Form 10-Q - Worldwide | Nielsen · Form 10-Q (Mark One) For the ... Current portion of long-term debt, capital lease obligations and short-term borrowings 44 421 Total ... Noncontrolling

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

For the quarterly period ended September 30, 2009

OR

For the transition period from to

Commission file number 333-142546-29

The Nielsen Company B.V. (Exact name of registrant as specified in its charter)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No �

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes � No �

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one:)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes � No ⌧

There were 258,463,857 shares of the registrant’s Common Stock outstanding as of October 31, 2009

⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

� TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

The Netherlands 98-0366864(State of incorporation)

(I.R.S. Employer

Identification No.)

770 BroadwayNew York, New York 10003

(646) 654-5000

Diemerhof 2 1112 XL Diemen The Netherlands

+31 (0) 20 398 87 77

Large accelerated filer � Accelerated filer � Non-accelerated filer ⌧ Smaller reporting company �

(Do not check if a smallerreporting company)

Table of Contents

Contents

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PAGE

PART I. FINANCIAL INFORMATION 3

Item 1. Condensed Consolidated Financial Statements 3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Item 4T. Controls and Procedures 51

PART II. OTHER INFORMATION 51

Item 1. Legal Proceedings 51

Item 1A. Risk Factors 52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Item 3. Defaults Upon Senior Securities 52

Item 4. Submission of Matters to a Vote of Security Holders 52

Item 5. Other Information 52

Item 6. Exhibits 53

Signatures 54

PART I. FINANCIAL INFORMATION

The Nielsen Company B.V. Condensed Consolidated Balance Sheets

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Item 1. Condensed Consolidated Financial Statements

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA) September 30,

2009 December 31,

2008 (Unaudited)

Assets:

Current assets

Cash and cash equivalents $ 409 $ 466 Trade and other receivables, net of allowances for doubtful accounts and sales returns of

$26 and $33 as of September 30, 2009 and December 31, 2008, respectively 880 958 Prepaid expenses and other current assets 213 189

Total current assets 1,502 1,613 Non-current assets

Property, plant and equipment, net 601 603 Goodwill 7,043 7,185 Other intangible assets, net 4,842 5,070 Deferred tax assets 316 319 Other non-current assets 492 568

Total assets $ 14,796 $ 15,358

Liabilities and equity:

Current liabilities

Accounts payable and other current liabilities $ 897 $ 1,019 Deferred revenues 386 438 Income tax liabilities 93 138 Current portion of long-term debt, capital lease obligations and short-term borrowings 44 421

Total current liabilities 1,420 2,016 Non-current liabilities

Long-term debt and capital lease obligations 8,701 8,073 Deferred tax liabilities 1,432 1,592 Other non-current liabilities 625 786

Total liabilities 12,178 12,467

Commitments and contingencies (Note 13)

Equity:

Shareholders’ equity

7% preferred stock, €€ 8.00 par value, 150,000 shares authorized, issued and outstanding 1 1

Common stock, €€ 0.20 par value, 550,000,000 shares authorized and 258,463,857 shares issued at September 30, 2009 and December 31, 2008 58 58

Additional paid-in capital 4,346 4,342 Accumulated deficit (1,627) (1,095) Accumulated other comprehensive loss, net of income taxes (172) (431)

Total shareholders’ equity 2,606 2,875 Noncontrolling interests 12 16

Total equity 2,618 2,891

Total liabilities and equity $ 14,796 $ 15,358

The Nielsen Company B.V. Condensed Consolidated Statements of Operations (Unaudited)


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Three Months Ended

September 30, Nine Months Ended

September 30, (IN MILLIONS) 2009 2008 2009 2008

Revenues $ 1,250 $ 1,260 $3,610 $ 3,778

Cost of revenues, exclusive of depreciation and amortization shown separately below 535 548 1,536 1,671 Selling, general and administrative expenses, exclusive of depreciation and amortization

shown separately below 383 414 1,169 1,267 Depreciation and amortization 145 128 414 370 Impairment of goodwill and intangible assets 582 — 582 — Restructuring (credits)/costs (2) 46 9 62

Operating (loss)/income (393) 124 (100) 408

Interest income 2 4 6 14 Interest expense (170) (163) (486) (485) Loss on derivative instruments (21) (38) (54) (5) Foreign currency exchange transaction (losses)/gains, net (21) 124 10 43 Other (expense)/income, net (1) 1 (14) (2)

(Loss)/income from continuing operations before income taxes and equity in net loss of affiliates (604) 52 (638) (27)

Benefit/(provision) for income taxes 111 (10) 133 5 Equity in net loss of affiliates (33) (1) (25) —

(Loss)/income from continuing operations (526) 41 (530) (22) Discontinued operations, net of tax — — — (3)

Net (loss)/income (526) 41 (530) (25) Net income/(loss) attributable to noncontrolling interests 1 (1) 2 —

Net (loss)/income attributable to The Nielsen Company B.V. $ (527) $ 42 $ (532) $ (25)

The Nielsen Company B.V. Condensed Consolidated Statements of Cash Flows (Unaudited)


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Nine Months Ended

September 30, (IN MILLIONS) 2009 2008

Operating Activities

Net loss $ (530) $ (25) Adjustments to reconcile net loss to net cash provided by operating activities:

Share-based payments expense 6 20 Loss on sale of discontinued operations, net of tax — 3 Currency exchange rate differences on financial transactions and other losses 5 (41) Loss on derivative instruments 54 5 Equity in net loss from affiliates, net of dividends received 33 9 Depreciation and amortization 414 370 Impairment of goodwill and intangible assets 582 —

Changes in operating assets and liabilities, net of effect of businesses acquired and divested:

Trade and other receivables, net 125 (25) Prepaid expenses and other current assets (19) 2 Accounts payable and other current liabilities and deferred revenues (209) (199) Other non-current liabilities (2) 3 Interest receivable — 3 Interest payable 102 88 Income taxes (239) (73)

Net cash provided by operating activities 322 140

Investing Activities

Acquisition of subsidiaries and affiliates, net of cash acquired (50) (258) Proceeds from sale of subsidiaries and affiliates, net 16 20 Additions to property, plant and equipment and other assets (101) (149) Additions to intangible assets (103) (104) Other investing activities 17 3

Net cash used in investing activities (221) (488)

Financing Activities

Net (repayments)/borrowings on revolving credit facility (295) 185 Proceeds from issuances of other debt, net of issuance costs 1,223 217 Repayments of other debt (898) (173) Decrease in other short-term borrowings (45) (11) Dividends paid to noncontrolling interests (2) — Valcon capital (return)/contribution (1) 79 Settlement of derivatives and other financing activities (166) (8)

Net cash (used in)/provided by financing activities (184) 289

Effect of exchange-rate changes on cash and cash equivalents 26 (15)

Net decrease in cash and cash equivalents (57) (74) Cash and cash equivalents at beginning of period 466 399

Cash and cash equivalents at end of period $ 409 $ 325

Supplemental Cash Flow Information

Cash paid for income taxes $ 106 $ 68 Cash paid for interest, net of amounts capitalized $ 383 $ 397

The Nielsen Company B.V. Notes to Condensed Consolidated Financial Statements (continued) 1. Background and Basis of Presentation Background The Nielsen Company B.V. (the “Company” or “Nielsen”) is a global information and media company with leading market positions and recognized brands. Nielsen is organized into three segments: Consumer Services, Media and Business Media. Nielsen is active in approximately 100 countries, with its headquarters located in Diemen, the Netherlands and New York, USA.

On May 24, 2006, Nielsen was acquired through a tender offer to shareholders by Valcon Acquisition B.V. (“Valcon”), an entity formed by investment funds associated with AlpInvest Partners, The Blackstone Group, The Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts & Co., and Thomas H. Lee Partners (collectively, the “Sponsors”) and held 99.4% of Nielsen’s outstanding common shares as of December 31, 2007. In May 2008, Valcon acquired the remaining Nielsen common shares through a statutory squeeze-out procedure, pursuant to Dutch legal and regulatory requirements and therefore holds 100% of the Company’s outstanding common shares. Valcon also acquired 100% of the Company’s preferred B shares in the period from May 24, 2006 to December 31, 2006 which were subsequently cancelled. The common and preferred shares were delisted from the Euronext Amsterdam on July 11, 2006. Nielsen became a subsidiary of Valcon upon the consummation of the acquisition by Valcon (the “Valcon Acquisition”).

Basis of Presentation The accompanying condensed consolidated financial statements are unaudited but, in the opinion of management, contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the Company’s financial position and the results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) applicable to interim periods. For a more complete discussion of significant accounting policies and certain other information, refer to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. All amounts are presented in U.S. Dollars (“$”), except for share data or where expressly stated as being in other currencies, e.g., Euros (“€€ “). The condensed consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation. The Company has evaluated events occurring subsequent to September 30, 2009 for potential recognition or disclosure in the condensed consolidated financial statements through November 11, 2009 and concluded that there were no subsequent events that required recognition or disclosure.

Prior to January 1, 2008, certain of the Company’s subsidiaries outside the United States and Canada were included in the consolidated financial statements on the basis of fiscal years ending November 30 in order to facilitate a timely consolidation. This one-month reporting lag was eliminated during the first quarter of 2008 and the impact to the consolidated balance sheets and related statements of operations and cash flows was immaterial for all periods.

2. Summary of Recent Accounting Pronouncements Accounting Standards Codification The Financial Accounting Standards Board (“FASB”) has issued FASB Statement No. 168, The “FASB Accounting Standards Codification™” and the Hierarchy of Generally Accepted Accounting Principles (codified as ASC 105). ASC 105 establishes the FASB Accounting Standards Codification™ (Codification or ASC) as the single source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting standards. All other nongrandfathered, non-SEC accounting literature not included in the Codification will become nonauthoritative.

Following the Codification, the Board will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates, which will serve to update the Codification, provide background information about the guidance and provide the basis for conclusions on the changes to the Codification.

GAAP is not intended to be changed as a result of the FASB’s Codification project, but it will change the way the guidance is organized and presented. As a result, these changes will have a significant impact on how companies reference GAAP in their financial statements and in their accounting policies for financial statements issued for interim and annual periods ending after September 15, 2009. Nielsen has begun the process of implementing the Codification in this quarterly report by providing references to the Codification topics alongside references to the existing standards. The adoption did not have a material affect on the Company’s condensed consolidated financial statements as of September 30, 2009 or for the three and nine months then ended.

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th

Business Combinations In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations”, a replacement of SFAS 141 (codified as ASC 805). ASC 805 is effective for fiscal years beginning on or after December 15, 2008 and applies to all business combinations. ASC 805 provides that, upon initially obtaining control, an acquirer shall recognize 100 percent of the fair values of acquired assets, including goodwill, and assumed liabilities, with only limited exceptions, even if the acquirer has not acquired 100 percent of its target. As a consequence, the prior step acquisition model was eliminated. Additionally, ASC 805 changed prior practice, in part, as follows: (i) contingent consideration arrangements are fair valued at the acquisition date and included on that basis in the purchase price consideration; (ii) transaction costs are expensed as incurred, rather than capitalized as part of the purchase price; (iii) pre-acquisition contingencies, such as those relating to legal matters, are generally accounted for in purchase accounting at fair value; (iv) in order to accrue for a restructuring plan in purchase accounting, the requirements in SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities” (codified as ASC 420) have to be met at the acquisition date; and (v) changes to valuation allowances for deferred income tax assets and adjustments to unrecognized tax benefits generally are recognized as adjustments to income tax expense rather than goodwill. The Company adopted the provisions of ASC 805 effective January 1, 2009 and such adoption did not have a material impact on the Company’s condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. However, the provisions of ASC 805 will impact the Company’s accounting for adjustments to existing tax contingencies and business combinations after January 1, 2009.

Fair Value Measurements In February 2008, the FASB delayed the effective date of SFAS No. 157, “Fair Value Measurements” (codified as ASC 820) for all non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually), until the beginning of the first quarter of 2009. Therefore, effective January 1, 2009, the Company adopted ASC 820 for non-financial assets and non-financial liabilities. The adoption of ASC 820 for non-financial assets and non-financial liabilities that are not measured and recorded at fair value on a recurring basis did not have a significant impact on the Company’s condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 7 – “Fair Value Measurements”.

In April 2009, the FASB issued FSP FAS 107-1 and APB 28-1, “Interim Disclosure about Fair Value of Financial Instruments” (codified as ASC 825-10-65-1). This standard requires interim disclosures regarding the fair values of financial instruments as well as the methods and significant assumptions, including any changes thereto from prior periods, used to estimate the fair value of financial instruments on an interim basis. This standard does not change the accounting for these financial instruments and therefore the adoption, effective April 1, 2009, had no impact on the Company’s condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 8 – “Long-term Debt and Other Financing Arrangements”.

Derivative Instruments Disclosures In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an Amendment of FASB Statement No. 133” (codified as ASC 815-10-65-1). This standard enhances required disclosures regarding derivatives and hedging activities, including enhanced disclosures regarding how: (a) an entity uses derivative instruments; (b) derivative instruments and related hedged items are accounted for under SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities” (codified as ASC 815-10); and (c) derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. The adoption of this standard, effective January 1, 2009, had no impact on the Company’s condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 7 – “Fair Value Measurements”.

Subsequent Events In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (codified as ASC 855). ASC 855 provides guidance on management’s assessment of subsequent events and incorporates this guidance into accounting literature. ASC 855 became effective prospectively for interim and annual periods ending after June 15, 2009. The implementation of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

Noncontrolling Interests and Changes in the Consolidation Model for Variable Interest Entities Effective January 1, 2009, the Company adopted and retrospectively applied SFAS No. 160 “Noncontrolling Interests in Consolidated Financial Statements an amendment of ARB No. 51,” (codified as ASC 810-10-65-1). This statement establishes accounting and reporting standards pertaining to ownership interests in subsidiaries held by parties other than the parent, the amount of net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest, and the valuation of any retained noncontrolling equity investment when a subsidiary is deconsolidated. This statement also establishes disclosure requirements that

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identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. ASC 810-10-65-1 clarifies that a noncontrolling interest in a subsidiary should be reported as a component of equity in the condensed consolidated financial statements and requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the noncontrolling interests.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (as codified in ASC 810 - Consolidation). ASC 810 amends the consolidation guidance applicable to variable interest entities (“VIE”) and changes how a reporting entity evaluates whether an entity is considered the primary beneficiary of a VIE and is therefore required to consolidate such VIE. ASC 810 will also require assessments at each reporting period of which party within the VIE is considered the primary beneficiary and will require a number of new disclosures related to VIE’s. ASC 810 is effective for fiscal years beginning after November 15, 2009. The Company is currently assessing the impact of ASC 810 on its consolidated financial position and results of operations.

3. Acquisitions and Investments in Affiliates For the nine months ended September 30, 2009, Nielsen paid cash consideration of $50 million associated with both current period and previously executed acquisitions and investments in affiliates, net of cash acquired. In conjunction with these acquisitions, Nielsen recorded deferred consideration of $24 million, substantially all of which is payable through March 2012. Had the current period acquisitions occurred as of January 1, 2009, the impact on Nielsen’s consolidated results of operations would not have been material.

On May 15, 2008, the Company completed the acquisition of IAG Research, Inc, subsequently rebranded as Nielsen IAG (“IAG”), for $223 million (including non-cash consideration of $1 million and an additional $1 million in transaction costs paid during the second half of 2008), which was net of $12 million of cash acquired. The acquisition expanded the Company’s television and internet analytics services through IAG’s measurement of consumer engagement with television programs, national commercials and product placements.

For the nine months ended September 30, 2008, Nielsen paid cash consideration of $36 million associated with other acquisitions and investments in affiliates, net of cash acquired. Had IAG and the other acquisitions occurred as of January 1, 2008, the impact on Nielsen’s consolidated results of operations would not have been material.

Scarborough Research During the third quarter of 2009, the Company concluded that the carrying value of its non-controlling ownership interest in Scarborough Research (“Scarborough”) was impaired as a result of continued declines in customer discretionary spending and the related impact on the launch of new performance tracking and marketing products. The Company deemed this impairment to be other than temporary and, accordingly, recorded an after-tax non-cash impairment charge of $26 million (net of a tax adjustment of $18 million) during the period in “Equity in net loss of affiliates” in the Consolidated Statement of Operations. As of September 30, 2009, the adjusted carrying value of the Company’s investment in Scarborough was $48 million.

4. Business Divestitures During the nine months ended September 30, 2009, the Company received $16 million in net proceeds associated with business divestitures, primarily associated with the sale of the Brazilian exposition business within its Business Media segment. The impact of these transactions on the Company’s consolidated results of operations was not material.

During the nine months ended September 30, 2008, the Company received $20 million in net proceeds associated with two divestitures within its Business Media segment and the final settlement of the sale of its Directories segment to World Directories. The impact of these transactions on the Company’s consolidated results of operations was not material.

On February 8, 2007, Nielsen completed the sale of a significant portion of its Business Media Europe (BME) unit for $414 million in cash. In September 2008, Nielsen recorded a charge of $3 million relating to the settlement of outstanding litigation associated with the disposed of unit.

5. Goodwill and Other Intangible Assets During the third quarter of 2009, the Company concluded that impairment indicators existed for certain reporting units within its Media segment. The affected reporting units relate to previous acquisitions, which have seen declines in industry valuations since the acquisition dates and revised near-term growth projections. The Company also concluded that impairment indicators existed within its Business Media segment due to significant declines in revenue.

Accordingly, the Company conducted an interim impairment test and assessed the fair value of the intangible assets and the reporting units as compared to the underlying book value. The impairment tests were performed in accordance with both accepted valuation

techniques and Nielsen’s accounting policies described in the Company’s annual report on Form 10-K for the year ended December 31, 2008.

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The Company’s impairment assessments resulted in the recognition of a non-cash goodwill impairment charge of $337 million and a non-cash customer-related intangible asset impairment charge of $245 million, during the three months ended September 30, 2009. A deferred tax benefit of $108 million was recognized during the period as a result of these impairment charges.

Goodwill The table below summarizes the changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2009.

At September 30, 2009, $318 million of the goodwill is expected to be deductible for income tax purposes.

Other Intangible Assets

Amortization expense for the three months ended September 30, 2009 and 2008 was $90 million and $78 million, respectively. Amortization expense for the nine months ended September 30, 2009 and 2008 was $252 million and $226 million, respectively.

Certain of the trade names associated with Nielsen’s Media and Consumer segments are deemed indefinite-lived intangible assets, as their associated brand awareness and recognition has existed for over 50 years and Nielsen intends to continue to utilize these trade names. There are also no legal, regulatory, contractual, competitive, economic or other factors that may limit their estimated useful lives. Nielsen reconsiders the remaining estimated useful life of indefinite-lived intangible assets each reporting period.

6. Restructuring Activities Transformation Initiative In December 2006, Nielsen announced its intention to expand its cost-saving programs to all areas of Nielsen’s operations worldwide. The Company further announced strategic changes as part of a major corporate transformation (“Transformation Initiative”). The Transformation Initiative is designed to make the Company a more successful and efficient enterprise. As such, the Company continues to execute cost-reduction programs by streamlining and centralizing corporate, operational and information technology functions, leveraging global procurement, consolidating real estate, and expanding, outsourcing or off shoring certain other operational and production processes. Implementation of these initiatives is expected to continue through the first half of 2010.

For the three months ended September 30, 2009, Nielsen recorded net restructuring credits of $2 million compared to charges of $46 million for the three months ended September 30, 2008. The net restructuring credits resulted primarily from adjustments to previously recorded liabilities driven mostly by a higher attrition factor on targeted employees compared to the Company’s initial estimates. For the nine months ended September 30, 2009 and 2008, Nielsen recorded restructuring charges of $9 million and $62 million, respectively, primarily relating to severance costs associated with employee terminations.

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(IN MILLIONS) ConsumerServices Media

BusinessMedia Total

Balance, December 31, 2008 $ 2,553 $4,002 $ 630 $7,185 Acquisitions and purchase price adjustments 1 17 — 18 Impairments — (280) (57) (337) Dispositions and transfers (6) — (6) (12) Effect of foreign currency translation 180 9 — 189

Balance, September 30, 2009 $ 2,728 $3,748 $ 567 $7,043

Gross Amounts Accumulated Amortization

(IN MILLIONS) September 30,

2009 December 31,

2008 September 30,

2009 December 31,

2008

Indefinite-lived intangibles:

Trade names and trademarks $ 1,938 $ 1,860 $ — $ —

Amortized intangibles:

Trade names and trademarks $ 156 $ 157 $ (22) $ (15) Customer-related intangibles 2,748 2,970 (451) (383) Covenants-not-to-compete 21 34 (14) (26) Computer software 798 714 (374) (274) Patents and other 62 45 (20) (12)

Total $ 3,785 $ 3,920 $ (881) $ (710)

Other Liabilities relating to other restructuring programs at September 30, 2009 are $1 million. These initiatives have been completed, but payments will continue until 2010.

A summary of the changes in the liabilities for restructuring activities is provided below:

7. Fair Value Measurements The applicable FASB Codification guidance (ASC 820-10) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance.

There are three levels of inputs that may be used to measure fair value:

Financial Assets and Liabilities Measured on a Recurring Basis The Company’s financial assets and liabilities are measured and recorded at fair value, except for equity method investments, cost method investments, and long-term debt. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2009:

(IN MILLIONS) Transformation

Initiative Other Total

Balance at December 31, 2008 $ 95 $ 2 $ 97 Charges 9 — 9 Payments (61) (1) (62)

Balance at September 30, 2009 $ 43 $ 1 $ 44

Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2:

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3: Pricing inputs that are generally unobservable and may not be corroborated by market data.


2009 (Level 1) (Level 2) (Level 3)

Assets:

Investments in mutual funds $ 2 $ 2 $ — $ — Plan assets for deferred compensation 15 15 — — Investments in equity securities 8 8 — —

Total $ 25 $ 25 $ — $ —

Liabilities:

Interest rate swap arrangements $ 147 — $ 147 $ — Deferred compensation liabilities 15 15 — —

Total $ 162 $ 15 $ 147 $ —

Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans.

Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as trading securities with any gains or losses resulting from changes in fair value recorded in other expense, net. Investments in equity securities are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as available-for-sale with any unrealized gains or losses resulting from changes in fair value recorded net of tax as a component of accumulated other comprehensive income/loss until realized. Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk.

(1)

(2)

(3)

(4)

(5)

(1)

(2)

(3)

(4)

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The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as trading securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the trading securities is also reflected in the changes in fair value of the deferred compensation obligation.

(5)

Derivative Financial Instruments Nielsen uses interest rate swap derivative instruments principally to manage the risk that changes in interest rates will affect the cash flows of its underlying debt obligations.

To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. Nielsen documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions as well as the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Nielsen recognizes all derivatives at fair value either as assets or liabilities in the consolidated balance sheets and changes in the fair values of such instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, Nielsen recognizes the changes in fair value of these instruments in accumulated other comprehensive income/loss. Nielsen manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that Nielsen has with any individual bank and through the use of minimum credit quality standards for all counterparties. Nielsen does not require collateral or other security in relation to derivative financial instruments. A derivative contract entered into between Nielsen or certain of its subsidiaries and a counterparty that was also a lender under Nielsen’s senior secured credit facilities at the time the derivative contract was entered into is guaranteed under the senior secured credit facilities by Nielsen and certain of its subsidiaries (see Note 8 “Long-term Debt and Other Financing Arrangements” for more information). Since it is Nielsen’s policy to only enter into derivative contracts with banks of internationally acknowledged standing, Nielsen considers the counterparty risk to be remote.

It is Nielsen’s policy to have an International Swaps and Derivatives Association (“ISDA”) Master Agreement established with every bank with which it has entered into any derivative contract. Under each of these ISDA Master Agreements, Nielsen agrees to settle only the net amount of the combined market values of all derivative contracts outstanding with any one counterparty should that counterparty default. Certain of the ISDA Master Agreements contain cross-default provisions where if the Company either defaults in payment obligations under its credit facility or if such obligations are accelerated by the lenders, then the Company could also be declared in default on its derivative obligations. At September 30, 2009, Nielsen had no exposure to potential economic losses due to counterparty credit default risk or cross-default risk on its derivative financial instruments.

Interest Rate Risk Nielsen is exposed to cash flow interest rate risk on the floating-rate U.S. Dollar and Euro Term Loans, and uses floating-to-fixed interest rate swaps to hedge this exposure. These interest rate swaps have various maturity dates through November 2012. For these derivatives, Nielsen reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income/loss and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction. In February 2009, Nielsen entered into two three-year forward interest rate swap agreements with starting dates of November 9, 2009. These agreements fix the LIBOR-related portion of interest rates for $500 million of the Company’s variable-rate debt at an average rate of 2.47%. The commencement date of the interest rate swaps coincides with the $1 billion notional amount interest rate swap that matured on November 9, 2009. These derivative instruments have been designated as interest rate cash flow hedges.

In February 2009, Nielsen modified the reset interest rate underlying its $4,525 million senior secured term loan and, as a result, the related floating-to-fixed interest rate swap derivative financial instruments became ineffective. Cumulative losses deferred as a component of accumulated other comprehensive loss will be recognized in interest expense over the remaining term of the senior secured term loan being hedged. Beginning in February 2009, Nielsen began recording all changes in fair value of the floating-to-fixed interest rate swaps currently in earnings as a component of loss on derivative instruments.

Nielsen expects to recognize approximately $69 million of pre-tax losses from accumulated other comprehensive loss to interest expense in the next 12 months associated with its interest-related derivative financial instruments, which includes the aforementioned modification.

11

As of September 30, 2009 the Company had the following outstanding interest rate swaps utilized in the management of its interest rate risk:

Foreign Currency Risk Nielsen has managed its exposure to changes in foreign currency exchange rates attributable to certain of its long-term debt through the use of foreign currency swap derivative instruments. When the derivative financial instrument is deemed to be highly effective in offsetting variability in the hedged item, changes in its fair value are recorded in accumulated other comprehensive loss and recognized contemporaneously with the earnings effects of the hedged item.

Nielsen held a foreign currency swap, which had been designated as a foreign currency cash flow hedge, maturing in May 2010 to hedge its exposure to foreign currency exchange rate movements on its GBP 250 million outstanding 5.625% EMTN debenture notes. In March 2009 the Company purchased and cancelled approximately GBP 101 million of the total GBP 250 million outstanding 5.625% EMTN debenture notes through a tender offer and unwound a portion of the existing swap. Subsequent to the March 2009 tender offer, a notional amount of GBP 149 million with a fixed interest rate of 5.625% had been swapped to a notional amount of €€ 227 million with a fixed interest rate of 4.033%. The swap was fully terminated in June 2009 in conjunction with the Company’s completion of a tender offer for these remaining outstanding debenture notes (see Note 8 “Long-term Debt and Other Financing Arrangements” for more information on the March and June 2009 tender offer transactions).

In March 2009, Nielsen terminated a foreign currency swap, which converted a portion of its Euro-denominated external debt to U.S. Dollar-denominated debt and had an original maturity in February 2010. No hedge designation had been made for this swap. Nielsen received a cash settlement of approximately $2 million associated with this termination.

Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets The fair values of the Company’s derivative instruments as of September 30, 2009 and December 31, 2008 were as follows:

12

Notional Amount Maturity Date Currency

Interest rate swaps designated as hedging instruments US Dollar term loan floating-to-fixed rate swaps $ 500,000,000 November 2012 US DollarInterest rate swaps not designated as hedging instruments

US Dollar term loan floating-to-fixed rate swap $1,000,000,000 November 2009 US DollarUS Dollar term loan floating-to-fixed rate swap $ 500,000,000 February 2010 US DollarUS Dollar term loan floating-to-fixed rate swaps $1,000,000,000 November 2010 US DollarUS Dollar term loan floating-to-fixed rate swaps $ 800,000,000 November 2011 US DollarEuro term loan floating-to-fixed rate swap $ 367,400,000 November 2009 Euro

September 30, 2009 December 31, 2008

(IN MILLIONS)

Other CurrentAssets

OtherNon-

CurrentAssets

AccountsPayable and

Other Current

Liabilities

Other Non-

CurrentLiabilities

OtherCurrentAssets

Other Non-

CurrentAssets

Accounts Payable and

Other Current

Liabilities

Other Non-

CurrentLiabilities

Derivatives designated as hedging instruments

Interest rate swaps $ — $ — $ — $ 8 $ — $ — $ 32 $ 137Foreign currency swaps — — — — — — — 131

Total derivatives designated as hedging instruments $ — $ — $ — $ 8 $ — $ — $ 32 $ 268

Derivatives not designated as hedging instruments

Interest rate swaps $ — $ — $ 20 $ 119 $ — $ — $ 3 $ — Foreign currency swaps — — — — — 22 — — Foreign currency forward contracts — — — — 1 — 2 —

Total derivatives not designated as hedging instruments $ — $ — $ 20 $ 119 $ 1 $ 22 $ 5 $ —

Derivatives in Cash Flow Hedging Relationships The pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended September 30, 2009 and 2008 was as follows (amounts in millions):

Derivatives Not Designated as Hedging Instruments The pre-tax effect of derivative instruments not designated as hedges for the three months ended September 30, 2009 and 2008 was as follows (amounts in millions):

13

Derivatives in Cash Flow Hedging Relationships

Amount of Gain/(Loss)

Recognized in OCI on Derivative

(Effective Portion) September 30,

Location of Gain/(Loss)Reclassified from OCI

into Income (Effective Portion)

Amount of Gain/ (Loss)

Reclassified from OCI into Income

(Effective Portion) September 30,


Recognized in Income on Derivative

(Ineffective Portionand Amount

Excluded from Effectiveness

Testing) September 30,

2009 2008 2009 2008 2009 2008

Interest rate swaps $ (7) $ (22) Interest expense $ — $ (14) $ (24) $ — Foreign currency swap

— 4

Foreign currency exchange transaction gains/(losses), net — 4 — —

Total $ (7) $ (18) $ — $ (10) $ (24) $ —

The pre-tax effect of derivative instruments in cash flow hedging relationships for the nine months ended September 30, 2009 and 2008 was as follows (amounts in millions):

Derivatives in Cash Flow Hedging Relationships


Recognized in OCI on Derivative

(Effective Portion) Nine months ended

September 30, Location of Gain/(Loss)Reclassified from OCI

into Income (Effective Portion)


Reclassified from OCI into Income

(Effective Portion) Nine months ended

September 30,


Recognized in Income on Derivative

(Ineffective Portionand Amount

Excluded from Effectiveness

Testing) Nine months ended

September 30, 2009 2008 2009 2008 2009 2008

Interest rate swaps $ (25) $ (32) Interest expense $ (25) $ (35) $ (61) $ — Foreign currency swap

23 (30) Foreign currency exchange transaction gains/(losses), net 28 (30) — —

Total $ (2) $ (62) $ 3 $ (65) $ (61) $ —

Derivatives Not Designated as Hedging Instruments

Location of Gain/(Loss) Recognized

in Statement of Operations on Derivatives

Amount of Gain/(Loss) Recognized in Statement of Operations on Derivatives

Three months ended September 30,

2009 2008

Interest rate swaps (Loss)/gain on derivative instruments $ (21) $ 1 Foreign currency swaps (Loss)/gain on derivative instruments — (32) Foreign currency forward contracts (Loss)/gain on derivative instruments — (7)

Total $ (21) $ (38)

The pre-tax effect of derivative instruments not designated as hedges for the nine months ended September 30, 2009 and 2008 was as follows (amounts in millions):

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company is required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. The Company’s equity method investments, cost method investments, and non-financial assets, such as goodwill, intangible assets, and property, plant and equipment, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

The following table summarizes the valuation of the Company’s material non-financial assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2009:

8. Long-term Debt and Other Financing Arrangements Unless otherwise stated, interest rates are as of September 30, 2009.

14

Derivatives Not Designated as Hedging Instruments

Location of Gain/(Loss) Recognized

in Statement of Operations on Derivatives

Amount of Gain/(Loss)Recognized in Statement of Operations on Derivatives

Nine Months Ended September 30,

2009 2008

Interest rate swaps (Loss)/gain on derivative instruments $ (30) $ 3 Foreign currency swaps (Loss)/gain on derivative instruments (19) (9) Foreign currency forward contracts (Loss)/gain on derivative instruments (5) 1

Total $ (54) $ (5)


2009 (Level 1) (Level 2) (Level 3)

Total impairment

losses

Goodwill $ 7,043 $ — $ — $7,043 $ (337)Customer-related intangibles 2,297 — — 2,297 (245)Equity method investments 75 — — 75 (44)

Total $ 9,415 $ — $ — $9,415 $ (626)

Total impairment losses associated with equity method investments are recorded as a component of equity in net loss of affiliates, net of tax, within the condensed consolidated statements of operations. See Note 3 “Acquisitions and Investments in Affiliates” for more information.

(IN MILLIONS)


WeightedInterest

RateCarryingAmount

Fair Value

WeightedInterest

Rate CarryingAmount

Fair Value

Senior secured term loan ($2,983 million and $4,525 million at September 30, 2009 and December 31, 2008, respectively) (LIBOR based variable rate of 2.25%) due 2013 $ 2,983 $2,794 $ 4,426 $2,979

$1,013 million senior secured term loan (LIBOR based variable rate of 4.00%) due 2016 1,008 949 — —

Senior secured term loan (EUR 321 million and EUR 546 million at September 30, 2009 and December 31, 2008, respectively) (EURIBOR based variable rate of 2.42%) due 2013 472 437 759 513

EUR 179 million senior secured term loan (EURIBOR based variable rate of 4.17%) due 2016 261 241 — —

$500 million 8.50% senior secured term loan due 2017 500 493 — — $688 million senior secured revolving credit facility (EURIBOR or

LIBOR based variable rate) due 2012 — — 295 199

Total senior secured credit facilities (with weighted average interest rate) 3.53% 5,224 4,914 4.47% 5,480 3,691

(1)

(1)

15

(IN MILLIONS)


WeightedInterest

Rate CarryingAmount

Fair Value

WeightedInterest

Rate CarryingAmount

FairValue

$1,070 million 12.50% senior subordinated discount debenture loan due 2016 859 680 784 303

$870 million 10.00% senior debenture loan due 2014 869 878 869 691$500 million 11.5% senior debenture loan due 2016 462 492 — — $330 million 11.625% senior debenture loan due 2014 300 320 — — EUR 343 million 11.125% senior discount debenture loan due 2016 414 312 362 89EUR 150 million 9.00% senior debenture loan due 2014 220 205 209 136GBP 250 million 5.625% debenture loan (EMTN) due 2010 or 2017 — — 366 285EUR 50 million private placement debenture loan (EMTN) (3-month

EURIBOR based variable rate of 2.26%) due 2010 74 69 70 53EUR 50 million private placement debenture loan (EMTN) (3-month

EURIBOR based variable rate of 2.33%) due 2012 74 58 70 45EUR 30 million 6.75% private placement debenture loan (EMTN) due

2012 46 41 44 28JPY 4,000 million 2.50% private placement debenture loan (EMTN) due

2011 46 37 45 32

The fair value of the Company’s long-term debt instruments was based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities.

Annual maturities of Nielsen’s long-term debt are as follows:

In January 2009 Nielsen issued $330 million in aggregate principal amount of 11.625 % Senior Notes due 2014 at an issue price of $297 million with cash proceeds of approximately $290 million, net of fees and expenses.

In March 2009 the Company purchased and cancelled approximately GBP 101 million of the total GBP 250 million outstanding 5.625% EMTN debenture notes. This transaction was pursuant to a cash tender offer, whereby the Company paid, and participating note holders received, a price of GBP 940 per GBP 1,000 in principal amount of the notes, plus accrued interest. In conjunction with the GBP note cancellation the Company satisfied, and paid in cash, a portion of the remarketing settlement value associated with the cancelled notes to the two holders of a remarketing option associated with the notes. In addition, the Company unwound a portion of its existing GBP/Euro foreign currency swap, which was previously designated as a foreign currency cash flow hedge. The Company recorded a net loss of $3 million as a result of the combined elements of this transaction in March 2009 as a component of other expense, net in the condensed consolidated statement of operations. The net cash paid for the combined elements of this transaction was approximately $197 million.

In April 2009 Nielsen issued $500 million in aggregate principal amount of 11.5% Senior Notes due 2016 at an issue price of $461 million with cash proceeds of approximately $452 million, net of fees and expenses.

In June 2009, the Company purchased and cancelled all of its remaining outstanding GBP 149 million 5.625% EMTN debenture notes. This transaction was pursuant to a cash tender offer, whereby the Company paid, and participating note holders received, par value for the notes, plus accrued interest. In conjunction with the GBP note cancellation the Company satisfied, and paid in cash, the remarketing settlement value to the two holders of the remaining portion of the remarketing option associated with the notes. In addition, the Company unwound the remaining portion of its existing GBP/Euro foreign currency swap, which was previously designated as a foreign currency cash flow hedge. The Company recorded a net loss of approximately $12 million in June 2009 as a component of other expense, net in the condensed consolidated statement of operations as a result of the combined elements of this transaction. The net cash paid for the combined elements of this transaction was approximately $330 million.

16

(IN MILLIONS)


WeightedInterest

Rate CarryingAmount

Fair Value

WeightedInterest

Rate CarryingAmount

FairValue

Total debenture loans (with weighted average interest rate) 12.04% 3,364 3,092 10.67% 2,819 1,662Other loans — — 6.28% 8 8

Total long-term debt 6.86% 8,588 8,006 6.57% 8,307 5,361Capital lease and other obligations 134 121

Short-term debt 3 2

Bank overdrafts 20 64

Total debt and other financing arrangements 8,745 8,494 Less: Current portion of long-term debt, capital lease and other

obligations and other short-term borrowings 44 421

Non-current portion of long-term debt and capital lease and other obligations $ 8,701 $ 8,073

(IN MILLIONS)

For October 1, 2009 to December 31, 2009 $ 32010 862011 582012 1322013 3,4682014 1,402Thereafter 3,439

$8,588

In June 2009 Nielsen Finance LLC (“Nielsen Finance”), a wholly owned subsidiary of the Company, entered into a Senior Secured Loan Agreement with Goldman Sachs Lending Partners, LLC, which provides for senior secured term loans in the aggregated principal amount of $500 million (the “New Term Loans”) bearing interest at a fixed rate of 8.50%. The New Term Loans are secured on a pari passu basis with the Company’s existing obligations under its senior secured credit facilities and have a maturity of eight years. The net proceeds from the issuance of the New Term Loans of approximately $481 million were used in their entirety to pay down senior secured term loan obligations under the Company’s existing senior secured credit facilities.

In June 2009 Nielsen Finance received the requisite consent to amend its senior secured credit facilities to permit, among other things: (i) future issuances of additional secured notes or loans, which may include, in each case, indebtedness secured on a pari passu basis with Nielsen Finance’s obligations under the senior secured credit facilities, so long as (a) the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par until $500 million of term loans have been paid, and (b) 90% of the net cash proceeds in excess of the first $500 million from any such issuance (but all of the net cash proceeds after the first $2.0 billion) are used to prepay term loans under the senior secured credit facilities at par; and (ii) allow Nielsen Finance to agree with lenders to extend the maturity of their term loans and revolving commitments and for it to pay increased interest rates or otherwise modify the terms of their loans in connection with such an extension (subject to certain limitations, including mandatory increases of interest rates under certain circumstances) (collectively, the “Amendment”). In connection with the Amendment, Nielsen Finance extended the maturity of $1.26 billion of their existing term loans from August 9, 2013 to May 1, 2016. The interest rate margins of term loans that were extended were increased to 3.75%. The Amendment and the subsequent extension of maturity of a portion of the existing term loans is considered a modification of the Company’s existing obligations and has been reflected as such in the condensed consolidated financial statements. The Company recorded a charge of approximately $4 million in June 2009 as a component of other expense, net in the condensed consolidated statement of operations primarily relating to the write-off of previously deferred debt issuance costs as a result of this modification.

9. Comprehensive Income/(Loss) The following table sets forth the components of comprehensive income/(loss), net of income tax:

10. Share-Based Compensation In the second quarter of 2009, the Company determined that it is not probable that the performance options that were expected to vest on December 31, 2010 and 2011 would vest. Because the performance options are no longer expected to vest, the cumulative share based compensation expense of $10 million related to these options was reversed; including $8 million recorded in prior years, and was accounted for as a change in estimate. Further, in June 2009, a modification was made to the vesting provisions of the performance options scheduled to vest on December 31, 2010 and 2011. If the respective performance targets are not achieved, the modification will allow those performance options to convert to time-based options, subject to continued employment, with a stated vesting date of December 31, 2012 and December 31, 2013 for the 2010 and 2011 options, respectively.

11. Income Taxes The effective tax rates for the three months ended September 30, 2009 and 2008 were 18% (benefit) and 19% respectively. The effective tax rates for the nine months ended September 30, 2009 and 2008 were 21% (benefit) and 19% (benefit) respectively.

The effective tax benefit rate for the three and nine months ended September 30, 2009 is lower than the statutory rate primarily due to the impairment of goodwill and other intangibles, income tax true-ups and changes in interest on liabilities for unrecognized income tax benefits, which are partially offset by the favorable effect of certain foreign exchange gains, the impact of the tax rate differences in other jurisdictions where the Company files tax returns and changes to contingencies.

Three Months Ended

September 30, Nine Months Ended

September 30, (IN MILLIONS) 2009 2008 2009 2008

Net (loss)/income $ (526) $ 41 $ (530) $ (25) Other comprehensive income/(loss), net of tax

Unrealized gains/(losses) on:

Currency translation adjustments 80 (254) 242 (233) Available-for-sale securities (1) (6) (3) (3) Changes in the fair value of cash flow hedges 11 (8) 23 (5) Pension liability (1) — (2) —

Total other comprehensive income/(loss) 89 (268) 260 (241)

Total comprehensive loss (437) (227) (270) (266)

Comprehensive income/(loss) attributable to noncontrolling interests 2 (1) 3 —

Total comprehensive loss attributable to The Nielsen Company B.V. $ (439) $ (226) $ (273) $ (266)

17

The effective tax rate for the three months ended September 30, 2008 was lower than the Dutch statutory rate primarily as a result of a valuation allowance on foreign tax credits. The effective tax benefit rate for the nine months ended September 30, 2008 was lower than the statutory rate primarily due to interest on the tax accruals, state and foreign withholding taxes and certain non-deductible charges, which are partially offset by favorable audit settlements and the impact of the tax rate differences in other jurisdictions where the Company files tax returns.

Liabilities for unrecognized income tax benefits totaled $179 million and $187 million as of September 30, 2009 and December 31, 2008, respectively.

With few exceptions, the Company is no longer subject to U.S. Federal income tax examinations for 2003 and prior periods. In addition, the Company has subsidiaries in various states, provinces and countries that are currently under audit for years ranging from 1997 through 2008.

It is anticipated that all examinations will be completed within the next twelve months with the exception of the 2006 and 2007 U.S. Federal examinations. To date, the Company is not aware of any material adjustments not already accrued related to any of the current Federal, state or foreign audits under examination.

12. Related Party Transactions The Company recorded $3 million and $9 million in selling, general and administrative expenses related to Sponsor management fees, travel and consulting for the three and nine months ended September 30, 2009 and $2 million and $8 million for the three and nine months ended September 30, 2008.

In June 2009, Valcon Acquisition Holding BV granted 350,000 time-based stock options to affiliates of Centerview Partners (“Centerview”), a shareholder of a Nielsen parent, in connection with one of its partners being elected Chairman of the Supervisory Board of Nielsen. Centerview collectively holds 500,000 performance-based options and 350,000 time-based options to purchase shares in Valcon.

13. Commitments and Contingencies Legal Proceedings and Contingencies Nielsen is subject to litigation and other claims in the ordinary course of business.

