1st quarter 2013 results conference call & webcast

NYSE: NLSN

1ST QUARTER 2013 RESULTS CONFERENCE CALL & WEBCAST

APRIL 25, 2013 8:30AM ET / 2:30PM CET

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NLSN 1Q 2013 Results 2

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

The following discussion contains forward-looking statements, including those about Nielsen’s outlook and prospects, that

relate to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those which are not historical

facts. These and other statements that relate to future results and events are based on Nielsen’s current expectations as of

April 25, 2013.

Our actual results in future periods may differ materially from those currently expected because of a number of risks and

uncertainties. The risks and uncertainties that we believe are material are outlined in our disclosure filings and materials,

which you can find on http://ir.nielsen.com. Please consult these documents for a more complete understanding of these

risks and uncertainties. We disclaim any intention or obligation to update or revise any forward-looking statements, whether

as a result of new information, future events or otherwise, except as may be required by law.

Our outlook is provided for the purpose of providing information about current expectations for 2013. This information may

not be appropriate for other purposes.

From time to time, Nielsen may use its website and social media outlets as channels of distribution of material company

information. Financial and other material information regarding the company is routinely posted and accessible on our

website at http://www.Nielsen.com/investors, our Twitter account at http://twitter.com/NielsenIR and our iPad App,

NielsenIR, available on the App Store.

http://ir.nielsen.com/

http://www.nielsen.com/investors

http://twitter.com/NielsenIR

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AGENDA

First Quarter Results

Business Update

Financials and Guidance

Appendix and Reconciliations

Q&A

DAVID CALHOUN CHIEF EXECUTIVE OFFICER

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NLSN 1Q 2013 Results

OVERVIEW

• Solid first quarter performance

• Revenue grew 3%...up 4% constant currency

• Strong growth in recurring revenue

• Continued pressure in Insights with some improvement

• Adjusted EBITDA grew 5%...up 6% constant currency

• Adjusted Net Income grew 26%...up 29% constant currency

• No change in growth investments

• Strong free cash flow growth supports return of capital

• Arbitron shareholders approved transaction…regulatory process ongoing

• Reaffirming 2013 guidance

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WELL-POSITIONED FOR GROWTH

Continuing to drive investment and growth in Africa, China, India

Activating our Buy data … Global Track, Total Store Read, Nielsen Catalina

Enhancing value to clients with Ad Solutions

Increasing reach of OCR/XCR platforms to bridge digital world

Developing Social TV ratings

Continuing to capture more audiences across more devices

EXECUTING ON KEY INITIATIVES FOR 2013

BRIAN WEST CHIEF FINANCIAL OFFICER

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TOTAL NIELSEN RESULTS – 1Q 2013 ($ in millions except per share amounts)

1ST QUARTER RESULTS

2013 2012 V% (a)

Revenue $1,376 $1,334 4%

Adjusted EBITDA $349 $333 6%

Adjusted EBITDA margin % 25.4% 25.0% 42 bps

Adjusted Net Income (ANI) $145 $115 29%

Diluted ANI per share (b) $0.38 $0.31

Free Cash Flow $(16) $(85)

• Steady revenue growth

• Margin expansion

• Strong earnings growth…delevering, refinancing, attractive tax attributes

• Free cash flow momentum

(a) Year-over-year growth in constant currency (b) Calculated using weighted average shares outstanding of 379.1 million for 1Q 2013 and 376.1 million for 1Q 2012.

See Appendix for detail

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SEGMENT REVENUE ($ in millions)

• Information strength

• Insights…trend improving

• Developing markets +6% constant currency

• Watch growth stable… strong core TV measurement

• Expos… show timing

(a) Year-over-year growth in constant currency

1ST QUARTER RESULTS

2013 2012 V% (a)

Information $648 $612 7%

Insights $177 $187 (4%)

Total Buy $825 $799 5%

Watch $494 $474 4%

Expositions $57 $61 (7%)

Total $1,376 $1,334 4%

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SEGMENT PROFITABILITY — ADJUSTED EBITDA ($ in millions)

• Buy: investing for growth

• Watch: scalability

• Expos: show timing

• Delivering on cost management and productivity efforts


1ST QUARTER RESULTS

2013 2012 V% (a)

