- Nielsen reported third quarter 2015 results with revenue of $1.5 billion, up 5.0% in constant currency. Adjusted EBITDA was $479 million, up 6.9% in constant currency. - Watch segment revenue grew 6.1% in constant currency, driven by growth in audience measurement and marketing effectiveness. Buy segment revenue grew 4.1% in constant currency, with solid growth globally despite challenges in some emerging markets. - Nielsen tightened its full-year 2015 guidance range and expects total revenue growth of 4.3-4.8% in constant currency and adjusted EBITDA margin expansion of over 70 basis points.

1. NYSE: NLSN
3RD QUARTER 2015
RESULTS
OCTOBER 21, 2015
8:00AM ET

2. Copyright©2015TheNielsenCompany.
2NLSN 3Q 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 October 21, 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.

3. Copyright©2015TheNielsenCompany.
3NLSN 3Q 2015 Results
AGENDAAGENDA
Third Quarter
Business Update
Financials and Guidance
Appendix and Reconciliations
Q&A

4. MITCH BARNS
CHIEF EXECUTIVE OFFICER

5. Copyright©2015TheNielsenCompany.
5NLSN 3Q 2015 Results
THIRD QUARTER 2015 OVERVIEW
3Q highlights
Revenue of $1.5 billion…up 5.0% constant currency
Adjusted EBITDA of $479 million…up 6.9% constant currency
Adjusted net income per share of $0.69…up 13.1% constant currency
Record free cash flow of $345 million…up 19% year over year
Continued execution on our balanced capital allocation framework
100% publicly owned
Tightening 2015 guidance range
Buy – revenue up 4.1% constant currency, driven by new client wins
Strong growth with retailers globally
Developed markets: discretionary spend largely unchanged
Emerging markets: solid against challenging macro backdrop
Fifth consecutive quarter of constant currency margin expansion
Watch – revenue up 6.1% constant currency
DELIVERING SHAREHOLDER VALUE; 37th CONSECUTIVE QUARTER OF CC REVENUE GROWTH
•
•
•

6. Copyright©2015TheNielsenCompany.
6NLSN 3Q 2015 Results
TOTAL AUDIENCE EXECUTION AND ADOPTION
EXECUTED ON EVERY DELIVERABLE LAID OUT YTD – 22 OUT OF 22
Execute
Digital Content Ratings released: Nielsen’s capabilities now cover the Total Audience
Evaluate
Clients ask themselves: “What do the numbers look like?” “Can I use them for
guarantees?”
Adopt
Digital Ad Ratings emerging as the standard for digital video ads
Growing relationships with Google and Facebook
List of clients implementing Digital Content Ratings rapidly growing
Continued strong growth in Video On Demand measurement
CBS All Access digital and mobile viewing adding to their ratings
Transact
Many clients already using the new metrics (e.g. Digital Ad Ratings) individually
Convening a series of multi-stakeholder meetings to broaden the current definition of
“currency” beyond TV
Next step: Gain consensus for a new broader, redefined “currency” rating for buying
and selling media
Goal: Consensus for new framework in place for the 2016 upfronts
1.
2.
3.
4.

7. JAMERE JACKSON
CHIEF FINANCIAL OFFICER

8. Copyright©2015TheNielsenCompany.
8NLSN 3Q 2015 Results
TOTAL NIELSEN RESULTS
($ in millions except per share amounts, growth in constant currency, excluding Free Cash Flow)
• Solid revenue growth in Watch and Buy
• Strong operating leverage
• Earnings fueled by margins and buybacks
• Record free cash flow
3Q
2015
3Q
2014
V%
Revenues $1,531 $1,572 5.0%
Adjusted EBITDA $479 $477 6.9%
Adjusted EBITDA margin % 31.3% 30.3% 56 bps
Adjusted Net Income (ANI) $256 $256 9.4%
Diluted ANI per share (a) $0.69 $0.66 13.1%
Free Cash Flow $345 $289 19.4%
(a) Calculated using weighted average shares outstanding of 369.5 million for 3Q 2015 and 385.9 million for 3Q 2014. See appendix for detail

9. Copyright©2015TheNielsenCompany.
9NLSN 3Q 2015 Results
WATCH SEGMENT RESULTS
($ in millions, growth in constant currency)
REVENUE
PROFITABILITY
3Q DYNAMICS
Total Watch
Adjusted EBITDA
Margin
$715
$334
46.7%
3Q 15
$694
$317
45.7%
3Q 14
6.1%
7.4%
57 bps
V%
• Strong revenue growth
 Audience Measurement, ex-Audio +5.8%
 Audio +11%…delivery timing
 Marketing Effectiveness +7.9%
 Portfolio pruning remains on track
• Growth initiatives are delivering
 Digital Ad Ratings more than doubled
 Digital Content Ratings released
 SVOD measurement gaining momentum
 eXelate driving new client wins
• Strong profitability driven by margin expansion

10. Copyright©2015TheNielsenCompany.
10NLSN 3Q 2015 Results
BUY SEGMENT RESULTS
($ in millions, growth in constant currency)
REVENUE
PROFITABILITY
3Q DYNAMICS
Developed
Adjusted EBITDA
Margin
$563
$157
19.2%
3Q 15
$588
$171
19.5%
3Q 14
3.1%
6.1%
36 bps
V%
Emerging $253 $290 6.3%
Total Buy $816 $878 4.1%
• Solid revenue growth +4.1%
• New client wins
• Emerging markets resilient…softer growth in
secondary markets
• Discretionary spend remains steady overall
• 5th straight quarter of margin expansion