D&B Legacy Tax Matters In November 1996, D&B, then known as The Dun & Bradstreet Corporation (“Old D&B”) separated into three public companies by spinning off the A.C. Nielsen Company (“ACNielsen”) and Cognizant Corporation (“Cognizant”) (the “1996 Spin-Off”).

In June 1998, Old D&B changed its name to R.H. Donnelley Corporation (“Donnelley”) and spun-off The Dun & Bradstreet Corporation (“New D&B”) (the “D&B Spin”), and Cognizant changed its name to Nielsen Media Research, Inc. (“NMR”), now part of Valcon, and spun-off IMS Health (the “Cognizant Spin”). In September 2000, New D&B changed its name to Moody’s Corporation (“Moody’s”) and spun-off a company now called The Dun & Bradstreet Corporation (“Current D&B”) (the “Moody’s spin”). In November 1999, Nielsen acquired NMR and in 2001 Nielsen acquired ACNielsen.

Pursuant to the agreements affecting the 1996 Spin-Off, among other factors, certain liabilities, including certain contingent liabilities and tax liabilities arising out of certain prior business transactions (the “D&B Legacy Tax Matters”), were allocated among Old D&B, ACNielsen and Cognizant. The agreements provide that any disputes regarding these matters are subject to resolution by arbitration.

In connection with the acquisition of NMR, Nielsen recorded in 1999, a liability for NMR’s aggregate liability for payments related to the D&B Legacy Tax Matters. In June 2009, Nielsen paid approximately $11 million for the settlement of all probable claims relating to these matters.

Sunbeam Television Corp. Sunbeam Television Corp. (“Sunbeam”) filed a lawsuit in Federal District Court in Miami, Florida on April 30, 2009. The lawsuit alleges that Nielsen Media Research, Inc. violated Federal and Florida state antitrust laws and Florida’s unfair trade practices laws by attempting to maintain a monopoly and abuse its position in the market, and breached its contract with Sunbeam by producing defective ratings data through its sampling methodology. The complaint did not specify the amount of damages sought and also sought declaratory and equitable relief. After briefing and a hearing, by order dated August 28, 2009, the court granted Nielsen’s motion to dismiss the complaint, with leave to replead. Sunbeam subsequently filed an amended complaint restating the same claims as

18

contained in the original complaint; the amended complaint does not specify the amount of damages sought and does not seek declaratory relief. Nielsen’s motion to dismiss the amended complaint has been fully briefed by the parties and is awaiting hearing or decision by the court. Nielsen continues to believe this lawsuit is without merit and intends to defend it vigorously.

14. Segments Nielsen classifies its business interests into three reportable segments: Consumer Services, consisting principally of market research and analysis and marketing and sales advisory services; Media, consisting principally of television ratings, television, radio and internet audience and advertising measurement and research and analysis in various facets of the entertainment and media sectors; and Business Media, consisting principally of business publications, both in print and online, trade shows, events and conferences and information databases and websites. Corporate consists principally of unallocated corporate items and intersegment eliminations.

During the second quarter of 2009, to conform to a change in management reporting, Nielsen reclassified a product group specific to internet measurement from the Consumer Services segment to the Media segment. The product group was moved to the Media segment to align with the current management reporting of the internet measurement business. The business segment results have been reclassified for comparison purposes for all periods presented in the condensed consolidated financial statements and the impact is immaterial.

Information with respect to the operations of each Nielsen business segment for the three and nine months ended September 30, 2009 and 2008, as well as total assets for each business segment as of September 30, 2009 and December 31, 2008, are set forth below based on the nature of the products and services offered and geographic areas of operations.

Three months ended September 30, 2009 and September 30, 2008

19


BusinessMedia Corporate Total

2009

Revenues $ 683 $ 486 $ 82 $ (1) $ 1,250 Depreciation and amortization $ 54 $ 77 $ 11 $ 3 $ 145 Impairment of goodwill and intangible assets $ — $ (402) $ (180) $ — $ (582) Restructuring (credits)/costs $ (5) $ 1 $ 2 $ — $ (2) Share-Based Compensation $ 1 $ 3 $ — $ 3 $ 7 Operating income/(loss) $ 84 $ (293) $ (168) $ (16) $ (393) Total assets as of September 30, 2009 $ 6,243 $7,242 $ 983 $ 328 $14,796 2008

Revenues $ 709 $ 438 $ 115 $ (2) $ 1,260 Depreciation and amortization $ 48 $ 68 $ 10 $ 2 $ 128 Restructuring costs $ 37 $ 2 $ 1 $ 6 $ 46 Share-Based Compensation $ 1 $ 3 $ — $ 3 $ 7 Operating income/(loss) $ 41 $ 86 $ 27 $ (30) $ 124 Total assets as of December 31, 2008 $ 5,912 $7,742 $1,220 $ 484 $15,358

Nine months ended September 30, 2009 and September 30, 2008

15. Guarantor Financial Information The following supplemental financial information sets forth for the Company, its subsidiaries that have issued certain debt securities (the “Issuers”) and its guarantor and non-guarantor subsidiaries, all as defined in the credit agreements, the condensed consolidating balance sheet as of September 30, 2009 and December 31, 2008 and condensed consolidating statements of operations for the three and nine months ended September 30, 2009 and 2008 and cash flows for the nine months ended September 30, 2009 and 2008. The Senior Notes and the Senior Subordinated Discount Notes are jointly and severally guaranteed on an unconditional basis by Nielsen and, each of the direct and indirect wholly-owned subsidiaries of Nielsen, including VNU Intermediate Holding B.V., Nielsen Holding and Finance B.V., VNU International B.V., Nielsen Business Media Holding Company, TNC (US) Holdings, Inc., VNU Marketing Information, Inc. and ACN Holdings, Inc., and the wholly-owned subsidiaries thereof, including the wholly owned U.S. subsidiaries of ACN Holdings, Inc. and Nielsen Business Media Holding Company, in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are the Company and the subsidiary issuers (Nielsen Finance LLC and Nielsen Finance Co.), both wholly-owned subsidiaries of ACN Holdings, Inc. and subsidiary guarantors of the debt issued by Nielsen.

Nielsen is a holding company and does not have any material assets or operations other than ownership of the capital stock of its direct and indirect subsidiaries. All of Nielsen’s operations are conducted through its subsidiaries, and, therefore, Nielsen is expected to continue to be dependent upon the cash flows of its subsidiaries to meet its obligations.

20


BusinessMedia Corporate Total

2009

Revenues $ 1,936 $1,417 $ 258 $ (1) $3,610 Depreciation and amortization $ 145 $ 228 $ 33 $ 8 $ 414 Impairment of goodwill and intangible assets $ — $ (402) $ (180) $ — $ (582) Restructuring (credits)/costs $ (4) $ 7 $ 5 $ 1 $ 9 Share-Based Compensation $ 1 $ 3 $ — $ 2 $ 6 Operating income/(loss) $ 220 $ (111) $ (151) $ (58) $ (100) 2008

Revenues $ 2,128 $1,282 $ 371 $ (3) $3,778 Depreciation and amortization $ 139 $ 194 $ 31 $ 6 $ 370 Restructuring costs $ 46 $ 5 $ 2 $ 9 $ 62 Share-Based Compensation $ 4 $ 7 $ 1 $ 8 $ 20 Operating income/(loss) $ 156 $ 233 $ 85 $ (66) $ 408

The Nielsen Company B.V. Condensed Consolidating Balance Sheet (Unaudited)

September 30, 2009

21

(IN MILLIONS) Parent Issuers Guarantor Non-

Guarantor Elimination Consolidated

Assets:

Current assets

Cash and cash equivalents $ 2 $ — $ 67 $ 340 $ — $ 409Trade and other receivables, net — — 332 548 — 880Prepaid expenses and other current assets 3 23 85 102 — 213Intercompany receivables 342 56 431 396 (1,225) —

Total current assets 347 79 915 1,386 (1,225) 1,502

Non-current assets

Property, plant and equipment, net — — 360 241 — 601Goodwill — — 4,955 2,088 — 7,043Other intangible assets, net — — 3,549 1,293 — 4,842Deferred tax assets 4 39 226 47 — 316Other non-current assets 9 110 252 121 — 492Equity investment in subsidiaries 2,626 — 4,063 — (6,689) — Intercompany loans 279 7,750 880 1,578 (10,487) —

Total assets $3,265 $7,978 $ 15,200 $ 6,754 $ (18,401) $ 14,796


Current liabilities

Accounts payable and other current liabilities $ 3 $ 89 $ 262 $ 543 $ — $ 897Deferred revenues — — 226 160 — 386Income tax liabilities — — 62 31 — 93Current portion of long-term debt, capital lease obligations and

short-term borrowings — 13 28 3 — 44Intercompany payables — 184 752 289 (1,225) —

Total current liabilities 3 286 1,330 1,026 (1,225) 1,420

Non-current liabilities

Long-term debt and capital lease obligations 654 7,921 108 18 — 8,701Deferred tax liabilities — — 1,302 130 — 1,432Intercompany loans — — 9,604 883 (10,487) — Other non-current liabilities 2 116 230 277 — 625

Total liabilities 659 8,323 12,574 2,334 (11,712) 12,178

Total shareholders’ equity 2,606 (345) 2,626 4,408 (6,689) 2,606Noncontrolling interests — — — 12 — 12

Total equity 2,606 (345) 2,626 4,420 (6,689) 2,618

Total liabilities and equity $3,265 $7,978 $ 15,200 $ 6,754 $ (18,401) $ 14,796

The Nielsen Company B.V. Condensed Consolidating Balance Sheet

December 31, 2008

22



Assets:

Current assets

Cash and cash equivalents $ 1 $ — $ 162 $ 303 $ — $ 466Trade and other receivables, net — — 427 531 — 958Prepaid expenses and other current assets 2 17 74 96 — 189Intercompany receivables 346 105 385 394 (1,230) —

Total current assets 349 122 1,048 1,324 (1,230) 1,613

Non-current assets Property, plant and equipment, net — — 378 225 — 603Goodwill — — 5,284 1,901 — 7,185Other intangible assets, net — — 3,888 1,182 — 5,070Deferred tax assets — 64 216 39 — 319Other non-current assets 20 107 266 175 — 568Equity investment in subsidiaries 2,881 — 3,760 — (6,641) — Intercompany loans 632 6,929 985 1,564 (10,110) —

Total assets $3,882 $7,222 $ 15,825 $ 6,410 $ (17,981) $ 15,358


Current liabilities

Accounts payable and other current liabilities $ 17 $ 113 $ 327 $ 562 $ — $ 1,019Deferred revenues — — 280 158 — 438Income tax liabilities 4 — 92 42 — 138Current portion of long-term debt, capital lease obligations and

other short-term borrowings — 45 359 17 — 421Intercompany payables — 170 805 255 (1,230) —

Total current liabilities 21 328 1,863 1,034 (1,230) 2,016

Non-current liabilities

Long-term debt and capital lease obligations 957 7,002 97 17 — 8,073Deferred tax liabilities 18 — 1,455 119 — 1,592Intercompany loans — — 9,086 1,024 (10,110) — Other non-current liabilities 11 129 443 203 — 786

Total liabilities 1,007 7,459 12,944 2,397 (11,340) 12,467

Total shareholders’ equity 2,875 (237) 2,881 3,997 (6,641) 2,875Noncontrolling interests — — — 16 — 16

Total equity 2,875 (237) 2,881 4,013 (6,641) 2,891

Total liabilities equity $3,882 $7,222 $ 15,825 $ 6,410 $ (17,981) $ 15,358

The Nielsen Company B.V. Condensed Consolidating Statement of Operations (Unaudited)

For the three months ended September 30, 2009

23



Revenues $ — $ — $ 649 $ 601 $ — $ 1,250

Cost of revenues, exclusive of depreciation and amortization shown separately below — — 260 275 — 535

Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below — — 202 181 — 383

Depreciation and amortization — — 112 33 — 145 Impairment of goodwill and intangible assets — — 582 — — 582 Restructuring costs/(credits) — — 4 (6) — (2)

Operating (loss)/income — — (511) 118 — (393)

Interest income 3 108 14 17 (140) 2 Interest expense (13) (155) (130) (12) 140 (170) Loss on derivative instruments — (20) (1) — — (21) Foreign currency exchange transaction gains/(losses), net 1 (42) — 20 — (21) Equity in net (loss)/income of subsidiaries (520) — 17 — 503 — Other (expense)/income, net — (1) 29 (29) — (1)

(Loss)/income before income taxes and equity in net loss of affiliates (529) (110) (582) 114 503 (604)

Benefit/(provision) for income taxes 2 37 95 (23) — 111 Equity in net loss of affiliates — — (33) — — (33)

Net (Loss)/income (527) (73) (520) 91 503 (526) Less: net income attributable to noncontrolling interests — — — 1 — 1

Net (loss)/income attributable to controlling interests $(527) $ (73) $ (520) $ 90 $ 503 $ (527)


For the three months ended September 30, 2008

24



Revenues $ — $ — $ 667 $ 595 $ (2) $ 1,260

Cost of revenues, exclusive of depreciation and amortization shown separately below — — 286 264 (2) 548

Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below — — 201 213 — 414

Depreciation and amortization — — 98 30 — 128 Restructuring costs — — 20 26 — 46

Operating income — — 62 62 — 124

Interest income 12 114 18 22 (162) 4 Interest expense (21) (136) (148) (20) 162 (163) Loss on derivative instruments — (33) (5) — — (38) Foreign currency exchange transaction gains, net — 117 4 3 — 124 Equity in net income/(loss) of subsidiaries 43 — 83 — (126) — Other income/(expense), net — — 5 (4) — 1

Income/(loss) from continuing operations before income taxes and equity in net income of affiliates 34 62 19 63 (126) 52

Benefit/(provision) for income taxes 8 (21) 25 (22) — (10) Equity in net loss of affiliates — — (1) — — (1)

Income/(loss) from continuing operations 42 41 43 41 (126) 41 Discontinued operations, net of tax — — — — — —

Net income/(loss) $ 42 $ 41 $ 43 $ 41 $ (126) $ 41 Add: net loss attributable to noncontrolling interests — — — 1 — 1

Net income/(loss) attributable to controlling interests $ 42 $ 41 $ 43 $ 42 $ (126) $ 42


For the nine months ended September 30, 2009

25



Revenues $ — $ — $ 1,935 $ 1,676 $ (1) $ 3,610

Cost of revenues, exclusive of depreciation and amortization shown separately below — — 789 748 (1) 1,536

Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below — — 617 552 — 1,169

Depreciation and amortization — — 323 91 — 414 Impairment of goodwill and intangible assets — — 582 — — 582 Restructuring costs/(credits) — — 14 (5) — 9

Operating (loss)/income — — (390) 290 — (100)

Interest income 16 313 53 54 (430) 6 Interest expense (43) (431) (391) (51) 430 (486) Loss on derivative instruments — (50) (4) — — (54) Foreign currency exchange transaction gains/(losses), net 2 (50) 28 30 — 10 Equity in net (loss)/income of subsidiaries (503) — 57 — 446 — Other (expense)/income, net (14) (5) 49 (44) — (14)

(Loss)/income before income taxes and equity in net income of affiliates (542) (223) (598) 279 446 (638)

Benefit/(provision) for income taxes 10 75 121 (73) — 133 Equity in net (loss)/income of affiliates — — (26) 1 — (25)

Net (loss)/income (532) (148) (503) 207 446 (530) Less: net income attributable to noncontrolling interests — — — 2 — 2

Net (loss)/income attributable to controlling interests $(532) $(148) $ (503) $ 205 $ 446 $ (532)



26



Revenues $ — $ — $ 1,997 $ 1,788 $ (7) $ 3,778

Cost of revenues, exclusive of depreciation and amortization shown separately below — — 841 837 (7) 1,671

Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below — — 654 613 — 1,267

Depreciation and amortization — — 281 89 — 370 Restructuring costs — — 23 39 — 62

Operating income — — 198 210 — 408

Interest income 34 349 55 70 (494) 14 Interest expense (61) (405) (456) (57) 494 (485) (Loss)/gain on derivative instruments — (10) 5 — — (5) Foreign currency exchange transaction gains, net — 37 — 6 — 43 Equity in net (loss)/income of subsidiaries (11) — 117 — (106) — Other income/(expense), net 1 — 16 (19) — (2)

(Loss)/income from continuing operations before income taxes and equity in net (loss)/income of affiliates (37) (29) (65) 210 (106) (27)

Benefit/(provision) for income taxes 12 10 58 (75) — 5 Equity in net (loss)/income of affiliates — — (4) 4 — —

(Loss)/income from continuing operations (25) (19) (11) 139 (106) (22) Discontinued operations, net of tax — — — (3) — (3)

Net (loss)/income $ (25) $ (19) $ (11) $ 136 $ (106) $ (25) Less: net income attributable to noncontrolling interests — — — — — —

Net (loss)/income attributable to controlling interests $ (25) $ (19) $ (11) $ 136 $ (106) $ (25)

The Nielsen Company B.V. Condensed Consolidating Statement of Cash Flows (Unaudited)


27


Guarantor Consolidated

Net cash provided by operating activities $ — $ 18 $ 83 $ 221 $ 322

Investing activities:

Acquisition of subsidiaries and affiliates, net of cash acquired — — (42) (8) (50)

Proceeds from sale of subsidiaries and affiliates, net — — 16 — 16 Additions to property, plant and equipment and other assets — — (53) (48) (101) Additions to intangible assets — — (93) (10) (103) Other investing activities 14 — — 3 17

Net cash provided by/(used) in investing activities 14 — (172) (63) (221)

Financing activities:

Net repayments on revolving credit facility — — (295) — (295) Proceeds from issuances of other debt, net of issuance costs — 1,223 — — 1,223 Repayments of other debt (390) (499) — (9) (898) (Decrease)/increase in other short-term borrowings — — (40) (5) (45) Dividends paid to noncontrolling interests — — — (2) (2) Valcon capital return (1) — — — (1) Settlement of derivatives, intercompany and other financing

activities 378 (742) 323 (125) (166)

Net cash used in financing activities (13) (18) (12) (141) (184)

Effect of exchange-rate changes on cash and cash equivalents — — 6 20 26

Net increase/(decrease) in cash and cash equivalents 1 — (95) 37 (57) Cash and cash equivalents at beginning of period 1 — 162 303 466

Cash and cash equivalents at end of period $ 2 $ — $ 67 $ 340 $ 409

The Nielsen Company B.V. Condensed Consolidating Statement of Cash Flows (Unaudited)


28


Guarantor Consolidated

Net cash provided by/(used in) operating activities $ 40 $ 56 $ (80) $ 124 $ 140

Investing activities:

Acquisition of subsidiaries and affiliates, net of cash acquired — — (258) — (258) Proceeds from sale of subsidiaries and affiliates, net — — 14 6 20 Additions to property, plant and equipment and other assets — — (123) (26) (149) Additions to intangible assets — — (94) (10) (104) Other investing activities — — (1) 4 3

Net cash used in investing activities — — (462) (26) (488)

Financing activities:

Net borrowings from revolving credit facility — — 185 — 185 Proceeds from issuances of other debt, net of issuance costs — 213 3 1 217 Repayments of other debt — (34) (139) — (173) (Decrease)/increase in other short-term borrowings (6) — 15 (20) (11) Valcon capital contribution 79 — — — 79 Settlement of derivatives, intercompany and other financing

activities (113) (235) 467 (127) (8)

Net cash (used in)/provided by financing activities (40) (56) 531 (146) 289

Effect of exchange-rate changes on cash and cash equivalents — — — (15) (15)

Net decrease in cash and cash equivalents — — (11) (63) (74)

Cash and cash equivalents at beginning of period 1 — 65 333 399

Cash and cash equivalents at end of period $ 1 $ — $ 54 $ 270 $ 325

The Nielsen Company B.V.

The following discussion and analysis supplements management’s discussion and analysis of The Nielsen Company B.V. (“the Company” or “Nielsen”) for the year ended December 31, 2008 as contained in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 31, 2009, and presumes that readers have read or have access to such discussion and analysis. The following discussion and analysis should also be read together with the accompanying Condensed Consolidated Financial Statements and related notes thereto. Further, this report may contain material that includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect, when made, Nielsen’s current views with respect to current events and financial performance. These forward-looking statements are subject to numerous risks and uncertainties. Statements, other than those based on historical facts, which address activities, events or developments that we expect or anticipate may occur in the future are forward-looking statements. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to Nielsen’s operations and business environment that may cause actual results to be materially different from any future results, express or implied, by such forward-looking statements. Unless required by context, references to “we”, “us”, and “our” refer to Nielsen and each of its consolidated subsidiaries.

Overview We are a leading global information and media company providing essential integrated marketing and media measurement

information, analytics and industry expertise to clients across the world. In addition, our trade shows, online media assets and publications occupy leading positions in a number of their targeted end markets. Through our broad portfolio of products and services, we track sales of consumer products, report on television viewing habits in countries representing more than 60% of the world’s population, measure internet audiences and produce trade shows, print publications and online newsletters. We currently operate, and therefore report, in three segments: Consumer Services, Media and Business Media.

Our Business Segments Our Consumer Services segment provides critical consumer behavior information and analysis primarily to businesses in the

consumer packaged goods industry. We are a global leader in retail measurement services and in longitudinal consumer household panel data. Our extensive database of retail and consumer information, combined with analytical capabilities, yields valuable strategic insights and information that influences our clients’ critical business decisions such as enhancing brand management strategies, developing and launching new products, identifying new marketing opportunities and improving marketing return on investment.

Our Media segment provides measurement information for multiple media platforms, including broadcast and cable television, motion pictures, music, print, the internet and mobile telephones. We are the industry leader in U.S. television audience measurement, and our measurement data is widely accepted as the “currency” in determining the value of programming and advertising opportunities on U.S. television.

Our Business Media segment is a market-focused provider of integrated information and sales and marketing solutions. Through a multi-channel approach consisting of trade shows, online media assets and publications, Business Media offers attendees, exhibitors, readers and advertisers the insights and connections that assist them in gaining a competitive edge in their respective markets.

Our business generates a stable and predictable revenue stream and is characterized by long-term client relationships, multi-year contracts and high contract renewal rates related to marketing and media measurement services. We serve a global client base across multiple end markets including consumer packaged goods, retail, broadcast and cable television, telecommunications, music and online media.

Our revenue is highly diversified by business segment, geography and client. For the nine months ended September 30, 2009, 54% of our revenues were generated from our Consumer Services segment, 39% from our Media segment and the remaining 7% from our Business Media segment. We conduct our business activities in approximately 100 countries. For the nine months ended September 30, 2009, 54% of our revenues were generated in the U.S., 9% in the Americas excluding the U.S., 27% in Europe, the Middle East and Africa, and the remaining 10% in Asia Pacific.

Valcon Acquisition On May 24, 2006, Nielsen was acquired through a tender offer to shareholders by Valcon Acquisition B.V. (“Valcon”), an entity

formed by investment funds associated with AlpInvest Partners, The Blackstone Group, The Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts & Co., and Thomas H. Lee Partners (collectively, the “Sponsors”) and held 99.4% of Nielsen’s outstanding common shares as of December 31, 2007. In May 2008, Valcon acquired the remaining Nielsen common shares through a statutory squeeze-out procedure, pursuant to Dutch legal and regulatory requirements and therefore holds 100% of the Company’s outstanding common shares. Valcon also acquired 100% of the Company’s preferred B shares in the period from May 24, 2006 to December 31, 2006 which were subsequently cancelled. The common and preferred shares were delisted from the Euronext Amsterdam on July 11,

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

2006. Nielsen became a subsidiary of Valcon upon the consummation of the acquisition by Valcon (the “Valcon Acquisition”).

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Factors Affecting Our Financial Results

Foreign Currency Our financial results are reported in U.S. Dollars and are therefore subject to the impact of movements in foreign currency

exchange rates on the translation of the financial information of individual businesses whose functional currencies are other than the U.S. Dollar. Approximately 55% of our revenues were denominated in U.S. Dollars during the nine months ended September 30, 2009 and 54% for the nine months ended September 30, 2008. Our foreign exchange revenue exposure is spread across several currencies, primarily the Euro, as set forth below:

As a result, fluctuations in the value of foreign currencies relative to the U.S. Dollar impact our operating results, which is discussed in more detail under Item 3 “—Quantitative and Qualitative Disclosures about Market Risks.” In countries with currencies other than the U.S. Dollar, assets and liabilities are translated into U.S. Dollars using end-of-period exchange rates; revenues, expenses and cash flows are translated using average exchange rates. The average U.S. Dollar to Euro exchange rate was $1.36 to €€ 1.00 and $1.53 to €€ 1.00 for the nine months ended September 30, 2009 and 2008, respectively. Constant currency growth rates used in the following discussion of results of operations eliminate the impact of year-over-year foreign currency fluctuations.

Acquisitions and Investments in Affiliates For the nine months ended September 30, 2009, we paid cash consideration of $50 million associated with both current period

and previously executed acquisitions and investments in affiliates, net of cash acquired. In conjunction with these acquisitions, we recorded deferred consideration of $24 million, substantially all of which is payable through March 2012. Had the current period acquisitions occurred as of January 1, 2009, the impact on our consolidated results of operations would not have been material.

On May 15, 2008, we completed our acquisition of IAG Research, Inc, subsequently rebranded as Nielsen IAG (“IAG”), for $223 million (including non-cash consideration of $1 million and an additional $1 million in transaction costs paid during the second half of 2008), which was net of $12 million of cash acquired. The acquisition expanded our television and internet analytics services through IAG’s measurement of consumer engagement with television programs, national commercials and product placements.

For the nine months ended September 30, 2008, we paid cash consideration of $36 million associated with other acquisitions and investments in affiliates, net of cash acquired. Had IAG and the other acquisitions occurred as of January 1, 2008, the impact on our consolidated results of operations would not have been material.

Business Divestitures During the nine months ended September 30, 2009, we received $16 million in net proceeds associated with business

divestitures, primarily associated with the sale of the non-core Brazilian exposition business within our Business Media segment. The impact of these transactions on our consolidated results of operations was not material.

During the nine months ended September 30, 2008, we received $20 million in net proceeds associated with two divestitures within its Business Media segment and the final settlement of the sale of our Directories segment to World Directories. The impact of these transactions on our consolidated results of operations was not material.

On February 8, 2007, we completed the sale of a significant portion of our Business Media Europe (BME) unit for $414 million in cash. In September 2008, we recorded a charge of $3 million relating to the settlement of outstanding litigation associated with the disposed of unit.

30

(IN MILLIONS) Nine months endedSeptember 30, 2009

Nine months endedSeptember 30, 2008

Euro 15% 15% Other Currencies 30% 31%

Total 45% 46%

Results of Operations—Three Months Ended September 30, 2009 Compared to Three Months Ended September 30, 2008

The following table sets forth, for the periods indicated, the amounts included in our Condensed Consolidated Statements of Operations:

When comparing our results for the three months ended September 30, 2009 with results for the three months ended September 30, 2008, the following should be noted:

Items affecting Operating Income for the three months ended September 30, 2009

Items affecting Operating Income for the three months ended September 30, 2008

Revenues Our revenues decreased 0.8% to $1,250 million for the three months ended September 30, 2009 compared to $1,260 million for

the three months ended September 30, 2008. Revenues increased 3.1% on a constant currency basis, driven by a 12.3% increase in Media and a 2.4% increase in Consumer, partly offset by a 28.3% decline in Business Media. Media’s revenue growth was significantly impacted by the 2008 acquisitions of AGB and IAG as well as the divestiture of certain non-strategic businesses in December 2008. Excluding the impact of acquisitions and divestitures, Media’s revenues grew by 2.9% driven by revenue from new clients, the introduction of new products as well as the 2008 and 2009 expansion of the Local People Meter (“LPM”) to additional U.S. markets. Nielsen Media’s performance was partly offset by volume related declines in Entertainment. Consumer’s revenues grew on a constant currency basis primarily driven by strong revenue growth in Latin America and, to a lesser extent, low single digit growth in North America as growth in Retail Measurement Services offset lower customer discretionary spending, primarily on Customized Research products. Business Media revenues declined primarily due to softness in advertising-related revenues within our publications business and lower attendance at individual expositions. Revenues were also impacted by the divestiture of the non-core Brazilian exposition business in the second quarter of 2009.

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Three Months Ended September 30,

(unaudited) (IN MILLIONS) 2009 2008

Revenues $ 1,250 $ 1,260

Cost of revenues, exclusive of depreciation and amortization shown separately below 535 548 Selling, general and administrative expenses, exclusive of depreciation and amortization shown

separately below 383 414 Depreciation and amortization 145 128 Impairment of goodwill and intangible assets 582 — Restructuring (credits)/costs (2) 46

Operating (loss)/income (393) 124

Interest income 2 4 Interest expense (170) (163) Loss on derivative instruments (21) (38) Foreign currency exchange transaction (losses)/gains, net (21) 124 Other (expense)/income, net (1) 1

(Loss)/income from continuing operations before income taxes and equity in net loss of affiliates (604) 52

Benefit/(provision) for income taxes 111 (10) Equity in net loss of affiliates (33) (1)

(Loss)/income from continuing operations $ (526) $ 41

• For the three months ended September 30, 2009, foreign currency exchange rate fluctuations decreased revenue growth by

3.9% and decreased adjusted operating income (as defined below on Page 33) by 6.2%.

• We recorded $2 million in net restructuring credits.

• We recorded $582 million in impairment charges associated with goodwill and intangible assets.

• We incurred $46 million of restructuring expense.

Cost of Revenues, Exclusive of Depreciation and Amortization

Cost of revenues decreased 2.3% to $535 million for the three months ended September 30, 2009 compared to $548 million for the three months ended September 30, 2008. On a constant currency basis, the cost of revenues increased by 1.4% due primarily to the net impact of acquisitions and divestitures, offset by headcount related savings within Nielsen Media. In addition, Business Media’s cost of revenues decreased due to lower volume related publication and exposition costs and the divestiture of the non-core Brazilian exposition business in the second quarter of 2009. Consumer’s cost of revenues was flat year over year.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization Selling, general and administrative expenses decreased 7.5% to $383 million for the three months ended September 30, 2009

compared to $414 million for the three months ended September 30, 2008 and decreased 3.7% on a constant currency basis. The primary drivers for the decrease were reductions within Corporate and Business Media due to reductions in headcount and other cost-control initiatives and lower variable expenses. These savings were offset in part by the net impact of acquisitions and divestitures within Media.

Depreciation and Amortization Depreciation and amortization increased 13.5% to $145 million for the three months ended September 30, 2009 compared to

$128 million for the three months ended September 30, 2008. On a constant currency basis, depreciation and amortization expense increased 15.8% driven by increased amortization due to the impact of acquisitions and higher depreciation related to increased capital investment in 2008 on projects to enhance global infrastructure.

Impairment of Goodwill and Intangible Assets During the third quarter of 2009, we concluded that impairment indicators existed for certain reporting units within our Media

segment. The affected reporting units relate to previous acquisitions, which have seen declines in industry valuations since the acquisition dates and revised near-term growth projections. We also concluded that impairment indicators existed within our Business Media segment due to significant declines in revenue.

Accordingly, we conducted an interim impairment test and assessed the fair value of the intangible assets and the reporting units as compared to the underlying book value. The impairment tests were performed in accordance with both accepted valuation techniques and our accounting policies described in our annual report on Form 10-K for the year ended December 31, 2008.

Our impairment assessments resulted in the recognition of a non-cash goodwill impairment charge of $337 million and a non-cash customer-related intangible asset impairment charge of $245 million, during the three months ended September 30, 2009. A deferred tax benefit of $108 million was recognized during the period as a result of these impairment charges.

Restructuring (Credits)/Costs For the three months ended September 30, 2009, we recorded net restructuring credits of $2 million compared to charges of $46

million for the three months ended September 30, 2008. The net restructuring credits resulted primarily from adjustments to previously recorded liabilities driven mostly by a higher attrition factor on targeted employees compared to our initial estimates.

Operating (Loss)/Income Operating loss for the three months ended September 30, 2009 was $393 million, compared to operating income of $124 million

for the three months ended September 30, 2008. Adjusted operating income/(loss) is a non-GAAP measure and is presented to illustrate the effect of restructuring and impairment charges and other items on reported operating income/(loss), which we consider to be unusual and non-recurring in nature (as discussed further on page 40). On a constant currency basis, our adjusted operating income increased 15.9% for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. On a constant currency basis, Consumer Services adjusted operating income increased 15.3% as a result of growth in Latin America and Asia Pacific and productivity actions in Europe and North America. On a constant currency basis, Media’s adjusted operating income increased 25.4% as a result of Nielsen Media’s top line growth, headcount related savings, and the net impact of acquisitions and divestitures. On a constant currency basis, Business Media’s adjusted operating income decreased 54.0% as result of the impact of lower publication and exposition revenues, and the impact of the divestiture of the two non-core publications and the non-core Brazilian exposition business.

32

Interest Income and Expense Interest income was $2 million for the three months ended September 30, 2009 compared to $4 million for the three months

ended September 30, 2008. Interest expense was $170 million for the three months ended September 30, 2009 compared to $163 million for the three months ended September 30, 2008, an increase of 5.6% on a constant currency basis, primarily as a result of higher interest expense on our debenture loan portfolio driven by new debt issuances in 2009.

Loss on Derivative Instruments The loss on derivative instruments was $21 million for the three months ended September 30, 2009 compared to a loss of $38

million for the three months ended September 30, 2008. The change resulted primarily from the termination of our Euro to U.S. Dollar foreign currency swap derivative instrument in March 2009 as well as the change in fair value of certain of our interest rate swaps for which hedge accounting was discontinued in February 2009.

Foreign Currency Exchange Transaction (Losses)/Gains, Net Foreign currency exchange transaction (losses)/gains, net, represent the net gain or loss on revaluation of external debt,

intercompany loans and other receivables and payables. Fluctuations in the value of foreign currencies relative to the U.S. Dollar have a significant effect on our operating results, particularly the Euro. The average U.S. Dollar to Euro exchange rate was $1.43 to €€ 1.00 and $1.51 to €€ 1.00 for the three months ended September 30, 2009 and the three months ended September 30, 2008, respectively.

Foreign currency exchange resulted in a $21 million loss for the three months ended September 30, 2009 compared to a $124 million gain recorded in the three months ended September 30, 2008, primarily as a result of the fluctuation in the value of the U.S. Dollar against the Euro applied to certain of our Euro denominated senior secured term loans and debenture loans as well as a portion of our Intercompany loan portfolio.

Other Expense/(Income), Net Other expense, net was $1 million for the three months ended September 30, 2009 versus $1 million of income for the three

months ended September 30, 2008.

(Loss)/Income from Continuing Operations before Income Taxes and Equity in Net Loss of Affiliates For the three months ended September 30, 2009, the loss from continuing operations before income taxes, and equity in net loss

of affiliates was $604 million as compared to $52 million in income for the three months ended September 30, 2008. The change primarily relates to the impairment of goodwill and intangible assets as well as foreign currency exchange transaction losses, which were offset in part by lower restructuring expenses and improved business performance primarily attributable to cost reduction programs.

Equity in Net Loss of Affiliates During the third quarter of 2009 we concluded that the carrying value of our non-controlling ownership interest in Scarborough

Research (“Scarborough”) was impaired as a result of continued declines in customer discretionary spending and the related impact on the launch of new performance tracking and marketing products. We deemed this impairment to be other than temporary and, accordingly, recorded an after-tax non-cash impairment charge of $26 million (net of a tax adjustment of $18 million) during the period. As of September 30, 2009, the adjusted carrying value of our investment in Scarborough was $48 million.

Benefit/(Provision) for Income Taxes The effective tax rates for the three months ended September 30, 2009 and 2008 were 18% (benefit) and 19%, respectively. The

effective tax benefit rate for the three months ended September 30, 2009 is lower than the statutory rate primarily due to the impairment of goodwill and other intangibles, income tax true-ups and changes in interest on liabilities for unrecognized income tax benefits, which are partially offset by the favorable effect of certain foreign exchange gains, the impact of the tax rate differences in other jurisdictions where we file tax returns and changes to contingencies. The effective tax rate for the three months ended September 30, 2008 was lower than the Dutch statutory rate primarily as a result of a valuation allowance on foreign tax credits.

Liabilities for unrecognized income tax benefits totaled $179 million and $187 million as of September 30, 2009 and December 31, 2008, respectively.

With few exceptions, we are no longer subject to U.S. Federal income tax examinations for 2003 and prior periods. In addition, we have subsidiaries in various states, provinces and countries that are currently under audit for years ranging from 1997 through 2008.

33

We anticipate that all examinations will be completed within the next twelve months with the exception of the 2006 and 2007 U.S. Federal examinations. To date, we are not aware of any material adjustments not already accrued related to any of the current Federal, state or foreign audits under examination.

34

Results of Operations—Nine Months Ended September 30, 2009 Compared to Nine Months Ended September 30, 2008

The following table sets forth, for the periods indicated, the amounts included in our Condensed Consolidated Statements of Operations:

When comparing our results for the nine months ended September 30, 2009 with results for the nine months ended September 30, 2008, the following should be noted:

Items affecting Operating Income for the nine months ended September 30, 2009

Items affecting Operating Income for the nine months ended September 30, 2008

Revenues Our revenues decreased 4.4% to $3,610 million for the nine months ended September 30, 2009 compared to $3,778 million for

the nine months ended September 30, 2008. Revenues increased 2.0% on a constant currency basis driven by a 12.8% increase within Media and a 0.8% increase within Consumer, offset by a 29.8% decline in Business Media. The primary driver for Media’s revenue growth was the impact of the 2008 acquisitions of AGB and IAG, partly offset by the impact of divestitures of certain non-strategic businesses in December 2008. Excluding the impact of acquisitions and divestitures, Media’s revenues grew by 3.1% as a result of revenue from new clients, the introduction of new products as well as the 2008 and 2009 expansion of the Local People Meter (“LPM”) to additional U.S. markets. Nielsen Media’s performance was partly offset by volume related declines in Entertainment. Consumer’s revenues increased 0.8% on a constant currency basis as strong Retail Measurement Services growth in Latin America and Asia Pacific was offset by a decline in Europe, primarily within Customized Research products as a result of lower customer discretionary spending. Business Media revenues declined primarily due to softness in advertising-related revenues within our publications business and lower attendance at individual expositions. Revenues were also impacted by the divestiture of two non-core publications in the first half of 2008 and the divestiture of the non-core Brazilian exposition business in the second quarter of 2009.

35

Nine Months Ended September 30,

(unaudited) (IN MILLIONS) 2009 2008

Revenues $3,610 $3,778

Cost of revenues, exclusive of depreciation and amortization shown separately below 1,536 1,671 Selling, general and administrative expenses, exclusive of depreciation and amortization shown

separately below 1,169 1,267 Depreciation and amortization 414 370 Impairment of goodwill and intangible assets 582 — Restructuring costs 9 62

Operating income (100) 408

Interest income 6 14 Interest expense (486) (485) Loss on derivative instruments (54) (5) Foreign currency exchange transaction gains, net 10 43 Other expense, net (14) (2)

Loss from continuing operations before income taxes and equity in net loss of affiliates (638) (27)

Benefit for income taxes 133 5 Equity in net loss of affiliates (25) —

Loss from continuing operations $ (530) $ (22)

• For the nine months ended September 30, 2009, foreign currency exchange rate fluctuations decreased revenue growth by

6.4% and decreased adjusted operating income by 7.8%.

• We incurred $9 million of net restructuring expense.

• We recorded $582 million in impairment charges associated with goodwill and intangible assets.

• We incurred $62 million of restructuring expense.

Cost of Revenues, Exclusive of Depreciation and Amortization

Cost of revenues decreased 8.1% to $1,536 million for the nine months ended September 30, 2009 compared to $1,671 million for the nine months ended September 30, 2008. On a constant currency basis, cost of revenues decreased by 1.8% due primarily to lower variable publication and exhibition costs within Business Media and the impact of the divestiture of the two publications and the non-core Brazilian exposition business. Consumer’s cost of revenues decreased 3.8% primarily due to lower costs in Asia Pacific and the effects of restructuring in Europe offsetting volume related increases in variable costs in Latin America. Business Media and Consumer’s savings were partly offset by Media’s higher cost of revenues as a result of the net impact of acquisitions and divestitures as well as volume related increases within Nielsen Media.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization Selling, general and administrative expenses decreased 7.8% to $1,169 million for the nine months ended September 30, 2009

compared to $1,267 million for the nine months ended September 30, 2008 and were relatively flat on a constant currency basis. Selling, general and administrative expenses were lower on a constant currency basis within Business Media and Consumer as a result of volume and productivity actions and were also impacted by lower compensation expense attributable to certain modifications within our share-based compensation plans. These savings were offset slightly by increased costs within Media primarily due to the net impact of acquisitions and divestitures.

Depreciation and Amortization Depreciation and amortization increased 11.9% to $414 million for the nine months ended September 30, 2009 compared to

$370 million for the nine months ended September 30, 2008. On a constant currency basis, depreciation and amortization expense increased 15.9% driven by increased amortization due to the impact of acquisitions and higher depreciation related to increased capital investment in 2008 on projects to enhance global infrastructure.

Impairment of Goodwill and Other Intangibles We recorded a non-cash goodwill impairment charge of $337 million and a non-cash intangible asset impairment charge of $245

million within our Media and Business Media segments during the nine months ended September 30, 2009. A deferred tax benefit of $108 million was recognized during the period as a result of these impairment charges.

Restructuring Costs We incurred $9 million in restructuring costs relating to employee terminations for the nine months ended September 30, 2009

and $62 million in restructuring costs associated with employee terminations for the nine months ended September 30, 2008.

Operating Income Operating loss for the nine months ended September 30, 2009 was $100 million, compared to income of $408 million for the

nine months ended September 30, 2008. On a constant currency basis, our adjusted operating income increased 12.2% for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. On a constant currency basis, Consumer Services adjusted operating income increased 24.0% as a result of growth in Latin America and Asia Pacific and productivity actions in Europe and North America. On a constant currency basis, Media’s adjusted operating income increased by 27.5% as a result of Nielsen Media’s revenue growth and cost savings initiatives as well as the net impact of acquisitions and divestitures. On a constant currency basis, Business Media’s adjusted operating income decreased by 61.6% as result of lower publication and exposition revenues, and the impact of the divestiture of the two non-core publications and the non-core Brazilian exposition business.

Interest Income and Expense Interest income was $6 million for the nine months ended September 30, 2009 compared to $14 million for the nine months

ended September 30, 2008. Interest expense was $486 million for the nine months ended September 30, 2009 compared to $485 million for the nine months ended September 30, 2008, increasing 1.8% on a constant currency basis. The increase was driven primarily by higher interest expense on our debenture loan portfolio as a result of new debt issuances in 2009.

Loss on Derivative Instruments The loss on derivative instruments was $54 million for the nine months ended September 30, 2009 compared to a loss of $5

million for the nine months ended September 30, 2008. The change resulted primarily from movements in the Euro relative to the U.S. Dollar in the current period as compared to the prior period associated with a foreign currency swap derivative instrument, which was terminated in March 2009, as well as the change in fair value of certain of our interest rate swaps for which hedge accounting was discontinued in February 2009.

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Foreign Currency Exchange Transaction Gains, Net Foreign currency exchange transaction gains, net, represent the net gain or loss on revaluation of external debt, intercompany

loans and other receivables and payables. Fluctuations in the value of foreign currencies relative to the U.S. Dollar have a significant effect on our operating results, particularly the Euro. The average U.S. Dollar to Euro exchange rate was $1.36 to €€ 1.00 and $1.53 to €€ 1.00 for the nine months ended September 30, 2009 and the nine months ended September 30, 2008, respectively.

Foreign currency exchange resulted in a $10 million gain for the nine months ended September 30, 2009 compared to a $43 million gain recorded in the nine months ended September 30, 2008 primarily as a result of the fluctuation in the value of the U.S. Dollar against the Euro applied to certain of our Euro denominated senior secured term loans and debenture loans as well as a portion of our Intercompany loan portfolio.

