the data into the electronic format that can be processed by the CDR. The software vendor or other party then must electronically submit the bank's data file to the CDR.<br> For technical assistance with submissions to the CDR, please contact the CDR Help Desk by telephone at (888) CDR-3111, by fax at (703) 774-3946, or by e-mail at cdr.help@cdr.ffiec.gov.<br> FDIC Certificate Number ![Text Box: 623](image_004.jpg)<br> (RSSD 9050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Submission of Reports**<br> Each bank must file its Reports of Condition and Income (Call Report) data by either:<br> (a) Using computer software to prepare its Call Report and then submitting the report data directly to the FFIEC's Central Data Repository (CDR), an Internet-based system for data collection (https://cdr.ffiec.gov/cdr/), or<br> (b) Completing its Call Report in paper form and arranging with a software vendor or another party to convert the data into the electronic format that can be processed by the CDR. The software vendor or other party then must electronically submit the bank's data file to the CDR.<br> For technical assistance with submissions to the CDR, please contact the CDR Help Desk by telephone at (888) CDR-3111, by fax at (703) 774-3946, or by e-mail at cdr.help@cdr.ffiec.gov.<br> FDIC Certificate Number ![Text Box: 623](image_004.jpg)<br> (RSSD 9050) | &nbsp;&nbsp;&nbsp;To fulfill the signature and attestation requirement for the Reports of Condition and Income for this report date, attach your bank's completed signature page (or a photocopy or a computer generated version of this page) to the hard-copy record of the data file submitted to the CDR that your bank must place in its files.<br> The appearance of your bank's hard-copy record of the submitted data file need not match exactly the appearance of the FFIEC's sample report forms, but should show at least the caption of each Call Report item and the reported amount.<br> **<u>DEUTSCHE BANK TRUST COMPANY AMERICAS</u>** <br> Legal Title of Bank (RSSD 9017)<br>**<u>New York</u>** <br> City (RSSD 9130)<br> **<u>NY</u> <u>10019</u>** <br> State Abbreviation (RSSD 9200) Zip Code (RSSD 9220)<br> Legal Entity Identifier (LEI)<br> ![Text Box: 8EWQ2UQKS07AKK8ANH81](image_005.jpg)<br> (Report only if your institution already has an LEI.) (RCON 9224) |
| &nbsp;&nbsp;&nbsp;The estimated average burden associated with this information collection is 55.53 hours per respondent and is expected to vary by institution, depending on individual circumstances. Burden estimates include the time for reviewing instructions, gathering and maintaining data in the required form, and completing the information collection, but exclude the time for compiling and maintaining business records in the normal course of a respondent's activities. A Federal agency may not conduct or sponsor, and an organization (or a person) is not required to respond to a collection of information, unless it displays a currently valid OMB control number. Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be directed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503, and to one of the following: Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551; Legislative and Regulatory Analysis Division, Office of the Comptroller of the Currency, Washington, DC 20219; Assistant Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429. | &nbsp;&nbsp;&nbsp;The estimated average burden associated with this information collection is 55.53 hours per respondent and is expected to vary by institution, depending on individual circumstances. Burden estimates include the time for reviewing instructions, gathering and maintaining data in the required form, and completing the information collection, but exclude the time for compiling and maintaining business records in the normal course of a respondent's activities. A Federal agency may not conduct or sponsor, and an organization (or a person) is not required to respond to a collection of information, unless it displays a currently valid OMB control number. Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be directed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503, and to one of the following: Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551; Legislative and Regulatory Analysis Division, Office of the Comptroller of the Currency, Washington, DC 20219; Assistant Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429. | &nbsp;&nbsp;&nbsp;The estimated average burden associated with this information collection is 55.53 hours per respondent and is expected to vary by institution, depending on individual circumstances. Burden estimates include the time for reviewing instructions, gathering and maintaining data in the required form, and completing the information collection, but exclude the time for compiling and maintaining business records in the normal course of a respondent's activities. A Federal agency may not conduct or sponsor, and an organization (or a person) is not required to respond to a collection of information, unless it displays a currently valid OMB control number. Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be directed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503, and to one of the following: Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551; Legislative and Regulatory Analysis Division, Office of the Comptroller of the Currency, Washington, DC 20219; Assistant Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429. |
|  |  | 12/2022 |