Buy $124 $121 5%

Watch $199 $186 7%

Expositions $32 $36 (11%)

Corporate $(6) $(10) NM

Total $349 $333 6%

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FOREIGN CURRENCY IMPACT

Projected Impact (a) As Reported

2012 REVENUE DISTRIBUTION

By Currency

U.S. $ 52%

Euro € 12%

Other 36%

FX IMPACT: REPORTED VS. CONSTANT CURRENCY REVENUE

(a) Projected impact assumes rates in effect at 4/23/13 remain in effect for the balance of 2013. Also based on company estimates for future quarters on distribution of revenue by currency.

We report on a constant currency basis to reflect operating performance

(130)

(430) (390)

(50)

(250)

(90) (10)

10

(60) (40)

-500

-300

-100

100

1Q12 2Q12 3Q12 4Q12 FY12 1Q13 2Q13E 3Q13E 4Q13E FY13E

FX impact (bps)

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SELECTED CASH FLOW & BALANCE SHEET ITEMS ($ in millions)

CASH FLOW – 1Q 13

Free Cash Flow $(16)

Capex $70

Cash Taxes $29

Restructuring $21

BALANCE SHEET – 3/31/13

Gross Debt $6,320

Cash $233

Net Debt $6,087

Net Debt Ratio (b) 3.76x

CAPITAL TABLE

3/31/13 12/31/12 Change

Loan Debt (secured) $4,113 $4,090 $23

11.625% Sr. Notes 210 209 1

7.75% Sr. Notes 1,084 1,084 --

4.50% Sr. Notes 800 800 --

Capital lease/misc. debt 113 113 --

Total Debt $6,320 $6,296(a) 24

Less Cash 233 288 (55)

Net Debt $6,087 $6,008 79

Net Debt Ratio (b) 3.76x 3.75x .01x

Weighted avg. interest rate (a) 4.49% 4.86% (37) bps

(a) Does not include $288 million of mandatory convertible subordinated bonds converted into common shares February 2013; weighted avg. interest rate calculated based on amount outstanding at end of quarter

(b) Reflects Net Debt divided by Adjusted EBITDA calculated on last twelve months basis. See Appendix for detail.

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2013 GUIDANCE – APRIL 25, 2013 (amounts in constant currency except earnings per share)

Revenue growth 4.0% -5.0%

Adjusted EBITDA margin growth 40 to 60 bps

Adjusted net income growth 15-19%

Reported Adj. net income per share at current rates (as of 4/23/13)

$2.13 - $2.19

Deleveraging (a) ~ 0.3x

(a) Includes impact of foreign currency (b) Includes interest for mandatory convertible bond until 2/1/13 conversion. Also includes capital leases, amortization of financing fees, and interest rate swaps (c) Includes 10,416,700 shares associated with mandatory convertible bonds that converted to equity on 2/1/13

Capital expenditures $350M - $360M Cash taxes $145M - $155M

Depreciation and amortization $525M - $535M Cash restructuring $60M - $80M

Net book interest (b) $320M - $325M Estimated wtd. avg. diluted shares outstanding for FY 2013 (c) 379.7M

APPENDIX

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CERTAIN NON-GAAP MEASURES

Overview of Non-GAAP Presentations We consistently use the below non-GAAP financial measures to evaluate the results of our operations. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income or loss, cash flows from operating activities or any other performance measures of operating performance or liquidity derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.

Constant Currency Presentation We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. Net Debt and Net Debt Leverage Ratio The net debt leverage ratio is defined as net debt as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Net debt and the net debt leverage ratio are not presentations made in accordance with GAAP, and our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.

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CERTAIN NON-GAAP MEASURES (continued)

Adjusted EBITDA

We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, goodwill and intangible asset impairment charges, stock-based compensation expense and other non-operating items from our consolidated statements of operations as well as certain other items considered unusual or non-recurring in nature. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. We use Adjusted EBITDA to consistently measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors.