Other Expense, Net Other expense, net was $14 million for the nine months ended September 30, 2009 versus $2 million for the nine months ended

September 30, 2008. The 2009 amount primarily includes net charges of approximately $19 million associated with the purchase and cancellation of GBP 250 million 5.625% EMTN debenture notes and the write-off of deferred debt issuance costs associated with the modification of the Company’s senior secured credit facility offset by net gains of approximately $6 million associated with certain divestitures, including the sale of the Company’s Brazilian operations within the Business Media segment.

Loss from Continuing Operations Before Income Taxes and Equity in Net Loss of Affiliates For the nine months ended September 30, 2009, loss from continuing operations before income taxes, and equity in net loss of

affiliates was $638 million compared to a $27 million loss for the nine months ended September 30, 2008. The current period compared with the prior period results primarily reflects impairment of goodwill and intangible assets offset by lower restructuring expenses and increased business performance, primarily driven by cost reduction programs.

Equity in Net Loss of Affiliates We recorded an after-tax non-cash impairment charge of $26 million (net of a tax adjustment of $18 million) associated with our

non-controlling ownership interest in Scarborough in the third quarter of 2009.

Benefit for Income Taxes The effective tax rates for the nine months ended September 30, 2009 and 2008 were 21% (benefit) and 19% (benefit),

respectively. The effective tax rate for the nine months ended September 30, 2009 is lower than the statutory rate primarily due to the impairment of goodwill and other intangibles, income tax true-up and changes in interest on liabilities for unrecognized income tax benefits, which are partially offset by the favorable effect of certain foreign exchange gains, the impact of the tax rate differences in other jurisdictions where we file tax returns and changes to contingencies. The effective tax benefit rate for the nine months ended September 30, 2008 was lower than the statutory rate primarily due to interest on the tax accruals, state and foreign withholding taxes and certain non-deductible charges, which are partially offset by favorable audit settlements and the impact of the tax rate differences in other jurisdictions where we file tax returns.

Business Segment Results for the Three Months Ended September 30, 2009 Compared to the Three Months Ended September 30, 2008 Revenues

The table below sets forth certain supplemental revenue growth data for the three months ended September 30, 2009 compared to the three months ended September 30, 2008, both on an as-reported and constant currency basis. In order to determine the percentage change in items on a constant currency basis, we adjust these items to remove the positive and negative impacts of foreign exchange. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation.

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During the second quarter of 2009, to conform to a change in management reporting, we reclassified a product group specific to internet measurement from the Consumer Services segment to the Media segment. The product group was moved to the Media segment to align with our current management reporting of the internet measurement business. The business segment results have been reclassified for comparison purposes for all periods presented in the condensed consolidated financial statements and the impact is immaterial.

Consumer Services. Revenues decreased 3.8% to $683 million for the three months ended September 30, 2009 compared to $709 million for the three months ended September 30, 2008. On a constant currency basis, revenues increased 2.4% as revenues increased across Retail Measurement and Other Services (primarily driven by BASES product offerings), offset by declines in

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Three Months Ended September 30 (unaudited)

% Variance 2009 vs. 2008

(IN MILLIONS) 2009 2008 Reported Constant Currency

Revenues by segment

Consumer Services $ 683 $ 709 (3.8)% 2.4% Media 486 438 11.2% 12.3% Business Media 82 115 (28.5)% (28.3)% Corporate and Eliminations (1) (2) n/a n/a

Total $ 1,250 $ 1,260 (0.8)% 3.1%

Consumer Services revenue by service Retail Measurement Services $ 466 $ 484 (3.7)% 3.4% Consumer Panel Services 58 60 (2.7)% 0.3% Customized Research Services 66 77 (15.3)% (10.1)% Other Services 93 88 5.3% 9.7%

Total $ 683 $ 709 (3.8)% 2.4%

Media Revenues by division

Media $ 419 $ 362 15.9% 16.7% Entertainment 31 37 (14.8)% (11.7)% Online 36 39 (7.9)% (7.1)%

Total $ 486 $ 438 11.2% 12.3%

(% of Revenue)

Three MonthsEnded

Sept. 30, 2009

Three MonthsEnded

Sept. 30, 2008

Revenues by segment Consumer Services 54% 56% Media 39% 35% Business Media 7% 9%

Total Nielsen 100% 100%

Consumer Services revenues by service

Retail Measurement Services 37% 38% Consumer Panel Services 5% 5% Customized Research Services 5% 6% Other Services 7% 7%

Total 54% 56%

(% of Revenue)

Three MonthsEnded

Sept. 30, 2009

Three MonthsEnded

Sept. 30, 2008

Media revenues by division

Media 34% 29% Entertainment 2% 3% Online 3% 3%

Total 39% 35%

Business Media 7% 9%

Customized Research (primarily within Europe and Asia Pacific) as the economic downturn continued to result in lower client discretionary spending. While Latin America grew by 7.8%, we continue to experience low single digit growth in other geographies as clients pulled back on their discretionary spending. North America increased by 2.5% and Asia Pacific grew by 1.9% as growth in Greater China and Southeast Asia was offset by a decline in the Pacific region. Europe was relatively flat.

Media. Revenues increased 11.2% to $486 million for the three months ended September 30, 2009 compared to $438 million for the three months ended September 30, 2008. On a constant currency basis, Media’s growth of 12.3% was largely due to the impact of the 2008 acquisitions of AGB and IAG, partly offset by the impact of the divestiture of certain non-strategic businesses in December 2008. Excluding the impact of acquisitions and divestitures, Media’s revenues grew by 2.9% due to a 9.1% revenue increase in Nielsen Media North America, partly offset by lower revenues within Entertainment, Online and Mobile. Nielsen Media North America’s growth continued as a result of increased demand for television audience measurement services, new business, price increases and the continued LPM expansion. Entertainment revenues declined by 11.7% primarily due to lower studio testing volume and lower music revenues.

Business Media. Revenues for the three months ended September 30, 2009 were $82 million, a decline of 28.5% compared to $115 million for the three months ended September 30, 2008. On a constant currency basis, Business Media decreased by 28.3% due to lower publication revenues caused by industry softness and the divestiture of two non-core publications in the second quarter of 2008. In addition, exposition revenues declined as a result of lower exhibitor attendance driven by the economic downturn and the divestiture of a non-core Brazilian exposition business in the second quarter of 2009.

Operating Income/(Loss) The table below sets forth supplemental operating income data for the three months ended September 30, 2009 compared to the

three months ended September 30, 2008, both on an as reported and adjusted basis, adjusting for those items affecting operating income/(loss), as described above on page 36 within the Consolidated Results commentary. Adjusted operating income/(loss) is a non-GAAP measure and is presented to illustrate the effect of restructuring and other items on reported operating income/(loss), which we consider to be unusual and non-recurring in nature. Adjusted operating income/(loss) is not a presentation made in accordance with GAAP, and our use of this term may vary from others in our industry. Adjusted operating income/(loss) should not be considered as an alternative to operating income/(loss) or net income/(loss), or any other performance measures derived in accordance with GAAP as measures of operating performance.

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(IN MILLIONS) THREE MONTHS ENDED SEPTEMBER 30, 2009

Reported Operating

Income/(Loss)

Restructuring andImpairment

Charges

Adjusted Operating

Income/(Loss)

Operating Income/(Loss)

Consumer Services $ 84 $ (5) $ 79 Media (293) 403 110 Business Media (168) 182 14 Corporate and Eliminations (16) — (16)

Total $ (393) $ 580 $ 187

(IN MILLIONS) THREE MONTHS ENDED SEPTEMBER 30, 2008

Reported Operating

Income/(Loss) Restructuring

Charges

Adjusted Operating

Income/(Loss)


Consumer Services $ 41 $ 37 $ 78 Media 86 2 88 Business Media 27 1 28 Corporate and Eliminations (30) 6 (24)

Total $ 124 $ 46 $ 170

Consumer Services. Adjusted operating income for the three months ended September 30, 2009 was $79 million compared to adjusted operating income of $78 million for the three months ended September 30, 2008, an increase of 2.6%, and an increase of 15.3% on a constant currency basis as a result of revenue growth in Latin America and Asia Pacific and cost reduction initiatives in Europe and North America. Both cost of revenues and selling, general and administrative expenses declined slightly on a constant currency basis, primarily due to headcount reductions and productivity programs put in place previously in North America and Europe as a result of the Transformation Initiative, which offset volume related cost increases, primarily in Latin America.

Media. Adjusted operating income was $110 million for the three months ended September 30, 2009 compared to adjusted operating income of $88 million for the three months ended September 30, 2008, an increase of 24.7%, and an increase of 25.4% on a constant currency basis. The adjusted operating income increase was primarily attributable to revenue related growth within Nielsen Media driven by the continued LPM expansion as well as the net impact of acquisitions and divestitures. Media’s cost of revenues, on a constant currency basis, increased by 13.9% due to the net impact of acquisitions and divestitures as well as volume related increases within Nielsen Media North America. Media’s selling, general and administrative expenses decreased 2.8% due to savings at Nielsen Media.

Business Media. Adjusted operating income for the three months ended September 30, 2009 was $14 million compared to adjusted operating income of $28 million for the three months ended September 30, 2008, a decrease of 54.0% on a constant currency basis as a result of the 28.3% constant currency revenue decline discussed above. Business Media’s cost of revenues decreased 34.9% on a constant currency basis, primarily due to headcount reductions, the divestiture of the non-core Brazilian exposition business in second quarter 2009, lower publication and distribution costs, and lower editorial and marketing spending.

Corporate and Eliminations. The adjusted operating loss for the three months ended September 30, 2009 was $16 million compared to an adjusted operating loss of $24 million for the three months ended September 30, 2008.

Business Segment Results for the Nine Months Ended September 30, 2009 compared to the Nine Months Ended September 30, 2008 Revenues

The table below sets forth certain supplemental revenue growth data for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008, both on an as-reported and constant currency basis. In order to determine the percentage change in items on a constant currency basis, we adjust these items to remove the positive and negative impacts of foreign exchange. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation.

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Nine Months Ended September 30 (unaudited)

% Variance 2009 vs. 2008

(IN MILLIONS) 2009 2008 Reported Constant Currency

Revenues by segment

Consumer Services $1,936 $2,128 (9.0)% 0.8% Media 1,417 1,282 10.6% 12.8% Business Media 258 371 (30.4)% (29.8)% Corporate and Eliminations (1) (3) n/a n/a

Total $3,610 $3,778 (4.4)% 2.0%

Consumer Services revenue by service

Retail Measurement Services $1,334 $1,467 (9.0)% 2.1% Consumer Panel Services 174 186 (6.4)% (0.5)% Customized Research Services 188 223 (16.3)% (7.3)% Other Services 240 252 (4.7)% 1.7%

Total $1,936 $2,128 (9.0)% 0.8%

Media Revenues by division

Media $1,217 $1,058 15.1% 16.8% Entertainment 93 110 (15.7)% (10.5)% Online 107 114 (6.1)% (2.9)%

Total $1,417 $1,282 10.6% 12.8%

Consumer Services. Revenues decreased by 9.0% to $1,936 million for the nine months ended September 30, 2009 compared to $2,128 million for the nine months ended September 30, 2008. On a constant currency basis, revenue grew by 0.8% as growth in Retail Measurement Services and Other Services (primarily driven by BASES products) was offset by a decline in Customized Research due to lower client discretionary spending and a slight decline in Consumer Panel. Overall, the low single digit growth resulted from clients continuing to pull back on their discretionary spending. Europe declined by 1.9% and North America was flat, while Latin America grew by 8.8% and Asia Pacific grew by 2.0%.

Media. Revenues increased by 10.6% to $1,417 million for the nine months ended September 30, 2009 compared to $1,282 million for the nine months ended September 30, 2008. On a constant currency basis, Media’s growth of 12.8% was largely due to the net impact of acquisitions and divestitures. Excluding the impact of acquisitions and divestitures, Media’s revenues grew by 3.1% due to a 7.6% revenue increase in Nielsen Media North America, partly offset by lower Entertainment and Online revenues. Nielsen Media North America’s growth continued as a result of increased demand for television audience measurement services, launch of new business, price increases and the continued LPM expansion. Entertainment declined by 10.5% primarily due to lower studio testing and lower music revenues. Online revenues declined as lower growth in custom and panel revenues in the U.S. offset international revenue growth.

Business Media. Revenues for the nine months ended September 30, 2009 were $258 million, a decline of 30.4% compared to $371 million for the nine months ended September 30, 2008. On a constant currency basis, Business Media decreased by 29.8% due to lower Publication revenues caused by industry softness and the divestiture of two non-core publications in the first half of 2008. In addition, exposition revenues declined as a result of lower exhibitor attendance driven by the economic downturn and the divestiture of a non-core Brazil exposition business in the second quarter of 2009. Excluding the impact of the non-core publication and exposition divestitures, Business Media’s revenues declined by 26.4%.

Operating Income/(Loss) The table below sets forth supplemental operating income data for the nine months ended September 30, 2009 compared to the

nine months ended September 30, 2008, both on an as reported and adjusted basis, adjusting for those items affecting operating income/(loss), as described above on page 36 within the Consolidated Results commentary. Adjusted operating income/(loss) is a non-GAAP measure and is presented to illustrate the effect of restructuring and other items on reported operating income/(loss), which we consider to be unusual and non-recurring in nature. Adjusted operating income/(loss) is not a presentation made in accordance with GAAP, and our use of this term may vary from others in our industry. Adjusted operating income/(loss) should not be considered as an alternative to operating income/(loss) or net income/(loss), or any other performance measures derived in accordance with GAAP as measures of operating performance.

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(% of Revenue)

Nine Months Ended

Sept. 30, 2009

Nine MonthsEnded

Sept. 30, 2008

Revenues by segment

Consumer Services 54% 56% Media 39% 34% Business Media 7% 10%

Total Nielsen 100% 100%

Consumer Services revenues by service

Retail Measurement Services 37% 39% Consumer Panel Services 5% 5% Customized Research Services 5% 6% Other Services 7% 6%

Total 54% 56%

(% of Revenue)

Nine Months Ended

Sept. 30, 2009

Nine MonthsEnded

Sept. 30, 2008

Media revenues by division

Media 34% 28% Entertainment 2% 3% Online 3% 3%

Total 39% 34%

Business Media 7% 10%

Consumer Services. Adjusted operating income for the nine months ended September 30, 2009 was $216 million compared to adjusted operating income of $202 million for the nine months ended September 30, 2008, an increase of 7.2%, and an increase of 24.0% on a constant currency basis. Constant currency revenues were up slightly for the period as described above as a result of the growth in Latin America and Asia Pacific being offset by a decline in Europe and flat growth in North America. Both cost of revenues and selling, general and administrative expenses decreased, 3.8% and 1.4%, respectively, on a constant currency basis, primarily due to headcount reductions and cost reduction initiatives put in place previously in North America and Europe as a result of the Transformation Initiative. These initiatives offset other volume related cost increases, primarily in Latin America.

Media. Adjusted operating income was $298 million for the nine months ended September 30, 2009 compared to adjusted operating income of $238 million for the nine months ended September 30, 2008, an increase of 25.1%, and an increase of 27.5% on a constant currency basis. The increase was primarily attributable to revenue related growth within Nielsen Media driven by the continued LPM expansion and new products and the operating income impact of the AGB acquisition. Media’s cost of revenues, on a constant currency basis, increased by 10.4% due to the impact of the AGB and IAG acquisitions and volume increases within Nielsen Media North America, partly offset by the impact of the divestiture of certain non strategic businesses in December 2008. Media’s selling, general and administrative expenses, on a constant currency basis, increased by 2.2% as result of the aforementioned acquisitions, partly offset by savings within Nielsen Media and the impact of the aforementioned divestitures.

Business Media. Adjusted operating income for the nine months ended September 30, 2009 was $34 million compared to adjusted operating income of $87 million for the nine months ended September 30, 2008, a decrease of 61.6% on a constant currency basis as a result of Business Media’s 29.8% constant currency revenue decline discussed above. Both cost of revenues and selling, general and administrative expenses decreased, 34.7% and 8.8%, respectively, on a constant currency basis, primarily due to headcount reductions, the impact of the divestiture of the two non-core publications in the second quarter of 2008, the divestiture of the non-core Brazilian exposition business in second quarter 2009, lower publication and distribution costs, and lower editorial and marketing spending.

Corporate and Eliminations. The adjusted operating loss for the nine months ended September 30, 2009 was $57 million compared to an adjusted operating loss of $57 million for the nine months ended September 30, 2008.

Liquidity and Capital Resources Overview

As a result of the Valcon Acquisition and related financing, our contractual obligations, commitments and debt service requirements over the next several years are significant. Our primary source of liquidity will continue to be cash generated from operations as well as existing cash. At September 30, 2009, cash and cash equivalents were $409 million and our total indebtedness was $8,745 million. In addition, we also had $672 million available for borrowing under our senior secured revolving credit facility at September 30, 2009.

We believe we will have available resources to meet both our short-term and long-term liquidity requirements, including our senior secured debt service. We expect the cash flow from our operations, combined with existing cash and amounts available under

42

(IN MILLIONS) NINE MONTHS ENDED SEPTEMBER 30, 2009

Reported Operating

Income/(Loss)

Restructuring andImpairment

Charges

Adjusted Operating

Income/(Loss)


Consumer Services $ 220 $ (4) $ 216 Media (111) 409 298 Business Media (151) 185 34 Corporate and Eliminations (58) 1 (57)

Total $ (100) $ 591 $ 491

(IN MILLIONS) NINE MONTHS ENDED SEPTEMBER 30, 2008

Reported Operating

Income/(Loss) Restructuring

Charges

Adjusted Operating

Income/(Loss)


Consumer Services $ 156 $ 46 $ 202 Media 233 5 238 Business Media 85 2 87 Corporate and Eliminations (66) 9 (57)

Total $ 408 $ 62 $ 470

the revolving credit facility, will provide sufficient liquidity to fund our current obligations, projected working capital requirements, restructuring obligations, and capital spending over the next year. In addition we may, from time to time, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities) in privately negotiated or open market transactions, by tender offer or otherwise. It is possible that continued changes to global economic conditions could adversely affect our cash flows through increased interest costs or our ability to obtain external financing or to refinance existing indebtedness.

Use of Proceeds of Transactions and other Financing Transactions In January 2009 we issued $330 million in aggregate principal amount of 11.625 % Senior Notes due 2014 at an issue price of

$297 million with cash proceeds of approximately $290 million net of fees and expenses.

In February 2009, we entered into two three-year forward interest rate swap agreements with starting dates of November 9, 2009. These agreements fix the LIBOR-related portion of interest rates for $500 million of our variable-rate debt at an average rate of 2.47%. The commencement date of the interest rate swaps coincides with a $1 billion notional amount interest rate swap maturity that was entered into in November 2006. These derivative instruments have been designated as interest rate cash flow hedges.

In March 2009, we purchased and cancelled approximately GBP 101 million of our total GBP 250 million outstanding 5.625% EMTN debenture notes. This transaction was pursuant to a cash tender offer, whereby we paid, and participating note holders received, a price of £940 per £1,000 in principal amount of the notes, plus accrued interest. In conjunction with the GBP note cancellation we satisfied, and paid in cash, a portion of the remarketing settlement value associated with the cancelled notes to the two holders of a remarketing option associated with the notes. In addition, we unwound a portion of our existing GBP/Euro foreign currency swap, which was previously designated as a foreign currency cash flow hedge. We recorded a net loss of $3 million as a result of the combined elements of this transaction in March 2009 as a component of other expense, net in the condensed consolidated statement of operations. The net cash paid for the combined elements of this transaction was approximately $197 million.

In April 2009, we issued $500 million in aggregate principal amount of 11.5% Senior Notes due 2016 at an issue price of $461 million with cash proceeds of approximately $452 million, net of fees and expenses.

In June 2009, we purchased and cancelled all of our remaining outstanding GBP 149 million 5.625% EMTN debenture notes. This transaction was pursuant to a cash tender offer, whereby we paid, and participating note holders received, par value for the notes, plus accrued interest. In conjunction with the GBP note cancellation we satisfied, and paid in cash, the remarketing settlement value to two holders of the remaining portion of the remarketing option associated with the notes. In addition, we unwound the remaining portion of our existing GBP/Euro foreign currency swap, which was previously designated as a foreign currency cash flow hedge. We recorded a net loss of approximately $12 million in June 2009 as a component of other expense, net in the condensed consolidated statement of operations as a result of the combined elements of this transaction. The net cash paid for the combined elements of this transaction was approximately $330 million.

In June 2009, we entered into a Senior Secured Loan Agreement with Goldman Sachs Lending Partners, LLC, which provides for senior secured term loans in the aggregated principal amount of $500 million (the “New Term Loans”) bearing interest at a fixed rate of 8.50%. The New Term Loans are secured on a pari passu basis with our existing obligations under its senior secured credit facilities and have a maturity of eight years. The net proceeds from the issuance of the New Term Loans of approximately $481 million were used in their entirety to pay down senior secured term loan obligations under our existing senior secured credit facilities.

In June 2009, we received the requisite consent to amend our senior secured credit facilities to permit, among other things: (i) future issuances of additional secured notes or loans, which may include, in each case, indebtedness secured on a pari passu basis with our obligations under the senior secured credit facilities, so long as (a) the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par until $500 million of term loans have been paid, and (b) 90% of the net cash proceeds in excess of the first $500 million from any such issuance (but all of the net cash proceeds after the first $2.0 billion) are used to prepay term loans under the senior secured credit facilities at par; and (ii) allow us to agree with lenders to extend the maturity of their term loans and revolving commitments and for us to pay increased interest rates or otherwise modify the terms of their loans in connection with such an extension (subject to certain limitations, including mandatory increases of interest rates under certain circumstances) (collectively, the “Amendment”). In connection with the Amendment, we extended the maturity of $1.26 billion of existing term loans from August 9, 2013 to May 1, 2016. The interest rate margins of term loans that were extended were increased to 3.75%. The Amendment and the subsequent extension of maturity of a portion of the existing term loans is considered a modification of our existing obligations and has been reflected as such in the condensed consolidated financial statements. We recorded a charge of approximately $4 million in June 2009 as a component of other expense, net in the condensed consolidated statement of operations primarily relating to the write-off of previously deferred debt issuance costs as a result of this modification.

Cash Flows Operating activities. Net cash provided by operating activities was $322 million for the nine months ended September 30, 2009,

compared to $140 million for the nine months ended September 30, 2008. The primary drivers for the increase in cash flows from

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operating activities were growth in operating income excluding the impact of the impairment of goodwill and intangible assets and improved collections on trade receivables. These benefits were offset slightly by an increase in tax payments.

Investing activities. Net cash used in investing activities was $221 million for the nine months ended September 30, 2009, compared to $488 million for the nine months ended September 30, 2008. The lower net cash usage was primarily driven by lower acquisition payments as a result of our acquisition of IAG in May 2008 as well as lower capital expenditures.

Capital expenditures for property, plant, equipment, software and other assets totaled $204 million for the nine months ended September 30, 2009 versus $253 million for the nine months ended September 30, 2008. The primary reasons for the decrease in capital expenditures related to lower 2009 spend on the LPM expansion by Nielsen Media and lower computer hardware purchases.

Financing activities. For the nine months ended September 30, 2009 we had net cash used in financing activities of $184 million as compared to net cash provided by financing activities of $289 million for the nine months ended September 30, 2008. The comparative use of cash was mainly driven by our repayments of $295 million on our revolving credit facility for the nine months ended September 30, 2009 as compared to net borrowings of $185 million for the nine months ended September 30, 2008 as well as the results of the financing transactions described above under the “Use of Proceeds of Transactions and other Financing Transactions” section above.

Covenant EBITDA Our senior secured credit facility contains a covenant that requires our wholly-owned subsidiary Nielsen Holding and Finance

B.V. and its restricted subsidiaries to maintain a maximum ratio of consolidated total net debt, excluding Nielsen net debt, to Covenant EBITDA of 10.0 to 1.0, calculated for the trailing four quarters (as determined under our senior secured credit facility). For test periods commencing:

In addition, our senior secured credit facility contains a covenant that requires Nielsen Holding and Finance B.V. and its restricted subsidiaries to maintain a minimum ratio of Covenant EBITDA to Consolidated Interest Expense of 1.25 to 1.0, including Nielsen interest expense, calculated for the trailing four quarters (as determined under our senior secured credit facility). For test periods commencing:

Failure to comply with either of these covenants would result in an event of default under our senior secured credit facility unless waived by our senior credit lenders. An event of default under our senior credit facility can result in the acceleration of our indebtedness under the facility, which in turn would result in an event of default and possible acceleration of indebtedness under the agreements governing our debt securities as well. As our failure to comply with the covenants described above can cause us to go into default under the agreements governing our indebtedness, management believes that our senior secured credit facility and these covenants are material to us. As of September 30, 2009, we were in compliance with the covenants described above.

We also measure the ratio of secured net debt to Covenant EBITDA, as it impacts the applicable borrowing margin under our senior secured term loans due 2013. During periods when the ratio is less than 4.25, the applicable margin is 25 basis points lower than it would be otherwise.

Covenant earnings before interest, taxes, depreciation and amortization (“Covenant EBITDA”) is a non-generally accepted accounting principle (“GAAP”) measure used to determine our compliance with certain covenants contained in our senior secured credit facilities. Covenant EBITDA is defined in our senior secured credit facilities as net income/(loss) from continuing operations, as adjusted for the items summarized in the table below. Covenant EBITDA is not a presentation made in accordance with GAAP,

(1) between January 1, 2008 and September 30, 2008, the maximum ratio was 9.5 to 1.0;

(2) between October 1, 2008 and September 30, 2009, the maximum ratio is 8.75 to 1.0;



(5) between October 1, 2011 and September 30, 2012, the maximum ratio is 7.0 to 1.0; and,

(6) after October 1, 2012, the maximum ratio is 6.25 to 1.0.

(1) between January 1, 2008 and September 30, 2008, the minimum ratio was 1.35 to 1.0;

(2) between October 1, 2008 and September 30, 2009 the minimum ratio requirement was 1.50 to 1.0;

(3) between October 1, 2009 and September 30, 2010 the minimum ratio requirement is 1.65 to 1.0;

(4) between October 1, 2010 and September 30, 2011 the minimum ratio requirement is 1.75 to 1.0;

(5) between October 1, 2011 and September 30, 2012, the minimum ratio is 1.60 to 1.0; and,

(6) after October 1, 2012, the minimum ratio is 1.50 to 1.0.

and our use of the term Covenant EBITDA varies from others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Covenant EBITDA should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating

44

performance or cash flows as measures of liquidity. Covenant EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.

For example, Covenant EBITDA:

In particular, our definition of Covenant EBITDA allows us to add back certain non-cash and non-recurring charges that are deducted in determining net income. However, these are expenses that may recur, vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes.

Because of these limitations we rely primarily on our GAAP results. However, we believe that the inclusion of supplementary adjustments to EBITDA applied in presenting Covenant EBITDA is appropriate to provide additional information to investors to demonstrate compliance with our future financing covenants.

The following is a reconciliation of our loss from continuing operations, for the three and twelve months ended September 30, 2009, to Covenant EBITDA as defined above under our senior secured credit facilities:

45

• excludes income tax payments;

• does not reflect any cash capital expenditure requirements;

• does not reflect changes in, or cash requirements for, our working capital needs;

• does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal

payments, on our debt; • does not reflect management fees payable to the Sponsors;

• does not reflect the impact of earnings or charges resulting from matters that we and the lenders under our new senior

secured credit facility may consider not to be indicative of our ongoing operations.

Covenant EBITDA

(unaudited)

(IN MILLIONS) Three months endedSeptember 30, 2009

Twelve months endedSeptember 30, 2009

Loss from continuing operations $ (526) $ (1,028) Interest expense, net 168 632 Benefit for income taxes (111) (124) Depreciation and amortization 145 548

EBITDA (324) 28 Non-cash charges 589 1,012 Unusual or non-recurring items 49 136 Restructuring charges and business optimization costs (2) 78 Sponsor monitoring fees 3 12 Other 42 45

Covenant EBITDA $ 357 $ 1,311

(1)

(2)

(3)

(4)

(5)

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Credit Statistics:

Current portion of long term debt, capital lease obligation and other short-term borrowings $ 44 Non-current portion of long-term debt and capital lease and other obligations 8,701

Total debt 8,745

Cash and cash equivalents 409 Less: Additional deduction per credit agreement 10

Cash and cash equivalents excluding cash of unrestricted subsidiaries/deduction 399

Net debt, including Nielsen net debt 8,346 Less: Unsecured debenture loans (3,364) Less: Other unsecured net debt

Secured net debt $ 4,982

Net debt, excluding $411 million (at September 30, 2009) of Nielsen net debt $ 7,935 Ratio of secured net debt to Covenant EBITDA 3.80 Ratio of net debt (excluding Nielsen net debt) to Covenant EBITDA 6.05 Consolidated interest expense, including Nielsen interest expense 558 Ratio of Covenant EBITDA to Consolidated Interest Expense, including Nielsen interest expense 2.35

(1) Consists of non-cash items that are permitted adjustments in calculating covenant compliance under the senior secured credit facility, primarily goodwill and intangible asset impairment and share-based compensation.

(2) Unusual or non-recurring items include (amounts in millions):

Three monthsended

September 30, 2009

Twelve monthsended

September 30, 2009

Currency exchange rate differences on financial transactions and other gains $ 22 $ 37

Loss on Derivative Instruments 21 64Duplicative running costs 2 14U.S. Listing/Consulting Fees Costs — 4Other 4 17

Total $ 49 $ 136

(a) Represents foreign exchange gains or losses on revaluation of external debt and intercompany loans and other non-

operating gains or losses.

(b) Represents the costs incurred in Europe as a result of the parallel running of data factory systems expected to be

eliminated. Also includes duplicative Transformation Initiative running costs.

(c) Includes other unusual or non-recurring items that are required or permitted adjustments in calculating covenant

compliance under the senior secured credit facility.

(3) Restructuring charges and business optimization costs (including costs associated with Transformation Initiative), severance and relocation costs.

(4) Represents the annual Sponsor monitoring fees.

(5) These adjustments include the pro forma EBITDA impact of businesses that were acquired during the last twelve months, loss on sale of fixed assets, subsidiaries and affiliates, dividends received from affiliates; equity in net loss of affiliates, and the exclusion of Covenant EBITDA attributable to unrestricted subsidiaries.

(6) Net debt, including Nielsen net debt, is not a defined term under GAAP. Net debt is calculated as total debt less cash and cash equivalents at September 30, 2009 excluding a contractual $10 million threshold.

(7) The net secured debt is the consolidated total net debt that is secured by a lien on any assets or property of a loan party or a restricted subsidiary.

(8) Net debt, as defined, excluding $411 million of Nielsen net debt, is not a defined term under GAAP. Nielsen and our unrestricted subsidiaries are not subject to the restrictive covenants contained in the senior secured credit facility, and Nielsen’s Senior Discount Notes are not considered obligations of any of Nielsen’s subsidiaries. Therefore, these notes will not be taken into account when calculating the ratios under the senior secured credit facility.

(6)

(7)

(8)

(9)

(10)

(a)

(b)

(c)

See “—Liquidity and Capital Resources” for further information on our indebtedness and covenants.

Transactions with Sponsors and Other Related Parties We recorded $3 million and $9 million in selling, general and administrative expenses related to Sponsor management fees,

travel and consulting for the three and nine months ended September 30, 2009 and $2 million and $8 million for the three and nine months ended September 30, 2008.

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(9) For the reasons discussed in footnote (8) above, the ratio of net debt (excluding Nielsen’s Senior Discount Notes) to Covenant EBITDA presented above does not include $411 million of Nielsen net indebtedness.

(10) Consolidated interest expense is not a defined term under GAAP. Consolidated interest expense for any period is defined in our senior secured credit facility as the sum of (i) the cash interest expense of Nielsen Holding and Finance B.V. and its subsidiaries with respect to all outstanding indebtedness, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance and net costs under swap contracts, net of cash interest income, and (ii) any cash payments in respect of the accretion or accrual of discounted liabilities during such period related to borrowed money (with a maturity of more than one year) that were amortized or accrued in a previous period, excluding, in each case, however, among other things, the amortization of deferred financing costs and any other amounts of non-cash interest, the accretion or accrual of discounted liabilities during such period, commissions, discounts, yield and other fees and charges incurred in connection with certain permitted receivables financing and all non-recurring cash interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations and financing fees. Consolidated interest expense, including Nielsen interest expense, is calculated as total consolidated interest expense for the four consecutive fiscal quarter periods ended on September 30, 2009, including $37 million of interest expense of Nielsen as follows:

(IN MILLIONS)

Cash Interest Expense $481Less: Cash Interest Income 9

Net Cash Interest Expense for the twelve months ended September 30, 2009 472Plus: Pro Forma impact for acquisitions, divestitures and debt issuance and retirement 86

Pro Forma Cash Interest Expense for the twelve months ended September 30, 2009 $558

In June 2009, Valcon Acquisition Holding BV granted 350,000 time-based stock options to affiliates of Centerview Partners (“Centerview”), a shareholder of a Nielsen parent, in connection with one of its partners being elected Chairman of the Supervisory Board of Nielsen. Centerview collectively holds 500,000 performance-based options and 350,000 time-based options to purchase shares in Valcon.

Commitments and Contingencies Legal Proceedings and Contingencies

We are subject to litigation and other claims in the ordinary course of business.

D&B Legacy Tax Matters In November 1996, D&B, then known as The Dun & Bradstreet Corporation (“Old D&B”) separated into three public

companies by spinning off the A.C. Nielsen Company (“ACNielsen”) and Cognizant Corporation (“Cognizant”) (the “1996 Spin-Off”).

In June 1998, Old D&B changed its name to R.H. Donnelley Corporation (“Donnelley”) and spun-off The Dun & Bradstreet Corporation (“New D&B”) (the “D&B Spin”), and Cognizant changed its name to Nielsen Media Research, Inc. (“NMR”), now part of Valcon, and spun-off IMS Health (the “Cognizant Spin”). In September 2000, New D&B changed its name to Moody’s Corporation (“Moody’s”) and spun-off a company now called The Dun & Bradstreet Corporation (“Current D&B”) (the “Moody’s spin”). In November 1999, Nielsen acquired NMR and in 2001 Nielsen acquired ACNielsen.

Pursuant to the agreements affecting the 1996 Spin-Off, among other factors, certain liabilities, including certain contingent liabilities and tax liabilities arising out of certain prior business transactions (the “D&B Legacy Tax Matters”), were allocated among Old D&B, ACNielsen and Cognizant. The agreements provide that any disputes regarding these matters are subject to resolution by arbitration.

In connection with the acquisition of NMR, Nielsen recorded in 1999, a liability for NMR’s aggregate liability for payments related to the D&B Legacy Tax Matters. In June 2009 we paid approximately $11 million for the settlement of all probable claims relating to these matters.

Sunbeam Television Corp. Sunbeam Television Corp. (“Sunbeam”) filed a lawsuit in Federal District Court in Miami, Florida on April 30, 2009. The

lawsuit alleges that Nielsen Media Research, Inc. violated Federal and Florida state antitrust laws and Florida’s unfair trade practices laws by attempting to maintain a monopoly and abuse its position in the market, and breached its contract with Sunbeam by producing defective ratings data through its sampling methodology. The complaint did not specify the amount of damages sought and also sought declaratory and equitable relief. After briefing and a hearing, by order dated August 28, 2009, the court granted our motion to dismiss the complaint, with leave to replead. Sunbeam subsequently filed an amended complaint restating the same claims as contained in the original complaint; the amended complaint does not specify the amount of damages sought and does not seek declaratory relief. Our motion to dismiss the amended complaint has been fully briefed by the parties and is awaiting hearing or decision by the court. We continue to believe this lawsuit is without merit and intend to defend it vigorously.

Except as described above, there are no other pending actions, suits or proceedings against or affecting us which, if determined adversely to us, would in our view, individually or in the aggregate, have a material effect on our business, consolidated financial position and results of operations.

Off-Balance Sheet Arrangements Except as disclosed above, we have no off-balance sheet arrangements that currently have or are reasonably likely to have a

material effect on our consolidated financial condition, changes in financial condition, results of operations, liquidity, capital expenditure or capital resources.

Summary of Recent Accounting Pronouncements Accounting Standards Codification

The Financial Accounting Standards Board (“FASB”) has issued FASB Statement No. 168, The “FASB Accounting Standards Codification™” and the Hierarchy of Generally Accepted Accounting Principles (codified as ASC 105). ASC 105 establishes the FASB Accounting Standards Codification™ (Codification or ASC) as the single source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for

48

SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting standards. All other nongrandfathered, non-SEC accounting literature not included in the Codification will become nonauthoritative.

Following the Codification, the Board will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates, which will serve to update the Codification, provide background information about the guidance and provide the basis for conclusions on the changes to the Codification.

GAAP is not intended to be changed as a result of the FASB’s Codification project, but it will change the way the guidance is organized and presented. As a result, these changes will have a significant impact on how companies reference GAAP in their financial statements and in their accounting policies for financial statements issued for interim and annual periods ending after September 15, 2009. Nielsen has begun the process of implementing the Codification in this quarterly report by providing references to the Codification topics alongside references to the existing standards. The adoption did not have a material affect on our condensed consolidated financial statements as of September 30, 2009 or for the three and nine months then ended.

Business Combinations In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations”, a replacement of SFAS 141 (codified as ASC

805). ASC 805 is effective for fiscal years beginning on or after December 15, 2008 and applies to all business combinations. ASC 805 provides that, upon initially obtaining control, an acquirer shall recognize 100 percent of the fair values of acquired assets, including goodwill, and assumed liabilities, with only limited exceptions, even if the acquirer has not acquired 100 percent of its target. As a consequence, the prior step acquisition model was eliminated. Additionally, ASC 805 changed prior practice, in part, as follows: (i) contingent consideration arrangements are fair valued at the acquisition date and included on that basis in the purchase price consideration; (ii) transaction costs are expensed as incurred, rather than capitalized as part of the purchase price; (iii) pre-acquisition contingencies, such as those relating to legal matters, are generally accounted for in purchase accounting at fair value; (iv) in order to accrue for a restructuring plan in purchase accounting, the requirements in SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities” (codified as ASC 420) have to be met at the acquisition date; and (v) changes to valuation allowances for deferred income tax assets and adjustments to unrecognized tax benefits generally are recognized as adjustments to income tax expense rather than goodwill. We adopted the provisions of ASC 805 effective January 1, 2009 and such adoption did not have a material impact on our condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. However, the provisions of ASC 805 will impact our accounting for adjustments to existing tax contingencies and business combinations after January 1, 2009.

Fair Value Measurements In February 2008, the FASB delayed the effective date of SFAS No. 157, “Fair Value Measurements” (codified as ASC 820) for

all non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually), until the beginning of the first quarter of 2009. Therefore, effective January 1, 2009, the Company adopted ASC 820 for non-financial assets and non-financial liabilities. The adoption of ASC 820 for non-financial assets and non-financial liabilities that are not measured and recorded at fair value on a recurring basis did not have a significant impact on our condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 7 – “Fair Value Measurements”.

In April 2009, the FASB issued FSP FAS 107-1 and APB 28-1, “Interim Disclosure about Fair Value of Financial Instruments” (codified as ASC 825-10-65-1). This standard requires interim disclosures regarding the fair values of financial instruments as well as the methods and significant assumptions, including any changes thereto from prior periods, used to estimate the fair value of financial instruments on an interim basis. This standard does not change the accounting for these financial instruments and therefore the adoption, effective April 1, 2009, had no impact on our condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 8 – “Long-term Debt and Other Financing Arrangements”.

Derivative Instruments Disclosures In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an

Amendment of FASB Statement No. 133” (codified as ASC 815-10-65-1). This standard enhances required disclosures regarding derivatives and hedging activities, including enhanced disclosures regarding how: (a) an entity uses derivative instruments; (b) derivative instruments and related hedged items are accounted for under SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities” (codified as ASC 815-10); and (c) derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. The adoption of this standard, effective January 1, 2009, had no impact on our condensed consolidated financial statements as of September 30, 2009 and for the three and nine months then ended. The additional disclosures required by this statement are included in Note 7 – “Fair Value Measurements”.

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Subsequent Events In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (codified as ASC 855). ASC 855 provides guidance on

management’s assessment of subsequent events and incorporates this guidance into accounting literature. ASC 855 became effective prospectively for interim and annual periods ending after June 15, 2009. The implementation of this standard did not have a material impact on our condensed consolidated financial statements. We have evaluated events occurring subsequent to September 30, 2009 for potential recognition or disclosure in the condensed consolidated financial statements through November 11, 2009 and concluded that there were no subsequent events that required recognition or disclosure.

Noncontrolling Interests and Changes in the Consolidation Model for Variable Interest Entities Effective January 1, 2009, we adopted and retrospectively applied SFAS No. 160 “Noncontrolling Interests in Consolidated

Financial Statements an amendment of ARB No. 51,” (codified as ASC 810-10-65-1). This statement establishes accounting and reporting standards pertaining to ownership interests in subsidiaries held by parties other than the parent, the amount of net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest, and the valuation of any retained noncontrolling equity investment when a subsidiary is deconsolidated. This statement also establishes disclosure requirements that identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. ASC 810-10-65-1 clarifies that a noncontrolling interest in a subsidiary should be reported as a component of equity in the condensed consolidated financial statements and requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the noncontrolling interests.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (as codified in ASC 810 - Consolidation). ASC 810 amends the consolidation guidance applicable to variable interest entities (“VIE”) and changes how a reporting entity evaluates whether an entity is considered the primary beneficiary of a VIE and is therefore required to consolidate such VIE. ASC 810 will also require assessments at each reporting period of which party within the VIE is considered the primary beneficiary and will require a number of new disclosures related to VIE’s. ASC 810 is effective for fiscal years beginning after November 15, 2009. We are currently assessing the impact of ASC 810 on our consolidated financial position and results of operations.

Market risk is the potential loss arising from adverse changes in market rates and market prices such as interest rates, foreign currency exchange rates, and changes in the market value of equity instruments. We are exposed to market risk, primarily related to foreign exchange and interest rates. We actively monitor these exposures. To manage the volatility relating to these exposures, we historically entered into a variety of derivative financial instruments, mainly interest rate swaps, foreign currency swaps and forward rate agreements. Currently we only employ basic contracts, that is, without options, embedded or otherwise. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings, cash flows and the value of our net investments in subsidiaries resulting from changes in interest rates and foreign currency rates. It is our policy not to trade in financial instruments.

Foreign Currency Exchange Risk We operate globally, deriving approximately 45% of revenues for the nine months ended September 30, 2009 in currencies other

than the U.S. Dollar. We predominantly generate revenue and expenses in local currencies. Because of fluctuations (including possible devaluations) in currency exchange rates or the imposition of limitations on conversion of foreign currencies into our reporting currency, we are subject to currency translation exposure on the profits of our operations, in addition to transaction exposure.

Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating foreign entities’ statements of earnings and balance sheets from functional currency to our reporting currency (the U.S. Dollar) for consolidation purposes.

Translation risk exposure is managed by creating “natural hedges” in our financing or by using derivative financial instruments aimed at offsetting certain exposures in the statement of earnings or the balance sheet. We do not use derivative financial instruments for trading or speculative purposes.