---

**DEUTSCHE BANK TRUST COMPANY AMERICAS<br> 00623<br> New York, NY 10019**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; FFIEC 041<br> Page 17 of 87<br> RC-1 |
| &nbsp;&nbsp;**Consolidated Report of Condition for Insured Banks<br> and Savings Associations for December 31, 2022** |
| All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. |
| &nbsp;&nbsp;&nbsp;**Schedule RC—Balance Sheet** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Dollar Amounts in Thousands | Dollar Amounts in Thousands | Dollar Amounts in Thousands | RCON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |  |
| Assets | Assets | Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;1. Cash and balances due from depository institutions (from Schedule RC-A): | &nbsp;&nbsp;&nbsp;1. Cash and balances due from depository institutions (from Schedule RC-A): | &nbsp;&nbsp;&nbsp;1. Cash and balances due from depository institutions (from Schedule RC-A): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Noninterest-bearing balances and currency and coin (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Noninterest-bearing balances and currency and coin (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Noninterest-bearing balances and currency and coin (1) | 0081 | 25000 | &nbsp;&nbsp;&nbsp;1.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest-bearing balances (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest-bearing balances (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest-bearing balances (2) | 0071 | 16031000 | &nbsp;&nbsp;&nbsp;1.b. |
| &nbsp;&nbsp;&nbsp;2. Securities: | &nbsp;&nbsp;&nbsp;2. Securities: | &nbsp;&nbsp;&nbsp;2. Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Held-to-maturity securities (from Schedule RC-B, column A) (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Held-to-maturity securities (from Schedule RC-B, column A) (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Held-to-maturity securities (from Schedule RC-B, column A) (3) | JJ34 | 0 | &nbsp;&nbsp;&nbsp;2.1. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Available-for-sale debt securities (from Schedule RC-B, column D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Available-for-sale debt securities (from Schedule RC-B, column D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Available-for-sale debt securities (from Schedule RC-B, column D) | 1773 | 708000 | &nbsp;&nbsp;&nbsp;2.b. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Equity securities with readily determinable fair values not held for trading (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Equity securities with readily determinable fair values not held for trading (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Equity securities with readily determinable fair values not held for trading (4) | JA22 | 5000 | &nbsp;&nbsp;&nbsp;2.c. |
| &nbsp;&nbsp;&nbsp;3. Federal funds sold and securities purchased under agreements to resell: | &nbsp;&nbsp;&nbsp;3. Federal funds sold and securities purchased under agreements to resell: | &nbsp;&nbsp;&nbsp;3. Federal funds sold and securities purchased under agreements to resell: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds sold | B987 | 0 | &nbsp;&nbsp;&nbsp;3.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities purchased under agreements to resell (5, 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities purchased under agreements to resell (5, 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities purchased under agreements to resell (5, 6) | B989 | 5918000 | &nbsp;&nbsp;&nbsp;3.b. |
| &nbsp;&nbsp;&nbsp;4. Loans and lease financing receivables (from Schedule RC-C): | &nbsp;&nbsp;&nbsp;4. Loans and lease financing receivables (from Schedule RC-C): | &nbsp;&nbsp;&nbsp;4. Loans and lease financing receivables (from Schedule RC-C): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Loans and leases held for sale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Loans and leases held for sale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Loans and leases held for sale |  |  | &nbsp;&nbsp;&nbsp;4.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Loans and leases held for investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072000 |  |  | &nbsp;&nbsp;&nbsp;4.b. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. LESS: Allowance for loan and lease losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |  |  | &nbsp;&nbsp;&nbsp;4.c. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c) (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c) (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c) (7) | B529 | 14056000 | &nbsp;&nbsp;&nbsp;4.d. |
