Q215 Nielsen Earnings Presentation

1. NYSE: NLSN
2ND QUARTER 2015
RESULTS
TUESDAY JULY 28, 2015
8:00AM ET

2. Copyright©2015TheNielsenCompany.
2NLSN 2Q 2015 Results
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 July 28, 2015.
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 2015. This
information may not be appropriate for other purposes.

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3NLSN 2Q 2015 Results
AGENDAAGENDA
Second Quarter
Business Update
Financials and Guidance
Appendix and Reconciliations
Q&A

4. MITCH BARNS
CHIEF EXECUTIVE OFFICER

5. Copyright©2015TheNielsenCompany.
5NLSN 2Q 2015 Results
SECOND QUARTER 2015 OVERVIEW
Strong 2Q operating performance
- Revenue of $1.6 billion…up 4.8% constant currency
- Adjusted EBITDA of $468 million…up 7.3% constant currency
- Adjusted net income per share of $0.66…up 13.8% constant currency
- Free cash flow of $154 million…up 33% year over year
Continued execution on our balanced capital allocation framework
- Share buybacks: on track to repurchase $1 billion by mid-2016
- Acquisitions: eXelate integration on track
Reiterating 2015 guidance
INVESTING IN GROWTH, DELIVERING VALUE TO SHAREHOLDERS

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6NLSN 2Q 2015 Results
UPDATE ON KEY STRATEGIC INITIATIVES
RIGHT STRATEGY, CONTINUED STRONG EXECUTION
• Watch: Total Audience Measurement Progress
Total Audience: framework for comprehensive measurement of the consumer
Continued strength in core television audience measurement
Strong client interest for signature-based VOD measurement
Digital Ad Ratings growth, global coverage, Google DoubleClick international expansion
Rollout of Digital Content Ratings (with Adobe) on track for fall launch
Roku partnership to measure over-the-top viewing
• Marketing Effectiveness: Strong momentum across client base, eXelate a catalyst
• Buy: Unmatched Global Presence
New client wins in every region
Notable growth with small- and mid-tier clients
Broad-based Emerging market growth
Fourth consecutive quarter of constant currency margin expansion
• Innovation

7. JAMERE JACKSON
CHIEF FINANCIAL OFFICER

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8NLSN 2Q 2015 Results
TOTAL NIELSEN RESULTS
($ in millions except per share amounts, growth in constant currency , excluding Free Cash Flow)
• Revenues +4.8%, solid growth in Watch and Buy
• Margin expansion +72 bps while reinvesting for long-term growth
• Strong growth in earnings fueled by operating leverage and share repurchase
• Solid FCF growth of 33%
2Q 2015 2Q 2014 V%
Revenues $1,559 $1,594 4.8%
Adjusted EBITDA $468 $460 7.3%
Adjusted EBITDA margin % 30.0% 28.9% 72 bps
Adjusted Net Income (ANI) $246 $240 10.3%
Diluted ANI per share (a) $0.66 $0.62 13.8%
Free Cash Flow $154 $116 32.8%
(a) Calculated using weighted average shares outstanding of 372.6 million for 2Q 2015 and 385.4 million for 2Q 2014. See appendix for detail

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9NLSN 2Q 2015 Results
WATCH SEGMENT RESULTS
($ in millions, growth in constant currency)
REVENUE
PROFITABILITY
2Q DYNAMICS
Total Watch
Adjusted EBITDA
Margin
$707
$314
44.4%
2Q 15
$694
$301
43.4%
2Q 14
4.7%
6.1%
56 bps
V%
• Solid revenue growth driven by:
- Audience Measurement +5.1%;
ex-Audio +6.8%
• Growth initiatives are delivering
- Digital Ad Ratings campaigns tripled
- eXelate integration on track
- Marketing Effectiveness +21.7%
• Margin improvement driven by continued
productivity & operating leverage

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10NLSN 2Q 2015 Results
BUY SEGMENT RESULTS
($ in millions, growth in constant currency)
REVENUE
PROFITABILITY
2Q DYNAMICS
Developed
Adjusted EBITDA
Margin
$582
$162
19.0%
2Q 15
$614
$167
18.6%
2Q 14
2.8%
9.5%
81 bps
V%
Emerging $270 $286 9.3%
Total Buy $852 $900 4.8%
• Solid revenue growth +4.8%
• New client wins in every region
• Discretionary spend environment
remains steady
• Emerging: broad-based growth
• Margin improvement driven by cost out
initiatives and scaling emerging markets

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11NLSN 2Q 2015 Results
FOREIGN CURRENCY IMPACT
(a) Projected impact assumes rates in effect at 7/27/15 remain in effect for the balance of 2015. Also
based on company estimates for future quarters on distribution of revenue and EBITDA by currency.
No single currency is >3%,
excluding USD, CAD, EUR, CNY
& GBP
(650)
(700)
(740)
(480)
(640)(620)
(560)
(610)
(460)
(550)
1Q15 2Q15 3Q15E 4Q15E FY15E
Rev (bps) EBITDA (bps)
Note: We report on a constant currency basis to reflect operating performance
56%
11%
4%
3%
3%
23%
USD EUR CAD GBP CNY Other
2014 CURRENCY PROFILE - REVENUE
PROJECTED FX IMPACT(a):
REPORTED VS CONSTANT CURRENCY