The table below details the percentage of revenues and expenses by currency for the period from January 1, 2009 to September 30, 2009:

Based on the twelve months ended December 31, 2008, a one cent change in the U.S. Dollar/Euro exchange rate will impact revenues by approximately $5 million annually, with an immaterial impact on operating income.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

U.S. Dollars Euro Other Currencies

Revenues 55% 15% 30% Operating costs 63% 13% 24%

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Interest Rate Risk We continually review our fixed and variable rate debt along with related hedging opportunities in order to ensure our portfolio

is appropriately balanced as part of our overall interest rate risk management strategy. At September 30, 2009, we had $4,872 million in carrying value of floating-rate debt under our senior secured credit facilities and our EMTN floating rate notes. A one percentage point increase in these floating rates would increase our annual interest expense by approximately $49 million. Recent developments in the U.S. and global financial markets have resulted in adjustments to our tolerable exposures to interest rate risk. In February 2009, we modified the reset interest rate underlying our $4,525 million senior secured term loan in order to achieve additional economic interest benefit and, as a result, all existing floating-to-fixed interest rate swap derivative financial instruments became ineffective. All changes in fair value of the affected interest rate swaps are reflected as a component of derivative gains and losses within our consolidated statement of operations.

In addition, in February 2009, we entered into two three-year forward interest rate swap agreements with starting dates of November 9, 2009. These agreements fix the LIBOR-related portion of interest rates for $500 million of our variable-rate debt at an average rate of 2.47%. The commencement date of the interest rate swaps coincides with the $1 billion notional amount interest rate swap that matured on November 9, 2009. These derivative instruments have been designated as interest rate cash flow hedges.

Derivative instruments involve, to varying degrees, elements of non-performance, or credit risk. We do not believe that we currently face a significant risk of loss in the event of non-performance by the counterparties associated with these instruments, as these transactions were executed with a diversified group of major financial institutions with a minimum investment-grade or better credit rating. Our credit risk exposure is managed through the continuous monitoring of our exposures to such counterparties.

Equity Price Risk We are not exposed to material equity risk.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that the Company files or submits to the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as the Company’s disclosure controls and procedures are designed to do. Thus, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2009 (the “Evaluation Date”). Based on such evaluation, such officers have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in the Company’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Information in response to this Item is incorporated by reference to the information set forth in Note 13 “Commitments and Contingencies” in the Notes to Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 above.

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Item 4T. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

(b) Changes in Internal Control over Financial Reporting

Item 1. Legal Proceedings

There have been no material changes to our Risk Factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2008.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

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Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

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Item 6. Exhibits

Exhibit Number Description of Exhibits

4.9(c)

Third Supplemental Indenture, dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation and an affiliate of Nielsen Finance LLC and Nielsen Finance Co., and Law Debenture Trust Company of New York, as Trustee, for the U.S. Dollar denominated 11.625% Senior Notes due 2014

4.10(b)

Second Supplemental Indenture, dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation and an affiliate of Nielsen Finance LLC and Nielsen Finance Co., and Law Debenture Trust Company of New York, as Trustee, for the U.S. Dollar denominated 11.5% Senior Notes due 2016

10.1†

Amended Shareholders’ Agreement regarding VNU Group B.V., made as of September 4, 2009, among each of the AlpInvest Funds, each of the Blackstone Funds, each of the Carlyle Funds, each of the Hellman & Friedman Funds, each of the KKR Funds, each of the Thomas H. Lee Funds (all as listed on Schedule 1 thereto), Valcon Acquisition Holding (Luxembourg) S.A.R.L., Valcon Acquisition Holding B.V. and Valcon Acquisition B.V.

31.1 CEO 302 Certification pursuant to Rule 13a-15(e)/15d-15(e)

31.2 CFO 302 Certification pursuant to Rule 13a-15(e)/15d-15(e)

32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

† The schedules and exhibits to these agreements are omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC, upon request, a copy of any omitted schedule or exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

54

The Nielsen Company B.V. (Registrant)

/s/ Jeffrey R. CharltonDate: November 11, 2009 Jeffrey R. Charlton

Senior Vice President and Corporate Controller Duly Authorized Officer and Principal Accounting Officer

EXHIBITS

55

Exhibit Number Description of Exhibits

4.9(c)

Third Supplemental Indenture, dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation and an affiliate of Nielsen Finance LLC and Nielsen Finance Co., and Law Debenture Trust Company of New York, as Trustee, for the U.S. Dollar denominated 11.625% Senior Notes due 2014

4.10(b)

Second Supplemental Indenture, dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation and an affiliate of Nielsen Finance LLC and Nielsen Finance Co., and Law Debenture Trust Company of New York, as Trustee, for the U.S. Dollar denominated 11.5% Senior Notes due 2016

10.1†

Amended Shareholders’ Agreement regarding VNU Group B.V., made as of September 4, 2009, among each of the AlpInvest Funds, each of the Blackstone Funds, each of the Carlyle Funds, each of the Hellman & Friedman Funds, each of the KKR Funds, each of the Thomas H. Lee Funds (all as listed on Schedule 1 thereto), Valcon Acquisition Holding (Luxembourg) S.A.R.L., Valcon Acquisition Holding B.V. and Valcon Acquisition B.V.

31.1 CEO 302 Certification pursuant to Rule 13a-15(e)/15d-15(e)

31.2 CFO 302 Certification pursuant to Rule 13a-15(e)/15d-15(e)

32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

† The schedules and exhibits to these agreements are omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC, upon request, a copy of any omitted schedule or exhibit.

Exhibit 4.9(c)

THIRD SUPPLEMENTAL INDENTURE

Third Supplemental Indenture (this “Third Supplemental Indenture”), dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation (the “Guaranteeing Subsidiary”) and an affiliate of Nielsen Finance LLC, a Delaware limited liability company, and Nielsen Finance Co., a Delaware corporation (the “Issuers”), and Law Debenture Trust Company of New York, as trustee (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Issuers and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture, dated as of January 27, 2009, as amended and supplemented from time to time (the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of Senior Notes due 2014 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Third Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

(2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: (a) Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of

a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:

(i) the principal of and interest, premium and Additional Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection. (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes

or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.

(c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever.

(d) This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Third Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

(f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.

(g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Guarantee.

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(h) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Guarantee.

(i) Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, the new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or conveyance.

(j) This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuers for liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

(k) In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

(l) This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary, ranking pari passu with any other future Senior Indebtedness of the Guaranteeing Subsidiary, if any.

(m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

(3) Execution and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.

(4) Merger, Consolidation or Sale of All or Substantially All Assets. (a) Except as otherwise provided in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may not consolidate or

merge with or into or wind up into (whether or not an Issuer or Guaranteeing Subsidiary is the surviving corporation), or

3

sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:

(i) (A) the Guaranteeing Subsidiary is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation organized or existing under the laws of the jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Guaranteeing Subsidiary or such Person, as the case may be, being herein called the “Successor Person”);

(B) the Successor Person, if other than the Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

(C) immediately after such transaction, no Default exists; and (D) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each

stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or

(ii) the transaction is made in compliance with Section 4.10 of the Indenture; (b) Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for,

the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, the Guaranteeing Subsidiary may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuers.

(5) Releases. The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuers or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon:

(a) (i) any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of the Guaranteeing Subsidiary (including any sale, exchange or transfer), after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary or all or substantially all the assets of the Guaranteeing Subsidiary which sale, exchange or transfer is made in compliance with the applicable provisions of the Indenture;

(ii) the release or discharge of the guarantee by the Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which

4

resulted in the creation of the Guarantee, except a discharge or release by or as a result of payment under such guarantee;

(iii) the proper designation of the Guaranteeing Subsidiary as an Unrestricted Subsidiary; or (iv) the Issuers exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8

of the Indenture or the Issuers’ obligations under the Indenture being discharged in accordance with the terms of the Indenture; and (b) the Guaranteeing Subsidiary delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating

that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.

(6) No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Third Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

(7) Governing Law. THIS THIRD SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(8) Counterparts. The parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

(9) Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

(10) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

(11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes shall have been paid in full.

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(12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Third Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.

(13) Successors. All agreements of the Guaranteeing Subsidiary in this Third Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Third Supplemental Indenture. All agreements of the Trustee in this Third Supplemental Indenture shall bind its successors.

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IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed, all as of the date first above written.

[Third Supplemental Indenture to 11.625% Senior Notes Indenture]

ACNIELSEN ERATINGS.COM

By: /s/ David E. Berger Name: David E. Berger Title: President and Chief Financial Officer

LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee

By: /s/ Robert L. Bice II Name: Robert L. Bice II Title: Senior Vice President

Exhibit 4.10(b)

SECOND SUPPLEMENTAL INDENTURE

Second Supplemental Indenture (this “Second Supplemental Indenture”), dated as of August 19, 2009, among ACNielsen eRatings.com, a Delaware corporation (the “Guaranteeing Subsidiary”) and an affiliate of Nielsen Finance LLC, a Delaware limited liability company, and Nielsen Finance Co., a Delaware corporation (the “Issuers”), and Law Debenture Trust Company of New York, as trustee (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Issuers and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture, dated as of May 1, 2009, as amended and supplemented from time to time (the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of Senior Notes due 2016 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Second Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

(2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: (a) Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of

a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:

(i) the principal of and interest, premium and Additional Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection. (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes

or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.

(c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever.

(d) This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Second Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

(f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.

(g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Guarantee.

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(h) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Guarantee.

(i) Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, the new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or conveyance.

(j) This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuers for liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

(k) In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

(l) This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary, ranking pari passu with any other future Senior Indebtedness of the Guaranteeing Subsidiary, if any.

(m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

(3) Execution and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.

(4) Merger, Consolidation or Sale of All or Substantially All Assets. (a) Except as otherwise provided in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may not consolidate or

merge with or into or wind up into (whether or not an Issuer or Guaranteeing Subsidiary is the surviving corporation), or

3

sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:

(i) (A) the Guaranteeing Subsidiary is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation organized or existing under the laws of the jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Guaranteeing Subsidiary or such Person, as the case may be, being herein called the “Successor Person”);

(B) the Successor Person, if other than the Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

(C) immediately after such transaction, no Default exists; and (D) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each

stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or

(ii) the transaction is made in compliance with Section 4.10 of the Indenture; (b) Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for,

the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, the Guaranteeing Subsidiary may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuers.

(5) Releases. The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuers or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon:

(a) (i) any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of the Guaranteeing Subsidiary (including any sale, exchange or transfer), after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary or all or substantially all the assets of the Guaranteeing Subsidiary which sale, exchange or transfer is made in compliance with the applicable provisions of the Indenture;

(ii) the release or discharge of the guarantee by the Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which

4

resulted in the creation of the Guarantee, except a discharge or release by or as a result of payment under such guarantee;

(iii) the proper designation of the Guaranteeing Subsidiary as an Unrestricted Subsidiary; or (iv) the Issuers exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8

of the Indenture or the Issuers’ obligations under the Indenture being discharged in accordance with the terms of the Indenture; and (b) the Guaranteeing Subsidiary delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating

that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.

(6) No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Second Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

(7) Governing Law. THIS SECOND SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(8) Counterparts. The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

(9) Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

(10) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

(11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes shall have been paid in full.

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(12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Second Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.

(13) Successors. All agreements of the Guaranteeing Subsidiary in this Second Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Second Supplemental Indenture. All agreements of the Trustee in this Second Supplemental Indenture shall bind its successors.

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed, all as of the date first above written.

[Second Supplemental Indenture to 11.5% Senior Notes Indenture]

ACNIELSEN ERATINGS.COM

By: /s/ David E. Berger Name: David E. Berger Title: President and Chief Financial Officer

LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee

By: /s/ Robert L. Bice II Name: Robert L. Bice II Title: Senior Vice President

Exhibit 10.1

ALPINVEST PARTNERS

THE BLACKSTONE GROUP

THE CARLYLE GROUP

HELLMAN & FRIEDMAN

KOHLBERG KRAVIS ROBERTS & CO.

THOMAS H. LEE PARTNERS

VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L.

VALCON ACQUISITION HOLDING B.V.

VALCON ACQUISITION B.V.

AMENDED SHAREHOLDERS’ AGREEMENT REGARDING

THE NIELSEN COMPANY B.V. (FORMERLY VNU GROUP B.V.)

4 SEPTEMBER 2009

Clifford Chance LLP Droogbak 1A

1013 GE Amsterdam The Netherlands

CONTENTS

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Clause Page

1. Definitions and Interpretation 6

1.1 Definitions 61.2 Interpretation 18

2. Implementation Matters 18

2.1 Organizational Documents 182.2 Conflicts or Inconsistencies 192.3 Effectuating the Intent of the Parties 192.4 Applicable Law 19

3. Luxco Board of Managers 19

3.1 Composition of the Luxco Board 193.2 Abstention on Related Party Transactions 223.3 Changes in Shareholding 223.4 Meetings of the Luxco Board; Observers 223.5 Decisions of the Luxco Board 233.6 Representation of Luxco 233.7 Intermediate Holdco Boards 243.8 Formalities 24

4. VNU Supervisory Board 24

4.1 Composition of the VNU Supervisory Board 244.2 Related Party Transactions; Independent VNU Directors’ Approval 274.3 Changes in Shareholding 274.4 Meetings of the VNU Supervisory Board; Observers 284.5 Decisions of the VNU Supervisory Board 294.6 Formalities 29

5. Board Committees; Financing Committee; Management 29

5.1 Luxco and Intermediate Holdco Committees 295.2 VNU Board Committees; Finance Committee 305.3 VNU Management 30

6. Investors’ Committee 30

6.1 Purpose of the Investors’ Committee; Effectuating Intent 306.2 Composition of Investors’ Committee 316.3 Abstention on Related Party Transactions 336.4 Changes in Shareholding 336.5 Meetings of the Investors’ Committee 336.6 Decisions of the Investors’ Committee 346.7 Approvals in this Agreement 35

7. Indemnification 35

7.1 Indemnification 357.2 Insurance by VNU 37

8. Issues of Securities 37

8.1 Equal Treatment of Investors 379. Transfers 38

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9.1 Limitations on Transfer 389.2 Permitted Transfers 399.3 Drag-Along 409.4 Tag-Along 41

10. IPO and Public Offering Rights 45

10.1 Structural Considerations 4510.2 Piggyback Offerings 4610.3 Requested Offerings 4810.4 Obligations of Issuer in Connection with Public Offerings 5110.5 Holdback 5310.6 Post-IPO Sales 5310.7 Sales in a Tender Offer 5410.8 Acknowledgment by Subsidiaries 54

11. Subsequent share acquisitions; additional equity funding 55

11.1 Acquisition of 100% of the Shares in VNU 5511.2 Additional Equity Funding 5511.3 Equity Syndication and Certain Reallocations Among Investors 55

12. Representations and Warranties 56

12.1 Representations and Warranties of the Investors 5613. Additional Covenants and Agreements 57

13.1 Advisory Services Agreement 5713.2 Directors’ Fees and Expenses 5713.3 Certain Tax Matters 5813.4 Corporate Opportunities 5813.5 Non-Competition 5913.6 Non-Solicitation 6013.7 Access to Information, Financial Statements, Confidentiality and Public Announcements 6013.8 Standstill 62

14. Miscellaneous 62

14.1 Waiver; Amendment 6214.2 Effectiveness; Termination 6314.3 Notices 6314.4 Applicable Law 6314.5 Disputes 6314.6 Assignment 6414.7 Specific Performance 6414.8 Fiduciary Duties; Exculpation Clause 6414.9 No Recourse 6514.10 Further Assurances 6514.11 Several Obligations 6514.12 Third Parties 6514.13 Entire Agreement 6514.14 Titles and Headings 6514.15 No Other Agreements 6514.16 Binding Effect 6614.17 Severability 6614.18 Counterparts 66

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SCHEDULE 1 Investors 68

SCHEDULE 2 Initial Investments and Remaining Equity Commitments 70

SCHEDULE 3 Simplified Acquisition Structure chart 71

SCHEDULE 4 Form of Accession Agreement 72

SCHEDULE 5 Initial Members of Boards and Committees 76

Part A Luxco Managers 76

Part B VNU Directors 76

Part C Executive Committee 77

Part D Audit Committee 77

Part E Compensation Committee 77

Part F Finance Committee 77

Part G Investors’ Committee 78

Part H Observers to Luxco Board and VNU Supervisory Board 78

SCHEDULE 6 Actions Requiring Approval 79

Part A Actions Requiring Unanimous Approval 79

Part B Actions Requiring Requisite Majority Approval 80

Part C Actions Requiring Simple Majority Approval 83

SCHEDULE 7 Forms of Advisory Services Agreements 85

Part A Form of Valcon Advisory Services Agreement 85

Part B Form of Bidco Advisory Services Agreement 88

SCHEDULE 8 Addresses and Fax Numbers for Notices 97

SCHEDULE 9 Named Competitors 100

SCHEDULE 10 Equity Syndication 101

SHAREHOLDERS AGREEMENT

This Shareholders Agreement (this “Agreement”), is amended as of 4 September 2009 among:

Each of the AlpInvest Funds, the Blackstone Funds, the Carlyle Funds, the Hellman & Friedman Funds, the KKR Funds and the Thomas H. Lee Partners Funds, and their respective permitted successors and assigns, are collectively referred to herein as the “Investors” and each of them is referred to as an “Investor”. The Investors, Luxco, Dutch Holdco and Bidco, together with any person in the future acceding to this Agreement as envisaged below, are collectively referred to herein as the “Parties”.

WHEREAS:

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(1) Each of the AlpInvest Funds (as listed in Schedule 1 – Part B, together “AlpInvest”);

(2) Each of the Blackstone Funds (as listed in Schedule 1 – Part B, together “Blackstone”);

(3) Each of the Carlyle Funds (as listed in Schedule 1 – Part B, together “Carlyle”);

(4) Each of the Hellman & Friedman Funds (as listed in Schedule 1 – Part B, together “Hellman & Friedman”);

(5) Each of the KKR Funds (as listed in Schedule 1 – Part B, together “KKR”);

(6) Each of the Thomas H. Lee Partners Funds (as listed in Schedule 1 – Part B, together “Thomas H. Lee Partners”);

(7) VALCON ACQUISITION HOLDING (LUXEMBOURG) S.À R.L., a private limited company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 59, rue de Rollingergrund, L-2440 Luxembourg, Luxembourg (“Luxco”);

(8) VALCON ACQUISITION HOLDING B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under the laws of The Netherlands, having its registered office at Jachthavenweg 118, 1081 KJ Amsterdam, The Netherlands and registered with the Chamber of Commerce for Amsterdam under file number 3424 8449 (“Dutch Holdco”); and

(9) VALCON ACQUISITION B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands, having its registered office at Jachthavenweg 118, 1081 KJ Amsterdam, The Netherlands and registered with the Chamber of Commerce for Amsterdam under file number 3424 1179 (the “Bidco”),

(A) Luxco has been formed for the purposes of the acquisition of VNU N.V., a public company with limited liability organized under the laws of the Netherlands, and subsequently converted into VNU Group B.V. and then renamed The Nielsen Company B.V., a private company with limited liability organized under the laws of the Netherlands (“VNU”), by way of an all-cash public tender offer for any and all of the outstanding ordinary shares and listed 7% preference shares of VNU (the “Offer”), in accordance with the terms and conditions of a Merger Protocol dated 8 March 2006 and subsequently amended (the “Merger Protocol”), between VNU and Valcon Acquisition B.V., a private company with limited liability organized under the laws of the Netherlands (“Bidco”), a wholly-owned indirect subsidiary of Luxco.

(B) The Investors and certain Affiliates of the Investors entered into an interim investors agreement dated 15 March 2006, as amended on 22 May 2006, 2 June 2006 and August 4, 2006 (the “Interim Investors Agreement”), providing for certain matters relating to the conduct of the Offer, together with a term sheet describing the principal terms of an agreement to be entered into at or after the first settlement date of the Offer, that would provide for certain matters relating to the Investors’ direct and indirect ownership of interests in Luxco and its direct and indirect subsidiaries including VNU and its direct and indirect subsidiaries (collectively, the “Group”) and the governance of the Group on and after the Last Settlement Date.

NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, the Parties agree as follows:

For purposes of this Agreement, the following terms shall have the following meanings:

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(C) The acceptance period with respect to the Offer ended on May 19, 2006 and the post-acceptance period with respect to the Offer ended on June 9, 2006; settlement with respect to the last VNU shares tendered into the Offer took place on June 14, 2006 (the “Last Settlement Date,” provided that, after the “squeeze-out” as contemplated by Article 11.1, the “Last Settlement Date” shall be the day that the “squeeze-out” is consummated and Bidco owns all of the shares in VNU).

(D) Pursuant to the terms of the Interim Investors Agreement, the Investors have provided initial equity funding to Luxco by subscribing for the numbers of yield free convertible preferred equity certificates, convertible preferred equity certificates and ordinary shares set forth behind their respective names in the second, fifth and seventh columns of Schedule 2 and paying up the respective amounts on those securities set forth behind their respective names in the third, sixth and eighth columns of Schedule 2.

(E) A diagram of the simplified acquisition structure as of the date hereof is attached as Schedule 3.

(F) This Agreement was originally entered into by the Parties on 21 December 2006, has been amended from time to time and was amended, in accordance with the terms of the Agreement to its current form by an Amendment Agreement between the Parties dated 4 September 2009.

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

Accession Agreement shall mean an agreement substantially in the form of Schedule 4.

Action, Suit or Proceeding

shall have the meaning specified in Article 7.1.1.

ADSs shall mean American Depositary Shares.

Advisory Services Agreement

shall have the meaning specified in Article 13.1.

Affiliate or Affiliated Fund

shall mean (a) with respect to any Investor, any other Person Controlled directly or indirectly by such Investor, Controlling directly or indirectly such Investor or directly or indirectly under the same Control as such Investor, or, in each case, a successor entity to such Investor, provided, however, that (i) Affiliate or Affiliated Fund shall not include any portfolio companies of the relevant Investor or its Affiliates and (ii) with respect to each of the AlpInvest Funds, Affiliate or Affiliated Fund shall not include Stichting Pensioenfonds ABP, Stichting Pensioenfonds voor

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de Gezondheid, Geestelijke en Maatschappelijke Belangen or any of their respective Affiliates; and provided further, for the avoidance of doubt, that all of the funds mentioned underneath a single heading as a group of funds in Schedule 1 shall in any event be considered Affiliates and Affiliated Funds of each other; and (b) with respect to any Person who is not an Investor, another Person Controlled directly or indirectly by such first Person, Controlling directly or indirectly such first Person or directly or indirectly under the same Control as such first Person.

Affiliated shall have a meaning correlative to the foregoing.

AFM shall mean the Netherlands Authority for the Financial Markets.

Agreement

shall mean this Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

AlpInvest and AlpInvest Funds

shall have the meaning specified in the preamble to this Agreement.

Applicable Offering Document

shall mean, in respect of a Public Offering (i) in The Netherlands, a prospectus required to be filed with the AFM under the Dutch Securities Market Supervision Act 1995 (Wet toezicht effectenverkeer 1995) as amended from time to time, (ii) in the United States, a prospectus (including a prospectus covering ADSs) required to be filed with the SEC under the Securities Act, and (iii) in any other jurisdiction, a prospectus or other document required to be filed with any Applicable Regulatory Authority and/or in a form and including substantive disclosure customary to an offering of shares to similarly situated purchasers in such jurisdiction.

Applicable Regulatory Authority

shall mean in respect of a Public Offering under (i) the Dutch Securities Market Supervision Act 1995 (Wet toezicht effectenverkeer 1995) as amended from time to time in The Netherlands, the AFM, (ii) the Securities Act in the United States, the SEC, and (iii) the applicable securities laws in any other jurisdiction, the appropriate governmental agency regulating the listing or public offering of securities, if any, in such jurisdiction.

Assumed Number shall have the meaning specified in Article 10.1.2.

Audit Committee shall have the meaning specified in Article 5.2.1.

Authorized Recipients shall have the meaning specified in Article 13.7.2.

Bidco shall have the meaning specified in the recitals to this Agreement.

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Bidco Advisory Services Agreement


Bidco Board shall mean the management board of Bidco.

Blackstone and Blackstone Funds


Board

shall mean any of the Luxco Board, the Dutch Holdco Board, the Bidco Board and the VNU Supervisory Board.

Brokered Exchange Transaction


Budget shall mean the annual budget of the Group.

Business Day

shall mean a day on which banks are open for business in Amsterdam, London, New York and Luxembourg (which, for avoidance of doubt, shall not include Saturdays, Sundays and public holidays in any of these cities).

Carlyle and Carlyle Funds


Change in Control

shall mean any transaction (including, without limitation, any merger, consolidation or sale of assets or equity interests) the result of which is that any Person or “group” (as defined within the meaning of Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934 as in effect on the Effective Date), other than any of the Investors or their Affiliated Funds, obtains (i) direct or indirect ownership of more than 50% of the voting rights of VNU, (ii) the right to appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of Luxco, any Intermediate Holdco or VNU, or (iii) all or substantially all of the assets of Luxco, any Intermediate Holdco or VNU.

Compensation Committee


Competing Action shall have the meaning specified in Article 13.4.

Competing Enterprise shall have the meaning specified in Article 13.4.

Confidential Information


Control

shall mean with respect to a Person (other than an individual) (i) direct or indirect ownership of more than 50% of the voting rights of such Person, or (ii) the right to

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appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of such Person and, for avoidance of doubt, a general partner is deemed to control a limited partnership and, solely for the purposes of this Agreement, a fund advised or managed directly or indirectly by a Person shall also be deemed to be controlled by such Person (and the terms Controlling and Controlled shall have meanings correlative to the foregoing).

Corporate Director shall have the meaning specified in Article 3.7.

Corporate Opportunity shall have the meaning specified in Article 13.4.

Drag-Along Notice shall have the meaning specified in Article 9.3.2.

Drag-Along Purchaser shall have the meaning specified in Article 9.3.1.

Drag-Along Sale shall have the meaning specified in Article 9.3.1.

Drag-Along Sale Costs shall have the meaning specified in Article 9.3.2.

Dragged Investor shall have the meaning specified in Article 9.3.1.

Dragging Investor shall have the meaning specified in Article 9.3.1.

Dutch Corporate Governance Code

shall mean the code of conduct designated pursuant to Section 2:391 paragraph 4 of the Dutch Civil Code, currently being the code of conduct published in the Dutch State Gazette (Staatscourant) on 27 December 2004 (issue 250, 2004).

Dutch Holdco shall have the meaning specified in the preamble to this Agreement.

Dutch Holdco Board shall mean the board of management of Dutch Holdco.

Exchange Act

shall mean the U.S. Securities Exchange Act of 1934, as amended, or any similar federal statute then in effect, and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute.

Finance Committee shall have the meaning specified in Article 5.2.4.

Group shall have the meaning specified in the recitals to this Agreement.

Hellman & Friedman and Hellman & Friedman Funds


Holders’ Counsel

shall mean (i) for any Piggyback Offering, one firm of legal counsel to represent all Piggybacking Holders for each

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Selected Offering Jurisdiction in which shares are being sold in such Piggyback Offering and, if different and to the extent necessary, one firm of legal counsel in the jurisdiction of incorporation of Issuer and (ii) for any Requested Offering, one firm of legal counsel to represent the Requesting Holders and all Participating Holders for each Selected Offering Jurisdiction in which shares are being sold in such Requested Offering and, if different and to the extent necessary, one firm of legal counsel in the jurisdiction of incorporation of Issuer.

Incur

shall mean to issue, create, assume, guarantee, incur or otherwise become liable for and the terms Incurred and Incurrence shall have meanings correlative to the foregoing.

Indemnity-Related Entities


Indemnitees shall have the meaning specified in Article 7.1.1.

Independent VNU Directors

shall have the meaning specified in Article 4.1.1(g), subject to Article 4.1.2.

Information

shall mean the books and records of any member of the Group and information relating to such member of the Group, its properties, operations, financial condition and affairs.

Intermediate Holdcos

shall mean Dutch Holdco, Bidco and any other entity that from time to time is wholly-owned, directly or indirectly, by Luxco, or its successors, and wholly-owns, directly or indirectly, Bidco or its successors and that becomes a Party to this Agreement.

Intermediate Holdco Boards

Shall mean the boards of management (directie) of Dutch Holdco, Bidco and any other Intermediate Holdco.

Interim Investors Agreement

shall have the meaning specified in the recitals to this Agreement.

Investor shall have the meaning specified in the preamble to this Agreement.

Investor Fund

shall mean, individually and collectively, any of the AlpInvest Funds, the Blackstone Funds, the Carlyle Funds, the Hellman & Friedman Funds, the KKR Funds and the Thomas H. Lee Partners Funds.

Investor Fund Manager

means (i) in respect of any AlpInvest Fund, AlpInvest Partners 2006 B.V. or AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V.

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(ii) in respect of any Blackstone Fund, Blackstone Management Partners V L.L.C., (iii) in respect of any Carlyle Fund, TC Group, L.L.C., (iv) in respect of any Hellman & Friedman Fund, Hellman & Friedman LLC, (v) in respect of any KKR Fund, Kohlberg Kravis Roberts & Co. L.P. or Kohlberg Kravis Roberts & Co. Ltd., and (vi) in respect of any Thomas H. Lee Partners Fund, THL Managers V, LLC or THL Managers VI, LLC.

Investor Representative

shall have the meaning specified in Article 6.2.1

Investors’ Committee shall have the meaning specified in Article 6.1.

Investors’ Committee Chairman


Investors’ IPO Number


IPO

shall mean an initial Public Offering of a class of shares of Luxco, any Intermediate Holdco or VNU, as determined by the Investors’ Committee.

IRC shall have the meaning specified in Article 10.1.21.

Issuer shall have the meaning specified in Article 10.1.1.

Jointly Indemnifiable Claims


KKR and KKR Funds shall have the meaning specified in the preamble to this Agreement.

Last Settlement Date shall have the meaning specified in the preamble to this Agreement.

Listed Shares shall have the meaning specified in Article 10.1.2.

Losses shall have the meaning specified in Article 7.1.1.

LP Distribution shall have the meaning specified in Article 10.6.

Luxco shall have the meaning specified in the preamble to this Agreement.

Luxco Board shall mean the board of managers of Luxco.

Luxco Chairman shall have the meaning specified in Article 3.1.1.

Luxco Manager shall have the meaning specified in Article 3.1.1.

Luxco Manager A shall have the meaning specified in Article 3.1.1.

Luxco Manager B shall have the meaning specified in Article 3.1.1.

Management shall mean such senior members of management of VNU as

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shall be designated by the Investors’ Committee in accordance with Article 6.6.

Maximum Allocation shall have the meaning specified in Article 9.4.2(b).

Maximum Offering Size


Merger Protocol shall have the meaning specified in the recitals to this Agreement.

Named Competitor shall have the meaning specified in Article 13.5.

New Securities

shall mean any shares or options, warrants or other securities or rights convertible or exchangeable into or exercisable for shares of Luxco or any other member of the Group (which term shall include securities deemed to be shares by the US Internal Revenue Service, such as YFCPECs); provided, however, that New Securities shall not include: (i) securities to be issued by Issuer in connection with an IPO or any other Public Offerings; (ii) securities to be issued in connection with any pro rata stock split or stock dividend of Luxco; (iii) securities to be issued as consideration for, or in connection with, an acquisition of any business or all or substantially all of such business’s assets by any member of the Group whether by merger or otherwise; (iv) securities to be issued in connection with any employee equity incentive plan or similar benefit programs or agreements approved by the Investors’ Committee where the principal purpose is not to raise additional equity capital; and (v) any Replacement Securities issued pursuant to Article 10.1.1.

Offer shall have the meaning specified in the recitals to this Agreement.

Offering Expenses

shall mean any and all expenses incident to performance of or compliance with the provisions of Article 10 or any underwriting agreement entered into in accordance therewith, including, without limitation, (i) all listing, registration, qualification and quotation fees of any Applicable Regulatory Authority or of any securities exchange or securities quotation system, (ii) all fees and expenses of complying with all applicable securities laws, (iii) all road show, printing, messenger and delivery expenses, (iv) all rating agency fees, (v) the fees and disbursements of legal counsel in each relevant jurisdiction for the (proposed) Issuer or its independent public accountants, including the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (vi) the reasonable fees and disbursements of Holders’ Counsel, (vii) all fees and

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disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance if the (proposed) Issuer so desires or if the underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (viii) all fees and expenses incurred in connection with the creation of ADSs, including the reasonable fees and disbursements of the depositary for such ADSs that the (proposed) Issuer, and not the depositary, is required to pay, and (ix) other reasonable out-of-pocket expenses of Selling Holders in connection therewith.

Offering Request shall have the meaning specified in Article 10.3.1.

Participating Holders shall have the meaning specified in Article 10.3.1.

Participating Investors


Permitted Transfer shall have the meaning specified in Article 9.2.

Permitted Transferee shall have the meaning specified in Article 9.2.

Person

shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other entity or organization.

Piggyback Offering shall have the meaning specified in Article 10.2.1.

Piggyback Right shall have the meaning specified in Article 10.2.1.

Piggybacking Holder shall have the meaning specified in Article 10.2.1.

Piggybacking Investor


Post-IPO Sale shall have the meaning specified in Article 10.6.

Pre-emptive Right. shall have the meaning specified in Article 8.1.1

Privately Negotiated Transaction


Proportionate Percentage


Pro Rata Portion shall have the meaning specified in Article 10.2.1

Public Offering

shall mean, with respect to any securities of a class that is the same as any class of Listed Shares: (i) any sale of such securities to the public in an offering under the laws, rules and regulations of any non-U.S. jurisdiction or (ii) any sale of such securities to the public in an offering pursuant to an

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effective registration statement under the Securities Act (other than a registration on Form S-4, F-4 or S-8, or any successor or other forms promulgated for similar purposes).

Related Party shall mean the parties to a Related Party Transaction.

Related Party Transaction

shall mean any transaction between, on the one hand, any members of the Group and, on the other hand, any Investor or any Affiliate of any Investor (excluding any member of the Group), provided, however, that the following will not be deemed to be Related Party Transactions: (i) the Advisory Services Agreement or the Bidco Advisory Services Agreements or any amount contemplated by or paid in accordance with any such agreement, (ii) the directors’ fees and expenses contemplated by Article 13.2, (iii) any subscription of New Securities in accordance with a Pre-emptive Right, (iv) any VCOC Management Rights Agreements, and (v) the transactions contemplated by Article 10.1.

Remaining Equity Commitment


Remaining Shares shall have the meaning specified in Article 10.2.2

Reorganization Transaction


Replacement Securities


Representatives

shall mean, for any Investor, the Investor Representative(s) and the Affiliates (excluding, for the avoidance of doubt, any member of the Group) of such Investor and such Investor’s and each such Affiliate’s respective directors, managers, officers, partners, members, principals, employees, professional advisers and agents.

Requested Offering shall have the meaning specified in Article 10.3.1.

Requesting Holders shall have the meaning specified in Article 10.3.1.

Requisite Majority shall have the meaning specified in Article 6.6.4(a).

SEC

shall mean the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act.

Securities Act

shall mean the U.S. Securities Act of 1933, as amended, or any similar federal statute then in effect, and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute.

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Selected Offering Jurisdiction

shall mean (i) for an IPO, (x) The Netherlands, the United States and/or any other jurisdiction or market where a Public Offering could reasonably be expected to optimize the price and liquidity for the shares proposed to be sold; and (ii) for any Public Offering after an IPO, (x) the jurisdiction(s) in which such IPO was conducted and/or (y) any other jurisdiction or market where a Public Offering could reasonably be expected to optimize the price and liquidity for the shares proposed to be sold.

Selected Securities Exchange

shall mean (i) for a Public Offering in The Netherlands, the Euronext Amsterdam securities exchange, (ii) for a Public Offering in the United States, the New York Stock Exchange or the National Association of Securities Dealers’ automated quotation system or (iii) for a Public Offering in any other jurisdiction, any regulated national securities exchange in such jurisdiction.

Selling Holders

shall mean the Piggybacking Holders (in the case of a Piggyback Offering) and the Requesting Holders and the Participating Holders (in the case of a Requested Offering).

Selling Investors

shall mean the Piggybacking Investors (in the case of a Piggyback Offering) and the Requesting Holders and the Participating Investors (in the case of a Requested Offering).

Shares shall mean the ordinary shares, par value €€ 25 per share, of Luxco.

shares

when used herein shall be deemed to include ordinary shares, preferred shares and any other class of equity securities, including partnership interests or equity interests in other non-corporate entities, as the context requires.

Tag-Along Beneficiary


Tag-Along Notice shall have the meaning specified in Article 9.4.2.

Tag-Along Notice Period


Tag-Along Offer shall have the meaning specified in Article 9.4.2.

Tag-Along Portion shall have the meaning specified in Article 9.4.2.

Tag-Along Purchaser shall have the meaning specified in Article 9.4.2.

Tag-Along Response Notice


Tag-Along Right shall have the meaning specified in Article 9.4.2.

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Tag-Along Sale shall have the meaning specified in Article 9.4.2.

Tag-Along Sale Costs shall have the meaning specified in Article 9.4.7

Tag-Along Sale Settlement Date


Tag-Along Seller shall have the meaning specified in Article 9.4.2.

Tagging Person shall have the meaning specified in Article 9.4.2.

Temporary Unit Transfers


Tender shall have the meaning specified in Article 10.7.

Tender Offer shall have the meaning specified in Article 10.7.

Third Party

shall mean any Person (or group of Persons) that is not an Investor or an Affiliate of an Investor.

Thomas H. Lee Partners and Thomas H. Lee Partners Funds


Trading Date shall have the meaning specified in Article 10.6.

Trading Volume Limitation


Transfer

shall mean a transfer, sale, assignment, pledge, hypothecation or other disposition by a Person of a legal or beneficial interest in another Person, whether directly or indirectly, including pursuant to the creation of a derivative security (other than phantom stock or similar incentive plans for employees), the grant of an option or other right, the imposition of a restriction on disposition or voting or by operation of law.

Units

shall mean, individually and collectively, the Shares, the YFCPECs and any New Securities and, following any Reorganization Transaction pursuant to Article 10.1 as a result of which all or any portion of the Shares, the YFCPECs are exchanged for or otherwise replaced by any Replacement Securities, Units shall also mean such Replacement Securities (unless the context otherwise requires).

VCOC Management Rights Agreement

shall mean those certain management rights agreements by and among Luxco, VNU and the Investors (or funds) party thereto granting such Investors (or funds) certain informational and other rights with respect to the Group.

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VNU shall have the meaning specified in the recitals to this Agreement.

VNU Articles Shall mean the articles of association (statuten) of VNU from time to time in effect.

VNU Board Committees


VNU Director shall have the meaning specified in Article 4.1.1.

VNU General Meeting

shall mean the general meeting of all shareholders of VNU.

VNU Supervisory Board

shall mean the supervisory board (raad van commissarissen) of VNU.

VNU Supervisory Board Chairman

shall have the meaning specified in Article 4.1(a).

VNU Supervisory Board Rules

shall mean the supervisory board rules (commissarissen reglement) adopted by the VNU Supervisory Board in accordance with the VNU Articles form time to time.

Voting Interest

shall mean the aggregate number of votes exercisable at a general meeting of shareholders of Luxco, attached to the shares in Luxco comprised in the Units (i) held by an Investor or group of Investors at a particular time or (ii) with respect to which an Investor or group of Investors has the authority and power to vote, pursuant to a power of attorney, transfer of voting rights or otherwise, subject to Article.

Wholly-Owned Subsidiary

shall mean, with respect to any Person, any other Person of which 100% of its securities are owned at the time of determination, directly or indirectly, by such first Person (other than any shares required by any applicable law or regulation to be held by any other Person, such as directors’ qualifying shares).

Each Investor shall, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to, take any and all action within its power to procure that the organizational documents of Luxco and each other member of the Group (including any rules, regulations or policies of any governing body thereof) shall reflect the terms of this Agreement to the extent recommended by Luxembourg, United States and/or Dutch counsel to the Group, so as to effectuate and preserve the intent of the Parties as set out herein. Without limiting the generality of the foregoing, each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to take, any and all action within its power to adopt any and all amendments to the VNU Articles and the VNU Supervisory Board Rules which are necessary, appropriate or desirable and which are approved in accordance with the terms of this Agreement, including the actions or matters that require the prior approval of the Investors’ Committee as set forth in Article 6.6 or elsewhere in this Agreement and that have been so approved.

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YFCPECs

shall mean each class and series of yield free convertible preferred equity certificates of Luxco.

1.2 Interpretation

(a) Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be

followed by the words “without limitation.”

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise specified.

(c) The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural

forms of such term, and words denoting any gender shall include all genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.

(d) A reference to any Party or any party to any other agreement or document shall include such Party or party’s

successors and permitted assigns.

(e) A reference to any legislation or to any provision of any legislation shall include any amendment to, and any

modification or re-enactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto.

2. IMPLEMENTATION MATTERS

2.1 Organizational Documents

In all events this Agreement will govern and prevail as among the Investors in the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the organizational documents of Luxco or any other member of the Group.

Each Investor shall (i) vote its Shares, grant powers of attorney, execute documents and take all other action in its power and authority as a shareholder of Luxco and (ii) cause its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to exercise their voting rights on each such body, in a manner consistent with the rights and obligations of the Parties under this Agreement so as to effectuate and preserve the intent of the Parties as set out herein, including voting in favour of and consenting to any transactions involving any member of the Group that are approved by the Investors’ Committee.

The Parties acknowledge that in certain instances a provision of this Agreement may not be enforceable or that its enforceability may be limited by applicable law. Nevertheless, the Parties agree that they intend to be bound by the terms of this Agreement and, if any provision is held to be unenforceable, the Parties agree to use their reasonable efforts to implement an alternative enforceable mechanism that would effect, as closely as possible, the intent of the Parties as reflected in or provided by the unenforceable provision. Moreover, each Party agrees that, if any corporate formality or other procedure is not expressly mandated by law or the provisions of this Agreement to be taken by the Parties but the enforceability of any provision of this Agreement would be enhanced if the Parties act in accordance with such corporate formality or other procedure, the Parties agree to act in accordance with such corporate formality or other procedure to the extent recommended by counsel to the Group in the relevant jurisdiction.

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2.2 Conflicts or Inconsistencies

2.3 Effectuating the Intent of the Parties

2.4 Applicable Law

3. LUXCO BOARD OF MANAGERS

3.1 Composition of the Luxco Board

3.1.1 The Luxco Board shall be composed of twelve members:

(a) ten individuals shall be managers B (the “Luxco Managers B”) and shall be nominated by the Investors as

follows:

(i) one individual shall be nominated by AlpInvest;

(ii) two individuals shall be nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(iii) two individuals shall be nominated by Carlyle (one of such individuals shall be designated by CEP

II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting Interest at least equal to 50% of the Voting Interest

The Luxco Managers A and the Luxco Managers B are together referred to as the “Luxco Managers”. The initial Luxco Managers are set forth in Part A of Schedule 5 to this Agreement. The right to nominate Luxco Managers for appointment to the Luxco Board is personal to each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do so and may not be assigned by any such Investor (or the applicable fund of such group of Affiliated Investors) as part of a Transfer or otherwise without the consent of the Investors’ Committee (except as permitted pursuant to the proviso in the last sentence of Article 14.6).

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attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(iv) one individual shall be nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.;

(v) two individuals shall be nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(vi) two individuals shall be nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); and

(b) two individuals shall be managers A (the “Luxco Managers A”), shall be required to be resident in the Grand Duchy of Luxembourg, and shall be nominated by a Requisite Majority of the Investors’ Committee. The Investors’ Committee may also decide by a Requisite Majority to increase or decrease the number of Luxco Managers A (provided that there shall always be at least one Luxco Manager A).

3.1.2 The Parties shall take all reasonable action necessary to procure that the Luxco Manager designated by the

Investors’ Committee to serve as the chairman of the Luxco Board (the “Luxco Chairman”) shall be so appointed by the Luxco Board.

3.1.3 Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate one or more Luxco Managers for appointment shall nominate the same individual(s) for such appointment as have been appointed as its Investor Representative(s) on the Investors’ Committee pursuant to Article 6.2.1, unless the Investors’ Committee has approved a different appointment (such approval not to be unreasonably withheld).