| &nbsp;&nbsp;&nbsp;5. Trading assets (from Schedule RC-D) | &nbsp;&nbsp;&nbsp;5. Trading assets (from Schedule RC-D) | &nbsp;&nbsp;&nbsp;5. Trading assets (from Schedule RC-D) | 3545 | **0** | &nbsp;&nbsp;&nbsp;5. |
| &nbsp;&nbsp;&nbsp;6. Premises and fixed assets (including capitalized leases) | &nbsp;&nbsp;&nbsp;6. Premises and fixed assets (including capitalized leases) | &nbsp;&nbsp;&nbsp;6. Premises and fixed assets (including capitalized leases) | 2145 | 0 | &nbsp;&nbsp;&nbsp;6. |
| &nbsp;&nbsp;&nbsp;7. Other real estate owned (from Schedule RC-M) | &nbsp;&nbsp;&nbsp;7. Other real estate owned (from Schedule RC-M) | &nbsp;&nbsp;&nbsp;7. Other real estate owned (from Schedule RC-M) | 2150 | **0** | &nbsp;&nbsp;&nbsp;7. |
| &nbsp;&nbsp;&nbsp;8. Investments in unconsolidated subsidiaries and associated companies | &nbsp;&nbsp;&nbsp;8. Investments in unconsolidated subsidiaries and associated companies | &nbsp;&nbsp;&nbsp;8. Investments in unconsolidated subsidiaries and associated companies | 2130 | 0 | &nbsp;&nbsp;&nbsp;8. |
| &nbsp;&nbsp;&nbsp;9. Direct and indirect investments in real estate ventures | &nbsp;&nbsp;&nbsp;9. Direct and indirect investments in real estate ventures | &nbsp;&nbsp;&nbsp;9. Direct and indirect investments in real estate ventures | 3656 | 0 | &nbsp;&nbsp;&nbsp;9. |
| 10. Intangible assets (from Schedule RC-M) | 10. Intangible assets (from Schedule RC-M) | 10. Intangible assets (from Schedule RC-M) | 2143 | **4000** | &nbsp;&nbsp;&nbsp;10. |
| 11. Other assets (from Schedule RC-F) (6) | 11. Other assets (from Schedule RC-F) (6) | 11. Other assets (from Schedule RC-F) (6) | 2160 | **2445000** | &nbsp;&nbsp;&nbsp;11. |
| 12. Total assets (sum of items 1 through 11) | 12. Total assets (sum of items 1 through 11) | 12. Total assets (sum of items 1 through 11) | 2170 | **39192000** | &nbsp;&nbsp;&nbsp;12. |
| **Liabilities** | **Liabilities** | **Liabilities** |  |  |  |
| 13. Deposits: | 13. Deposits: | 13. Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) | 2200 | **26830000** | &nbsp;&nbsp;&nbsp;13.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Noninterest-bearing (8) | 6631 | 10895000 |  |  | &nbsp;&nbsp;&nbsp;13.a.(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Interest-bearing | 6636 | 15935000 |  |  | &nbsp;&nbsp;13.a.(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not applicable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not applicable |  |  |  |
| 14. Federal funds purchased and securities sold under agreements to repurchase: | 14. Federal funds purchased and securities sold under agreements to repurchase: | 14. Federal funds purchased and securities sold under agreements to repurchase: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds purchased (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds purchased (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Federal funds purchased (9) | B993 | 0 | &nbsp;&nbsp;&nbsp;14.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities sold under agreements to repurchase (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities sold under agreements to repurchase (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Securities sold under agreements to repurchase (10) | B995 | 0 | &nbsp;&nbsp;&nbsp;14.b. |
| 15. Trading liabilities (from Schedule RC-D) | 15. Trading liabilities (from Schedule RC-D) | 15. Trading liabilities (from Schedule RC-D) | 3548 | **0** | &nbsp;&nbsp;&nbsp;15. |
| 16. Other borrowed money (includes mortgage indebtedness) (from Schedule RC-M) | 16. Other borrowed money (includes mortgage indebtedness) (from Schedule RC-M) | 16. Other borrowed money (includes mortgage indebtedness) (from Schedule RC-M) | 3190 | **111000** | &nbsp;&nbsp;&nbsp;16. |
| 17. and 18. Not applicable | 17. and 18. Not applicable | 17. and 18. Not applicable |  |  |  |
| 19. Subordinated notes and debentures (11) | 19. Subordinated notes and debentures (11) | 19. Subordinated notes and debentures (11) | 3200 | 0 | &nbsp;&nbsp;&nbsp;19. |