11. Copyright©2015TheNielsenCompany.
11NLSN 3Q 2015 Results
FOREIGN CURRENCY IMPACT
(a) Projected impact assumes rates in effect at 10/20/15 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)
(760)
(500)
(650)(620)
(560)
(650)
(460)
(570)
1Q15 2Q15 3Q15 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 3Q 2015 Results
2015 GUIDANCE - OCTOBER 21, 2015
(Revenue and adj. EBITDA margin growth in constant currency)
Total Revenue 4.3% - 4.8%
Adj. EBITDA margin growth 70+ bps
Adj. Net Income Per Share $2.60 - $2.64
Leverage ~3.8x
Free Cash Flow ~$850M
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
TIGHTENING 2015 GUIDANCE RANGE

13. Copyright©2015TheNielsenCompany.
13NLSN 3Q 2015 Results
&

14. APPENDIX

15. Copyright©2015TheNielsenCompany.
15NLSN 3Q 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.

16. Copyright©2015TheNielsenCompany.
16NLSN 3Q 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.

17. Copyright©2015TheNielsenCompany.
17NLSN 3Q 2015 Results
ADJUSTED NET INCOME RECONCILIATION: Q3
($ in millions except per share amounts)
Quarter ended September 30,
(Unaudited)
2015 2014
Net income $ 142 $ 92
Interest expense, net 78 73
Provision for income taxes 82 95
Depreciation and amortization 144 139
EBITDA 446 399
Equity in net loss / (income) of affiliates 1 --
Other non-operating (income) / expense, net (5) 51
Restructuring charges 15 6
Stock-based compensation expense 12 12
Other items (a) 10 9
Adjusted EBITDA 479 477
Interest expense, net (78) (73)
Depreciation and amortization (144) (139)
Depreciation and amortization of acquisition-related tangible and intangible
assets
51 51
Cash paid for income taxes (40) (48)
Stock-based compensation expense (12) (12)
Adjusted net income $ 256 $ 256
Adjusted net income per share of common stock, diluted (b) $0.69 $0.66
(a), (b) See footnotes on next page

18. Copyright©2015TheNielsenCompany.
18NLSN 3Q 2015 Results
ADJUSTED NET INCOME RECONCILIATION: Q3
(continued)
(a) For the three months ended September 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
September 30, 2015, basic
365,498,696
Dilutive shares of common stock from stock compensation plans 3,999,243
Weighted-average shares of common stock outstanding, diluted 369,497,939

19. Copyright©2015TheNielsenCompany.
19NLSN 3Q 2015 Results
FREE CASH FLOW RECONCILIATION
($ in millions)
QUARTER ENDED SEPTEMBER 30 2015 2014
Net cash provided by operating
activities
$452 $392
Less: Capital expenditures (107) (103)
Free cash flow $345 $289

20. Copyright©2015TheNielsenCompany.
20NLSN 3Q 2015 Results
($ in millions)
3Q 15 Reported 3Q 14 Reported % V Reported
3Q 14 Constant
Currency
% V Constant
Currency
BUY $816 $878 (7.1)% $784 4.1%
WATCH $715 $694 3.0% $674 6.1%
TOTAL $1,531 $1,572 (2.6)% $1,458 5.0%
REVENUE RECONCILIATION
ADJUSTED EBITDA RECONCILIATION
3Q 15 Reported 3Q 14 Reported % V Reported
3Q 14 Constant
Currency
% V Constant
Currency
BUY $157 $171 (8.2)% $148 6.1%
WATCH $334 $317 5.4% $311 7.4%
CORPORATE $(12) $(11) NM $(11) NM
TOTAL $479 $477 0.4% $448 6.9%
($ in millions)

21. Copyright©2015TheNielsenCompany.
21NLSN 3Q 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
9/30/15 6/30/15 Change
Loan Debt (secured) $3,587 $3,609 $(22)
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 133 131 2
Total Debt $7,453 $7,473 $(20)
Less Cash 358 331 27
Net Debt $7,095 $7,142 $(47)
Net Debt Ratio (a) 3.8x 3.9x (0.1)x
Weighted avg. interest rate (b) 3.98% 3.97% 1 bps

22. Copyright©2015TheNielsenCompany.
22NLSN 3Q 2015 Results
SELECTED FINANCIAL METRICS & BALANCE SHEET ITEMS
($ in millions)
FINANCIAL METRICS
3Q 15
Free Cash Flow $345
Capital Expenditures $107
D&A $144
Net Book Interest $78
Cash Taxes $40
Cash Restructuring $15
Wtd. avg. diluted shares 369.5
BALANCE SHEET – 9/30/15
Gross Debt $7,453
Cash $358
Net Debt $7,095
Net Debt Ratio (a) 3.83x
CURRENT DEBT MATURITY PROFILE – 9/30/15(b)
$25
$118
$640
$212
$1,041
$814
$1,953
$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 ($210M), Capital Leases ($124M) and Miscellaneous Debt ($9M)

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http://ir.nielsen.com
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