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3.1.4 Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate a Luxco Manager for appointment shall also be entitled, by notice in writing to Luxco and to each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), at any time or from time to time to nominate for removal any Luxco Manager nominated by it and to nominate for appointment in place thereof another individual to serve as its Luxco Manager in accordance with the provisions of this Article 3. In such event, (i) the nominating group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall take all reasonable action necessary to procure that such Luxco Manager resigns from the Luxco Board and (ii) if such Luxco Manager will not resign, each Investor (including the nominating Investor) agrees that it shall take all reasonable action necessary to effect such removal and appointment as promptly as practicable on request. In addition, each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate a Luxco Manager for appointment shall, upon the death or resignation of such Luxco Manager, be entitled to nominate for appointment in place thereof another individual to serve as its Luxco Manager in accordance with the provisions of this Article 3. Without limiting the preceding provisions, no group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall be entitled to nominate for removal, appointment or re-appointment any Luxco Manager except for the Luxco Manager it is entitled to nominate for removal, appointment or re-appointment pursuant to the provisions of this Article 3. Each Investor agrees to vote its Shares in favour of the appointment or re-appointment of the Luxco Managers nominated for appointment or re-appointment by each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do so hereunder. Notwithstanding the foregoing provisions of this Article 3.1.4, if a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) nominates for appointment as a Luxco Manager an individual who is not a director, manager, officer or employee of the Investor Fund Manager to such Investor or to an Affiliated Fund of such Investor (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors’ Committee (excluding any Investor Representatives designated by such Investor or its Affiliates). None of the Luxco Managers shall be entitled to receive any severance payments upon his removal, death, resignation or otherwise vacating his position as a Luxco Manager. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees, in respect of any Luxco Manager nominated by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), to indemnify Luxco and each other Investor from any claims and liabilities with respect to any severance payment that becomes payable to any such Luxco Manager.

3.1.5 Each Investor agrees to take (to the extent such action is within such Investor’s power or control in its capacity as an investor in Luxco or through its nominees, designees or representatives on the Luxco Board), and agrees to cause Luxco to take, any and all action necessary to approve the designation and appointment of the Luxco Managers designated by a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) in accordance with this Article 3.1.

An Investor’s Luxco Manager(s) shall abstain from the vote of the Luxco Board on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor’s Luxco Manager(s) shall not be entitled to receive board materials relating to a Related Party Transaction or to participate in board deliberations relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the Related Party or any member of the Group, as determined by a Requisite Majority of the Investors’ Committee.

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3.2 Abstention on Related Party Transactions

3.3 Changes in Shareholding

3.3.1 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two Luxco Managers ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that one of the Luxco Managers nominated by such Investor (together with any Investor that is Affiliated with such Investor) shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one Luxco Manager.

3.3.2 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one Luxco Manager (either on the basis of Article 3.1.1 or on the basis of Article 3.3.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the Luxco Manager nominated by such Investor (together with any Investor that is Affiliated with such Investor) shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or re-appointment any Luxco Manager.

3.4 Meetings of the Luxco Board; Observers

3.4.1 The Luxco Board will meet as often as it deems necessary or appropriate or upon the request of the Luxco Chairman. Any Luxco Manager may request that the Luxco Chairman call a meeting of the Luxco Board to discuss any matter requiring action or consideration by the Luxco Board and, upon receipt of any such request, together with a description of the matter(s) to be discussed at such meeting and any supporting materials necessary or appropriate for the Luxco Managers to prepare for such meeting, the Luxco Chairman will call such meeting as soon as reasonably practicable, provided, however, that the Luxco Chairman will not be required to call any such meeting if a meeting of the Luxco Board was held within four weeks prior to such request and such matter was raised at such meeting or if a meeting is scheduled to be held within four weeks after such request. The Luxco Board may meet in person, by teleconference or by videoconference (or by any combination thereof). Notwithstanding the foregoing, the Luxco Board will meet in person (to the greatest extent possible) at least two times each year in Luxembourg.

Subject to prior approval of the Investors’ Committee with respect to items mentioned in Articles 6.6.3 and 6.6.4, decisions of the Luxco Board shall be taken by simple majority vote of the Luxco Managers present at a meeting of the Luxco Board for which there is a quorum, and each Luxco Manager shall have one vote (provided that, for avoidance of doubt, a Luxco Manager representing one or more absent Luxco Managers by proxy or power of attorney shall be entitled to cast the vote of each such absent Luxco Manager). Decisions of the Luxco Board may be taken or ratified by unanimous written consent. The powers and activities of the Luxco Board shall be subject to the provisions of Article 6.6.

No single member of the Luxco Board shall be entitled to represent Luxco or to take any action on its behalf without the prior authorization and approval of the Luxco Board at any meeting duly convened or pursuant to any written resolutions (including any standing resolutions) duly taken. Each action taken on behalf of Luxco, once duly authorized in accordance with the preceding sentence, shall require the signature of at least one Luxco Manager A and at least one Luxco Manager B.

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3.4.2 Quorum for any meeting of the Luxco Board shall require the presence (in person or by telephone, or by proxy or power of attorney) of a majority of the Luxco Managers, provided that a meeting of the Luxco Board shall not be quorate unless (i) at least one Luxco Manager B nominated by each group of Affiliated Investors is present (in person or by telephone or by proxy or power of attorney) and (ii) at least one Luxco Manager A is present in person. If a quorum is not present at a meeting of the Luxco Board, the Luxco Managers present at such meeting shall require that the meeting be adjourned and reconvened on a date at least 2 Business Days following the time of such adjourned meeting. The quorum for such reconvened meeting shall require the presence (in person or by telephone or by proxy or power of attorney) of a majority of the Luxco Managers.

3.4.3 A Luxco Manager may only give a proxy or power of attorney to attend and vote at a meeting of the Luxco Board to

another Luxco Manager.

3.4.4 Each group of Affiliated Investors that has the right to nominate one or more Luxco Managers shall have the right to designate (and remove) one observer to the Luxco Board, provided that such observer shall only be entitled to attend any meeting of the Luxco Board at which one or more of the Luxco Managers nominated by such group of Affiliated Investors does not attend. The initial observers for the Luxco Board are set forth in Part H of Schedule 5 to this Agreement. An observer shall not be entitled to participate in or observe any Luxco Board deliberations in which the Luxco Manager(s) nominated by the group of Affiliated Investors that designated such observer are not entitled to participate pursuant to Article 3.2. If an observer is entitled to attend a Luxco Board meeting and sufficient advance notice is provided to the Luxco Chairman of such observer’s intention to attend such meeting, such observer shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the Luxco Managers. An observer shall not have the right to vote on any matter under consideration by the Luxco Board. The observer rights granted pursuant to this Article 3.4.4 shall be in addition to, and not in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management Rights Agreements.

3.5 Decisions of the Luxco Board

3.6 Representation of Luxco

The Parties agree that, subject to the requirements of applicable laws and regulations, the Dutch Holdco Board and the Bidco Board shall be composed of two members as follows:

Provided that at any time the Investors’ Committee may determine that Luxco and the individual referred to in Article 3.7(g) should resign as members of either the Dutch Holdco Board or the Bidco Board and be replaced by individuals, and in such event the provisions of Articles 3.1 through 3.6 shall apply, mutatis mutandis, in respect of the Dutch Holdco Board or the Bidco Board, as the case may be.

The Investors acknowledge that, in accordance with applicable law, members of the Luxco Board, the Dutch Holdco Board and the Bidco Board are elected by the general meeting (or written resolution) of the shareholders of the relevant entity. Accordingly, to enhance the enforceability of the rights and obligations of the Investors under this Article 3, the Investors agree to comply with all such formalities to the extent recommended by Luxembourg and/or Dutch counsel to the Group. For avoidance of doubt, the Parties intend that their respective rights and obligations shall be as set forth under this Article 3 and further intend that such rights and obligations shall not be, nor be deemed to be, adversely affected in any way by the additional requirements (if any) under this Article 3.8.

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3.7 Intermediate Holdco Boards

(f) Luxco; and

(g) an individual who shall be resident in The Netherlands, nominated by a Requisite Majority of the Investors’

Committee.

3.8 Formalities

4. VNU SUPERVISORY BOARD

4.1 Composition of the VNU Supervisory Board

4.1.1 Until November 24, 2007, the VNU Supervisory Board shall be composed of at least twelve members (each, a

“VNU Director”) as follows:

(a) one individual nominated by AlpInvest;

(b) two individuals nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(c) two individuals nominated by Carlyle (one of such individuals shall be designated by CEP II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

The initial VNU Directors are set forth in Part B of Schedule 5 to this Agreement. The right to nominate VNU Directors for appointment to the VNU Supervisory Board is personal to each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do so and may not be assigned by any such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) as part of a Transfer or otherwise without the consent of the Investors’ Committee (except as permitted pursuant to the proviso in the last sentence of Article 14.6).

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(d) one individual nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.;

(e) two individuals nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(f) two individuals nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); and

(g) at least two individuals (the “Independent VNU Directors”) who shall (i) be independent within the

meaning of the relevant provisions of the Merger Protocol, and be nominated by the Investors’ Committee, subject to Article 6.6.4(b).

4.1.2 From November 25, 2007 onwards, the VNU Supervisory Board shall be composed of at least ten members, nominated in accordance with Article 4.1.1, paragraphs (a) through (f) inclusive, without prejudice to the right of the Investors’ Committee to decide to retain or appoint one or more Independent VNU Directors, subject to and in accordance with Article 4.1.1, paragraph (g) and Article 6.6.4(b), and provided that from that date onwards any such Independent VNU Directors shall no longer be required to be independent within the meaning of the relevant provisions of the Merger Protocol.

4.1.3 Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate one or more VNU Directors for appointment shall nominate the same individual(s) for such appointment as have been appointed as its Investor Representative on the Investors’ Committee, unless the Investors’ Committee has approved a different appointment (such approval not to be unreasonably withheld).

4.1.4 The Parties shall take all reasonable action necessary to procure that the VNU Director designated by the Investors’

Committee to serve as chairman of the VNU Supervisory Board (the “VNU Chairman”) shall be so appointed by the VNU Supervisory Board.

4.1.5 Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to designate

a VNU Director shall be entitled, by notice in writing to

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each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), at any time or from time to time, to request the removal of any VNU Director designated by it and to designate for appointment in place thereof another individual to serve as its VNU Director in accordance with the provisions of this Article 4. In such event, (i) the designating group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall take all reasonable action necessary to procure that such VNU Director resigns from the VNU Supervisory Board and (ii) if such VNU Director will not resign, Holdco agrees that it shall take all reasonable action necessary to effect such removal and appointment as promptly as practical upon request. In addition, each Investor entitled to nominate a VNU Director for appointment shall, upon the death or resignation of such VNU Director, be entitled to nominate for appointment in place thereof another individual to serve as its VNU Director in accordance with the provisions of this Article 4.1. If a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) designates as a VNU Director an individual who is not a director, manager, officer or employee of the Investor Fund Manager to such group of Affiliated Investors or to an Affiliated Fund of such group of Affiliated Investors (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors’ Committee (excluding any Investor Representatives designated by such Investor or its Affiliates).

4.1.6 A Requisite Majority of the Investors’ Committee may decide, at any time or from time to time, subject to Article 6.6.4, to request the removal of any Independent VNU Director and to designate for appointment in place thereof another individual to serve as Independent VNU Director in accordance with the provisions of Article 6.6.4(b). In such event Holdco agrees that it shall take all reasonable action necessary to effect such removal and appointment as promptly as practical upon request.

4.1.7 Without limiting the preceding provisions of this Agreement, no group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall take any action, directly or indirectly through its nominees, designees or representatives on the Luxco Board or any Intermediate Holdco Board to cause Luxco or the relevant Intermediate Holdco to seek to remove, appoint or re-appoint any VNU Director except for any VNU Director such Investor is entitled to designate for removal, appointment or re-appointment pursuant to the provisions of this Article 4. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees to take all action necessary (to the extent such action is within the power or control of such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) in its capacity as an investor in Luxco or through its nominees, designees or representatives on the Luxco Board or any Intermediate Holdco Board) to cause Luxco and the Intermediate Holdcos to take, and agrees to cause each VNU Director designated by it to take, any and all action necessary to approve the designation and appointment of the VNU Directors designated by a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) and the Independent VNU Directors designated by the Investors’ Committee in accordance with this Article 4.1.

4.1.8 None of the VNU Directors shall be entitled to receive any severance payments upon his removal, resignation or otherwise vacating his position as a VNU Director, provided that this Article 4.1.8 shall be without prejudice to any entitlement versus VNU which any independent VNU Director may have. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees, in respect of any VNU Director designated by such group of Affiliated Investors (or the

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applicable fund of such group of Affiliated Investors), to indemnify VNU and each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) from any claims and liabilities with respect to any severance payment that becomes payable to any such VNU Director.

4.1.9 The groups of Affiliated Investors (or the applicable funds of such groups of Affiliated Investors) shall cause, and shall instruct their respective designees to the VNU Supervisory Board to cause, the VNU Supervisory Board Rules to be amended as soon as reasonably practicable after the date hereof, to the extent recommended by Dutch counsel to the Group, so as to include a profile for Independent VNU Directors, the abstention provisions in Article 4.2.1, the provisions on convening meetings, quorum and observer rights in Article 4.4, the voting provisions in Article 4.5 and the provisions on sharing information in Article 13.7.3, all to the extent not implemented on or prior to the date hereof.

4.2 Related Party Transactions; Independent VNU Directors’ Approval

4.2.1 An Investor’s VNU Director(s) shall abstain from the vote of the VNU Supervisory Board on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor’s VNU Director(s) shall not be entitled to receive board materials relating to a Related Party Transaction or to participate in board deliberations relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the Related Party or any member of the Group, as determined by the Investors’ Committee.

4.2.2 If the VNU Supervisory Board is of the view, after consultation with Dutch counsel to the Group, that a particular Related Party Transaction or any other matter that comes before the VNU Supervisory Board requires the approval of the Independent VNU Directors, upon such transaction or matter having been approved by the Investors’ Committee, each Party agrees to take all action necessary (to the extent such action is within such Party’s power or control, including through its nominees, designees or representatives on the Luxco Board, the Intermediate Holdco Boards and the VNU Supervisory Board) to facilitate the Independent VNU Directors’ decision making process and to promptly provide any relevant information that the Independent VNU Directors may reasonably request.


4.3.1 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two VNU Directors ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that one of the VNU Directors nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one VNU Director.

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4.3.2 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one VNU Director (either on the basis of Article 4.1.1 or on the basis of Article 4.3.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the VNU Director nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or re-appointment any VNU Director.

4.4 Meetings of the VNU Supervisory Board; Observers

4.4.1 The VNU Supervisory Board will meet as often as it deems necessary or appropriate or upon the request of the VNU Supervisory Board Chairman. Any VNU Director may request that the VNU Supervisory Board Chairman call a meeting of the VNU Supervisory Board to discuss any matter requiring action or consideration by the VNU Supervisory Board and, upon receipt of any such request, together with a description of the matter(s) to be discussed at such meeting and any supporting materials necessary or appropriate for the VNU Directors to prepare for such meeting, the VNU Supervisory Board Chairman, as the case may be, will call such meeting as soon as reasonably practicable, provided, however, that the VNU Supervisory Board Chairman will not be required to call any such meeting if a meeting of the VNU Supervisory Board was held within four weeks prior to such request and such matter was raised at such prior meeting or if a meeting is scheduled to be held within four weeks after such request. The VNU Supervisory Board may meet in person, by teleconference or by videoconference (or by any combination thereof).

4.4.2 Quorum for any meeting of the VNU Supervisory Board shall require the presence (in person or by telephone or by

proxy or power of attorney) of a majority of the VNU Directors.

4.4.3 A VNU Director may only give a proxy or power of attorney to attend and vote at a meeting of the VNU

Supervisory Board to another VNU Director.

4.4.4 Each group of Affiliated Investors that has the right to designate one or more VNU Directors shall have the right to designate (and remove) one observer to the VNU Supervisory Board, provided that such observer shall only be entitled to attend any meeting of the VNU Supervisory Board at which one or more of the VNU Directors designated by such group of Affiliated Investors does not attend. The initial observers for the VNU Supervisory Board are set forth in Part H of Schedule 5 to this Agreement. An observer shall not be entitled to participate in or observe any VNU Supervisory Board deliberations in which the VNU Director(s) designated by the group of Affiliated Investors that designated such observer are not entitled to participate pursuant to Article 4.2. If an observer is entitled to attend a meeting of the VNU Supervisory Board and sufficient advance notice is provided to the VNU Supervisory Board Chairman of such observer’s intention to attend such meeting, such observer shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the VNU Directors. An observer shall not have the right to vote on any matter under consideration by the VNU Supervisory Board. If a group of Affiliated Investors designates as an observer to

The powers and activities of the VNU Supervisory Board shall be subject to the provisions of Article 6.6.

The Investors agree to comply with any corporate formalities or other procedures necessary or appropriate as recommended by Dutch counsel to the Group to give full effect to the intent of the Parties under this Article 4.

The Luxco Board and the Intermediate Holdco Boards may create any committee thereof as each such Board deems necessary, appropriate or desirable. The Parties do not presently intend to cause the Luxco Board or any Intermediate Holdco Board to create any such committees. If the Luxco Board or any Intermediate Holdco Board creates any such committees in the future, the Parties agree that such committees shall be constituted in the same manner as the VNU Board Committees and shall otherwise be subject to the same provisions as set forth in Article 5.2, mutatis mutandis.

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the VNU Supervisory Board an individual who is not a director, manager, officer or employee of the Investor Fund Manager to such Investor or to an Affiliated Fund of such Investor (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors’ Committee (excluding any Investor Representatives designated by such Investor or its Affiliates). The observer rights granted pursuant to this Article 4.4.4 shall be in addition to, and not in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management Rights Agreements.

4.5 Decisions of the VNU Supervisory Board

4.5.1 For as long as there are Independent VNU Directors, decisions of the VNU Supervisory Board shall be taken by the affirmative vote of at least a majority of the VNU Directors who are not Independent VNU Directors. From the time VNU ceases to have Independent VNU Directors, decisions of the VNU Supervisory Board shall be taken by simple majority.

4.5.2 Each VNU Director shall have one vote (provided that, for avoidance of doubt, a VNU Director representing one or

more absent VNU Directors by proxy or power of attorney shall be entitled to cast the vote of each such absent VNU Director). Decisions of the VNU Supervisory Board may be taken or ratified by unanimous written consent.

4.5.3 The Parties will ensure that the VNU Articles will at all times allow any action that is required to be taken or approved by the VNU Supervisory Board also to be taken or approved by the VNU General Meeting, either in the first instance without the matter concerned having been decided on by the VNU Supervisory Board or by way of a second decision, overriding an earlier decision of the VNU Supervisory Board on the same matter. In the event that the VNU Supervisory Board fails to approve any action which requires its approval and which has already been approved by the Investors’ Committee, each VNU Director shall be entitled to call a VNU General Meeting at which the approval of such action shall be on the agenda and if such action is approved at such VNU General Meeting, the earlier decision of the VNU Supervisory Board shall be deemed set aside and overruled.

4.6 Formalities

5. BOARD COMMITTEES; FINANCING COMMITTEE; MANAGEMENT

5.1 Luxco and Intermediate Holdco Committees

The Parties shall cause such individuals to be appointed, removed and suspended from time to time as members of the board of management (raad van bestuur) of VNU as the Investors’ Committee may decide in accordance with Article 6.6.4.

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5.2 VNU Board Committees; Finance Committee

5.2.1 The VNU Supervisory Board will have an executive committee (the “Executive Committee”), an audit committee (the “Audit Committee”), a compensation committee (the “Compensation Committee”) and any other committees that the VNU Supervisory Board decides to establish. All of these committees collectively are collectively referred to as the “VNU Board Committees”.

5.2.2 The VNU Board Committees shall be comprised of four members each, except for the Executive Committee which shall be comprised of five members. The members of the VNU Board Committees shall be designated by the VNU Supervisory Board from among the VNU Directors, provided that no VNU Board Committee shall be comprised of more than one VNU Director designated by a particular Investor (or an Investor Affiliated with such Investor). Each Investor who is entitled to nominate at least one VNU Director for appointment and who does not have a nominee on a particular VNU Board Committee is entitled to designate an observer on such VNU Board Committee (provided that for the purposes of this provision Affiliated Investors are considered collectively as one Investor). The initial members of and observers at the VNU Board Committees are set forth in Parts C, D and E of Schedule 5.

5.2.3 The Supervisory Board shall appoint a member of each VNU Board Committee as its chairman.

5.2.4 The Supervisory Board shall also establish a finance committee (the “Finance Committee”), which shall be

comprised of four members who need not be VNU Directors. The initial members of the Finance Committee are set forth in Part F of Schedule 5.

5.2.5 The powers and responsibilities of each of the VNU Board Committees and of the Finance Committee shall be set

forth in a written charter adopted by the VNU Supervisory Board. The powers and activities of each VNU Board Committee and of the Finance Committee shall be subject to the provisions of Article 6.6.

5.3 VNU Management

6. INVESTORS’ COMMITTEE

6.1 Purpose of the Investors’ Committee; Effectuating Intent

6.1.1 The Investors agree that the principal governing body of the Group will be a committee of representatives of the Investors (the “Investors’ Committee”), to the fullest extent permitted by law, recognizing that the Investors’ Committee is a creation of contract and not of corporate law. Without limiting the generality of the provisions of Article 2 (but subject to the provisions of Article 2.4), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to take, any and all action

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within its power to effectuate any decision taken by the Investors’ Committee in accordance with and in respect of any matter contemplated by this Agreement or reasonably related to the investment of the Investors in the Units, and an Investor shall not take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof not to take, any action that would contravene any decision taken by the Investors’ Committee in accordance with this Agreement. Each Investor agrees that, unless and until any matter that requires the prior approval of the Investors’ Committee as set forth in Article 6.6 or elsewhere in this Agreement has been considered and either approved or rejected by the Investors’ Committee or if any other matter otherwise is considered and either approved or rejected by the Investors’ Committee in accordance with this Agreement, it shall take any and all actions to the extent such actions are within its power and control in its capacity as an investor in Luxco, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to take any and all action within the power of such Person (i) to procure that such matter shall not be placed on the agenda of any meeting of any Board or any committee thereof or by any shareholders and that consideration of such matter at any meeting of such Board or committee or by any shareholders otherwise shall be delayed and (ii) in any event, to refrain from voting on such matter (whether for or against) at any such meeting.

6.1.2 As and when there cease to be Independent VNU Directors, the Investors shall discuss whether to abolish the Investors’ Committee and vest the powers and authority attributed to the Investors’ Committee by this Agreement in the VNU Supervisory Board or another Board. Any such change to the governance structure of the Group and the amendment of this Agreement so as to reflect that change shall require a unanimous decision of the Investors’ Committee, taken in a meeting where all Investor Representatives are present (in person or by telephone or by proxy or power of attorney).

6.2 Composition of Investors’ Committee

6.2.1 The Investors’ Committee shall be composed of ten individuals (each such individual, an “Investor

Representative”) as follows:

(a) one individual nominated by AlpInvest;

(b) two individuals nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(c) two individuals nominated by Carlyle (one of such individuals shall be designated by CEP II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

Each initial Investor Representative is identified opposite the name of its designating Investor in Part G of Schedule 5.

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(d) one individual nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.;

(e) two individuals nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date);

(f) two individuals nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date).

6.2.2 The Investors’ Committee shall appoint a chairman (the “Investors’ Committee Chairman”) from among its

members.

6.2.3 The right to designate Investor Representatives under this Agreement is personal to each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do so and may not be assigned by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) (except as permitted pursuant to the proviso in the last sentence of Article 14.6). Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to designate an Investor Representative shall also be entitled, by notice in writing to Luxco and each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), at any time or from time to time, to remove such Investor Representative and to designate in place thereof another individual to serve as its Investor Representative in accordance with the provisions of this Article 6. In addition, each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate an Investor Representative for appointment shall, upon the death or resignation of such Investor Representative, be entitled to nominate for appointment in place thereof another individual to serve as its Investor Representative in accordance with the provisions of this Article 6.2. Each Investor Representative may, by notice in writing to the Investors’ Committee Chairman, designate (and remove) an alternate who shall have the authority to act on behalf of such Investor Representative in his absence. If sufficient advance notice is provided to the Investors’ Committee Chairman of an alternate’s intention to attend a meeting of the Investors’ Committee, such alternate shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the Investors Representatives. If a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) designates as an Investor Representative, or if an Investor Representative designates as his alternate, an individual who is not a director,

An Investor Representative shall abstain from the vote of the Investors’ Committee on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor Representative shall not be entitled to receive materials relating to a Related Party Transaction or to participate in the deliberations of the Investors’ Committee relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the Related Party or any member of the Group, as determined by the Investors’ Committee.

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manager, officer or employee of the Investor Fund Manager to such group of Affiliated Investors or to an Affiliated Fund of such group of Affiliated Investors (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors’ Committee (excluding any Investor Representatives designated by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) or its Affiliates).

6.3 Abstention on Related Party Transactions


6.4.1 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two Investor Representatives ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that one of the Investor Representatives nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one Investor Representative.

6.4.2 In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one Investor Representative (either on the basis of Article 6.2.1 or on the basis of Article 6.4.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the Investor Representative nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or re-appointment any Investor Representative.

6.5 Meetings of the Investors’ Committee

6.5.1 The Investors’ Committee will meet as often as it deems necessary or appropriate or upon the request of the Investors’ Committee Chairman. Any Investor Representative may request that the Investors’ Committee Chairman call a meeting of the Investors’ Committee to discuss any matter requiring action or consideration by the Investors’ Committee and, upon receipt of any such request, together with a description of the matter(s) to be discussed at such meeting and any supporting materials necessary or appropriate for the Investor Representatives to prepare for such meeting, the Investors’ Committee Chairman will call such meeting as soon as reasonably practicable, provided, however, that the Investors’ Committee Chairman will not be required to call any such

The initial voting power of each Investor Representative on the date hereof is set forth opposite to its name in Part G of Schedule 5.

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meeting if a meeting of the Investors’ Committee was held within four weeks prior to such request and such matter was raised at such meeting or if a meeting is scheduled to be held within four weeks after such request. The Investors’ Committee may meet in person, by teleconference or by videoconference (or by any combination thereof).

6.5.2 Quorum for any meeting of the Investors’ Committee shall require the presence (in person or by telephone or by proxy or power of attorney) of Investor Representatives representing a majority of the votes of the Investors’ Committee, provided that a meeting of the Investors’ Committee shall not be quorate unless at least one Investor Representative nominated by each group of Affiliated Investors is present (in person or by telephone or by proxy or power of attorney). If a quorum is not present at a meeting of the Investors’ Committee, the Investor Representatives present at such meeting shall require that the meeting be adjourned and reconvened on a date at least 2 Business Days following the time of such adjourned meeting. The quorum for such reconvened meeting shall require the presence (in person or by telephone or by proxy or power of attorney) of Investor Representatives representing a majority of the votes of the Investors’ Committee.

6.6 Decisions of the Investors’ Committee

6.6.1 At any given time, the voting power of each Investor Representative in the Investors’ Committee shall be calculated

as follows:

(a) If a group of Affiliated Investors is entitled to collectively appoint only one Investor Representative, such Investor Representative shall have a number of votes equal to (x) 100 multiplied by (y) a fraction, the numerator of which is the Voting Interest then held collectively by that group of Affiliated Investors and the denominator of which is equal to the aggregate of the Voting Interests then held by all Investors; and

(b) If a group of Affiliated Investors is entitled to collectively appoint more than one Investor Representative,

all such Investor Representatives together shall have the voting power calculated on the basis of Article 6.6.1(a), and such voting power shall be allocated among such Investor Representatives in equal parts.

6.6.2 Subject to Articles 6.6.3 and 6.6.4, all decisions of the Investors’ Committee shall be taken by simple majority of the votes held by the Investor Representatives (as determined pursuant to Article 6.6.1) entitled to vote with respect to such decision. For avoidance of doubt, an Investor Representative representing one or more absent Investor Representatives by proxy or power of attorney shall be entitled to cast the votes of each such absent Investor Representative, provided, however, that any other Investor Representative designated by a member of a group of Affiliated Investors whose members are collectively entitled to designate two or more Investor Representatives present at a meeting of the Investors’ Committee may represent, and will be entitled to cast the vote of, any other absent Investor Representatives designated by any member of such group of Affiliated Investors without any proxy or power of attorney. Decisions of the Investors’ Committee may be taken or ratified by written consent (which, for avoidance of doubt, does not need to be unanimous) following, to the extent practicable in the circumstances, reasonable prior written notice of such action to all Investor Representatives. Any resolution or other action taken by the Investors’ Committee,

The Investors acknowledge and agree that the provisions of this Article 6.6.4 that are applicable to VNU and its subsidiaries (with such modifications as may be agreed by the Investors’ Committee in its sole discretion) shall be incorporated into the VNU Supervisory Board Rules to the extent determined by the Investors Committee after consulting with Dutch counsel to the Group so as to require the prior approval of the VNU Supervisory Board for actions by VNU or its subsidiaries.

For avoidance of doubt, if this Agreement requires or authorizes a certain transaction then separate or additional approval of the Investors’ Committee under Articles 6.6.3 and 6.6.4 shall not be required.

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whether in a meeting or in writing, shall be notified to all Investors promptly after it is taken, unless all Investor Representatives were present at such meeting (in person or by telephone or by proxy or power of attorney) or all Investor Representatives have signed the written consent.

6.6.3 Subject to Article 6.7, none of the members of the Group shall take, or agree or commit to take, any of the actions set forth in Part A of Schedule 6 without the prior approval of all Investor Representatives (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement).

6.6.4 Subject to Article 6.7, none of the members of the Group shall take, or agree or commit to take:

(a) any of the actions set forth in Part B of Schedule 6 without the prior approval of Investor Representatives having at least 66 /3% of the votes in the Investors’ Committee (a “Requisite Majority”) as determined pursuant to Article 6.6.1 (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement).

(b) any of the actions set forth in Part C of Schedule 6 without the prior approval of Investor Representatives having at least a simple majority of the votes of the Investors’ Committee as determined pursuant to Article 6.6.1 (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement).

6.7 Approvals in this Agreement

7. INDEMNIFICATION

7.1 Indemnification

7.1.1 Luxco agrees to indemnify, pay, protect and hold harmless (and cause each Group member to do the same on a joint and several basis and to the extent permitted by applicable law and any agreements to which the relevant members of the Group are a party) each Luxco Manager, each Investor Representative, each member of each Intermediate Holdco Board, each VNU Director (who is designated by any Investor in accordance with Article 4.1.1), each Investor and its shareholders, members, partners and Affiliates and its and their respective Representatives (collectively, the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, judgments, Actions, Suits or Proceedings, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, all reasonable costs and expenses of attorneys, defense, appeal and settlement of any and all Actions, Suits or Proceedings

2

In any Action, Suit or Proceeding against any Indemnitee relating to or arising, or alleged to relate or to arise, out of any such action or non-action, the Indemnitees shall have the right jointly to employ, at the expense of Luxco, counsel of the Indemnitee’s choice, which counsel shall be reasonably satisfactory to Luxco, in such action, suit or proceeding. If joint counsel is so retained, an Indemnitee may nonetheless employ separate counsel, but at such Indemnitee’s own expense. If an Indemnitee is determined by a court, tribunal or other relevant body in final proceedings which are no longer capable of any further appeal to have committed fraud or to have acted with gross negligence or to have been guilty of wilful misconduct, the Indemnitee shall reimburse all the Losses paid by Luxco on its behalf under this paragraph, the intention being that Luxco will fund such Losses until such final determination is made. For purposes of this Article 7.1, the term “Action, Suit or Proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit, arbitration, investigation, inquiry, alternative dispute mechanism or proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative.

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instituted or threatened against any Indemnitee) and all costs of investigation in connection therewith which may be imposed on, incurred by, or asserted against the Indemnitee in any way relating to or arising out of, or alleged to relate to or arise out of, any action or inaction on the part of the Indemnitee when acting on behalf of any member of the Group in any capacity, including, without limitation, as a member of any Board or committee thereof (collectively, “Losses”).

7.1.2 Without prejudice to the ranking provisions of Article 7.1.4 or the generality of Article 7.1.5, the indemnification and hold harmless rights contained in this Article 7.1 will be cumulative and in addition to any and all other rights, remedies and recourse to which an Indemnitee, its heirs, successors, assignees and administrators are entitled. The indemnification and hold harmless undertaking provided in this Article 7.1 will inure to the benefit of the heirs, successors, assignees and administrators of each of the Indemnitees.

7.1.3 The terms of this Article 7.1 shall survive the termination of this Agreement for any reason (but only with respect to

events occurring during or prior to the time when this Agreement was in effect).

7.1.4 Luxco acknowledges and agrees that Luxco shall, and shall cause each member of the Group to, be fully and primarily responsible to each Indemnitee in respect of any and all Losses even if such Losses also directly or indirectly constitute the subject of a Jointly Indemnifiable Claim of any kind, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall Luxco or any Group member be entitled to any right of subrogation, payment, counter-indemnity or contribution by the Indemnitee-Related Entities, and no right of indemnity, payment, advancement or recovery or any right to be held harmless of any kind which the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of Luxco or any Group member under this Article 7.1. In the event that any of the Indemnitee-Related Entities shall make any payment to an Indemnitee in respect of any Losses, (i) Luxco shall, and shall cause the Group members to, reimburse the Indemnitee-Related Entity making such payment to the

For purposes of this Article 7.1, the term “Indemnitee-Related Entities” means any Person (other than Luxco, any Group member or the insurer under and pursuant to an insurance policy of Luxco or any Group member) from whom any Indemnitee may be entitled to any indemnification, hold harmless undertaking, payment undertaking or advancement with respect any Losses and with respect to which, in whole or in part, Luxco or any Group member may also have an indemnification, hold harmless obligation, payment obligation, advancement or other obligation whether pursuant to Article 7.1 or otherwise. The term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any Action, Suit or Proceeding for which an Indemnitee shall be entitled to any indemnification, hold harmless undertaking, payment undertaking or advancement from both (i) Luxco and/or any Group member pursuant to Article 7.1, on the one hand, and (ii) any Indemnitee-Related Entity pursuant to any other agreement or other understanding between any Indemnitee-Related Entity and such Indemnitee, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the other hand.

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extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by Luxco and/or any Group member pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against Luxco and any Group member, and (iii) such Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. Luxco agrees that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Article 7 entitled to enforce this Article 7 as though each such Indemnitee-Related Entity were a party to this Agreement. Luxco shall cause each of the Group members to perform the terms and obligations of this Article 7 as though each such Group member was a party to this Agreement.

7.1.5 Except as set forth in Article 7.1.1, the Parties agree that under no circumstances will any of the Investors or their respective shareholders, members, partners or Affiliates or its or their respective officers, directors, employees, agents or representatives be liable in connection with the indemnification obligations set forth herein, except to the extent as may be specifically agreed by them in writing from time to time.

7.2 Insurance by VNU

7.2.1 The Investors acknowledge and agree that they will, to the extent possible, cause Luxco, Bidco and/or VNU to

procure and maintain directors’ and officers’ liability insurance policies for members of each Board nominated or designated by Investors.

8. ISSUES OF SECURITIES

8.1 Equal Treatment of Investors

8.1.1 In the event that any New Securities are proposed to be issued, or any contracts, commitments, agreements,

understandings or arrangements of any kind are proposed to be entered into relating to the issuance of any New Securities to any Investor or any

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Affiliate of any Investor (excluding, for the avoidance of doubt, any member of the Group), then all Investors shall have the right (the “Pre-emptive Right”) to subscribe up to a number of New Securities, at the same price and on the same terms as each other Investor, such that such Investor would, after the issuance of all such New Securities (on an “as converted” basis), hold the same proportionate interest of the issued and then outstanding Units (including any New Securities on an “as converted” basis) as was held, directly or indirectly, by such Investor immediately prior to the issuance of such New Securities (the “Proportionate Percentage”). The detailed terms of and the process applicable to the exercise by an Investor of its Pre-emptive Right shall be determined by the Investors’ Committee in its decision to authorise the proposed issue of New Securities or the proposed entering into of the contract, commitment, agreement, understanding or arrangement that gives rise to that Pre-emptive Right.

8.1.2 For the avoidance of doubt, Investors shall have no Pre-emptive Rights with respect to any issue of New Securities

to any Person which is not an Investor or an Affiliate of an Investor.

9. TRANSFERS

9.1 Limitations on Transfer

9.1.1 No Investor may Transfer any Units other than in accordance with the provisions of this Article 9 or Article 10 and all applicable securities laws and regulations. In the event of any purported Transfer by an Investor of any Units in violation of this Agreement, such purported Transfer will be void and of no effect, and, subject to applicable law, Luxco will not, and shall cause each member of the Group not to, give effect to any such Transfer.

9.1.2 No Transfers of Units shall be permitted hereunder, other than Permitted Transfers, prior to the earlier of July 1, 2011 and an IPO, unless such Transfer has been approved by a Requisite Majority of the Investors’ Committee in accordance with Article 6.6, provided, however, that the Investor Representatives designated by the Transferring Investor (or any Investor that is Affiliated with such Transferring Investor) shall not be entitled to vote on such matter, and then such Transfer shall only be made in accordance with Articles 9.1, 9.3 and 9.4, provided, further, that from July 1, 2011 but prior to an IPO, Transfers of Units may be made without such approval by the Investor’s Committee provided that such Transfers are not made in violation of Articles 9.1, 9.3 and 9.4; provided, further, that following an IPO, Transfers of Units may be made, in accordance with Articles 9.3, and 10 (as applicable). Each Investor shall, as promptly as practicable, provide Luxco and the other Investors with written notice of any Transfer made in accordance with Section 9.1.2 and any Permitted Transfer.

9.1.3 (a) Each of the AlpInvest Funds represents and warrants to the other Investors, as of the date hereof, that each of the AlpInvest Funds is advised by AlpInvest Partners 2006 B.V. or AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V. Each of the Blackstone Funds represents and warrants to the other Investors, as of the date hereof, that each of the Blackstone Funds is advised by Blackstone Management Partners V L.L.C. Each of the Carlyle Funds represents and warrants to the other Investors, as of the date hereof, that each of the Carlyle Funds is advised by TC Group, L.L.C. Each of the Hellman & Friedman Funds represents and warrants to the other Investors, as of the date hereof, that each of the Hellman & Friedman Funds is advised by Hellman & Friedman

(b) If, as a result of any Transfer that has not been approved by the Investors Committee, any Investor ceases to be advised in accordance with Article 9.1.3(a), then such Investor will be deemed to have Transferred its Units in violation of this Agreement and the other Parties may pursue all remedies available.

The following Transfers (each, a “Permitted Transfer”) shall be permitted without the prior consent of the Investors’ Committee:

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LLC. Each of the KKR Funds represents and warrants to the other Investors, as of the date hereof, that each of the KKR Funds is advised by Kohlberg Kravis Roberts & Co. L.P. Each of the Thomas H. Lee Partners Funds represents and warrants to the other Investors, as of the date hereof, that each of the Thomas H. Lee Funds is advised by THL Managers V, LLC or THL Managers VI, LLC.

9.1.4 Each Investor agrees to vote its Shares in favour of any Permitted Transfer by another Investor or Transfer approved by the Investors’ Committee in accordance with Article 6.6 and otherwise to cooperate reasonably with such other Investor in connection with such Permitted Transfer or approved Transfer to allow such Permitted Transfer or approved Transfer to be consummated, provided that such Permitted Transfer or approved Transfer is made in accordance with this Agreement.

9.1.5 Notwithstanding any other provision of this Agreement, but subject to the final sentence of this Article 9.1.5, an Investor may only Transfer Shares if, at the same time, such Investor also makes a proportionate Transfer of YFCPEC’s (and vice versa) so that the ratio of Shares to YFCPECs held by each Investor before such Transfer shall, as closely as possible, equal the ratio of Shares to YFCPEC’s held by each Investor after such Transfer. Any provision in this Agreement referring to or permitting or requiring a Transfer of Shares shall be deemed to include a reference to (or to permit or require, as the case may be) a Transfer of the proportionate amount of YFCPEC’s (and vice versa).

9.1.6 If any Investor wishes to Transfer any Units to any other Person prior to the expiry of Article 9.3, such Person will be required, as a condition precedent to such Transfer, to become a party to this Agreement by executing and delivering an Accession Agreement, provided that such requirement shall not apply to any Transfer of Units (i) to Luxco, or (ii) in connection with a transaction or series of related transactions pursuant to which all of the then outstanding Units of all Investors are Transferred to one or more Third Parties. Upon executing and delivering an Accession Agreement, such Person will be deemed an “Investor” for all purposes under this Agreement, without prejudice, however, to the provisions of Article 9.1.1. Such Transfer shall require the approval of the Investors’ Committee in accordance with Article 6.6.

9.2 Permitted Transfers

9.2.1 any Transfer of Units by an Investor to any Person that is an Affiliated Fund of such Investor (such Person a “Permitted Transferee” of such Investor), provided that such Investor and such Person shall agree in a written instrument to which Luxco is a party that such Person shall re-Transfer to such Investor (or to another Permitted Transferee of such Investor) all of the Units Transferred to such Person immediately upon such Person ceasing to be a Permitted Transferee of such Investor;

9.2.2 any Transfer of Units pursuant to a Drag-Along Sale in accordance with Article 9.3; and

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9.2.3 any Transfer of Units by a Tagging Person pursuant to a Tag-Along Sale in accordance with Article 9.4; and

9.2.4 any Transfer of Listed Shares pursuant to Article 10.2, 10.3, 10.6 or 10.7 (subject to any required prior consent or

approval of the Investors’ Committee contained in the applicable Article).

9.3 Drag-Along

9.3.1 If Investors collectively holding more than 66 /3% of the total number of Units outstanding (in such capacity, collectively, the “Dragging Investor”) desire to Transfer to a Third Party (a “Drag-Along Purchaser”) in a bona fide arm’s length transaction or a series of related transactions more than 50% of the total number of Units then outstanding (treating any New Securities on an “as converted” basis) on a pro rata basis (based on the percentage of Units held by each such Investor and its Affiliated Funds) and such transfer results in a Change in Control (a “Drag-Along Sale”), each other Investor (including any Dragging Investor that is Transferring less than its pro rata portion of Units, as described below, a “Dragged Investor”) shall, if required by the Dragging Investor in accordance with the provisions of Article 9.3.2, Transfer to the Drag-Along Purchaser a pro rata portion of its Units (based on the number of Units proposed to be Transferred by the Dragging Investor stated as a percentage of the total number of Units then held by the Dragging Investor) on the same terms and conditions that apply to the Transfer by the Dragging Investor pursuant to the Drag-Along Sale (including purchase price per Unit, purchase price adjustments, form of consideration, time of payment, escrow funding arrangements, representations, warranties, covenants, indemnities and other agreements in each case that pertain specifically to itself, provided that (x) if the Drag-Along Sale involves a direct Transfer of Units by the Investors, such representations and warranties shall not be broader in scope than what is customary for a sale transaction of this type and size executed by the Dragging Investor, unless, in the good faith determination of the Dragging Investor, the Drag-Along Sale would not be consummated unless such representations and warranties are included or the terms and conditions of the Drag-Along Sale, taken as a whole, will be more favourable to all of the Investors if such representations and warranties are included, (y) all representations, warranties and indemnities shall be made by the Dragging Investor and the Dragged Investors severally and not jointly and (z) no Investor’s liability shall exceed such Investor’s proceeds from the sale).