---

1. Includes
 cash items in process of collection and unposted debits.

2. Includes
 time certificates of deposit not held for trading.

3. Institutions
 that have adopted ASU 2016-13 should report in item 2.a amounts net of any applicable allowance
 for credit losses, and item 2.a should equal Schedule RC-B, item 8, column A, less Schedule
 RI-B, Part II, item 7, column B.

4. Item 2.c
 is to be completed by all institutions. See the instructions for this item and the Glossary
 entry for "Securities Activities" for further detail on accounting for investments
 in equity securities.

5. Includes
 all securities resale agreements, regardless of maturity.

6. Institutions
 that have adopted ASU 2016-13 should report in items 3.b and 11 amounts net of any applicable
 allowance for credit losses.

7. Institutions
 that have adopted ASU 2016-13 should report in item 4.c the allowance for credit losses on
 loans and leases.

8. Includes
 noninterest-bearing demand, time, and savings deposits.

9. Report
 overnight Federal Home Loan Bank advances in Schedule RC, item 16, "Other borrowed
 money."

10. Includes
 all securities repurchase agreements, regardless of maturity.

11. Includes
 limited-life preferred stock and related surplus.

**DEUTSCHE BANK TRUST COMPANY AMERICAS<br> 00623<br> New York, NY 10019**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; FFIEC 041<br> Page 18 of 87<br> RC-2 |
| &nbsp;&nbsp;**Schedule RC—Continued** | &nbsp;&nbsp;**Schedule RC—Continued** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Dollar Amounts in Thousands | Dollar Amounts in Thousands | RCON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |  |
| **Liabilities—continued** | **Liabilities—continued** |  |  |  |
| 20. Other liabilities (from Schedule RC-G) | 20. Other liabilities (from Schedule RC-G) | 2930 | 2772000 | &nbsp;&nbsp;&nbsp;20. |
| 21. Total liabilities (sum of items 13 through 20) | 21. Total liabilities (sum of items 13 through 20) | 2948 | 29713000 | &nbsp;&nbsp;&nbsp;21. |
| 22. Not applicable | 22. Not applicable |  |  |  |
| **Equity Capital** | **Equity Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Equity Capital** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Equity Capital** |  |  |  |
| 23. Perpetual preferred stock and related surplus | 23. Perpetual preferred stock and related surplus | 3838 | 0 | &nbsp;&nbsp;&nbsp;23. |
| 24. Common stock | 24. Common stock | 3230 | 2127000 | &nbsp;&nbsp;&nbsp;24. |
| 25. Surplus (exclude all surplus related to preferred stock) | 25. Surplus (exclude all surplus related to preferred stock) | 3839 | 939000 | &nbsp;&nbsp;&nbsp;25. |
| 26. a. Retained earnings | 26. a. Retained earnings | 3632 | 6462000 | &nbsp;&nbsp;&nbsp;26.a. |
| b. Accumulated other comprehensive income (1) | b. Accumulated other comprehensive income (1) | B530 | (49000) | &nbsp;&nbsp;&nbsp;26.b. |
| c. Other equity capital components (2) | c. Other equity capital components (2) | A130 | 0 | &nbsp;&nbsp;&nbsp;26.c. |
| 27. a. Total bank equity capital (sum of items 23 through 26.c) | 27. a. Total bank equity capital (sum of items 23 through 26.c) | 3210 | **9479000** | &nbsp;&nbsp;&nbsp;27.a. |
| b. Noncontrolling (minority) interests in consolidated subsidiaries | b. Noncontrolling (minority) interests in consolidated subsidiaries | 3000 | 0 | &nbsp;&nbsp;&nbsp;27.b. |
| 28. Total equity capital (sum of items 27.a and 27.b) | 28. Total equity capital (sum of items 27.a and 27.b) | G105 | **9479000** | &nbsp;&nbsp;&nbsp;28. |
| 29. Total liabilities and equity capital (sum of items 21 and 28) | 29. Total liabilities and equity capital (sum of items 21 and 28) | 3300 | **39192000** | &nbsp;&nbsp;&nbsp;29. |
| **Memoranda** | **Memoranda** |  |  |  |
| **To be reported with the March Report of Condition**. | **To be reported with the March Report of Condition**. |  |  |  |
| 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* | 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* |  |  | &nbsp;&nbsp;&nbsp;M.1. |
| 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* | 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* | RCON | Number | &nbsp;&nbsp;&nbsp;M.1. |
| 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* | 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during *2021* | 6724 | NA | &nbsp;&nbsp;&nbsp;M.1. |
| &nbsp;&nbsp;&nbsp;1a = An integrated audit of the reporting institution's financial statements and its internal control over financial reporting conducted in accordance with the standards of the American Institute of Certified Public Accountants (AICPA) or Public Company Accounting Oversight Board (PCAOB) by an independent public accountant that submits a report on the institution<br> 1b = An audit of the reporting institution's financial statements only conducted in accordance with the auditing standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the institution<br> 2a = An integrated audit of the reporting institution's parent holding company's consolidated financial statements and its internal control over financial reporting conducted in accordance with the standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the consolidated holding company (but not on the institution separately)<br> 2b = An audit of the reporting institution's parent holding company's consolidated financial statements only conducted in accordance with the auditing standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the consolidated holding company (but not on the institution separately) | &nbsp;&nbsp;&nbsp;3 = This number is not to be used<br> 4 = Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state-chartering authority)<br> 5 = Directors' examination of the bank performed by other external auditors (may be required by state-chartering authority)<br> 6 = Review of the bank's financial statements by external auditors<br> 7 = Compilation of the bank's financial statements by external auditors<br> 8 = Other audit procedures (excluding tax preparation work)<br> 9 = No external audit work | &nbsp;&nbsp;&nbsp;3 = This number is not to be used<br> 4 = Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state-chartering authority)<br> 5 = Directors' examination of the bank performed by other external auditors (may be required by state-chartering authority)<br> 6 = Review of the bank's financial statements by external auditors<br> 7 = Compilation of the bank's financial statements by external auditors<br> 8 = Other audit procedures (excluding tax preparation work)<br> 9 = No external audit work | &nbsp;&nbsp;&nbsp;3 = This number is not to be used<br> 4 = Directors' examination of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by state-chartering authority)<br> 5 = Directors' examination of the bank performed by other external auditors (may be required by state-chartering authority)<br> 6 = Review of the bank's financial statements by external auditors<br> 7 = Compilation of the bank's financial statements by external auditors<br> 8 = Other audit procedures (excluding tax preparation work)<br> 9 = No external audit work |  |
| **To be reported with the March Report of Condition**. | **To be reported with the March Report of Condition**. | RCON | Date |  |
| 2. Bank's fiscal year-end date (report the date in MMDD format) | 2. Bank's fiscal year-end date (report the date in MMDD format) | 8678 | NA | &nbsp;&nbsp;&nbsp;M.2. |

