q114 nlsn earnings webcast final

NYSE: NLSN

1ST QUARTER 2014 RESULTS CONFERENCE CALL & WEBCAST

APRIL 24, 2014 8:30AM ET

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NLSN 1Q 2014 Results 2

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

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

prospects, that relate to the Private Securities Litigation Reform Act of 1995. Forward-looking statements

are those which are not historical facts. These and other statements that relate to future results and

events are based on Nielsen’s current expectations as of April 24, 2014.

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

number of risks and uncertainties. The risks and uncertainties that we believe are material are outlined in

our disclosure filings and materials, which you can find on http://ir.nielsen.com. Please consult these

documents for a more complete understanding of these risks and uncertainties. We disclaim any intention

or obligation to update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise, except as may be required by law.

Our outlook is provided for the purpose of providing information about current expectations for 2014. This

information may not be appropriate for other purposes.

http://ir.nielsen.com/

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AGENDA

First Quarter Overview

Business Update

Financials and Guidance

Appendix and Reconciliations

Q&A

MITCH BARNS CHIEF EXECUTIVE OFFICER

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NLSN 1Q 2014 Results

FIRST QUARTER 2014 OVERVIEW • Strong 1Q performance; broad-based global growth

- Revenue grew 15.1% constant currency, or 4.8% core

- Underlying Watch growth of 6.2% driven by Digital, Ad Solutions

- Underlying Buy growth of 3.9% driven by developing markets and client wins

- Adjusted EBITDA grew 19.4%...up 22.9% constant currency

- Adjusted net income per share of $0.43...up 48.3% constant currency

• Continued progress on integration of Arbitron contributed to strong profitability growth

• Further strengthened our balance sheet with recent re-financing activity and remain confident in our long-term capital plans…3x net debt leverage area, dividend growth at least in-line with earnings, flexibility for share repurchases and M&A

• PE Ownership down to 25%

• Reiterating 2014 guidance

Well positioned to achieve both 2014 and long-term targets

*Core revenue growth excludes the impact of the Arbitron and Harris acquisitions

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UPDATE ON KEY GROWTH CATALYSTS

Focusing on key business priorities of our diverse global clients

Investing for growth in our Buy business…building out footprint in developing markets

Adding capabilities and leveraging global presence…winning clients

Audience Measurement

Online Campaign Ratings…broader acceptance, extension into mobile

Digital Program Ratings launch set for Q2

Extending video measurement to mobile; currency ready by Fall 2014

Deepening relationships to further eCommerce opportunities

Helping clients improve marketing effectiveness through Advertiser Solutions

Progressing with Nielsen Audio growth opportunities – marketing ROI, Digital, global

JAMERE JACKSON CHIEF FINANCIAL OFFICER

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TOTAL NIELSEN RESULTS – 1Q 2014 ($ in millions except per share amounts)

1ST QUARTER RESULTS

2014 2013 V% (a)

Revenues $1,489 $1,319 15.1%

Adjusted EBITDA $376 $315 22.9%

Adjusted EBITDA margin % 25.3% 23.9% 160 bps

Adjusted Net Income (ANI) $165 $116 48.6%

Diluted ANI per share (b) $0.43 $0.31 48.3%

Free Cash Flow $13 $(15) nm

• Revenues, ex-Arbitron and Harris, grew 4.8% due to broad-based strength in both Watch and Buy

• Continued margin expansion while reinvesting for long-term growth

• Strong growth in earnings fueled by operating leverage and solid execution of Arbitron integration

(a) Year-over-year growth in constant currency, excluding Free Cash Flow (b) Calculated using weighted average shares outstanding of 384.7 million for 1Q 2014 and 379.1

million for 1Q 2013. See Appendix for detail

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SEGMENT REVENUE ($ in millions)

• Buy revenue +3.9% (ex-Harris)

• Information grew 4.0% due to increased global demand for retail measurement and new client wins

• Insights growth of 3.8% (ex-Harris) with pockets of strength across developed and developing regions

• Developing markets +7.6% constant currency

• Watch growth of 6.2% (ex-Arbitron) driven by continued strength in audience measurement, which includes Digital, and Ad Solutions

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

1ST QUARTER RESULTS

2014 2013 V% (a)

Information $656 $648 4.0%

Insights $181 $163 13.8%

Total Buy $837 $811 5.9%

Watch $652 $508 29.4%

Total $1,489 $1,319 15.1%

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SEGMENT PROFITABILITY — ADJUSTED EBITDA ($ in millions)