9.3.2 The Dragging Investor may require each Dragged Investor to Transfer up to a pro rata portion of its Units to a Drag-Along Purchaser in connection with a Drag-Along Sale by giving written notice to such Dragged Investor no later than 15 Business Days prior to the closing date for such Drag-Along Sale (a “Drag-Along Notice”); provided that, if the Dragging Investor requires any Dragged Investor to Transfer a portion of its Units to a Drag-Along Purchaser in connection with a Drag-Along Sale, it shall require each Dragged Investor to transfer its pro rata portion of its Units to such Drag-Along Purchaser. The Drag-Along Notice shall (x) indicate that the Dragging Investor requires that such Dragged Investor Transfer a pro rata portion of its Units to the Drag-Along Purchaser in connection with the Drag-Along Sale pursuant to the provisions hereof and (y) provide the name of the Drag-Along Purchaser, specify the number of Units proposed to be Transferred by the Dragging Investor (including as a percentage of the total number of Units then held by the Dragging Investor) and describe the principal terms and conditions of the Drag-Along Sale. The Dragging Investor will deliver or cause to be

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delivered to each Dragged Investor copies of all definitive transaction documents relating to the Drag-Along Sale promptly after the same become available. Each Dragged Investor shall take all actions reasonably necessary, desirable or appropriate to consummate the Drag-Along Sale, as requested by the Dragging Investor, including executing powers of attorney reasonably necessary or appropriate to facilitate closing the Drag-Along Sale, voting its Units in favour of, consenting to and raising no objections to such Drag-Along Sale. If and to the extent the costs and expenses incurred by the Dragging Investor and/or each Dragged Investor in connection with the Drag-Along Sale (collectively, “Drag-Along Sale Costs”) are not reimbursed or paid by the Drag-Along Purchaser, Luxco shall reimburse and/or pay the Drag-Along Sale Costs to the fullest extent permitted by law, provided that the Dragging Investor and each Dragged Investor will be responsible for its pro rata share (based on the number of Units actually Transferred by it relative to the total number of Units actually Transferred in such Drag-Along Sale) of the Drag-Along Sale Costs to the extent not so paid by the Drag-Along Purchaser or Luxco, and provided further that the engagement by any Dragged Investor of any professional adviser in connection with the Drag-Along Sale, other than legal counsel, shall not be reimbursable. Each Dragged Investor agrees to permit the Dragging Investor to calculate the total Drag-Along Sale Costs and to determine the pro rata participation of such costs, and to deduct such pro rata amounts from any proceeds payable pursuant to Article 9.3.1 above if the Dragged Investors are required to pay any Drag-Along Sale Costs.

9.3.3 If, in connection with a Drag-Along Sale, the proposed Drag-Along Purchaser desires (for its structuring, tax or other commercial reasons) to acquire, instead of Units, all of the shares of any Intermediate Holdco or VNU held, directly or indirectly, by Luxco, then the Parties agree that the Dragging Investor shall be entitled to cause the Drag-Along Sale to be structured as a sale of the shares of any Intermediate Holdco or VNU, or as a merger, business combination or similar transaction, but only if, as a result, the consideration payable to the Investors (indirectly through the selling entity) is in the form of cash or freely marketable securities listed on a major securities exchange only and if the Drag-Along Sale results in the complete exit by such Investors of their investment in the Units, and the rights of the Parties described in this Article 9.3 shall apply to such transaction mutatis mutandis so that, upon completion of any such sale of shares to such Drag-Along Purchaser, or any such merger, business combination or similar transaction, the cash proceeds of such transaction, are distributed promptly to the Dragging Investor and each Dragged Investor in proportion to their Units in any manner consistent with the principles described in Article 10.1.2 below, and provided that such transaction would not reduce in any material respect the post-tax proceeds received by any Investor compared to the post-tax proceeds that would have resulted from the acquisition of Units, as determined by the financial and tax advisers of the Group (following reasonable consultation with the financial and tax advisers of each Investor).

9.3.4 This Article 9.3 shall terminate following an IPO at the time the Investors collectively cease to hold, directly or

indirectly through Luxco or any Intermediate Holdco, more than 50% of the Listed Shares.

9.4 Tag-Along

9.4.1 In the event any Investor (the “Tag-Along Seller”) proposes to Transfer any of its Units (other than (x) any

Permitted Transfer (other than a Permitted Transfer pursuant to Article 9.2.3) or (y) any Transfer to Luxco) (a “Tag-Along Sale”) to any Person (a “Tag-Along

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Purchaser”), then the Tag-Along Seller shall give written notice (a “Tag-Along Notice”) to each other Investor (collectively, “Tag-Along Beneficiaries”) within 5 Business Days after the execution of the definitive agreement relating to the Tag-Along Sale, which notice shall (x) indicate that the Tag-Along Seller is notifying each such Tag-Along Beneficiary of the opportunity to Transfer its Units to the Tag-Along Purchaser in connection with the Tag-Along Sale pursuant to the provisions hereof and (y) provide the name of the Tag-Along Purchaser, specify the number of Units proposed to be purchased by the Tag-Along Purchaser and the number of Units proposed to be Transferred by the Tag-Along Seller and describe the principal terms and conditions of the Tag-Along Sale (the “Tag-Along Offer”), including the proposed price thereof and a description of any non-cash consideration. Subject to the provisions of Article 9.4.2, each Tag-Along Beneficiary shall be entitled to require the Tag-Along Seller to procure that the Tag-Along Purchaser purchases from such Tag-Along Beneficiary the number of Units equal to its Tag-Along Portion, as described below, on the same terms and conditions that apply to the Transfer by the Tag-Along Seller pursuant to the Tag-Along Sale (including purchase price per Unit, purchase price adjustments, form of consideration, time of payment, escrow funding arrangements, representations, warranties, covenants, indemnities and other agreements in each case that pertain specifically to itself, provided that all representations, warranties and indemnities shall be made by the Tag-Along Seller and the Tagging Persons (as defined below) severally and not jointly). The Tag-Along Seller will deliver or cause to be delivered to each Tag-Along Beneficiary copies of all transaction documents relating to the Tag-Along Sale promptly after the same become available.

9.4.2 Each Tag-Along Beneficiary may exercise the right described in Article 9.4.1 (a “Tag-Along Right”), by written notice (“Tag-Along Response Notice”) given to the Tag-Along Seller and Luxco no later than 10 Business Days after its receipt of the Tag-Along Notice (the “Tag-Along Notice Period;” each Tag-Along Beneficiary which timely so notifies the Tag-Along Seller, a “Tagging Person”). Each Tag-Along Response Notice shall specify the number of Units proposed to be Transferred by the applicable Tag-Along Beneficiary. The number of Units which the Tag-Along Seller and each Tagging Person may include in the Tag-Along Sale shall be calculated as follows:

(a) if the aggregate number of Units proposed to be Transferred by the Tag-Along Seller and all Tagging Persons in such Tag-Along Sale as set forth in the Tag-Along Notice and the Tag-Along Response Notices does not exceed the number of Units that the Tag-Along Purchaser is willing to purchase, then the Tag-Along Seller and each Tagging Person may sell the number of Units as set forth in the Tag-Along Notice (in the case of the Tag-Along Seller) or the Tag-Along Response Notices (in the case of the Tagging Persons);

(b) if the aggregate number of Units proposed to be Transferred by the Tag-Along Seller and all Tagging Persons in such Tag-Along Sale as set forth in the Tag-Along Notice and the Tag-Along Response Notices exceeds the number of Units that the Tag-Along Purchaser is willing to purchase, then the Tag-Along Seller and each Tagging Person shall be entitled to include in the Tag-Along Sale only up to the lesser of (i) its Tag-Along Portion of Units and (ii) the number of Units proposed to be Transferred by it as specified in the Tag Along Offer (in the case of the Tag-Along Seller) or in its Tag-Along Response Notice (in the case of a Tagging Person) (the “Maximum Allocation”);

Subject to the provisions of Article 9.4.4, delivery of a Tag-Along Response Notice by a Tagging Person shall constitute an irrevocable acceptance of the Tag-Along Offer by such Tagging Person with respect to the number of Units proposed to be Transferred by the applicable Tagging Person therein. Subject to the provisions of Article 9.4.4, at the termination of the Tag-Along Notice Period, if a Tag-Along Beneficiary shall not have elected to participate in the Tag-Along Sale by delivery of a Tag-Along Response Notice, such Tag-Along Beneficiary shall be deemed to have waived its Tag-Along Rights in respect of such Tag-Along Sale.

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(c) if any Units remain unallocated after applying the cut-back requirement in paragraph (b) above, then such unallocated Units shall be allocated pro rata based on the total number of Units proposed to be included by the Tag-Along Seller and each Tagging Person if such Person shall have elected to sell more than its Tag-Along Portion in the Tag-Along Notice (in the case of the Tag-Along Seller) or its Tag-Along Response Notice (in the case of a Tagging Person), but in no event shall any such Person be required to sell more than its Maximum Allocation; and

(d) for the purposes of this Article 9.4, “Tag-Along Portion” means, for the Tag-Along Seller or any Tagging Person in connection with any Tag-Along Sale, the number of Units proposed to be acquired by the Tag-Along Purchaser multiplied by a fraction, the numerator of which is the number of Units owned by the Tag-Along Seller or the Tagging Person, as the case may be, and the denominator of which is the aggregate number of Units owned by the Tag-Along Seller and all Tagging Persons, collectively (in each case, treating any New Securities on an “as converted” basis).

9.4.3 Each Tag-Along Response Notice shall include wire transfer instructions for payment of any cash consideration as part of the purchase price for the Units to be Transferred in such Tag-Along Sale. Each Tagging Person shall deliver to the Tag-Along Seller (or its designated agent), no later than 5 Business Days prior to the proposed closing date for the Tag-Along Sale, a power of attorney authorizing the Tag-Along Seller to Transfer such Units on the terms set forth in the Tag-Along Notice, together with any other documents necessary to Transfer rights and title to the Units. Failure to deliver such documents in time shall result in forfeiture of such Tagging Person’s Tag-Along Right with respect to such Tag-Along Sale and a re-determination of the Tag-Along Portion attributable to the other Tagging Persons, if applicable, if such failure materially adversely affects the ability of the Tag-Along Seller and other Tagging Persons to close the Tag-Along Sale as and when contemplated.

9.4.4 In the event of a material change of the Tag-Along Offer (it being understood that any increase of the price payable per Unit by more than 5% of the original price shall be deemed a “material beneficial change” and any decrease of the price payable shall be deemed a “material adverse change”), the Tag-Along Seller shall (i) (if such change is a material adverse change) give written notice of such change to each Tagging Person, which shall have the right to revoke its election to participate in the Tag-Along Sale by providing written notice to the Company within 10 Business Days of receiving the notice of the change in terms, or (ii) (if such change is a material beneficial change) give written notice of such change to each Tag-Along Beneficiary, which shall have the right to participate in the Tag-Along Sale, in each case, by providing written notice to the Company within 10 Business Days of receiving the notice of the change in terms. Any allocation determined in accordance with Article 9.4.2 will be redetermined following

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any such material change and the expiration of the applicable 10 Business Day period. If for any reason the number of Units to be purchased is increased or decreased, the allocations shall be redetermined in accordance with Article 9.4.2 based upon such greater or lesser (as the case may be) aggregate number of Units to be Transferred.

9.4.5 The Tag-Along Seller shall Transfer or cause to be Transferred, on behalf of itself and as attorney for any Tagging Person pursuant to the relevant power-of-attorney in favour of the Tag-Along Seller, the Units of the Tag-Along Seller and all Tagging Persons elected to be Transferred on the closing date specified in the Tag-Along Offer (which shall occur no sooner than 20 Business Days after the date of the Tag-Along Notice, as such date may be extended in accordance therewith and as a result of any re-determination of the Tag-Along Portion attributable to Tagging Persons required by this Article 9.5, the “Tag-Along Sale Settlement Date”). Concurrently with the consummation of the Tag-Along Sale, (i) the Tag-Along Seller shall notify the Tagging Persons thereof (including identifying the manner of delivery for any non-cash consideration), and (ii) the total consideration (less any hold-back or escrow pursuant to Article 9.4.1) due to each Tagging Person shall, subject to the provisions set forth in Article 9.4.7 below, be remitted to such Tagging Person, with the cash portion of the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by each Tagging Person in its Tag-Along Response Notice.

9.4.6 If, on the Tag-Along Sale Settlement Date, the Tag-Along Sale is not consummated for any reason, (i) the Tag-Along Seller (or its designated agent) shall return to each Tagging Person, to the extent previously provided, the power-of-attorney that such Tagging Person delivered for Transfer pursuant to this Article 9.4 and any other documents executed by the Tagging Persons in connection with the proposed Tag-Along Sale, and (ii) no Investor shall conduct any Transfer of any of its Units without again complying with this Article 9.4, if and to the extent applicable. Notwithstanding anything contained in this Article 9.4, there shall be no liability on the part of the Tag-Along Seller to the Tagging Persons if the Tag-Along Sale is not consummated for any reason. Subject to the terms of any definitive transaction agreements executed in connection with a Tag-Along Sale, the decision of whether to effect a Transfer of Units pursuant to this Article 9.4 by the Tag-Along Seller, or to terminate any such transaction prior to consummation, is in the sole and absolute discretion of the Tag-Along Seller.

9.4.7 The rights and obligations of the Tag-Along Seller and/or Tagging Persons in respect of a Tag-Along Sale are subject to the following additional conditions:

(a) each Tagging Person shall take all such actions as may be reasonably necessary, desirable or appropriate to

consummate the Tag-Along Sale, as requested by the Tag-Along Seller;

(b) each Tagging Person shall be bound by the same terms and conditions (to the extent set forth in the penultimate

sentence of Article 9.4.1) that apply to the Transfer by the Tag-Along Seller pursuant to the Tag-Along Sale;

(c) if and to the extent the costs and expenses incurred by the Tag-Along Seller and/or each Tagging Person in connection with the Tag-Along Sale (collectively, “Tag-Along Sale Costs”) are not reimbursed or paid by the Tag-Along Purchaser, Luxco shall reimburse and/or pay the Tag-Along Sale Costs to the fullest extent permitted by law. The Tag-Along Seller and each Tagging Person will be responsible for its

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pro rata share (based on the number of Units actually Transferred by it relative to the total number of Units actually Transferred in such Tag-Along Sale) of the Tag-Along Sale Costs to the extent not so paid, provided that the engagement by any Tagging Person of any professional adviser in connection with the Tag-Along Sale, other than legal counsel, shall not be reimbursable. Each Tagging Person agrees to permit the Tag-Along Seller to calculate the total Tag-Along Sale Costs, to determine the pro rata participation of such costs, and to deduct such pro rata amounts from any proceeds payable pursuant to Article 9.4.5 above if the Tag-Along Sellers are required to pay any Tag-Along Sale Costs.

9.4.8 This Article 9.4 shall terminate upon an IPO, except with respect to any Transfer executed as a Privately Negotiated Transaction.

10. IPO AND PUBLIC OFFERING RIGHTS

10.1 Structural Considerations

10.1.1 The Parties currently intend that, should an IPO be effected, the issuer of shares offered in such IPO would be one of the Intermediate Holdcos or VNU and not Luxco, although the Investors Committee may designate any other member of the Group as an issuer of shares offered in such IPO as well (such issuer, “Issuer”). At any time before or after such IPO, upon the affirmative vote of the Investors’ Committee as described below, Luxco shall take any such actions necessary, appropriate or desirable, and may cause any Intermediate Holdco to take any such actions, (a) to liquidate, dissolve, wind up or otherwise terminate itself or any Intermediate Holdco or merge Luxco and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving VNU) and/or (b) to reorganize or recapitalize itself or any Intermediate Holdco (or VNU or any other member of the Group) (each, a “Reorganization Transaction”), in each case, so as to optimize the corporate structure as is appropriate in light of tax, legal or other professional advice received by Luxco in connection with an IPO. In connection with any Reorganization Transaction, the Investors may receive shares or other securities of any class issued by any member of the Group so that each Investor is in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Units (collectively, “Replacement Securities”). The term “Units”, whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such Replacement Securities when issued. The transactions described in this Article 10.1.1 are subject to the prior approval of the Investors’ Committee under Article 6.6.4.

10.1.2 In the event that, following an IPO, Luxco or any Intermediate Holdco continues to exist as a direct or indirect parent of Issuer and the Investors do not directly hold shares of the same class and series of Issuer as those that have been, or are proposed to be, publicly listed (“Listed Shares”), then, in order to permit the sale by Investors of Listed Shares and receipt of the proceeds therefrom as contemplated by this Article 10, the Parties agree that Luxco shall take any actions necessary, appropriate or desirable, as determined by the Investors’ Committee, and shall cause each Intermediate Holdco or VNU or other member of the Group, as the case may be, to take any such actions, to enable each Investor to realize the benefit of liquidity afforded by the existence of a market for Listed Shares and the provisions of this Article 10, including, by (a) selling, or causing the sale of, Listed Shares up to a number equal to (i) the total number of Listed Shares directly

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held by any member of the Group multiplied by (ii) the percentage interest directly or indirectly owned by such Investor in the relevant member of the Group (as the case may be) as may be permitted pursuant to the applicable provisions of Article 10 (such number of Listed Shares that could be sold in each such case, the “Assumed Number”) and (b) distributing to such Investor, or causing the distribution to such Investor of, the cash proceeds received from the sale or the Assumed Number of Listed Shares. The Parties agree that the distribution of such cash proceeds to an Investor on whose behalf Listed Shares have been sold shall be effected in a prompt and efficient manner, as determined by the Investors’ Committee, which may be (i) through a repurchase, redemption or repayment of each such Investor’s Units, (ii) through a Reorganization Transaction (which would apply to a sale by all of the Investors such that the aggregate cash proceeds from the sale of Listed Shares are distributed to each Investor based on such Investor’s Assumed Number of Listed Shares sold and the remaining assets of Luxco are distributed to each Investor pro rata to its remaining investment in Luxco after deducting the proceeds received by each Investor from its Assumed Number of Listed Shares so sold), or (iii) in any other manner, provided that each Investor (whether selling or not selling) is placed in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries as it would have been had all of the Investors directly held Listed Shares.

10.1.3 Subject to the prior approval of the Investors’ Committee (to the extent required), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to take, any and all action within its power as may be necessary, appropriate or desirable to effect, or to cause Luxco, any Intermediate Holdco, VNU or any other member of the Group to effect, the transactions described in this Article 10.1.

10.2 Piggyback Offerings

10.2.1 Right to Participate in Piggyback Offerings. Subject to Article 6.6, if at any time the Investors’ Committee approves and authorizes an IPO, the Investors’ Committee may also determine whether such IPO is to be effected as a primary offering by Issuer, a secondary offering by the Investors, or a combined primary and secondary offering, and if the IPO includes a secondary offering, the aggregate number of Listed Shares which may be included therein by or on behalf of the Investors (such amount, the “Investors’ IPO Number”). If the Investors’ Committee so determines to permit Investors to include their Listed Shares in any IPO, or to include their Listed Shares in any subsequent offering of Listed Shares by Issuer, excluding (i) an offering on a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes and (ii) a registration statement with respect to corporate reorganizations under Rule 145 of the Securities Act or any similar rule or successor rule promulgated for similar purposes (each, a “Piggyback Offering”), then each Investor Representative will promptly notify the Investors whom he represents on the Investors’ Committee, and each Investor shall have the right (the “Piggyback Right”) to request (a “Piggyback Request”) that Issuer either (a) if Investors then hold Listed Shares directly, to include in such Piggyback Offering Listed Shares held by such Investor, or (b) if Investors do not then hold Listed Shares directly, to include in such Piggyback Offering on behalf of such Investor Listed Shares directly held or issued by Luxco or any other member of the Group and to distribute proceeds thereof as contemplated by Article 10.1.2. For purposes of this Article 10.2, unless otherwise specified, references to “Listed Shares” of an Investor shall be

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deemed to include references to Listed Shares directly held or issued by Luxco or by any other member of the Group offered or to be offered on such Investor’s behalf as contemplated by Article 10.1.2. Any such Piggyback Request must be made by written notice to Issuer from the requesting Investor (a “Piggybacking Investor”) within 15 Business Days after the receipt of any decision by the Investors’ Committee to extend a Piggyback Right (which Piggyback Request shall specify the number of Listed Shares intended to be included). Upon receipt of any such Piggyback Request, Issuer will, and Luxco and each Intermediate Holdco (as applicable) shall cause the Issuer to, use its reasonable best efforts to take such steps as are necessary or appropriate under the laws, regulations and rules of the Selected Offering Jurisdiction to include in such Piggyback Offering all of the Listed Shares that have been requested to be included in such Piggyback Offering by each Piggybacking Investor and by each other Person that has a similar right to participate in a Piggyback Offering (such Persons, together with the Piggybacking Investors, collectively, the “Piggybacking Holders”); provided that:

(a) the following allocation rules shall apply:

(i) if the aggregate number of Listed Shares proposed to be sold by the Piggybacking Investors in such Piggyback Offering as set forth in the Piggyback Requests exceeds the Investors’ IPO Number, then each Piggybacking Investor shall be entitled to include in the Piggyback Offering only up to the lesser of (x) its Pro Rata Portion of Listed Shares as specified in its Piggyback Request and (y) the number of Listed Shares proposed to be sold by it or on its behalf as specified in its Piggyback Request;

(ii) if any Listed Shares remain unallocated after applying the cut-back requirement in clause (i) above, then such unallocated Listed Shares shall be allocated among Piggybacking Investors that have elected to sell more than their respective Pro Rata Portion pro rata based on the total number of Listed Shares proposed to be included by each such Piggybacking Investor; and

(iii) for the purposes of this Article 10.2.1, “Pro Rata Portion” means, for any Piggybacking Investor, the Investors’ IPO Number multiplied by a fraction, the numerator of which is the number of Listed Shares owned by such Piggybacking Investor and the denominator of which is the total number of Listed Shares owned by all Piggybacking Investors;

(b) if, at any time after determining to pursue a Piggyback Offering and prior to the date that the Applicable Offering Document is approved or declared effective by the Applicable Regulatory Authority, the Investors’Committee shall determine for any reason not to proceed with such Piggyback Offering, Issuer may, at its election, give written notice of such determination to each Piggybacking Holder and, thereupon, shall be relieved of its obligation to include any Listed Shares in such Piggyback Offering (but not from its obligation to pay any Offering Expenses incurred in connection therewith); and

(c) if such Piggyback Offering by Issuer is underwritten, all Piggybacking Holders must sell their Listed Shares to the underwriters selected by the Investors’ Committee on the same terms and conditions as apply to Issuer, including entering into a customary underwriting agreement, including the allocation between the firm commitment and the underwriters’ over-allotment option, except for such

Any Piggybacking Holder may elect to revoke the inclusion of its Listed Shares in such Piggyback Offering or may elect to modify the number of Listed Shares requested to be included in such Piggyback Offering, by delivering notice in writing to Issuer (and, if such Piggyback Offering is underwritten, to the managing underwriters), no later than 2 Business Days prior to the date of printing of the preliminary Applicable Offering Document, unless, in the case of an underwritten Piggyback Offering, such revocation or modification (when considered together with any revocations or modifications by other Piggybacking Holders) would not, in the reasonable opinion of the managing underwriters, necessitate the re-circulation of an amended version of the preliminary Applicable Offering Document.

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differences, including any with respect to indemnification and liability insurance, as may be customary or appropriate in combined primary and secondary offerings.

10.2.2 Priority in Issuer Public Offerings. If any Piggyback Offering is underwritten and the managing underwriters advise Issuer in writing that, in their opinion, the number of shares proposed to be sold by Issuer for its own account in such offering, together with the number of shares requested by Piggybacking Holders to be included in such offering, exceeds the number which can be sold without having an adverse effect on the price or distribution of the securities proposed to be sold in or the timing of such offering (the “Maximum Offering Size”), then the number of shares to be included in such offering shall be reduced to the Maximum Offering Size, and Issuer will include in such offering: (a) first, up to 100% of the number of shares proposed to be sold by Issuer for its own account and (b) second, to the extent such number of shares proposed to be sold by Issuer for its own account is less than the Maximum Offering Size (the “Remaining Shares”), the number of Listed Shares that the Piggybacking Holders have requested to be included in such Issuer Public Offering, allocated pro rata among the Piggybacking Holders. Each Piggybacking Holder’s pro rata allocation shall be determined by multiplying (i) the number of Remaining Shares by (ii) a fraction, the numerator of which is the number of Listed Shares then held by such Piggybacking Holder and the denominator of which is the aggregate number of Listed Shares then held by all Piggybacking Holders, collectively, provided that any Listed Shares thereby allocated to any Piggybacking Holder that exceeds such Piggybacking Holder’s request will be reallocated among the remaining Piggybacking Holders in the same manner, up to the number of Listed Shares that such Investor requested in their Piggyback Request.

10.2.3 Selection of Holders’ Counsel. A majority of the Piggybacking Investors in any Piggyback Offering shall be entitled

to select Holders’ Counsel for such Piggyback Offering.

10.3 Requested Offerings

10.3.1 Request by Requesting Holders. Subject to the limitations set out in Article 10.3.3, (a) during the first two years following consummation of an IPO by Issuer, Investor(s) holding at least 50% of the Voting Interest then held by all Investors, (b) during the third year following consummation of an IPO by Issuer, Investor(s) holding at least 33 /3% of the Voting Interest then held by all Investors, and (c) thereafter, any group of Affiliated Investors as a whole (which may be as few as one Investor if it does not have any Affiliates that are Investors) (in each case, the “Requesting Holders”) may request (an “Offering Request”) Issuer to act to permit a Public Offering (provided that such Public Offering shall not be on Form S-3 without the prior consent of the Investors’ Committee)

1

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of either (x) if such Requesting Holders then hold Listed Shares directly, all or part of such Requesting Holders’ Listed Shares, or (y) if such Requesting Holders do not then hold Listed Shares directly, Listed Shares directly held or to be issued by Luxco or any other member of the Group representing all or part of such Requesting Holders’ Listed Shares as contemplated by Article 10.1.2, in each case, in the Selected Offering Jurisdiction for trading on the relevant Selected Securities Exchange and specifying the amount and intended method of disposition thereof (a “Requested Offering”). In this Article 10.3.1, unless the context otherwise requires, references to “Listed Shares” of an Investor shall be deemed to include Listed Shares offered or to be offered on such Investor’s behalf as contemplated by Article 10.1.2, and any proceeds of any such sale of Listed Shares shall be distributed to such Investor as contemplated by Article 10.1.2. Upon receipt of any such Offering Request, Issuer shall, and Luxco and each Intermediate Holdco (as applicable) shall cause the Issuer to, use its reasonable best efforts to take such steps as are necessary or appropriate under the laws, regulations and rules of the Selected Offering Jurisdiction to effect, as expeditiously as possible, the Requested Offering of the Requesting Holders’ Listed Shares, and to include in such Requested Offering the Listed Shares requested to be included in such Requested Offering by other Participating Investors in accordance with Article 10.3.2 and by each other Person that has a similar right to participate in a Requested Offering (such Persons, together with the Participating Investors, collectively, the “Participating Holders”) and to complete the other actions contemplated by this Article 10.3. If such Requested Offering is underwritten, the Listed Shares to be sold by the Requesting Holders and any Participating Holders shall be allocated on the same terms and conditions between the firm commitment and the underwriters’ over-allotment option in accordance with market practice after consultation with the managing underwriters, if any. The Requesting Holders, the Investors Committee and Issuer shall consult and cooperate reasonably with one another throughout the offering process to coordinate the timing of the proposed Requested Offering. At any time prior to the date that the Applicable Offering Document is approved or declared effective by the Applicable Regulatory Authority (or, where this is sufficient under applicable law, is filed with the Applicable Regulatory Authority), the Requesting Holders (acting together) may revoke or modify their Offering Request, without liability to any other Participating Holder, by providing notice of such revocation or modification to Issuer and the Investors Committee (and, if such Requested Offering is underwritten, to the managing underwriters). A Requested Offering involving a Selected Offering Jurisdiction other than the jurisdiction in which the IPO was conducted or involving a Selected Securities Exchange other than the securities market on which the Listed Shares are listed shall be subject to the prior approval of the Investors’ Committee. The Investors’ Committee shall be entitled to select the managing underwriters. For avoidance of doubt, the provisions of this Article 10.3.1 do not apply in respect of any sale of Listed Shares in accordance with Article 10.6.

10.3.2 Right to Participate in Requested Offerings. Within 5 Business Days following receipt of an Offering Request, Issuer will notify all other Investors of such Offering Request. Each such other Investor may request (each, a “Participating Investor”), by delivery of notice to Issuer, that Issuer will include in such Requested Offering either (a) if such Participating Investor then holds Listed Shares directly, the number of such Participating Investor’s Listed Shares specified in its notice, or (b) if such Participating Investor does not then hold Listed Shares directly, the number of Listed Shares directly held or to be issued by Luxco or any other member of the Group, on behalf of such Participating Investor as specified in such notice, provided, in either case, that Issuer receives such

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notice within 10 Business Days following receipt of Issuer’s notice. Any Participating Investor may elect to revoke the inclusion of its Listed Shares in such Requested Offering or may elect to modify the number of Listed Shares requested to be included in such Requested Offering, by delivering notice in writing to the Requesting Holders, Issuer (and, if such Requested Offering is underwritten, to the managing underwriters), no later than 2 Business Days prior to the date of printing of the preliminary Applicable Offering Document, unless, in the case of an underwritten Requested Offering such revocation or modification (when considered together with any revocations or modifications by other Participating Investors) would not, in the reasonable opinion of the managing underwriters, necessitate the re-circulation of an amended version of the preliminary Applicable Offering Document.

10.3.3 Limitations on Requested Offerings. Notwithstanding the foregoing, Issuer shall not be obligated to take steps to

effect a Requested Offering:

(a) following the third anniversary of the consummation of an IPO by Issuer, within a period of six months after

the date of any other Offering Request;

(b) if, with respect thereto, the managing underwriters, the Applicable Regulatory Authority or the laws, regulations and rules thereof of the Selected Offering Jurisdiction would require the conduct of an audit of Issuer (other than the regular audit conducted by Issuer at the end of its fiscal year, in which case the filing may be delayed until the completion of such regular audit), unless such audit is approved by the Investors’ Committee;

(c) if the Investors’ Committee determines, in its good faith judgment, that the Requested Offering would have an adverse effect on a then contemplated offering of Listed Shares, in which case Issuer may postpone the filing of the Applicable Offering Documents with respect to the Requested Offering during the period starting with the 30 day immediately preceding the date of the anticipated filing, and ending on a date ninety (90) days following the effective date of the Applicable Offering Documents relating to such other contemplated public offering; provided that neither the Investors’ Committee nor the Issuer shall postpone the filing of the Applicable Offering Documents with respect to any Requested Offering pursuant to this paragraph more than once in any 360 day period; or

(d) if Issuer is in possession of material non-public information and the Investors’ Committee determines in good faith that disclosure of such information would be materially detrimental to Issuer or its shareholders, in which case the filing of the Applicable Offering Document may be delayed until the earlier of the second Business Day after such conditions shall have ceased to exist and the 90 day after receipt by Issuer of the related Offering Request.

10.3.4 Priority in Requested Public Offerings. If a Requested Offering is underwritten and the managing underwriters advise the Requesting Holders in writing that, in their opinion, the number of Listed Shares proposed to be sold by or on behalf of the Requesting Holders and any Participating Holders in such Requested Offering, together with the number of Listed Shares that Issuer proposes to sell for its own account in such Requested Offering, exceeds the Maximum Offering Size, then the number of Listed Shares to be included in such Requested Offering shall be reduced to the Maximum Offering Size and Issuer will include in such Requested Offering: (a) first, up to all of the

th

th

In connection with each Public Offering conducted in accordance with this Article 10, Issuer:

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Listed Shares proposed to be sold by or on behalf of the Requesting Holders and the Participating Holders, allocated pro rata among them, and (b) second, to the extent such number of Listed Shares proposed to be sold by or on behalf of the Requesting Holders and the Participating Holders is less than the Maximum Offering Size, the number of Listed Shares that Issuer proposes to sell for its own account. The pro rata allocation for each of the Requesting Holders and the Participating Holders shall be determined by multiplying (i) the number of Listed Shares equal to the Maximum Offering Size by (ii) a fraction, the numerator of which is the number of Listed Shares then held by or to be offered by Issuer on behalf of such Requesting Holder or Participating Holder and the denominator of which is the aggregate number of Listed Shares then held by or to be offered by Issuer on behalf of the Requesting Holders and the Participating Holders (provided that any Listed Shares thereby allocated to any Holder that exceeds such Holder’s request will be reallocated among the remaining Requesting Holders and Participating Holders in the same manner), up to the number of Listed Shares that such Investor requested in their Piggyback Request.

10.3.5 Number of Offering Requests. Subject to the procedures, requirements and limitations in Article 10.3.1, Article

10.3.3 and Article 10.5.1, Investors shall be entitled to make an unlimited number of Offering Requests.

10.3.6 Offering Expenses. Issuer will pay all Offering Expenses in connection with each Requested Offering. Requesting

Holders and Participating Holders will pay all underwriting discounts and commissions and transfer taxes, if any, with respect to the Listed Shares that such Requesting Holder or Participating Holder, as applicable, sells.

10.3.7 Additional Rights. Neither Luxco nor any other member of the Group shall grant any public offering rights to any

Person that include provisions inconsistent with or designed to circumvent the provisions of this Article 10, without the prior approval of the Investors’ Committee.

10.4 Obligations of Issuer in Connection with Public Offerings

10.4.1 shall use its reasonable best efforts to prepare the Applicable Offering Document and any other documentation and file the Applicable Offering Document with the Applicable Regulatory Authority including, if applicable, any amendments or supplements thereto and to procure that the Applicable Offering Document is declared or becomes effective and remains effective for 120 days or until the contemplated method of distributions is complete under the laws, regulations and rules of the Selected Offering Jurisdiction;

10.4.2 shall take all reasonable care to ensure that the information contained in any preliminary Applicable Offering Document and the Applicable Offering Document, other than (i) information relating to any Selling Holder and (ii) information for which any other Person (other than any Selling Holder) takes responsibility in the Applicable Offering Document and for which Issuer does not take responsibility, is accurate and complete and does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall give reasonable consideration to any comments of each Selling Holder regarding the information disclosed in any preliminary Applicable Offering Document and the Applicable Offering Document, provided such comments are given in a timely manner;

Each Selling Investor shall, and the Issuer shall require each other Selling Holder to, upon receipt of any notice from Issuer concerning any stop order or injunction in connection with or the necessity of any supplement or amendment relating to any preliminary Applicable Offering Document and the Applicable Offering Document for any Public Offering in accordance with Article 10.4.4 or Article 10.4.5, shall discontinue disposition of its Listed Shares covered by such Applicable Offering Document until such Selling Investor’s or other Selling Holder’s receipt of notice from Issuer as to the withdrawal of such stop order or injunction or receipt of a copy of the required supplement or amendment, as the case may be.

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10.4.3 shall furnish to each Selling Holder such number of copies as requested by such Selling Investor of the Applicable

Offering Document as filed with the Applicable Regulatory Authority;

10.4.4 shall furnish to each Selling Holder copies of any stop orders, injunctions, notices or other correspondence with the Applicable Regulatory Authority concerning any preliminary Applicable Offering Document or the Applicable Offering Document, and with respect to any such stop orders or injunctions, use its reasonable efforts to obtain the withdrawal of such stop order or injunction at the earliest possible moment and provide immediate notice to each Selling Holder of such withdrawal;

10.4.5 shall notify each Selling Holder at any time when a supplement or amendment is required to be delivered in relation to any preliminary Applicable Offering Document or the Applicable Offering Document, in order to ensure that such document does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall deliver a copy of such supplement or amendment to each Selling Holder as promptly as possible;

10.4.6 shall make available to each Selling Investor such information and documents concerning Issuer as any Selling

Investor reasonably may request in connection with such Public Offering, subject to any applicable confidentiality restrictions;

10.4.7 shall use its reasonable efforts to furnish, at the request of any Selling Investor, on the date that its Listed Shares are delivered to the underwriters for sale, or, if such securities are not being sold through underwriters, on the date that such securities are sold, (i) an opinion, dated as of such date, of one or more counsel to Issuer in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to such Selling Investor, addressed to the underwriters, if any, and to such Selling Investor and (ii) a letter dated as of such date, from the independent auditors of Issuer, in form and substance as is customarily given by independent auditors to underwriters in underwritten public offerings and reasonably satisfactory to the Selling Investor, addressed to the underwriters, if any, and if permitted by applicable accounting or relevant professional standards, to such Selling Investor, provided that such Selling Investor provides any representations reasonably required by the independent auditors;

10.4.8 shall use its reasonable efforts to take all other steps reasonably necessary, appropriate or desirable, including

participation in “road shows” to effect such Public Offering and to expedite or facilitate the disposition of all Listed Shares included therein; and

10.4.9 shall pay all Offering Expenses.

In addition to rights under Article 10.2 and 10.3, following an IPO and subject to the provisions of Article 10.5, an Investor may effect (if such Investor then directly holds Listed Shares) or may request Luxco to effect, or to cause any other member of the Group to effect (if such Investor does not then directly hold Listed Shares such that its Listed Shares would be sold on its behalf as contemplated by Article 10.1.2), a sale or a distribution (in the case of clause (b) below) of Listed Shares (a) pursuant to a brokers’ transaction or a transaction directly with a market maker, including a sale pursuant to Rule 144 of the Securities Act or any similar rule or successor rule

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10.5 Holdback

10.5.1 Investor Holdback. In the event of any Public Offering that is underwritten, each Investor agrees not to Transfer any Units (other than Permitted Transfers) or effect or request any Public Offering of any Listed Shares directly held by such Investor (or held on its behalf as contemplated by Article 10.1.2) or any option, warrant or other right to acquire Listed Shares other than (x) as part of such underwritten Public Offering or (y) pursuant to a Tender in any Tender Offer (subject to the other provisions of this Article 10), for a period commencing on the date that the underwritten Public Offering has been requested under Article 10.3 or resolved by the Board of the Issuer in the case of a primary offering and continuing for such period of time as the managing underwriters shall require, which, in any event, shall not exceed 180 days (in connection with an IPO) and 90 days (in connection with any other underwritten Public Offering) after the date of the first sale of securities under the approved or effective Applicable Offering Document, provided that, notwithstanding the foregoing,

(a) in the event that Issuer and the managing underwriters agree to release any Listed Shares of any Investor from the foregoing restriction or from any similar restriction in another arrangement, the Listed Shares of the other Investors shall be released from the foregoing restriction on a pro rata basis (based upon the percentage equal to the number of Listed Shares of such Investor that are released divided by the total number of Listed Shares then held by (or on behalf of) such Investor);

(b) the foregoing restriction shall not apply in respect of any Public Offering relating solely to Listed Shares held by (or on behalf of) Management or other employees of the Group including (i) an offering on a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes and (ii) a registration statement with respect to corporate reorganizations under Rule 145 of the Securities Act or any similar rule or successor rule promulgated for similar purposes; and

(c) the foregoing restriction shall not restrict any Investor or its Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management, trading, market making, arbitrage and other similar activities conducted in the ordinary course of its or such Affiliate’s business.

10.5.2 Any agreement entered into after the date of this Agreement pursuant to which Luxco or any member of the Group grants rights to any Third Party (other than the underwriters of any Public Offering) similar to the rights contained in this Article 10 shall contain a provision under which such Third Party agrees to holdback restrictions no less restrictive than the foregoing holdback restrictions applicable to the Investors.

10.6 Post-IPO Sales

promulgated for similar purposes (including sales under similar European securities laws), and executed on the Selected Securities Exchange on which the Listed Shares are listed for trading or quoted (a “Brokered Exchange Transaction”), (b) to the limited partners of such Investor (a “LP Distribution”) or (c) in a privately negotiated transaction not executed on or through the facilities of a Selected Securities Exchange (a “Privately Negotiated Transaction” and, together with a Brokered Exchange Transaction and a LP Distribution, a “Post-IPO Sale”), and Luxco shall effect, or cause any other member of the Group to effect, such Post-IPO Sale; provided that, for so long as the Investors own, in the aggregate, at least 33 /3% of the aggregate Voting Interest owned by the Investors on the Last Settlement Date, all Post-IPO Sales shall be subject to the prior approval of the Investors’ Committee, provided further that, any Investor that ceases to hold a Voting Interest at least equal to 25% of the Voting Interest held by that Investor (in each case, together with any Affiliated Fund of that Investor) on the Last Settlement Date may sell or distribute Listed Shares pursuant to a Brokered Exchange Transaction or LP Distribution without the prior approval of the Investors’ Committee if the number of Listed Shares sold or distributed is less than 1% of the aggregate number of outstanding Listed Shares (not including Listed Shares held by the Group, the Investors or their Affiliates). The maximum number of Listed Shares an Investor may sell pursuant to a Brokered Exchange Transaction on any date (a “Trading Date”) shall be limited to the number of Listed Shares that, when combined with all other Transfers of Listed Shares by or on behalf of such Investor and its Affiliated Funds (pursuant to any Brokered Exchange Transaction or otherwise) in the three-month period prior to such Trading Date, is equal to the average weekly reported trading volume of the Listed Shares on the principal Selected Securities Exchange on which the Listed Shares are traded or quoted during the four calendar weeks preceding such Trading Date, or such other number of Listed Shares as such Investor is permitted to sell pursuant to a Brokered Exchange Transaction under Rule 144 of the Securities Act or any similar rule or successor rule promulgated for similar purposes, including sales under similar European securities laws, as applicable (a “Trading Volume Limitation”). In addition to any restrictions under applicable securities laws and regulations, any Post-IPO Sale shall be subject to the provisions of any written “black-out” policy adopted by Issuer. Accordingly, an Investor shall provide reasonable prior notice to Issuer of any proposed Post-IPO Sale to be conducted or requested by such Investor, and Issuer shall, as soon as reasonably practicable, notify such Investor whether such Post-IPO Sale is then permissible under such policy.

If, following an IPO, any Person makes a public tender or exchange offer for all of the Listed Shares (a “Tender Offer”), an Investor may tender (if such Investor then directly holds Listed Shares) or may request Luxco to tender, or to cause any member of the Group to tender (if such Investor does not then directly hold Listed Shares such that its Listed Shares would be sold on its behalf as contemplated by Article 10.1.2) (collectively, “Tender”) its Listed Shares in such Tender Offer.

The Parties shall cause VNU and, as necessary, any other member of the Group to acknowledge and agree to the provisions of this Article 10 as such provisions may be applicable to it or them from time to time.

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10.7 Sales in a Tender Offer

10.8 Acknowledgment by Subsidiaries

1

It is the Parties’ intention that Bidco (or its direct or indirect subsidiaries) will acquire one hundred per cent (100%) of the issued and outstanding shares in VNU and they have caused Bidco to commence a “squeeze-out” procedure in accordance with Section 2:201a of the Dutch Civil Code to achieve that aim.

Each of the Investors commits to invest up to the amount set forth behind its name in the tenth column of Schedule 2 (its “Remaining Equity Commitment”) in additional Units as and when the Investors’ Committee decides to call on such investment (wholly or partly, as the case may be) to fund the acquisition of additional shares in VNU and related costs and expenses, in accordance with Article 11.2. Any such investment shall be made in immediately available funds within 1 Business Day from each Investor being notified by the Investors’ Committee to do so. Any Remaining Equity Commitment shall be called with respect to each Investor in the percentage set forth behind its name in the eleventh column of Schedule 2 and shall be in the form of a combination of additional share premium payments with respect to the Shares already held by each relevant Investor and payments made for additional YFCPECs issued to such Investor at par, in proportions corresponding to the then existing investment of such Investor (measured in monetary terms, using the same currency and a consistent exchange rate, if applicable).