---

1. Includes,
 but is not limited to, net unrealized holding gains (losses) on available-for-sale securities,
 accumulated net gains (losses) on cash flow hedges, and accumulated defined benefit pension
 and other postretirement plan adjustments.

2. Includes
 treasury stock and unearned Employee Stock Ownership Plan shares.

12/2022

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-3**

(Form Type)

**Paramount Global**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Security Class Title** | &nbsp;&nbsp;**Fee Calculation or Carry Forward Rule** | &nbsp;&nbsp;**Amount Registered** | &nbsp;&nbsp;**Proposed Maximum Offering Price Per Unit** | &nbsp;&nbsp;**Maximum Aggregate Offering Price** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of Registration Fee** | &nbsp;&nbsp;**Carry Forward Form Type** | &nbsp;&nbsp;**Carry Forward File Number** | &nbsp;&nbsp;**Carry Forward Initial Effective Date** | &nbsp;&nbsp;**Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward** |
| &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;Newly Registered Securities |
| &nbsp;&nbsp;Fees to Be Paid | &nbsp;&nbsp;Debt | &nbsp;&nbsp;Debt Securities | &nbsp;&nbsp;457(r) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) (2) | &nbsp;&nbsp;(1) (2) |  |  |  |  |
| &nbsp;&nbsp;Fees to Be Paid | &nbsp;&nbsp;Equity | &nbsp;&nbsp;Preferred stock | &nbsp;&nbsp;457(r) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) (2) | &nbsp;&nbsp;(1) (2) |  |  |  |  |
| &nbsp;&nbsp;Fees to Be Paid | &nbsp;&nbsp;Equity | &nbsp;&nbsp;Class A Common Stock | &nbsp;&nbsp;457(r) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) (2) | &nbsp;&nbsp;(1) (2) |  |  |  |  |
| &nbsp;&nbsp;Fees to Be Paid | &nbsp;&nbsp;Equity | &nbsp;&nbsp;Class B Common Stock | &nbsp;&nbsp;457(r) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) (2) | &nbsp;&nbsp;(1) (2) |  |  |  |  |
| &nbsp;&nbsp;Fees to Be Paid | &nbsp;&nbsp;Other | &nbsp;&nbsp;Warrants | &nbsp;&nbsp;457(r) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) | &nbsp;&nbsp;(1) (2) | &nbsp;&nbsp;(1) (2) |  |  |  |  |
| &nbsp;&nbsp;Fees Previously Paid | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;N/A |  |  |  |  |
| &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;Carry Forward Securities |
| &nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;N/A |  |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;Total Offering Amounts |  | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;N/A |  |  |  |  |
|  | &nbsp;&nbsp;Total Fees Previously Paid | &nbsp;&nbsp;Total Fees Previously Paid | &nbsp;&nbsp;Total Fees Previously Paid | &nbsp;&nbsp;Total Fees Previously Paid |  |  |  | &nbsp;&nbsp;N/A |  |  |  |  |
|  | &nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;Total Fee Offsets |  |  |  | &nbsp;&nbsp;N/A |  |  |  |  |
|  | &nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;Net Fee Due |  |  |  | &nbsp;&nbsp;N/A |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) An unspecified aggregate initial offering price or amount of the securities of each identified class is being registered as may from
time to time be offered at a currently unspecified price. Separate consideration may or may not be received for securities that are issuable
on exercise, conversion or exchange of other securities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, the registrant is deferring payment of all of the registration
fee.