• Buy: continued investments in developing markets and global platforms; investing to support new client wins

• Watch: scalable business model and execution of Arbitron integration

• Delivering on cost management and productivity efforts

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

1ST QUARTER RESULTS

2014 2013 V% (a)

Buy $118 $123 1.7%

Watch $267 $200 34.8%

Corporate $(9) $(8) NM

Total $376 $315 22.9%

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FOREIGN CURRENCY IMPACT

2013PF REVENUE DISTRIBUTION

U.S. & Canada 56%

Western Europe 17%

Asia <15%

LatAm, Africa, <15%

Middle East, Eastern Europe

No single currency is >3%, excluding USD, CAD, EUR &

GBP

We report on a constant currency basis to reflect operating performance

Projected Impact (a)

FX IMPACT: REPORTED VS. CONSTANT CURRENCY

(a) Projected impact assumes rates in effect at 4/23/14 remain in effect for the balance of 2014. Also based on company estimates for future quarters on distribution of revenue by currency.

(220)

(80)

0

(50) (80)

(350)

(200)

(90) (80)

(170)

1Q14 2Q14E 3Q14E 4Q14E FY14E

Revenue

EBITDA

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SELECTED FINANCIAL METRICS & BALANCE SHEET ITEMS (in millions)

FINANCIAL METRICS

1Q 14

Free Cash Flow $13

Capital Expenditures $77

D&A $141

Net Book Interest $76

Cash Taxes $32

Cash Restructuring $43

Wtd. avg. diluted shares 384.7

PROFORMA BALANCE SHEET – 3/31/14

Gross Debt $6,694

Cash $296

Net Debt $6,398

PF Net Debt Ratio (a) 3.6x

(a) Reflects net debt (gross debt minus cash), divided by Adjusted EBITDA calculated on last twelve months basis. Proforma net debt leverage ratio for 12/31/13 and 3/31/14 includes Arbitron (Audio) Adjusted EBITDA of $117 million for the nine months ended September 30, 2013 and $80 million for the six month period of April 1, 2013 to September 30, 2013, the date on which the Arbitron acquisition was completed, respectively.

(b) Weighted avg. interest rate calculated based on amount outstanding at end of quarter (c) 3/31/14 proforma gross and net debt reflects April 2014 transactions including $750 million 5.0% Senior Unsecured Note issuance, Term Loan paydown and re-financing and May 2014 call of $280

million of 7.75% Notes. Cash adjusted for fees, make-whole premium and cash to Balance Sheet.

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CAPITAL STRUCTURE PROFILE

Optimizing capital structure and driving shareholder value

*Does not reflect annual amortization of Term Loans

• Completed more than $4B of financing…further opportunities remain

• Increased weighted average maturity from 3.7 years to 6.1 years

• Attractive rates…weighted average interest rate at ~4.25%

• Investment grade-like covenants

• Favorable reaction from rating agencies

• Maintaining 3x net debt ratio enables us to both grow the business and return incremental capital to shareholders

($ in millions)

$2,901

$1,115 $1,083 $800 $625

2015 2016 2017 2018 2019 2020 2021 2022

$500 $800

$1,580

$800

$2,119

$750

2015 2016 2017 2018 2019 2020 2021 2022

MATURITY PROFILE AS OF 3/26 CAPITAL STRUCTURE UPDATE

CURRENT MATURITY PROFILE – PROFORMA*

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2014 GUIDANCE – APRIL 24, 2014 (Amounts in constant currency except adjusted net income per share)

Total Revenues 11.5% - 13.5%

Total Revenues (Core) 4.0% - 6.0%

Adj. EBITDA margin rate 29.0% - 30.0%

Adj. Net Income 22.0% - 27.0%

Adj. Net Income Per Share

$2.45 - $2.55

Deleveraging

~0.3x

Free Cash Flow

~$700M

Capital Expenditures $400M - $410M

Depreciation & Amortization

$575M - $600M

Net book interest

$300M - $310M

Cash taxes $170M - $180M

Cash restructuring $110M - $130M

Est. wtd. avg. diluted shares outstanding for FY 2014 386M

OTHER FINANCIAL METRICS

Reiterating 2014 guidance

Note: Total Revenue (Core) excludes the impact of the Arbitron and Harris acquisitions