12. Copyright©2015TheNielsenCompany.
12NLSN 2Q 2015 Results
2015 GUIDANCE - JULY 28, 2015
(Revenue and adj. EBITDA margin growth in constant currency)
Total Revenue 4.0% - 6.0%
Adj. EBITDA margin growth 50 – 70 bps
Adj. Net Income Per Share $2.60 - $2.66
Leverage ~3.6x
Free Cash Flow $850 - $900M
Net book interest $310M - $320M
Cash taxes $160M - $170M
Cash restructuring $50M - $75M
Est. wtd. avg. diluted shares
outstanding for FY 2015 ~371M
OTHER FINANCIAL METRICS
REITERATING 2015 GUIDANCE

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13NLSN 2Q 2015 Results
&

14. APPENDIX

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15NLSN 2Q 2015 Results
CERTAIN NON-GAAP MEASURES
Overview of Non-GAAP Presentations
We use the non-GAAP financial measures discussed below 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, total indebtedness or any other measures of operating
performance and financial condition, liquidity or indebtedness 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. 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.
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 (gross debt less cash and cash equivalents) 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 commonly used metrics to
evaluate and compare leverage between companies and are not presentations made in accordance with GAAP.

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16NLSN 2Q 2015 Results
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. We use Adjusted EBITDA to 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, equity in net income of affiliates,
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.
Free Cash Flow
We define free cash flow as net cash provided by operating activities, plus the excess tax benefit on stock-based compensation,
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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17NLSN 2Q 2015 Results
ADJUSTED NET INCOME RECONCILIATION: Q2
($ in millions except per share amounts)
Quarter ended June 30,
(Unaudited)
2015 2014
Net income $ 116 $ 76
Interest expense, net 78 77
Provision for income taxes 86 74
Depreciation and amortization 146 145
EBITDA 426 372
Equity in net income of affiliates -- (1)
Other non-operating expense, net 6 51
Restructuring charges 14 13
Stock-based compensation expense 13 12
Other items (a) 9 13
Adjusted EBITDA 468 460
Interest expense, net (78) (77)
Depreciation and amortization (146) (145)
Depreciation and amortization of acquisition-related tangible and intangible
assets
51 51
Cash paid for income taxes (36) (37)
Stock-based compensation expense (13) (12)
Adjusted net income $ 246 $ 240
Adjusted net income per share of common stock, diluted (b) $0.66 $0.62
(a), (b) See footnotes on next page

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18NLSN 2Q 2015 Results
ADJUSTED NET INCOME RECONCILIATION: Q2
(continued)
(a) For the three months ended June 30, 2015 and 2014, other items primarily consist of non-recurring
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.
Weighted-average shares of common stock outstanding as of quarter ended June
30, 2015, basic
368,364,597
Dilutive shares of common stock from stock compensation plans 4,216,436
Weighted-average shares of common stock outstanding, diluted 372,581,033

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19NLSN 2Q 2015 Results
FREE CASH FLOW RECONCILIATION
($ in millions)
QUARTER ENDED JUNE 30 2015 2014
Net cash provided by operating
activities
$251 $210
Less: Capital expenditures (97) (94)
Free cash flow $154 $116

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20NLSN 2Q 2015 Results
($ in millions)
2Q 15 Reported 2Q 14 Reported % V Reported
2Q 14 Constant
Currency
% V Constant
Currency
BUY $852 $900 (5.3)% $813 4.8%
WATCH $707 $694 1.9% $675 4.7%
TOTAL $1,559 $1,594 (2.2)% $1,488 4.8%
REVENUE RECONCILIATION
ADJUSTED EBITDA RECONCILIATION
2Q 15 Reported 2Q 14 Reported % V Reported
2Q 14 Constant
Currency
% V Constant
Currency
BUY $162 $167 (3.0)% $148 9.5%
WATCH $314 $301 4.3% $296 6.1%
CORPORATE $(8) $(8) NM $(8) NM
TOTAL $468 $460 1.7% $436 7.3%
($ in millions)

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21NLSN 2Q 2015 Results
DEBT CAPITAL TABLE
($ in millions)
(a) Reflects Net Debt (gross debt minus cash), divided by Adjusted EBITDA calculated on last twelve months basis
(b) Excludes capital leases
DEBT CAPITAL TABLE
6/30/15 3/31/15 Change
Loan Debt (secured) $3,609 $3,489 $120
4.50% Sr. Notes (10/1/20) 800 800 --
5.50% Sr. Notes (10/1/21) 625 625 --
5.00% Sr. Notes (4/15/22) 2,308 2,308 --
Capital lease/misc. debt 131 125 $6
Total Debt $7,473 $7,347 $126
Less Cash 331 343 ($12)
Net Debt $7,142 $7,004 $138
Net Debt Ratio (a) 3.9x 3.8x 0.1x
Weighted avg. interest rate (b) 3.97% 4.00% (3) bps

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22NLSN 2Q 2015 Results
SELECTED FINANCIAL METRICS & BALANCE SHEET ITEMS
($ in millions)
FINANCIAL METRICS
2Q 15
Free Cash Flow $154
Capital Expenditures $97
D&A $146
Net Book Interest $78
Cash Taxes $36
Cash Restructuring $26
Wtd. avg. diluted shares 372.6
BALANCE SHEET – 6/30/15
Gross Debt $7,473
Cash $331
Net Debt $7,142
Net Debt Ratio (a) 3.86x
CURRENT DEBT MATURITY PROFILE – 6/30/15(b)
$49 $118
$640
$212
$1,041
$814
$1,952
$2,308
2015 2016 2017 2018 2019 2020 2021 2022
(a) Reflects net debt (gross debt minus cash), divided by Adjusted EBITDA calculated on last twelve months basis
(b) Excludes Revolver ($208M), Capital Leases ($122M) and Miscellaneous Debt ($9M)

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