In accordance with the foregoing paragraph, each Investor agrees to take or cause to be taken any and all actions necessary or desirable to facilitate a transfer by any Investor of equity interests in Luxco permitted or required by this Article 11.3.2 (and, for the avoidance of doubt, such actions shall include, without limitation, (i) causing any Luxco Manager or Investor Representative appointed by such Investor or its Affiliated Funds, as applicable, to acknowledge and approve any such transfer, (ii) approval of any such

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11. SUBSEQUENT SHARE ACQUISITIONS; ADDITIONAL EQUITY FUNDING

11.1 Acquisition of 100% of the Shares in VNU

11.2 Additional Equity Funding

11.3 Equity Syndication and Certain Reallocations Among Investors

11.3.1 The Parties acknowledge that the Remaining Equity Commitment of AlpInvest Partners Later Stage Co-Investments II-A CV, one of the two AlpInvest Funds, is zero and that the Remaining Equity Commitment of AlpInvest Partners CS Investments 2006 C.V., the other AlpInvest Fund, shall be calculated by reference to the percentage set out in the eleventh column of Schedule 2 against the name of AlpInvest Partners CS Investments 2006 C.V.

11.3.2 The Investors agree that they shall cause Luxco to capitalize any share premium or additional paid in a capital attributable to the Shares promptly following completion of funding of their respective Aggregate Equity Commitments. In addition, the Parties agree that, at or following the time of the issuance by Luxco of any additional Shares or YFCPECs to any Fund Investor in connection with the funding by any such Fund Investor of its portion of any Remaining Equity Commitment, but in any event (i) promptly following capitalization of any share premium or additional paid in capital attributable to the Shares as described in the preceding sentence, and (ii) prior thereto, immediately before any distribution on, or redemption of, Shares and YFCPECs by Luxco, the Investors shall, and shall be permitted to, transfer Shares and YFCPECs amongst themselves in order to ensure that the number of Shares and YFCPECs held by each of the Investors more accurately reflects their respective aggregate equity investment in Luxco (calculated in US dollars).

transfer at any general meeting of shareholders where such approval is submitted to a vote of shareholders, and (iii) causing such transfer to be recorded in the shareholders register of Luxco).

Each Investor, severally and not jointly, represents and warrants to the other Investors, as of the date hereof, as follows:

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11.3.3 Prior to the implementation of any final transfers by the Investors of equity interests pursuant to Article 11.3.2 or Article 11.3.4, the Investors acknowledge and agree that they may hold Shares and YFCPECs in relative proportions other than those required by Article 9.1.5. The Investors intend that the Shares and YFCPECs that they hold will be held on a proportionate basis as required by Article 9.1.5 following completion of the transfers of equity interests contemplated by Article 11.3.2 and Article 11.3.4.

11.3.4 The Investors also acknowledge and agree that certain KKR Funds, on the one hand, and certain Thomas H. Lee Partners Funds, on the other hand, have transferred, and intend to transfer, Units held by such KKR Funds and such Thomas H. Lee Partners Funds, respectively, among the KKR Funds, in the first case, and among the Thomas H. Lee Partners Funds, in the second case, in connection with the funding of equity commitments from investors in the KKR Funds and the Thomas H. Lee Partners Funds and the incurrence and repayment of certain obligations that the KKR Funds and the Thomas H. Lee Partners Funds used to finance portions of their respective Aggregate Equity Commitments pending completion of such funding and in connection with the equity syndication.

12. REPRESENTATIONS AND WARRANTIES

12.1 Representations and Warranties of the Investors

(h) Organization. Such Investor is an entity duly organized and validly existing under the laws of the jurisdiction of its

organization.

(i) Authority. Such Investor has full power and authority to enter into, execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by such Investor and no other proceedings by or on behalf of such Investor will be necessary to authorize this Agreement or the consummation of the transactions contemplated hereby. This Agreement constitutes the valid and binding obligations of such Investor enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally and (ii) subject to general principles of equity.

(j) No Legal Bar. The execution, delivery and performance of this Agreement by such Investor and the consummation of the transactions contemplated hereby will not (i) violate (x) the organizational documents of such Investor or (y) any law, treaty, rule or regulation applicable to or binding upon such Investor or any of its properties or assets or (ii) result in a breach of any contractual obligation to which such Investor is a party or by which it or any of its properties or assets is bound, in the case of each of clauses (i)(y) and (ii) in any respect that would reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

Bidco and the Investor Fund Managers have entered into an advisory services agreement in the form attached as Part A of Schedule 7 (as amended from time to time, the “Advisory Services Agreement”). Each of ACN Holdings Inc. and VNU, Inc. have entered into an advisory services agreement with Bidco in the forms attached as Part B of Schedule 7 (as amended from time to time, the “Bidco Advisory Services Agreements”).

Luxco shall pay to each representative of an Investor who serves as Luxco Manager, and shall cause each member of the Group on which any representative of an Investor sits as a director, to pay to such representative, (a) a director’s fee in an amount per annum that is deemed appropriate by the Investors’ Committee for companies of similar size and standing by the appropriate board of such relevant entity with the affirmative vote of directors appointed or designated by each Investor, provided that if any such board seat is held by more than one such representative in any given 12-month period for which such director’s fee is payable, such fee shall be pro rated among such representatives based on the actual number of days served in such board seat during such 12-month period by such representatives, and (b) all out-of-pocket travel expenses incurred by such representative in the performance of his duties as a director, including, without limitation, in connection with attendance at board and committee meetings by such representative.

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(k) Litigation. There is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation or investigation, proceeding or demand letter pending, or to the knowledge of such Investor threatened, against such Investor, which if adversely determined would reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

(l) Information. Such Investor has been given the opportunity to (i) ask questions and receive satisfactory answers concerning the terms and conditions of the transactions contemplated hereby and (ii) obtain additional information which such Investor and its representatives deem necessary, in each case in order to evaluate the merits and risks of executing and delivering this Agreement. Such Investor has not relied upon any statement, printed material or other information given or made by or on behalf of Luxco that is contrary to information contained in this Agreement.

(m) Securities Not Registered. Such Investor has acquired securities of Luxco solely for its own account, for investment purposes and not with a view to, or for sale in connection with, the distribution thereof other than as permitted under the Securities Act and the rules and regulations promulgated thereunder. Such Investor is (i) an investor with such knowledge and experience in business and financial matters as will enable it to evaluate the merits and risks of the transactions contemplated hereby, (ii) able to bear the economic risk of an investment in Luxco and its subsidiaries and (iii) able to bear the risk of loss of its entire investment in Luxco and its subsidiaries.

(n) No Other Representations. Except for the representations and warranties contained in this Article 12, neither such

Investor, nor any other Person or entity acting on behalf of such Investor, makes any representation or warranty, express or implied.

13. ADDITIONAL COVENANTS AND AGREEMENTS

13.1 Advisory Services Agreement

13.2 Directors’ Fees and Expenses

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13.3 Certain Tax Matters

13.3.1 All of the Investors shall use their reasonable best efforts to cause Luxco not to conduct its activities in a manner that will result in Luxco being considered under the United States Internal Revenue Code of 1986, as amended (“IRC”), to have effectively connected income with a U.S. trade or business. Luxco shall use its reasonable efforts to conduct its activities in a manner that minimizes the likelihood of Luxco being considered a “passive foreign investment company” as defined in the IRC.

13.3.2 Luxco shall provide to each Investor such information as any such Investor may reasonably request at any time or from time to time in order to permit such Investor (i) to determine whether Luxco has been a “passive foreign investment company” or a “controlled foreign corporation” (or a corporation having a similar status) for purposes of the IRC, (ii) to determine the consequences to such Investor, or any direct or indirect investor in such Investor, of such status, and (iii) all such other information that is reasonably necessary for such Investor, or any direct or indirect investor in such Investor, to duly complete and file its income tax returns. In addition, at the request of any such Investor, Luxco shall cooperate with such Investor in making and maintaining, or permitting such Investor (or any direct or indirect investor in such Investor) to make and maintain, any election permitted under the IRC.

13.3.3 Luxco shall use its reasonable efforts to conduct its activities in a manner that makes it possible for it to benefit from the provisions of any tax treaty between Luxembourg and the United States of America, any tax treaty between Luxembourg and The Netherlands, and any other relevant tax treaties. The Investors shall cooperate with the other Investors and Luxco to determine if it is, from time to time, entitled to the benefits of any tax treaty between Luxembourg and the United States of America.

13.3.4 Any Investor that has received any gross distribution from Luxco that should have been paid net of withholding tax

will reimburse Luxco to the extent the Luxembourg tax authorities have claimed such withholding taxes from Luxco as a result thereof.

13.3.5 Notwithstanding anything in this Agreement to the contrary, the Parties will use their reasonable efforts to procure that Luxco will, to the maximum extent practicable, make any distributions to the Investors in the form of a redemption of YFCPECs or payment of yield on YFCPECs and not in the form of dividends on Shares. For avoidance of doubt, the foregoing restriction will not apply at such time as no YFCPECs remain outstanding. In addition, if a distribution in the form of dividends on Shares (with or without a contemporaneous distribution in the form of redemption of YFCPECs) would not reduce in any material respect the post-tax proceeds receivable by any Investor (taking into consideration the tax consequences resulting from such dividend on Shares compared to the tax consequences that would have resulted from a redemption of YFCPECs or payment of yield on YFCPECs), as determined by the tax advisers of the Group (following reasonable consultation with the tax advisers of each Investor), then, notwithstanding the foregoing restriction, the Investors’ Committee may approve such distribution in the form of repurchases of, or dividends on, Shares (with or without a contemporaneous distribution in the form of redemption of YFCPECs).

13.4 Corporate Opportunities

13.4.1 Each Investor shall cause each Investor Representative, Luxco Manager or VNU Director designated by it or its

Affiliated Funds to recuse themselves from all deliberations of the

For so long as an Investor or any of its Affiliates has the right to designate any Investor Representative, Luxco Manager or VNU Director pursuant to this Agreement, such Investor, its Affiliates, all Persons Controlled by that Investor or by any of that Investor’s Affiliates and any “group” (as determined under Section 13(d)(3) of the Exchange Act) of which such Investor or any of its Affiliates is a member will be prohibited from owning, managing, operating, controlling or participating in the ownership, management, operation or control of any Person listed in Schedule 9 hereto (as such Schedule may be amended from time to time by a Requisite Majority of the Investors’ Committee, a “Named Competitor”), unless consented to by a Requisite Majority of the Investors’ Committee, provided that:

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Board, and neither Luxco nor any other member of the Group shall have any obligation to provide to any such Investor Representative, Luxco Manager or VNU Director any information, regarding any acquisition, disposition, investment or similar transaction that the member of the Group elects to pursue at any time after the date of this Agreement (as determined by the Investors’ Committee, a “Corporate Opportunity”) if such Investor or one of its Affiliates is competing with or is otherwise adverse to the Group with respect to such Corporate Opportunity. Each Investor Representative, Luxco Manager or VNU Director who is aware that the Investor which has designated him or an Affiliated Fund of that Investor is or is contemplating pursuing a Corporate Opportunity, shall himself withdraw from the deliberations of the Board in accordance with this Article 13.4.1, without however having to disclose any information regarding that Corporate Opportunity or the plans which the relevant Investor or its Affiliated Fund has with respect to that Corporate Opportunity, if such information is not in the public domain or otherwise known to the Board.

13.4.2 If any Investor or its Affiliates consummates a transaction that at anytime after the date of this Agreement constituted a Corporate Opportunity, such Investor shall cause each Investor Representative, Luxco Manager or VNU Director designated by it or its Affiliated Funds to recuse themselves from all future deliberations of each Board and the Investors’ Committee relating to, and no member of the Group shall have any obligation to provide to any such Investor Representative, Luxco Manager or VNU Director any information regarding, that portion of the Group’s business as competes or would reasonably be expected to compete with the Corporate Opportunity concerned (a “Competing Action”). The consent of the Investor Representative(s), Luxco Manager(s) or VNU Director(s) designated by such Investor or any of its Affiliate Funds shall not be required for authorising, effecting or validating any transactions in connection with such Corporate Opportunity or Competing Actions. In addition, each Investor shall, and shall cause any Investor Representative, Luxco Manager or VNU Director designated by its or any of its Affiliated Funds to, keep confidential any information regarding any Corporate Opportunity, including the existence of such potential acquisition, disposition, investment or similar transaction, that such Investor or Investor Representative, Luxco Manager or VNU Director learns about as a result of its participation in any Board and in the Investors’ Committee in accordance with Article 13.7.2.

13.5 Non-Competition

13.5.1 This Article 13.5 shall not prohibit any Person from acquiring or holding a passive investment in any Named Competitor, which (a) does not represent more than 5% of the aggregate amount of equity invested in that Named Competitor, (b) does not entitle the holder to more than 5% of any pro rata distribution of profits or capital made by that Named Competitor, (c) does not entitle the holder to exercise more than 5% of the votes

Each Investor shall not (and shall use its reasonable efforts to procure that its Affiliates do not), initiate or conduct any discussions about future employment with, or employ, any member of Management, without the prior written consent of the Investors’ Committee (such consent not to be unreasonably withheld), and shall not make any offers to this effect to such Persons; provided that the foregoing shall not be construed to prohibit solicitation for employment or employment of any such Person (a) resulting from general advertisements for employment conducted by such Investor or (b) six months following cessation of such Person’s employment with the Group without any encouragement by such Investor.

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exercisable at a general meeting of shareholders of that Named Competitor, (d) does not include and is not otherwise combined with any entitlement to appoint any directors, officers, observers or other representatives to any body or committee of that Named Competitor or any Affiliate of that Named Competitor (and no director, employee or other representative of the Investor concerned or any Affiliate of that Investor holds any position on any such body or committee as a matter of fact), and (e) is not in any way subject to any agreement or arrangement made between the Investor concerned or any Affiliate of that Person and any other shareholder of or investor in that Named Competitor;

13.5.2 This Article 13.5 shall not prohibit any Investor which is a fund of funds to make or hold a non-Controlling

investment in a fund which in turn has an investment in a Named Competitor or otherwise engages in an activity that would constitute a breach of this Article 13.5 if that fund was an Investor; and

13.5.3 In the event that an Investor or an Affiliate of an Investor acts in breach of this Article 13.5:

(a) Article 13.4.2 shall apply mutatis mutandis to the Investor concerned and to all other Investors which are

Affiliated with that Investor (treating such Named Competitor as a Competing Enterprise thereunder); and

(b) To the extent that the occurrence of such breach is not reasonably within the control of the Investor concerned, any of its Affiliates or any person Controlled by that Investor or by any of that Investor’s Affiliates, no other remedies shall be available to the other Parties. In all other circumstances, unless such breach is promptly (and in any event within three (3) Business Days following its occurrence) and completely cured by the Investor or Investors concerned, the Investor or Investors concerned shall be considered in material breach of this Agreement and liable for all damages resulting therefrom, and the other Parties may seek specific enforcement or injunctive relief against such Investor or Investors, in accordance with Article 14.7.

13.6 Non-Solicitation

13.7 Access to Information, Financial Statements, Confidentiality and Public Announcements

13.7.1 Each of the Parties hereto agrees to use its commercially reasonable efforts to cause each of Luxco and VNU (and, if reasonably recommended by United States counsel to an Investor, any other member of the Group) to enter into a letter agreement granting any Investor that so requests “management rights” as defined in U.S. Department of Labour Regulation section 2510.3-101(d).

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13.7.2 The following shall apply with respect to confidentiality:

(a) Each Investor is entitled to the same Information and Confidential Information (as defined below) as provided to its respective VNU Director in the context of this Agreement, subject to the maintenance of adequate procedures to prevent such information from being used in connection with the purchase or sale of securities of the entities in the Group in violation of applicable law, unless (and, in such case to the extent) the provision of such Information or Confidential Information has been specifically restricted by the Board.

(b) Each Investor agrees to hold in strict confidence all Information furnished to it and the terms of this Agreement (collectively, “Confidential Information”). Subject to applicable law, an Investor may disclose any Confidential Information to (x) any of its Representatives and (y) any member of the Group or its directors, management or advisers (collectively, “Authorized Recipients”). Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by an Investor, (ii) is or becomes available to an Investor or any of its Authorized Recipients on a non-confidential basis from a third party source (other than any other Investor or its Representatives or any Person described in clause (y) above), which source, to the best knowledge of such Investor (after reasonable inquiry), is not bound by a duty of confidentiality to any Investor or its Representatives or any Person described in clause (y) above in respect of such Confidential Information or (iii) is independently developed by an Investor. If an Investor or any of its Authorized Recipients is required by law or regulation or any legal or judicial process to disclose any Confidential Information, or disclosure of Confidential Information is requested by any governmental authority having authority over such Investor, such Investor shall promptly notify Luxco and the other Investors of such requirement so that Luxco may at its own expense oppose such requirement or seek a protective order and request confidential treatment thereof. If such Investor or such Authorized Recipient is nonetheless required, or such a request nonetheless remains outstanding, to disclose any such Confidential Information, such Investor or Authorized Recipient may disclose such portion of such Confidential Information without liability hereunder.

(c) An Investor may disclose Confidential Information in connection with any proposed Permitted Transfer by such Investor or any other proposed Transfer of Units by such Investor to a Third Party provided that such Transfer is permitted by this Agreement and provided that such Third Party enters into a confidentiality agreement or for the benefit of Luxco to hold any such information in strict confidence and to not use such information for any purpose other than such Transfer and specifying that Luxco shall be entitled to enforce such confidentiality agreement.

13.7.3 The Parties are aware that, as long as VNU shall have shareholders other than Bidco and/or any other entity which is directly or indirectly a Wholly-Owned Subsidiary of Luxco (“Minority VNU Shareholders”), any material non-public information provided by VNU or any of its subsidiaries to Bidco or any Affiliate or direct or indirect shareholder of Bidco may also need to be provided to those Minority VNU Shareholders. The Parties shall seek to minimise such provision of non-public information to persons other than VNU Directors and shall take appropriate measures and agree appropriate

For so long as any outstanding shares in the share capital of VNU (other than treasury shares) are held by any Persons other than Bidco (or a Wholly-Owned Subsidiary thereof), each Investor agrees that it will not, and shall procure that each of its Affiliates will not, acquire, directly or indirectly, any share in the share capital of VNU (other than the acquisition by Luxco or its wholly-owned subsidiaries of such shares). Notwithstanding the previous sentence, following an IPO, an Investor and its Affiliates may purchase in the public markets, in the aggregate, Listed Shares constituting less than 3% of the outstanding Listed Shares.

This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by each Investor holding at least 1% of the then outstanding Units so long as any such amendment, supplement or modification does not impose any material additional burden on Luxco, Dutch Holdco or Bidco (as determined by the Investors’ Committee in accordance with Article 6.6.4), in which event the written instrument must also be executed by Luxco, Dutch Holdco or Bidco, as applicable, provided that the Parties agree to amend, supplement or otherwise modify this Agreement as may be necessary to comply with the laws, regulations and rules of any Selected Offering Jurisdiction and the rules of the relevant Selected Securities Exchange in connection with an IPO and provided, further, that any amendment that disproportionately affects any Investor shall require the consent of such Investor. No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the Party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, will be deemed to constitute a waiver by the Party taking such action of compliance with any covenants or agreements contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach.

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arrangements to ensure that the provision of non-public information to VNU Directors and the use of such information by VNU Directors shall not result in any requirement to provide such information also to any other Person, including any Minority VNU Shareholders. The VNU Supervisory Board Rules shall allow, to the maximum extent permitted by applicable law, the VNU Directors to share non-public information received by them with other Representatives of the Investor on whose nomination they have been appointed.

13.7.4 No public announcement or press release concerning the business of the Group or this Agreement or any of its provisions shall be made by any Party (or any Affiliate thereof), without the prior consent of the Investors’ Committee, which may also be given in general terms with respect to categories of announcements. This provision shall not prohibit any public announcement or press release required to be made by any applicable laws or regulations, provided that such Party (or such Affiliate) that is making such announcement shall, to the extent practicable, consult with the other Parties concerning the timing and content of such announcement before such announcement is made and shall give a copy thereof to the other Parties at the same time as, or as soon as reasonably practicable after, the making of such announcement.

13.8 Standstill

14. MISCELLANEOUS

14.1 Waiver; Amendment

Any notices or other communications required or permitted hereunder to a Party shall be sufficiently given if in writing and either (i) personally delivered, (ii) sent by registered or certified mail, return receipt requested, postage prepaid, (iii) sent by overnight delivery service such as DHL, (iv) sent by facsimile transmission or electronic mail, with verbal or electronic confirmation of receipt, and addressed (x) for the Investors, Luxco and the Intermediate Holdcos, as set forth in Schedule 8, or (z) for any new Investor, as contained in the Accession Agreement or other written instrument pursuant to which such New Investor becomes a Party to this Agreement, or, in each case, to such other address as the relevant Party shall have given notice of pursuant hereto. All such notices and other communications shall be deemed to have been given and received (i) if by personal delivery, on the day of such delivery; (ii) if by registered or certified mail, on the seventh day after the mailing thereof, (iii) if by overnight delivery service such as DHL, on the next Business Day; and (iv) if by facsimile transmission or electronic mail, on the day that verbal or electronic confirmation of receipt by the recipient is obtained from the recipient.

This Agreement shall be governed by and shall be construed in accordance with the laws of the State of New York, except to the extent that the matter in question is mandatorily required to be governed by Luxembourg law or Dutch law, in which case it will be governed by the applicable provisions of such law.

All actions arising out of or relating to this Agreement shall be heard and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City of New

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14.2 Effectiveness; Termination

14.2.1 This Agreement shall become effective on the date hereof and, subject to Article 14.2.2, shall terminate and be of no further force or effect upon the earlier of (a) the written agreement of all Parties hereto and (b) following an IPO, if and when the Investors collectively cease to hold, indirectly through Luxco or any Intermediate Holdco, at last 33 /3% of the Listed Shares, except as otherwise provided in Article 9.4.8. At the time an Investor ceases to hold any

Units, or holds Units representing less than 1% of all Units outstanding at that time, such Investor shall cease to be a Party to and be bound by this Agreement.

14.2.2 Notwithstanding any termination of this Agreement in its entirety or in respect of any Investor pursuant to Article 14.2.1, (i) the provisions of Articles 13.4 and 13.7.2 shall survive for a period of one year, (ii) the provisions of Article 7 shall survive until the latter of one year after the liquidation of Luxco and the final resolution of any claims thereunder, and (iv) this Article 14 shall survive indefinitely.

14.2.3 The Parties agree that fees payable to any Investor Fund Manager pursuant to the Advisory Services Agreement

shall be in proportion to the Voting Interests controlled by the Affiliated Funds of such Investor Fund Manager.

14.2.4 This Agreement supersedes and replaces the Interim Investors Agreement in its entirety. The Parties are released

from any and all obligations and liabilities under the Interim Investors’ Agreement and shall have no obligation or liability thereunder, except to the extent of any rights or obligations accrued thereunder up to the date hereof.

14.3 Notices

14.4 Applicable Law

14.5 Disputes

1

York (other than with respect to an appeal from such courts to a higher court outside of the State of New York). The Parties hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan of The City of New York for the purpose of any action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any of the above-named courts. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

Except as permitted in this Agreement, the rights and obligations under this Agreement may not be Transferred by any Investor hereto, in whole or in part, to any Third Party, and any purported Transfer without such consent shall be void and unenforceable. Without the prior approval of the Investors’ Committee, the rights and obligations under this Agreement of any other Party hereto may not be Transferred, and any purported Transfer without such approval shall be void and unenforceable. The rights and obligations hereunder, including without obligation the right to nominate, designate or appoint any member of any of the Boards or any committee thereof, or remove any such nominee, designee or appointee, are personal to each Investor or group of Affiliated Investors entitled to do so hereunder and may not be assigned to any Person except with the prior approval of the Investors’ Committee, provided that each Investor shall be permitted to assign any such right to one or more of its Affiliates.

Each Party acknowledges and agrees that money damages would not be a sufficient remedy for any breach of the provisions of this Agreement. In the event of a breach of this Agreement by a Party which breach threatens irreparable harm to any other Party, such non-breaching Party may seek specific enforcement or injunctive relief from any court of competent jurisdiction, which remedies shall not limit, but shall be in addition to, all other remedies that the non-breaching Parties may have at law or in equity.

To the maximum extent permitted by law, no Investor and no Representative shall have a fiduciary or similar duty to the otherInvestors, to any members of the Group or to any shareholder, creditor, employee or other stakeholder of any member of the Group, and each Investor (on behalf of itself, its Representatives), Luxco and each Intermediate Holdco hereby waives any claim relating to a breach of fiduciary or similar duty it has or may have in connection with any action or inaction by any Investor or any such Representative. Without limiting the foregoing, to the maximum extent permitted by law, none of the Investors and none of the representatives, nominees, designees or other Representatives of any Investor on the Investors’ Committee, any Board or any board of any other member of the Group or, in each case, any committee thereof shall have any liability for breach or alleged breach of fiduciary or similar duty to the Investors, to any member of the Group or to any shareholder, creditor, employee or other stakeholder of any member of the Group and is and shall be fully exculpated from all such

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14.6 Assignment

14.7 Specific Performance

14.8 Fiduciary Duties; Exculpation Clause

liability. Each of the Parties hereby waives any and all claims it has or may have relating to any such breach or alleged breach of fiduciary or similar duty. The foregoing shall not be deemed to limit the obligations of the Investors under this Agreement.

Only the Parties shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed or implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future Representative of any Investor or any current or future direct or indirect shareholder, member, general or limited partner or other beneficial owner of any Investor or any of their respective Representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any such Person for any obligation of any Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

The Parties will sign such further documents, cause such further meetings to be held, adopt such resolutions and do and perform and cause to be done such further acts and things as may be necessary in order to give full effect to this Agreement, the transactions contemplated by this Agreement and every provision thereof.

The obligations of each of the Parties under this Agreement shall be several and not joint.

This Agreement does not create any rights, claims or benefits inuring to any Person that is not a Party hereto nor create or establish any third party beneficiary hereto.

This Agreement and the schedules hereto represent the entire understanding and agreement of the Parties and supersede all prior agreements, understandings and arrangements (whether written or oral) among the Parties with respect to the subject matter hereof. Each Party acknowledges that it has not made or relied on any representation or warranty other than those specifically set forth herein.

The headings contained in this Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement.

None of the Investors has entered or will enter into any agreement or arrangement of any kind with any Person in respect of such Investor’s Units which is inconsistent with this Agreement.

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14.9 No Recourse

14.10 Further Assurances

14.11 Several Obligations

14.12 Third Parties

14.13 Entire Agreement

14.14 Titles and Headings

14.15 No Other Agreements

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, successors and permitted assigns.

Should any provision of this Agreement be invalid or unenforceable, in whole or in part, or should any provision later become invalid or unenforceable, this shall not affect the validity of the remaining provisions of this Agreement which shall not be affected and shall remain in full force and effect.

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such Party.

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14.16 Binding Effect

14.17 Severability

14.18 Counterparts

IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the date first above written.

[EXECUTION PAGES FOLLOW AT THE END OF THE DOCUMENT]

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SCHEDULE 1

INVESTORS

Part A Old Investors

AlpInvest Funds AlpInvest Partners CS Investments 2006 C.V AlpInvest Partners Later Stage Co-Investments II-A CV

Blackstone Funds Blackstone Capital Partners (Cayman) V LP Blackstone Family Investment Partnership (Cayman) V LP Blackstone Family Investment Partnership (Cayman) V-A LP Blackstone Participation Partnership (Cayman) V LP

Carlyle Funds Carlyle Partners IV Cayman, L.P. CP IV Coinvestment Cayman, L.P. CEP II Participations Sarl SICAR

Hellman & Friedman Funds Hellman & Friedman Capital Partners V (Cayman), L.P. Hellman & Friedman Capital Partners V (Cayman Parallel), L.P. Hellman & Friedman Capital Associates V (Cayman), L.P.

KKR Funds KKR VNU (Millenium) Limited KKR MILLENNIUM FUND (OVERSEAS) L.P. KKR VNU Equity Investors, LP

Thomas H. Lee Funds THL Fund VI (Alternative) Corp. THL Parallel Fund VI (Alternative) Corp. THL DT Fund VI (Alternative) Corp. THL Coinvestment Partners, L.P. Putnam Investment Holdings, LLC Putnam Investments Employees’ Securities Company III LLC THL Fund V (Alternative) Corp. THL Parallel Fund V (Alternative) Corp. THL Cayman Fund V (Alternative) Corp. Thomas H. Lee Investors, Limited Partnership Putnam Investment Holdings, LLC Putnam Investments Employees’ Securities Company I LLC Putnam Investments Employees’ Securities Company II LLC THL (Alternative) Fund V, LP THL Equity Fund VI Investors (VNU), L.P. THL Equity Fund VI Investors (VNU) II, L.P. THL Equity Fund VI Investors (VNU) III, L.P.

Part B Investors as of 4 September 2009

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AlpInvest Funds AlpInvest Partners CS Investments 2006 C.V AlpInvest Partners Later Stage Co-Investments II-A BV

Blackstone Funds Blackstone Capital Partners (Cayman) V LP Blackstone Family Investment Partnership (Cayman) V LP Blackstone Family Investment Partnership (Cayman) V-A LP Blackstone Participation Partnership (Cayman) V LP

Carlyle Funds Carlyle Partners IV Cayman, L.P. CP IV Coinvestment Cayman, L.P. CEP II Participations S à r.L. SICAR

Hellman & Friedman Funds Hellman & Friedman Capital Partners V (Cayman), L.P. Hellman & Friedman Capital Partners V (Cayman Parallel), L.P. Hellman & Friedman Capital Associates V (Cayman), L.P.

KKR Funds KKR VNU (Millennium) L.P. KKR MILLENNIUM FUND (OVERSEAS) L.P. KKR VNU Equity Investors, L.P.

Thomas H. Lee Funds THL (Alternative) Fund V, LP THL Fund VI (Alternative) Corp. THL Coinvestment Partners, L.P. THL Equity Fund VI Investors (VNU), L.P. THL Equity Fund VI Investors (VNU) II, L.P. THL Equity Fund VI Investors (VNU) III, L.P. THL Equity Fund VI Investors (VNU) IV, LLC. Putnam Investment Holdings, LLC Putnam Investments Employees’ Securities Company I LLC Putnam Investments Employees’ Securities Company II LLC Putnam Investments Employees’ Securities Company III LLC Thomas H. Lee Investors, Limited Partnership Thomas H. Lee (Alternative) Parallel Fund V, L.P. Thomas H. Lee (Alternative) Cayman Fund V, L.P. Thomas H. Lee (Alternative) Fund VI, L.P. Thomas H. Lee (Alternative) Parallel Fund VI, L.P. Thomas H. Lee (Alternative) Parallel (DT) Fund VI, L.P.

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SCHEDULE 2

INITIAL INVESTMENTS AND REMAINING EQUITY COMMITMENTS

Fund Name Shares CPECs YFCPECs Total Invested Remaining Equity Commitment Number Paid (USD) Voting Interest Number Paid (USD) Number Paid (USD) (USD) (USD) %

AlpInvest Funds

AlpInvest Partners CS Investments 2006 C.V 27,805 2,752,799 27,985 1,404,451 44,858,763 7,159,876 228,689,490 276,301,053 36,256,409 7.0661%

AlpInvest Partners Later Stage Co-Investments II-A CV 280 27,721 280 — — 50,666 1,618,294 1,646,015 — 0.0000%

28,085 2,780,520 28,265 1,404,451 44,858,763 7,210,542 230,307,784 277,947,067 36,256,409 7.0661%

Blackstone Funds

Blackstone Capital Partners (Cayman) V LP 78,195 7,741,597 78,675 3,909,484 124,870,585 20,071,555 641,094,020 773,706,201 100,923,873 19.6693%

Blackstone Family Investment Partnership (Cayman) V LP 3,645 360,869 3,665 182,058 5,815,010 934,700 29,854,716 36,030,595 4,700,028 0.9160%

Blackstone Family Investment Partnership (Cayman) V-A LP 345 34,156 355 17,599 562,120 90,359 2,886,105 3,482,381 454,097 0.0885%

Blackstone Participation Partnership (Cayman) V LP 245 24,256 255 12,613 402,865 64,751 2,068,175 2,495,295 325,821 0.0635%

82,430 8,160,877 82,950 4,121,754 131,650,579 21,161,364 675,903,016 815,714,472 106,403,819 20.7373%

Carlyle Funds

Carlyle Partners IV Cayman, L.P. 64,970 6,432,272 65,380 3,248,636 103,762,820 16,678,721 532,725,456 642,920,549 83,864,207 16.3445%

CP IV Coinvestment Cayman, L.P. 2,620 259,390 2,640 131,202 4,190,650 673,599 21,515,039 25,965,079 3,386,996 0.6601%

CEP II Participations Sarl SICAR 14,840 1,469,215 14,930 741,916 23,697,109 3,809,044 121,662,489 146,828,813 19,152,615 3.7327%

82,430 8,160,877 82,950 4,121,754 131,650,579 21,161,364 675,902,984 815,714,440 106,403,819 20.7373%

Hellman & Friedman Funds

Hellman & Friedman Capital Partners V (Cayman), L.P. 34,801 3,445,429 35,011 1,744,020 55,704,752 8,953,928 285,992,276 345,142,457 45,022,782 8.7746%

Hellman & Friedman Capital Partners V (Cayman Parallel),

L.P. 4,874 482,544 4,904 239,535 7,650,857 1,229,794 39,280,144 47,413,545 6,183,411 1.2051% Hellman & Friedman

Capital Associates V (Cayman), L.P. 10 990 20 992 31,700 5,086 162,449 195,139 25,655 0.0050%

39,685 3,928,963 39,935 1,984,548 63,387,309 10,188,808 325,434,869 392,751,141 51,231,848 9.9847%

KKR Funds

KKR VNU (Millenium) Limited 69,946 6,924,915 69,211 3,501,771 111,848,058 17,906,688 571,947,245 690,720,218 106,403,819 20.7373%

KKR MILLENNIUM FUND (OVERSEAS) L.P. 84 8,316 84 — — — — 8,316 — 0.0000%

KKR VNU Equity Investors, LP 13,655 1,351,896 13,655 681,977 21,782,636 3,580,147 114,351,421 137,485,953 — 0.0000%

83,685 8,285,127 82,950 4,183,748 133,630,694 21,486,835 686,298,666 828,214,487 106,403,819 20.7373%

Thomas H. Lee Funds�

THL Fund VI (Alternative) Corp. 26,441 2,617,758 25,706 1,326,769 42,377,559 6,743,112 215,377,871 260,373,187 49,575,037 9.6618%

THL Parallel Fund VI (Alternative) Corp. 15,655 1,549,903 15,655 782,789 25,002,601 4,019,456 128,383,137 154,935,642 20,082,359 3.9139%

THL DT Fund VI (Alternative) Corp. 4,060 401,955 4,060 203,106 6,487,278 1,042,906 33,310,862 40,200,095 5,210,566 1.0155%

THL Coinvestment Partners, L.P. 240 23,761 240 12,003 383,373 61,635 1,968,648 2,375,783 307,862 0.0600%

Putnam Investment Holdings, LLC 655 64,847 655 32,968 1,053,019 169,285 5,407,035 6,524,901 845,595 0.1648%

Putnam Investments Employees’ Securities Company III LLC 235 23,266 235 11,771 375,955 60,442 1,930,543 2,329,764 302,218 0.0589%

THL Fund V (Alternative) Corp. 17,965 1,778,602 17,965 898,125 28,686,510 4,611,685 147,299,184 177,764,296 23,041,940 4.4907%

THL Parallel Fund V (Alternative) Corp. 4,660 461,357 4,660 233,025 7,442,930 1,196,535 38,217,838 46,122,125 5,978,169 1.1651%

THL Cayman Fund V (Alternative) Corp. 250 24,751 250 12,376 395,296 63,546 2,029,686 2,449,733 317,611 0.0619%

Thomas H. Lee Investors, Limited Partnership 350 34,651 350 17,407 555,984 89,378 2,854,771 3,445,407 446,400 0.0870%

Putnam Investments Employees’ Securities Company I LLC 120 11,880 120 6,105 194,999 31,345 1,001,173 1,208,052 156,497 0.0305%

Putnam Investments Employees’ Securities Company II LLC 110 10,890 110 5,450 174,068 27,981 893,725 1,078,683 139,564 0.0272%

THL (Alternative) Fund V, LP 84 8,316 84 — — — — 8,316 — 0.0000%

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THL Equity Fund VI Investors (VNU), L.P. 12,415 1,229,131 12,415 619,983 19,802,521 3,254,705 103,956,665 124,988,317 — 0.0000%

THL Equity Fund VI Investors (VNU) II, L.P. 180 17,821 180 8,854 282,801 46,483 1,484,687 1,785,308 — 0.0000%

THL Equity Fund VI Investors (VNU) III, L.P. 265 26,236 265 13,018 415,800 68,342 2,182,873 2,624,909 — 0.0000%

83,685 8,285,127 82,950 4,183,748 133,630,694 21,486,835 686,298,698 828,214,519 106,403,819 20.7373%

400,000 39,601,492 400,000 20,000,003 638,808,618 102,695,748 3,280,146,017 3,958,556,127 513,103,531 100.0000%

SCHEDULE 3

SIMPLIFIED ACQUISITION STRUCTURE CHART

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SCHEDULE 4

FORM OF ACCESSION AGREEMENT

THIS ACCESSION AGREEMENT is made on [ ] 20[ ] BETWEEN:

WHEREAS:

NOW IT IS HEREBY AGREED:

In this Accession Agreement (including the Recitals and Schedule hereto), unless the subject or context otherwise requires, words defined in the Shareholders Agreement shall have the same meanings when used herein and the following terms shall have the following meanings: “Completion” means the completion of the sale and Transfer of the Transferred Units. “Transfer Date” has the meaning ascribed thereto in Clause 3.1 hereunder.

The provisions of Article 1.2 of the Shareholders Agreement shall apply to this Accession Agreement mutatis mutandis.

Headings shall be ignored in the construction of this Accession Agreement.

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1. [ ], a company incorporated under the laws of [ ] having its [registered] office at [ ] (the “Transferor”);

2. [ ], a company incorporated under the laws of [ ] having its [registered] office at [ ] (“New Investor”); and

3. Valcon Acquisition Holding (Luxembourg) Sàrl, a société à responsabilité limitée organized and existing under the laws of Luxembourg (“Luxco”).

(A) The Transferor is a party to the Shareholders Agreement dated as of 21 December 2006 between Luxco and the other parties named therein (the “Shareholders Agreement”) by which the Investors provide for certain matters relating to their direct and indirect ownership of interests in, and the governance of, Luxco and its subsidiaries including The Nielsen Company BV and its subsidiaries.

(B) The Transferor wishes to Transfer to the New Investor the Units described in the Schedule (the “Transferred Units”) and the New Investor has agreed to purchase the Transferred Units subject to and in accordance with the terms and conditions of an agreement dated [date of Transfer Agreement] between the Transferor and the New Investor (the “Transfer Agreement”).

4. DEFINITIONS AND INTERPRETATIONS

4.1 Definitions

4.2 Interpretation

4.3 Headings

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5. REPRESENTATIONS AND WARRANTIES

5.1 The New Investor represents and warrants to each of the Investors and Luxco as of the date hereof and as of the Transfer Date, as follows:

(a) Organization. The New Investor is an entity duly organized and validly existing under the laws of the jurisdiction of

its organization.

(b) Authority. The New Investor has full power and authority to enter into, execute and deliver this Accession Agreement. The execution and delivery of this Accession Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by the New Investor and no other proceedings by or on behalf of the New Investor will be necessary to authorize this Accession Agreement or the consummation of the transactions contemplated hereby. This Accession Agreement constitutes the valid and binding obligations of the New Investor enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally and (ii) subject to general principles of equity.

(c) No Legal Bar. The execution, delivery and performance of this Accession Agreement by the New Investor and the consummation of the transactions contemplated hereby will not (i) violate (x) the organizational documents of the New Investor or (y) any law, treaty, rule or regulation applicable to or binding upon the New Investor or any of its properties or assets or (ii) result in a breach of any contractual obligation to which such Investor is a party or by which it or any of its properties or assets is bound, in the case of each of clauses (i)(y) and (ii) in any respect that would reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

(d) Litigation. There is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation or investigation, proceeding or demand letter pending, or to the knowledge of the New Investor threatened, against the New Investor, which if adversely determined would reasonably be expected to have a material adverse effect on the ability of the New Investor to perform its obligations hereunder.

(e) Information. The New Investor has been given the opportunity to (i) ask questions and receive satisfactory answers concerning the terms and conditions of the transactions contemplated hereby and (ii) obtain additional information which the New Investor and its representatives deem necessary, in each case in order to evaluate the merits and risks of executing and delivering this Accession Agreement and consummating the transactions contemplated hereby. The New Investor has not relied upon any statement, printed material or other information given or made by or on behalf of Luxco that is contrary to information contained in this Accession Agreement.

(f) Securities Not Registered. The New Investor is acquiring securities of Luxco solely for its own account, for

investment purposes and not with a view to, or for sale in connection with, the distribution thereof other than as permitted

In consideration of the agreement of the Transferor to Transfer the Transferred Units to the New Investor, the New Investor undertakes, to each Investor, Luxco and each other Party to the Shareholders Agreement subject to Clause 3.2 hereunder, that it will, with effect from the date of Transfer by the Transferor to the New Investor of the Transferred Units (the “Transfer Date”) and without prejudice to any liability of the Transferor in respect of any breach by it of obligations under the Shareholders Agreement prior to the Transfer Date, assume, perform and comply with each of the obligations of the Transferor in respect of the Transferred Units under the Shareholders Agreement as if it had been a party to the Shareholders Agreement at the date of execution thereof.

In consideration of the undertakings given by the New Investor under this clause, the parties hereby acknowledge and agree that the obligations of the Transferor under the Shareholders Agreement (except those under Articles 13.4, 13.7.2 and 13.7.3 thereof) shall, cease with effect from the Transfer Date, only with respect to the Transferred Units, provided that the Transferor shall remain liable with respect to any breach by it of obligations under the Shareholders Agreement prior to the Transfer Date.

The Transferor assigns and Transfers to the New Investor, with effect from the Transfer Date, all the rights of the Transferor with respect to the Transferred Units (excluding, however, those rights that may not be assigned or Transferred without approval or consent of any Person or group of Persons, which approval or consent has not been obtained on or prior to the Transfer Date) as if the New Investor had been a party to the Shareholders Agreement at the date of execution thereof and, with effect from the Transfer Date, the Transferor shall cease to be entitled to those rights.

The notice details for the New Investor for the purposes of Article 14.3 of the Shareholders Agreement are: Address: Attention: Tel: Fax: Email:

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under the Securities Act and the rules and regulations promulgated thereunder. The New Investor is (i) an investor with such knowledge and experience in business and financial matters as will enable it to evaluate the merits and risks of the transactions contemplated hereby, (ii) able to bear the economic risk of an investment in Luxco and its subsidiaries and (iii) able to bear the risk of loss of its entire investment in Luxco and its subsidiaries.

6. UNDERTAKINGS OF THE NEW INVESTOR

6.1 Assumption of Obligations

6.2 Release

6.3 Transfer of Rights

6.4 Notices

The parties hereto hereby acknowledge and agree that, save as provided in Article 14.6 of the Shareholders Agreement, no party shall have any right to assign, Transfer or in any way dispose of the benefit (or any part thereof) or the burden (or any part thereof) of this Accession Agreement without the prior written consent of the other parties.

The Investors and the other Parties to the Shareholders Agreement shall be entitled to enforce this Accession Agreement as third party beneficiaries.

IN WITNESS whereof this Accession Agreement has been entered into the day and year first before written.