APPENDIX

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CERTAIN NON-GAAP MEASURES

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

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

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CERTAIN NON-GAAP MEASURES (continued)

Adjusted EBITDA

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

Adjusted Net Income

We define Adjusted Net Income as net income or loss from our consolidated statements of operations before income taxes, depreciation and amortization associated with acquired tangible and intangible assets, restructuring charges, goodwill and intangible asset impairment charges, other non-operating items from our consolidated statements of operations and certain other items considered unusual or non-recurring in nature, reduced by cash paid for income taxes. Also excluded from Adjusted Net Income is interest expense attributable to the mandatory convertible subordinated bonds converted on February 1, 2013. Free Cash Flow We define free cash flow as net cash provided by operating activities, normalized for non-recurring Arbitron transaction costs, less capital expenditures. We believe providing free cash flow information provides valuable supplemental information regarding the cash flow that may be available for discretionary use by us. Free cash flow is not a presentation made in accordance with GAAP.

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

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

Quarter ended March 31, (Unaudited)

2014 2013 Net income $ 55 $ 34

Income from discontinued operations, net of tax -- (12)

Interest expense, net 76 77

Provision for income taxes 33 18

Depreciation and amortization 141 121

EBITDA 305 238

Equity in net (income)/loss of affiliates (1) 1

Other non-operating expense, net 30 24

Restructuring charges 24 35

Stock-based compensation expense 12 10

Other items (a) 6 7

Adjusted EBITDA 376 315

Interest expense, net (76) (77)

Depreciation and amortization (141) (121)

Depreciation and amortization of acquisition-related tangible and intangible assets 50 36

Cash paid for income taxes (32) (29)

Stock-based compensation expense (12) (10)

Interest expense attributable to mandatory convertible bonds -- 2

Adjusted net income $ 165 $ 116

Adjusted net income per share of common stock, diluted (b) $0.43 $0.31

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ADJUSTED NET INCOME RECONCILIATION: Q1 (continued)

(a) For the three months ended March 31, 2014, other items primarily consist of transaction related costs. For the three months ended March 31, 2013, other items primarily consist of the write down of uninsured deposits in Cyprus and transaction related costs.

(b) Adjusted Net Income per share of common stock presented on a diluted basis includes potential common shares associated with stock-based compensation plans that may have been considered anti-dilutive in accordance with GAAP. The first quarter 2013 amount also includes the weighted-average amount of shares of common stock convertible associated with the mandatory convertible bonds based upon the average price of our common stock during the pre- conversion period.

Weighted-average shares of common stock outstanding as of quarter ended March 31, 2014, basic

379,012,826

Dilutive shares of common stock from stock compensation plans 5,726,773

Weighted-average shares of common stock outstanding, diluted 384,739,599

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CAPITAL STRUCTURE PROFILE

*Does not reflect annual amortization of Term Loans

($ in millions)

$800 $1,115

$2,901

$625 $1,083

2015 2016 2017 2018 2019 2020 2021 2022

Weighted Avg. Life to Maturity: 3.7 yrs

CURRENT MATURITY PROFILE – PROFORMA*

$800

$1,580

$2,119

$800 $500

$750

2015 2016 2017 2018 2019 2020 2021 2022

Weighted Avg. Life to Maturity: 6.1 yrs

MATURITY PROFILE AS OF 3/26 CAPITAL STRUCTURE UPDATE

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DEBT WALK – 3/31/14 REPORTED TO PROFORMA ($ in millions)

Summary Gross Debt Cash Net Debt

Reported $ 6,646 $ 301 $ 6,345

Adjustment 48 (5) 53

Proforma $ 6,694 $ 296 $ 6,398

Debt Walk - Reported to Proforma 3/31/14 Reported Gross Debt $ 6,646

New 5.00% Senior Unsecured Note 750

Partial 7.75% Call (280)

Refi / Reduction of Secured Loan Debt (422)

3/31/14 Proforma Gross Debt 6,694

3/31/14 Reported Cash 301

Cash to Balance Sheet, Premium, Fees (5)

3/31/14 Proforma Cash 296

3/31/14 Proforma Net Debt $ 6,398

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FREE CASH FLOW RECONCILIATION ($ in millions)

QUARTER ENDED MARCH 31

2014 2013

Net Cash Provided by Operating Activities

$90 $54

Capital Expenditures (77) (70)

One-time Arbitron costs -- 1

Free Cash Flow $13 $(15)

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