Adjusted Net Income

We define Adjusted Net Income as net income or loss from our consolidated statements of operations before income taxes, depreciation and amortization associated with acquired tangible and intangible assets, restructuring charges, goodwill and intangible asset impairment charges, other non-operating items from our consolidated statements of operations and certain other items considered unusual or non-recurring in nature, reduced by cash paid for income taxes. Also excluded from Adjusted Net Income is interest expense attributable to the mandatory convertible subordinated bonds converted on February 1, 2013.

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ADJUSTED NET INCOME RECONCILIATION: Q1 ($ in millions except per share amounts)

(a), (b) See footnotes on next page

Quarter ended March 31, (Unaudited)

2013 2012 Net income $ 34 $ 25

Loss from discontinued operations, net of tax 3 2

Interest expense, net 82 105

Provision for income taxes 27 8

Depreciation and amortization 126 129

EBITDA 272 269

Equity in net loss of affiliates 1 2

Other non-operating expense, net 24 15

Restructuring charges 35 37

Stock-based compensation expense 10 8

Other items (a) 7 2

Adjusted EBITDA 349 333

Interest expense, net (82) (105)

Depreciation and amortization (126) (129)

Depreciation and amortization of acquisition-related tangible and intangible assets 41 41

Cash paid for income taxes (29) (23)

Stock-based compensation expense (10) (8)

Interest expense attributable to mandatory convertible bonds 2 6

Adjusted net income $ 145 $ 115

Adjusted net income per share of common stock, diluted (b) $0.38 $0.31

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ADJUSTED NET INCOME RECONCILIATION: Q1 (continued)

(a) Other items primarily consist of transaction-related fees.

(b) Adjusted Net Income per share of common stock presented on a diluted basis includes potential common shares associated with stock-based compensation plans that may have been considered anti-dilutive in accordance with GAAP. The amount also includes the weighted-average amount of shares of common stock convertible associated with the mandatory convertible bonds based upon the average price of our common stock during the period.

Weighted-average shares of common stock outstanding as of quarter ended March 31, 2013, basic

370,583,217

Dilutive shares of common stock from stock compensation plans 4,973,804

Shares of common stock convertible associated with the mandatory convertible bonds

3,587,974

Weighted-average shares of common stock outstanding, diluted 379,144,995

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FREE CASH FLOW RECONCILIATION ($ in millions)

QUARTER ENDED MARCH 31

2013 2012

Net cash provided by/(used in) operating activities

$54 $(3)

Capital expenditures (70) (82)

Free Cash Flow $(16) $(85)

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UNAUDITED SUPPLEMENTAL INFORMATION In March 2013, we completed the exit and shut down of one of our legacy online businesses and recorded a net loss of $3 million associated with this divestiture. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation. Note that the discontinued operations had no impact on our Buy or Expositions segments. Summarized results of operations for this discontinued operation for the three months ended March 31, 2013 are as follows:

Revenues Watch

Revised YoY Growth(a)

Total Nielsen

Revised YoY Growth(a)

(in millions) 2012 1Q 2012 $ 474 3.0% $ 1,334 4.2% 2Q 2012 493 4.2% 1,380 3.6% 3Q 2012 499 5.5% 1,418 4.6% 4Q 2012 521 5.0% 1,458 3.6%

Total $ 1,987 4.5% $ 5,590 4.0%

2011 1Q 2011 $ 462 6.2% $ 1,296 7.2% 2Q 2011 481 1.7% 1,390 4.9% 3Q 2011 479 4.4% 1,407 5.9% 4Q 2011 497 2.9% 1,414 4.7% Total $ 1,919 3.7% $ 5,507 5.6%

Adjusted EBITDA Watch

Total Nielsen

(in millions) 2012 1Q 2012 $ 186 $ 333 2Q 2012 213 390 3Q 2012 213 425 4Q 2012 234 457 Total $ 846 $ 1,605

2011 1Q 2011 $ 176 $ 319 2Q 2011 199 386 3Q 2011 195 408 4Q 2011 208 430

Total $ 778 $ 1,543

The below tables detail supplemental unaudited Total Nielsen and Watch segment revenues and Adjusted EBITDA, which have been adjusted to reflect the impact of the discontinued operations on our historical operating results, for each of the quarterly periods in the two years ended December 31, 2012 and 2011.

(in millions)

Quarter ended March 31, 2013

Revenues $ 3 Adjusted EBITDA $ (2)


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