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6.5 Assignment and Transfer

6.6 Third Party Beneficiaries

SCHEDULE 5

INITIAL MEMBERS OF BOARDS AND COMMITTEES

Part A Luxco Managers

Managers A

Wolfgang Zettel Christopher Finn

Managers B

James Attwood Allan Holt

Richard Bressler Michael Chae

Dudley Eustace (Chairman) Patrick Healy Gerald Hobbs

Lord Clive Hollick James Kilts Ian Leigh

Alex Navab James Quella Scott Schoen

Part B VNU Directors

James Attwood Allan Holt

Richard Bressler Michael Chae

Dudley Eustace (Chairman) Patrick Healy Gerald Hobbs

Lord Clive Hollick James Kilts Ian Leigh

Alex Navab James Quella Scott Schoen

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Part C Executive Committee

James Attwood Michael Chae Patrick Healy Alex Navab Scott Schoen

Part D Audit Committee

Richard Bressler Patrick Healy James Quella Gerald Hobbs

Part E Compensation Committee

James Attwood Michael Chae Alex Navab Scott Schoen

Part F Finance Committee

Simon Brown Eliot Merrill Robert Reid

George Taylor

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Part G Investors’ Committee

Part H Observers to Luxco Board and VNU Supervisory Board

Denis Ever (AlpInvest) Robert Reid (Blackstone)

Eliot Merrill (Carlyle) Blake Kleinman (Hellman & Friedman)

Simon Brown (KKR) George Taylor (Thomas H. Lee Partners)

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Investor Representative Initial Voting Power

AlpInvest Ian Leigh 7.06625

Blackstone Michael Chae 10.36875

James Quella 10.36875

Carlyle James Attwood 10.36875

Allan Holt 10.36875

Hellman & Friedman Patrick Healy 9.98375

KKR Alex Navab 10.36875

Lord Clive Hollick 10.36875

Thomas H. Lee Partners Scott Schoen 10.36875

Richard Bressler 10.36875

Total 100.00000

SCHEDULE 6

ACTIONS REQUIRING APPROVAL

Part A Actions Requiring Unanimous Approval

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1. Imposing of additional transfer restrictions on any Units held by an Investor;

2. Limiting of tag-along provisions or waiver of any restriction or requirement with respect to a Transfer set forth in Article 9.1 of the Shareholders Agreement;

3. Limiting the right of an Investor to designate a Luxco Manager, a VNU Director or an Investor Representative prior to an IPO, beyond the limitations subsequent to a sell-down, as set out in this Agreement;

4. Limiting the VCOC related rights of an Investor;

5. Limiting the rights of any Investor to participate in registered offerings;

6. Altering the mechanic for approving Related Party Transactions;

7. Any limitation of the rights to receive information relating to the Company granted to the Investors under the Shareholders Agreement;

8. Making any commitment or announcement with respect to any of the matters set forth in this Part A of Schedule 6.

Part B Actions Requiring Requisite Majority Approval

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1. Approval of any business plan for the Group or any material business segment of the Group or any material change thereto;

2. Approval of the Budget or any material change thereto;

3. Making any capital expenditure in an amount in excess of US$25 million, except in accordance with the Budget;

4. Entering into new lines, or abandoning or materially altering existing lines, of business, except in accordance with the Budget;

5. Initiating any bankruptcy, dissolution, liquidation or winding up proceedings, moratorium or suspension of payments (or any similar proceedings in the relevant jurisdiction) with respect to any member of the Group;

6. Declaring or paying any dividends or other distributions to shareholders (other than to a member of the Group) or repurchasing or redeeming securities or indebtedness of any member of the Group (other than if held by a member of the Group);

7. Issuing any equity or debt securities to any person (other than a member of the Group), including in an IPO, of any member of the Group, selecting any underwriter or initial purchaser with respect to any issuance of debt or equity securities, or listing of any securities of any member of the Group and, in connection with any IPO, any related registration rights, and/or listing agreements and/or any stockholders agreements;

8. Entering into any agreements regarding an IPO and the rights and obligations of any member of the Group and the Investors in connection therewith;

9. Transferring Units prior to the earlier of July 1, 2011 or an IPO, in accordance with Section 9.1.2;

10. Incurring any indebtedness or other liabilities (including guarantees) in an amount in excess of US$50 million, or entering into any sale and lease back transaction or any other financing transaction in an amount in excess of US$50 million, except in accordance with the Budget;

11. Entering into or undertaking any merger, de-merger, consolidation, reconstitution, recapitalization, reorganization (including any Reorganization Transaction), acquisition or other business combination transaction involving Luxco, the Intermediate Holdcos, VNU or any significant subsidiary of VNU, or any sale of all or substantially all of the assets of Luxco, the Intermediate Holdcos, VNU or any of their significant subsidiaries;

12. Hiring, appointing or dismissing, or changing the compensation of, or agreeing any severance package for the chief executive officer of VNU and any other member of Management;

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13. Changing the auditors or any material accounting policies of the Group;

14. Amending, waiving, supplementing or otherwise modifying, or taking any action in connection with the definitive financing documents entered into in connection with the Offer or governing any roll-over debt;

15. Amending the articles of association or any other constitutional documents, or the rules and regulations of any Board or committee, or the terms and conditions of any equity or debt securities, of Luxco, any Intermediate Holdco or VNU (including, without limitation, the Terms and Conditions governing any class or series of YFCPECs); provided that any amendment that disproportionately affects the equity interests of any Investor shall require the consent of such Investor;

16. Creating any committees of a Board not expressly contemplated in this Agreement, changing the size of any committee of anyBoard or changing the composition thereof;

17. Appointing the Independent VNU Directors and deciding on any increase or decrease in the number of Independent VNU Directors;

18. Establishing any management equity incentive plan or providing any other incentive plan for management, or making any material amendment, waiving any material right or exercising any material right, including any call option, in each case, under or in respect of any such plan or under or in respect of any agreement entered into in connection with any such plan;

19. Undertaking any debt tender offer or taking any action with respect to a debt tender offer (other than in all material respects as contemplated by the Merger Protocol);

20. Designating the Investors’ Committee Chairman or the Luxco Chairman;

21. Appointing a board member of any Intermediate Holdco;

22. Approving any Related Party Transaction;

23. Determining whether an acquisition, disposition, investment or similar transaction constitutes a Corporate Opportunity;

24. Approving an Investor’s or its Affiliate’s ownership, management, operation or control or participation in the ownership, management, operation or control of any person listed in Schedule 9 or otherwise prohibited under Article 13.5;

25. Approving any solicitation of any member of Management otherwise prohibited under Article 13.6;

26. Approving any matter required to be approved by the Investors Committee under Article 10 of the Shareholders Agreement;

27. Approving any material amendment to the form of the Accession Agreement;

28. Acquiring or disposing of or otherwise transferring, including pursuant to entering into or terminating a joint venture or partnership with any person, any business, assets or

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liabilities (including any securities of any person), with a value of, or for consideration in excess of, US$50 million, except in accordance with the Budget;

29. (i) the conversion of any YFCPECs into ordinary shares of Luxco by Luxco in accordance with the Terms and Conditions governing the YFCPECs, as applicable, (ii) any election by Luxco to repurchase YFCPECs rather than converting such YFCPECs into Luxco Shares in accordance with the Terms and Conditions governing such YFCPECs, as applicable or (iii) the creation or issuance of any equity securities of Luxco that rank junior to YFCPECs but senior to any class or series of ordinary shares of Luxco or that rank senior to YFCPECs;

30. Changing the legal form of Luxco, any Intermediate Holdco or VNU; and

31. The making of any commitment or announcement with respect to any of the matters set forth in this Part B of Schedule 6.

Part C Actions Requiring Simple Majority Approval

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1. Approval of the quarterly and annual financial statements of Luxco, the Intermediate Holdcos, VNU and the Group to the extent prepared on either a consolidated or unconsolidated basis;

2. Entering into any derivatives, foreign exchange contracts, swaps, options or similar financial instruments, except in accordance with the Budget;

3. Acquiring or disposing of or otherwise transferring, including pursuant to entering into or terminating a joint venture or partnership with any person, any business, assets or liabilities (including any securities of any person), with a value of, or for consideration in excess of, US$10 million, except in accordance with the Budget;

4. Granting any pledge, lien, security interest or other encumbrance on any material asset or property of the Group, except in accordance with the Budget;

5. Entering into any transaction or agreement (or series of related transactions or agreements) with an aggregate value or cost in excess of US$10 million over the life of the transaction or agreement, including by entering into any amendment thereto that, following such amendment, would have an aggregate value or cost in excess of US$10 million over the life of the transaction or agreement, or enter into any transaction or agreement (or series of related transactions or agreements) that otherwise is outside the ordinary course of business, or terminate or amend in any material respect any such transaction or agreement (or series of related transactions or agreements), except, in each case, in accordance with the Budget;

6. Entering into, or amending in any material respect, any collective bargaining, union or similar agreement with, or for the benefit of, any member of the Group;

7. Authorizing or implementing any restructuring involving terminating the employment of a significant number of employees of any member of the Group;

8. Granting or withdrawing powers of attorney or similar powers;

9. Hiring any legal counsel, accountant, investment bank, consultant or other adviser for fees (whether fixed, contingent or otherwise) in excess of US$2 million, or dismissing any such adviser;

10. Settling or compromising any tax liability in excess of US$10 million or, making or changing any material tax election;

11. Commencing or settling any litigation, arbitration, proceeding or other claim with any person if either (x) the amount involved exceeds US$10 million or (y) the remedy sought is an injunction or any other equitable remedy;

12. Any member of the Group entering into any agreement or transaction with any Investor or an Affiliate of an Investor (including for the purposes of this provision, any portfolio

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companies Controlled by an Investor or an Affiliate of an Investor), except if such agreement or transaction is entered into on arm’s length terms and in the ordinary course of the relevant Group member’s business; and

13. Making any commitment or announcement with respect to any of the matters set forth in this Part C of Schedule 6.

SCHEDULE 7

FORMS OF ADVISORY SERVICES AGREEMENTS

Part A Form of Valcon Advisory Services Agreement

From: Valcon Acquisition B.V. To: [NAME INVESTOR]

Dear Sir/Madam:

Reference is made to (i) the agreement by and among, Valcon Acquisition Holding Sarl, a private limited company incorporated under the laws of Luxembourg (“Lux Holdco”), and [NAME INVESTOR] (the “VCOC Investor”) and the other signatories thereto, dated as of March 15, 2006 (as such agreement may be amended from time to time, the “Interim Investor Agreement”), pursuant to which the VCOC Investor and certain affiliated purchasers (collectively, the “Purchasers”) have agreed with respect to certain matters concerning equity interests in Lux Holdco (the “Interests”), and (ii) the agreement by and among, Lux Holdco, Lux Holdco’s subsidiary, Valcon Acquisition BV, a private company with limited liability incorporated under the laws of the Netherlands (“Dutch Bidco”) and the VCOC Investor, dated as of May 23, 2006 (the “Prior Management Rights Agreement”), pursuant to which the VCOC Investor and its Affiliated Funds (as defined in the Interim Investors Agreement and the Shareholders’ Agreement to be entered into by the parties to the Interim Investors Agreement (the “Shareholders’ Agreement”)) were granted certain management rights with respect to Lux Holdco and Dutch Bidco. The parties hereto agree to amend and restate the Prior Management Rights Agreement, as hereinafter provided.

Lux Holdco and its indirect subsidiary, The Nielsen Company BV, a private company with limited liability incorporated under the laws of the Netherlands (besloten vennootschap) (“VNU”) (collectively, the “Companies”), hereby agree that for so long as the VCOC Investor or its Affiliated Funds, directly or through one or more conduit subsidiaries, continue to hold any Interests, without regard to any of the rights provided to the Purchasers under the Interim Investors Agreement or the Shareholders’ Agreement, the Companies shall:

(i) the right to visit and inspect any of the offices and properties of each of the Companies and their subsidiaries and inspect and copy the books and records of each of the Companies and their subsidiaries, at such times as the VCOC Investor shall reasonably request;

(ii) if and when requested by the VCOC Investor after the end of each fiscal year of VNU, a consolidated balance sheet of VNU and its subsidiaries as of the end of such year, a consolidated profit and loss account, and consolidated statements of income and cash flows of VNU and its subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United States or international financial reporting standards, in either case applied on a consistent basis, except as otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation;

(iii) if and when requested by the VCOC Investor, the annual budget and business plan of each of the Companies and any material amendments thereto;

(iv) to the extent each of the Companies or any of their subsidiaries is required by law or pursuant to the terms of any outstanding indebtedness of each of the

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• Provide the VCOC Investor or its designated representative with:

Companies or such subsidiary to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, actually prepared by each of the Companies or such subsidiary as soon as publicly available; and

(v) if and when requested by the VCOC Investor, copies of all materials provided to each of the Companies’ Management Board (including committees appointed by the Management Board) at the same time as provided to the Management Board of each of the Companies and, if and when requested by the VCOC Investor, copies of all materials provided to the Management Board of each of the Companies’ subsidiaries.

The Companies agree to consider, in good faith, the recommendations of the VCOC Investor or its designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Companies.

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• If and when requested by the VCOC Investor, make appropriate officers and directors of the Companies, and their subsidiaries, available periodically, but at least quarterly, including immediately following the annual general shareholder’s meeting of each of the Companies, and at such other times as reasonably requested by the VCOC Investor, for consultation with the VCOC Investor or its designated representative with respect to matters relating to the business and affairs of each of the Companies and its subsidiaries, including, without limitation, significant changes in management personnel and compensation of employees, introduction of new products or new lines of business, important acquisitions or dispositions of plants and equipment, significant research and development programs, the purchasing or selling of important trademarks, licenses or concessions or the proposed commencement or compromise of significant litigation;

• Give the VCOC Investor the right to designate one non-voting observer, independent and separate from any non-voting observer whom the VCOC Investor may nominate under any Shareholders’ Agreement, who will be entitled to attend all meetings of each of the Companies’ Management Board, participate in all deliberations of each of the Companies’ Management Board and receive copies of all materials provided to each of the Companies’ Management Board, provided that such observer shall have no voting rights with respect to actions taken or elected not to be taken by the Management Board;

• To the extent consistent with applicable law (and with respect to events which require public disclosure, only following each of the Companies’, or any of their subsidiary’s, public disclosure thereof through applicable securities law filings or otherwise), inform the VCOC Investor or its designated representative in advance with respect to any significant corporate actions, including, without limitation, extraordinary dividends, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the articles of association of each of the Companies or, upon request, any of their subsidiaries, and to provide the VCOC Investor or its designated representative with the right to consult with each of the Companies and, upon request, their subsidiaries with respect to such actions; and

• Provide the VCOC Investor or its designated representative with such other rights of consultation which the VCOC Investor’s counsel may determine to be reasonably necessary under applicable legal authorities promulgated after the date hereof to qualify its investment in the Companies as a “venture capital investment” for purposes of the United States Department of Labor Regulation published at 29 C.F.R. Section 2510.3-101(d)(3)(i) (the “Plan Asset Regulation”).

The VCOC Investor agrees, and will require each designated representative of the VCOC Investor to agree, to hold in confidence and not use or disclose to any third party (other than its legal counsel and accountants) any confidential information provided to or learned by such party in connection with the VCOC Investor’s rights under this letter agreement except as may otherwise be required by law or legal, judicial or regulatory process, provided that the VCOC Investor takes reasonable steps to minimize the extent of any such required disclosure.

In the event the VCOC Investor or any of the other Purchasers transfers all or any portion of their investment in the Companies to an affiliated entity (or to a direct or indirect wholly-owned conduit subsidiary of any such affiliated entity) that is intended to qualify as a venture capital operating company under the Plan Asset Regulation, such affiliated entity shall be afforded the same rights with respect to each of the Companies and its subsidiaries afforded to the VCOC Investor hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder.

The aforementioned rights shall be exercisable by the VCOC Investor in the same manner and to the same extent that such rights could otherwise be exercised or enforced by any direct or indirect wholly-owned subsidiary which holds a direct interest in either of the Companies. It is the intention of the VCOC Investor and the Companies that such rights constitute direct contractual rights between the VCOC Investor and each of the Companies, and that such rights shall be independently enforceable by the VCOC Investor, consistent with their status as a venture capital operating companies as defined in U.S. Department of Labor Regulation, 29 C.F.R. §2510.3-101(d), under the Employee Retirement Income Security Act of 1974 as amended. Each of the Companies hereby acknowledges and agrees that the VCOC Investor shall have the right, in its sole discretion to designate one or more individuals or other persons to exercise such VCOC Investor’s management rights.

This letter agreement supersedes all prior or contemporaneous agreements or understandings among the parties hereto with respect to the subject matter hereof, including, without limitation, the Prior Management Rights Agreement. This letter agreement and the rights and the duties of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of New York and may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

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Part B Form of Bidco Advisory Services Agreement

This Advisory Agreement (this “Agreement”), dated as of July , 2006, and effective as of May 22, 2006 (the “Effective Date”), is made by and among ACN Holdings Inc., a Delaware corporation (the “Company”), and Valcon Acquisition B.V., a private limited company (besloten vennootschap) incorporated under the laws of the Netherlands (“Valcon”). Certain defined terms are defined in Section 19.

WHEREAS, the Company has determined that, for valid business reasons and to enhance its success and profitability, it desires to retain Valcon with respect to the services described herein; and

WHEREAS, the Company expects that Valcon will provide a substantial amount of services to the Company and its subsidiaries throughout the Term and, accordingly, the Company and Valcon have agreed that the consideration set forth herein for the services to provided by Valcon represents the fair value of such services.

NOW, THEREFORE, the parties to this Agreement agree as follows:

1. Term. This Agreement shall be in effect for an initial term commencing on the Effective Date and ending on the eighth anniversary of the Effective Date (including any extensions thereof, the “Term”), which Term shall automatically be extended for one additional year upon each anniversary of the Effective Date unless the Company and Valcon mutually agree not to extend the Term of this Agreement by an additional year or agree to terminate this Agreement. In addition, in connection with the consummation of a Change in Control or a Qualified Public Offering, Valcon may elect to terminate this Agreement by providing written notice of termination to the Company. In the event of a termination of this Agreement, the Company shall pay in cash to Valcon (a) all unpaid Advisory Fees (as defined in Section 3(a)), all unpaid fees agreed upon pursuant to Section 4(b) (collectively, “Subsequent Transaction Fees”) and all expenses due under this Agreement with respect to periods prior to the termination date, plus (b) the net present value (using a discount rate equal to the yield as of such termination date on U.S. Treasury securities of like maturity based on the times such payments would have been due) of the Advisory Fees that would have been payable to Valcon with respect to the period from the termination date through the end of the Term. Upon termination of this Agreement, including, without limitation, termination in connection with the consummation of a Change in Control or a Qualified Public Offering, Valcon shall no longer be obligated to provide any services hereunder. The provisions of Sections 1, 3(b), 4(b), 6, 7, 9, and 15 through 19 shall survive any termination of this Agreement.

2. Services. Valcon shall make available one or more of the Sub-Contractors (or any other sub-contractors retained by Valcon or the Sub-Contractors) to perform the services for the Company and/or its subsidiaries as mutually agreed by Valcon and the Company, which services may include, without limitation, the following:

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(a) general advisory services and support for executive and management functions;

3. Advisory Fees and Expenses.

4. Transaction Fees and Expenses.

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(b) identification, support, negotiation and analysis of acquisitions and dispositions by the Company and/or its subsidiaries;

(c) support, negotiation and analysis of financing alternatives, including, without limitation, in connection with acquisitions, capital expenditures and refinancing of existing indebtedness;

(d) finance functions, including assistance in the preparation of financial projections and monitoring of compliance with financing agreements;

(e) human resources functions, including searching and hiring of executives; and

(f) other services for the Company and its subsidiaries upon which the Company and Valcon agree.

(a) During the Term of this Agreement, the Company shall pay Valcon an advisory fee (each, an “Advisory Fee”) for each fiscal quarter of the Company equal to the Quarterly Fee Amount for such fiscal quarter. The Advisory Fee will be payable in advance to Valcon or its designees by wire transfer of immediately available funds on the first business day of the first month of each fiscal quarter. A pro-rated amount of the Advisory Fee for the period commencing on the Effective Date and ending on the last day of the Company’s fiscal quarter ending on June 30, 2006 will be payable by wire transfer of immediately available funds on or before July 31, 2006.

(b) The Company will reimburse Valcon or its designees for such reasonable travel expenses and other reasonable out-of-pocket fees and expenses (including the reasonable fees and expenses of attorneys, accountants or other advisors retained by Valcon, the Sub-Contractors or any other sub-contractors) as may be incurred by Valcon, the Sub-Contractors and such other sub-contractors and their respective partners, members, shareholders, employees or agents in connection with the rendering of advisory, management or other such services pursuant to this Agreement or the rendering of such other services as may be agreed upon by the Company and Valcon. Such expenses will be reimbursed by wire transfer of immediately available funds promptly upon the request of Valcon (but in any case no later than five business days following such request) and will be in addition to any other fees or amounts payable to Valcon pursuant to this Agreement. Unless requested by the Company, in no event shall Valcon submit its expenses to the Company more often than monthly.

(a) In consideration of the services rendered by Valcon, through the Sub-Contractors, to the Company in connection with the transactions contemplated by the acquisition (the “Acquisition”) by Valcon of outstanding shares of Parent as contemplated by the Merger Protocol, dated March 8, 2006, between Parent and Valcon, including the evaluation, negotiation, documentation, financing and settlement of the Acquisition, the Company shall pay to Valcon, or its designees, a fee (an “Acquisition Fee”) in the amount of €€ 65,000,000.00. The Acquisition Fee represents fair and appropriate consideration based on the services performed by Valcon through the Sub-Contractors to the Company. The

5. Personnel. Valcon will provide or cause to be provided and devote to the performance of this Agreement such partners, employees and agents of Valcon or the Sub-Contractors, as the case may be, as it shall deem appropriate to the furnishing of the services mutually agreed upon by the Company and Valcon; it being understood that no minimum number of hours is required to be devoted by Valcon or any of the Sub-Contractors on a weekly, monthly, annual, or other basis. The fees and other compensation specified in this Agreement will be payable by the Company regardless of the extent of services requested by the Company pursuant to this Agreement, and regardless of whether or not the Company requests Valcon to provide any such services. Notwithstanding the foregoing, the Company expects that Valcon will provide a substantial amount of services to the Company and its subsidiaries throughout the Term. The Company acknowledges that the services of the Sub-Contractors retained by Valcon will not be exclusive, and that one or more of the Sub-Contractors will render similar services to other Persons (including, without limitation, with the same partners, employees, and agents thereof as may render services to the Company).

6. Liability. None of Valcon nor any of the Sub-Contractors nor any of their respective Affiliates, nor any of their respective partners, shareholders, directors, officers, members, employees or agents (collectively, the “Advisor Group”) shall be liable to the Company, its subsidiaries or any of their Affiliates, employees or shareholders for any loss, liability, damage, cost, settlement, judgment or expense (including attorneys’ fees and expenses) (collectively, a “Loss”) arising out of or in connection with the performance of services

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Acquisition Fee will be payable to Valcon or its designees by wire transfer of immediately available funds on or before July 31, 2006. In addition, the Company will reimburse Valcon or its designees, by wire transfer of immediately available funds on or before July 31, 2006 and from time to time thereafter promptly upon the request of Valcon, for such reasonable travel expenses and other out-of-pocket fees and expenses incurred by Valcon and the Sub-Contractors and their respective partners, members, shareholders, employees or agents in connection with the foregoing (including the fees and expenses of accountants, attorneys, consultants and other advisors retained by Valcon and the Sub-Contractors) and all amounts expended, and obligations and liabilities incurred, on behalf of the Company and its subsidiaries in connection with the Acquisition, including costs, obligations and liabilities incurred in preparing the Company and its subsidiaries to operate the Business following settlement of the Acquisition.

(b) In the event that the Company shall determine that it is advisable for the Company or any of its subsidiaries to hire a financial advisor, consultant, investment bank or any similar agent in connection with any transaction that could result in a Change in Control, acquisition, disposition or divestiture, spin-off, split-off, recapitalization, issuance of securities (including, without limitation, any Qualified Public Offering), financing (whether debt or equity financing) or any similar transaction by or involving the Company or its subsidiaries, the Company shall notify Valcon of such determination in writing. Promptly thereafter, upon the request of Valcon, the Company and Valcon shall negotiate in good faith to agree upon appropriate services, additional compensation and indemnification from the Company and/or one or more of its subsidiaries, as applicable, to hire Valcon, its Affiliates or the Sub-Contractors for such services on terms and conditions customary for transactions of similar size and scope.

contemplated by this Agreement or otherwise provided by Valcon or any of the Sub-Contractors to, or otherwise in connection with the operations of, the Company or any of its subsidiaries or Affiliates, other than as a result of the willful misconduct of Valcon or any member of the Advisor Group. No member of the Advisor Group makes any representations or warranties, express or implied, in respect of the services provided by any member of the Advisor Group. Except as Valcon or any other Sub-Contractor may otherwise agree in writing with respect to itself or its Affiliates: (i) each member of the Advisor Group shall have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly: (A) engage in the same or similar business activities or lines of business as the Company, its subsidiaries or any of their Affiliates and (B) do business with any client or customer of the Company, its subsidiaries or any of their Affiliates; (ii) no member of the Advisor Group shall be liable to the Company, its subsidiaries or any of their Affiliates, employees or shareholders for breach of any duty (contractual or otherwise) by reason of any such activities or of such Person’s participation therein; and (iii) in the event that any member of the Advisor Group acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Company, its subsidiaries or any of their Affiliates or shareholders, on the one hand, and any member of the Advisor Group, on the other hand, or any other Person, no member of the Advisor Group shall have any duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, its subsidiaries or any of their Affiliates or shareholders and, notwithstanding any provision of this Agreement to the contrary, no member of the Advisor Group shall be liable to the Company, its subsidiaries or any of their Affiliates or shareholders for breach of any duty (contractual or otherwise) by reason of the fact that any member of the Advisor Group directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company, its subsidiaries or any of their Affiliates or shareholders. In no event will any of the parties hereto be liable to any other party hereto for (i) any indirect, special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, arising out of this Agreement or the performance of services hereunder, or (ii) in respect of any liabilities relating to any third party claims (whether based in contract, tort or otherwise) arising out of this Agreement or the performance of services hereunder, except as set forth in Section 7 below.

7. Indemnity. The Company and its subsidiaries shall defend, indemnify and hold harmless each member of the Advisor Group from and against any and all Losses arising from any claim (collectively, “Claims”) by any Person with respect to, or in any way related to, this Agreement, arising out of or in connection with the performance of services contemplated by this Agreement or otherwise provided by any member of the Advisor Group to, or otherwise in connection with the operation of, the Company or any of its subsidiaries or Affiliates; provided that the foregoing indemnity shall not be available to any member of the Advisor Group if such member’s Loss is a result of the willful misconduct of any member of the Advisor Group. The Company and its subsidiaries shall defend at their own cost and expense any and all suits or actions (just or unjust) which may be brought against the Company, its subsidiaries or any of their Affiliates, or any member of the Advisor Group or in which any member of the Advisor Group may be impleaded with others upon any Claims, or upon any matter, directly or indirectly related to or arising out of this Agreement or the performance hereof by any member of the Advisor Group; provided that the Company and its subsidiaries shall not settle any such Claim without the consent of the members of the Advisor Group party thereto. If the indemnification provided for above is unavailable in respect of any Losses, then the Company

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and its subsidiaries, in lieu of indemnifying any member of the Advisor Group, shall contribute to the amount paid or payable by such member of the Advisor Group.

8. Independent Contractor. Each of Valcon and the Company agree that Valcon and each of the Sub-Contractors shall perform services hereunder as an independent contractor, retaining control over and responsibility for its own operations and personnel. Neither Valcon, nor any Sub-Contractor, nor any of their respective partners, members, shareholders, directors, officers, employees or agents shall be considered employees or agents of the Company or any of their subsidiaries as a result of this Agreement nor shall any of them have authority under this Agreement to contract in the name of or bind the Company or any of their subsidiaries, except as expressly agreed to in writing by the Company or any of their subsidiaries, respectively.

9. Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given, delivered and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section 9 prior to 5:00 p.m. (New York time) on a business day, (ii) the business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Agreement later than 5:00 p.m. (New York time) on any business day and earlier than 11:59 p.m. (New York time) on the day preceding the next business day, (iii) one (1) business day after when sent, if sent by nationally recognized overnight courier service (charges prepaid), or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

To the Company: ACN Holdings Inc. 770 Broadway New York, NY 10003 Attention: Chief Legal Officer

To Valcon: Valcon Acquisition B.V.Jachthavenweg 118 1081 KJ Amsterdam The Netherlands Tel.: +31 20 540 75 75 Fax.: +31 20 540 75 00 Attention: Management Board c/o Evert Vink

10. Successors. This Agreement and all the obligations and benefits hereunder shall inure to the successors and assigns of the parties.

11. Assignment. No party may assign any obligations hereunder to any other party without the prior written consent of each of the other parties; provided that Valcon may, without consent of the Company, assign its rights and obligations under this Agreement to any of its Affiliates or to any or all of the Sub-Contractors.

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12. Counterparts. This Agreement may be executed and delivered by each party hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same agreement.

13. Entire Agreement. The terms and conditions hereof constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, either oral or written, representations or warranties of any kind whatsoever, except as expressly set forth herein.

14. Amendments and Waivers. No amendment, modification, extension, termination or waiver of any term, provision or condition of this Agreement (each, an “Amendment”) shall be effective unless in writing and executed by the Company and Valcon.

Each such Amendment shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder, as to itself, by an instrument in writing signed by such party. No waiver on any one occasion shall extend to or effect or be construed as a waiver of any right or remedy on any other occasion. No course of dealing of any Person nor any delay or omission in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto.

15. Governing Law. All issues concerning this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of New York.

16. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York and the state courts sitting in the State of New York, County of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any

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party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9 hereof is reasonably calculated to give actual notice.

17. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 17 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

18. Joint and Several Liability. Each obligation described herein of the Company and/or its subsidiaries, as the case may be, shall be a joint and several obligation of the Company and its subsidiaries. If requested by Valcon, then the Company shall cause any of its subsidiaries to sign a counterpart signature page to this Agreement to evidence such joint and several liability. Upon an underwritten registered public offering of capital stock of any subsidiary of the Company, Valcon may cause such subsidiary (and its subsidiaries) to be released from joint and several liability for obligations hereunder arising after the closing of such offering, but this Agreement shall continue in full force and be binding on the Company and all of its other subsidiaries.

19. Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

“Affiliate” shall mean, with respect to any Person, (i) any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its controlled Affiliates shall be deemed an Affiliate of any of Valcon’s direct or indirect shareholders (and vice versa) and none of Valcon’s direct or indirect shareholders shall be deemed Affiliates of each other solely as a result of their relationship with respect to the Company.

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“Change in Control” shall mean any transaction (including, without limitation, any merger, consolidation or sale of assets or equity interests) the result of which is that any Person or “group” (as defined within the meaning of Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934 as in effect on the Effective Date), other than any of the Investors (as defined in the Shareholders Agreement) or their Affiliated Funds (as defined in the Shareholders Agreement), obtains (i) direct or indirect ownership of more than 50% of the voting rights of the Company, (ii) the right to appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of the Company, or (iii) all or substantially all of the assets of the Company.

“Parent” shall mean VNU N.V., a public limited liability company incorporated under the laws of The Netherlands.

“Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

“Qualified Public Offering” shall mean a public offering of equity securities of the Company, any Person that directly or indirectly owns all of the outstanding equity securities of the Company, or any of their respective subsidiaries, after the date hereof, with an aggregate value (together with any prior public offerings of equity securities after the date hereof of the Company, any Person that directly or indirectly owns all of the outstanding equity securities of the Company, or any of their respective subsidiaries that are not Qualified Public Offerings) in excess of $200,000,000 (including any compensation paid in connection with such public offering and the value of any equity securities held by shareholders participating in such offering) pursuant to an effective registration statement filed with a governmental body regulating the issuance and exchange of equity securities in the United States or The Netherlands.

“Quarterly Fee Amount” shall mean (a) $1.625 million per fiscal quarter for the Company’s fiscal year 2006; and (b) for each fiscal year thereafter during the Term, an amount per fiscal quarter equal to 105% of the applicable Quarterly Fee Amount for the immediately preceding fiscal year.

“Shareholders Agreement” shall mean (i) from the date hereof until the execution of the Definitive Shareholders Agreement in accordance with clause (ii) below, that certain Interim Investors Agreement, dated as of March 15, 2006, by and among AlpInvest Partners 2006 B.V., AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., Blackstone FI Communications Partnership (Cayman) L.P., Blackstone Family Communications Partnership (Cayman) L.P., Blackstone Capital Partners (Cayman) V L.P., Blackstone Capital Partners (Cayman) V-A L.P., Blackstone Family Investment Partnership (Cayman) V-A L.P., Blackstone Participation Partnership (Cayman) V L.P., Carlyle Partners IV Cayman, L.P., CP IV Coinvestment Cayman, L.P., CEP II Participations S.à r.l., SICAR, Hellman & Friedman Capital Partners V (Cayman), L.P., Hellman & Friedman Capital Partners V (Cayman Parallel), L.P., Hellman & Friedman Capital Associates V (Cayman), L.P., KKR Millennium Fund (Overseas), Limited Partnership, Thomas H. Lee (Alternative) Fund V, L.P., and THL Partners Equity VI, L.P. (collectively, the “Initial IIA Parties”), as amended pursuant to that certain First Amendment to Interim Investors Agreement, dated as of May 22, 2006, by and among the

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Initial IIA Parties, THL Fund VI (Alternative) Corp., THL Parallel Fund VI (Alternative) Corp., THL DT Fund VI (Alternative) Corp., THL Coinvestment Partners, L.P., Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company III LLC, Thomas H. Lee (Alternative) Fund VI, L.P., Thomas H. Lee (Alternative) Parallel Fund VI, L.P., Thomas H. Lee (Alternative) Parallel (DT) Fund VI, L.P., THL Fund V (Alternative) Corp., THL Parallel Fund V (Alternative) Corp., THL Cayman Fund V (Alternative) Corp., Thomas H. Lee Investors, Limited Partnership, Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company I LLC, Putnam Investments Employees’ Securities Company II LLC, Thomas H. Lee (Alternative) Parallel Fund V, L.P. and Thomas H. Lee (Alternative) Cayman Fund V, L.P., and as amended pursuant to that certain Second Amendment to Interim Investors Agreement, dated as of June 2, 2006, by and among AlpInvest Partners 2006 B.V., AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., Blackstone FI Communications Partnership (Cayman) L.P., Blackstone Family Communications Partnership (Cayman) L.P., Blackstone Capital Partners (Cayman) V L.P., Blackstone Family Investment Partnership (Cayman) V L.P., Blackstone Capital Partners (Cayman) V-A L.P., Blackstone Family Investment Partnership (Cayman) V-A L.P., Blackstone Participation Partnership (Cayman) V L.P., Carlyle Partners IV (Cayman), L.P., CP IV Coinvestment Cayman, L.P., CEP II Participations S.à r.l., SICAR, Hellman & Friedman Capital Partners V (Cayman), L.P., Hellman & Friedman Capital Partners V (Cayman Parallel), L.P., Hellman & Friedman Capital Associates V (Cayman), L.P., KKR Millennium Fund (Overseas), Limited Partnership, KKR VNU Millennium Limited, KKR Partners (International), Limited Partnership, KKR PEI SICAR S.à r.l., Thomas H. Lee (Alternative) Fund V, L.P., THL Partners Equity VI, L.P., THL Fund VI (Alternative) Corp., THL Parallel Fund VI (Alternative) Corp., THL DT Fund VI (Alternative) Corp., THL Coinvestment Partners, L.P., THL Fund V (Alternative) Corp., THL Parallel Fund V (Alternative) Corp., THL Cayman Fund V (Alternative) Corp., Thomas H. Lee Investors, Limited Partnership, Thomas H. Lee (Alternative) Parallel Fund V, L.P., Thomas H. Lee (Alternative) Cayman Fund V, L.P., Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company I LLC, Putnam Investments Employees’ Securities Company II LLC, and Putnam Investments Employees’ Securities Company III LLC, and as further amended from time to time in accordance with its terms (the “Interim Investors Agreement”), and (ii) immediately upon execution of the Shareholders Agreement contemplated by the Interim Investors Agreement (the “Definitive Shareholders Agreement”), such Definitive Shareholders Agreement, as amended from time to time in accordance with its terms.

“Sub-Contractors” shall mean, collectively, Blackstone Management Partners V L.L.C., TC Group, L.L.C., Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co., L.P., AlpInvest Partners 2006 B.V. and AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V., and THL Managers V, LLC and THL Managers VI, LLC.

* * * * *

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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SCHEDULE 8

ADDRESSES AND FAX NUMBERS FOR NOTICES

If to AlpInvest:

C/o AlpInvest Partners N.V. For the attention of Evert Vink and Patrick de van der Schueren Jachthavenweg 118 1081 KJ Amsterdam The Netherlands

Fax: +31 20 540 7500

With a copy to:

AlpInvest Partners, Inc. For the attention of Iain Leigh, Dennis Ever and Evert Vink 28 Floor 630 Fifth Avenue New York, NY 10111 United States of America

Fax: +1 212 332 6241

If to Blackstone:

The Blackstone Group For the attention of Michael Chae and Robert Reid 345 Park Avenue New York , NY 10154 United States of America

Fax: +1 212 583 5712

If to Carlyle:

The Carlyle Group For the attention of James Attwood and Eliot Merrill 42 Floor 520 Madison Avenue New York, NY 10022 United States of America

Fax: +1 212 381 4901

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th

nd

If to Hellman & Friedman:

Hellman & Friedman LLC For the attention of Arrie Park 12 Floor One Maritime Plaza San Francisco, CA 94111

Fax: +1 415 788 0176

With a copy to:

Hellman & Friedman Europe, Limited For the attention of Patrick Healy and Zita Saurel Burdett House 6 Floor 15-16 Buckingham Street London WC2N 6DU United Kingdom

Fax: +44 20 77839 5711

If to KKR:

Kohlberg Kravis Roberts & Co. For the attention of Alex Navab and Simon Brown 9 West 57 Street Suite 4200 New York, NY 10019

Fax: +1 212 750 0003

If to Thomas H. Lee Partners:

Thomas H. Lee Partners, LP For the attention of Scott Schoen 35 Floor 100 Federal Street Boston, MA 02110 United States of America

Fax: +1 617 227 3514

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th

th

th

th

If to Luxco, Dutch Holdco or Bidco:

C/o VNU, Inc. For the attention of James W. Cuminale 770 Broadway New York, NY 10003 United States of America

Fax: +1 646 654 5001

With a copy to:

Clifford Chance LLP For the attention of Joachim Fleury Droogbak 1A 1013 GE Amsterdam The Netherlands

Fax: +31 20 711 9999

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SCHEDULE 9

NAMED COMPETITORS

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1. Information Resources, Inc.

2. Taylor Nelson Sofres plc

3. GfK AG

4. Ipsos SA

5. IMS Health Incorporated

6. Arbitron Inc.

7. Reed Elsevier Group plc

8. The Thomson Corporation

9. Symphony Technology Group, LLC

SCHEDULE 10

EQUITY SYNDICATION

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Investors Aggregate KKR

Syndication Amounts Aggregate THL

Syndication Amounts Aggregate DB / KKR Syndication Amounts

Aggregate DB / THL Syndication Amounts

US$ % (of agg) US$ % (of agg) US$ % (of agg) US$ % (amounts acquired) (amounts acquired)

New Investors

KKR VNU Equity Investors, L.P. 125,000,000 100.00% 12,500,000 100.00%

THL Equity Fund VI Investors (VNU), L.P. 112,500,000 96.2279% - - 12,500,000 100.00%

THL Equity Fund VI Investors (VNU) II, L.P. 1,785,227 1.5270% - - - -

THL Equity Fund VI Investors (VNU) III, L.P. 2,624,745 2.2451% - - - -

(amounts transferred) (amounts transferred)

Syndicating KKR Investor KKR VNU (Millennium)

Limited 125,000,000 100.00% - - - - - - Syndicating THL Investor

THL Fund VI (Alternative) Corp. - - 116,909,972 100.00% - - - -

DB Syndicating Investors

AlpInvest Partners CS Investments 2006 C.V. - - - - 883,257 7.0660% 883,257 7.0660%

Blackstone Capital Partners (Cayman) V LP - - - - 2,458,669 19.6694% 2,458,669 19.6694%

Blackstone Family Investment Partnership (Cayman) V LP - - - - 114,496 0.9160% 114,496 0.9160%

Blackstone Family Investment Partnership (Cayman) V-A LP - - - - 11,069 0.0885% 11,069 0.0885%

Blackstone Participation Partnership (Cayman) V LP - - - - 7,932 0.0635% 7,932 0.0635%

Carlyle Partners IV Cayman, L.P. - - - - 2,043,064 16.3445% 2,043,064 16.3445%

CP IV Coinvestment Cayman, L.P. - - - - 82,513 0.6601% 82,513 0.6601%

CEP II Participations SICAR Sarl - - - - 466,590 3.7327% 466,590 3.7327%

Hellman & Friedman Capital Partners V (Cayman), L.P. - - - - 1,096,813 8.7745% 1,096,813 8.7745%

Hellman & Friedman Capital Partners V (Cayman Parallel), L.P. - - - - 150,643 1.2051% 150,643 1.2051%

Hellman & Friedman Capital Associates V (Cayman), L.P. - - - - 624 0.0050% 624 0.0050%

KKR VNU (Millenium) Limited - - - - 2,592,166 20.7373% 2,592,166 20.7373%

THL Fund VI (Alternative) Corp. - - - - 2,592,166 20.7373% 2,592,166 20.7373%

Exhibit 31.1

Certification of the Chief Executive Officer

I, David L. Calhoun, certify that:

1. I have reviewed this quarterly report on Form 10-Q of The Nielsen Company B.V. (“Nielsen”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in

all material respects the financial condition, results of operations and cash flows of Nielsen as of, and for, the periods presented in this report;

4. Nielsen’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures

(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange act rules 13a-15(f) and 15d-15(f)) for Nielsen and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Nielsen, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of Nielsen’s disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in Nielsen’s internal control over financial reporting that occurred during Nielsen’s most recent fiscal quarter (Nielsen’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Nielsen’s internal control over financial reporting; and

5. Nielsen’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over

financial reporting, to Nielsen’s auditors and the audit committee of Nielsen’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect Nielsen’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in

Nielsen’s internal control over financial reporting.

Date: November 11, 2009

By: /s/ DAVID L. CALHOUN David L. Calhoun Chairman, Executive Board and Chief Executive Officer

Exhibit 31.2

Certification of the Chief Financial Officer

I, Brian J. West, certify that:

1. I have reviewed this quarterly report on Form 10-Q of The Nielsen Company B.V. (“Nielsen”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in

all material respects the financial condition, results of operations and cash flows of Nielsen as of, and for, the periods presented in this report;

4. Nielsen’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures

(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange act rules 13a-15(f) and 15d-15(f)) for Nielsen and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Nielsen, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of Nielsen’s disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in Nielsen’s internal control over financial reporting that occurred during Nielsen’s most recent fiscal quarter (Nielsen’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Nielsen’s internal control over financial reporting; and

5. Nielsen’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over

financial reporting, to Nielsen’s auditors and the audit committee of Nielsen’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect Nielsen’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in

Nielsen’s internal control over financial reporting.

Date: November 11, 2009

By: /s/ BRIAN J. WEST Brian J. West Chief Financial Officer

Exhibit 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned does hereby certify that:

The Form 10-Q for the quarter ended September 30, 2009 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to The Nielsen Company B.V. and will be retained by The Nielsen Company B.V. and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ David L. CalhounDate: November 11, 2009 David L. Calhoun

Chairman, Executive Board and Chief Executive Officer

/s/ Brian J. WestDate: November 11, 2009 Brian J. West

Chief Financial Officer