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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





Form 10-Q





(Mark One)

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

For the quarterly period ended September 30, 2008

OR



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

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)







|                                                     |  |                                                              
|---------------------------------------------------- |  | -------------------------------------------------------------
|The Netherlands                                      |  | 98-0366864                                                   
|(State of incorporation)                             |  | (I.R.S. Employer Identification No.)                         
|                                                     | 
|770 Broadway New York, New York 10003 (646) 654-5000 |  | Ceylonpoort 5 2037 AA Haarlem The Netherlands +31 23-546 3463





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  x    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:)



|                           |  |                      |  |                                               |  |                             
|-------------------------- |  | -------------------- |  | --------------------------------------------- |  | ----------------------------
|Large accelerated filer   ̈ |  | Accelerated filer   ̈ |  | Non-accelerated filer  x                      |  | Smaller reporting company   ̈
|                           |  |                      |  | (Do not check if a smaller reporting company) |  |                             

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

There were 258,463,857 shares of the registrants Common Stock outstanding as of October 31, 2008









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Table of Contents

Contents



|                              |  |                                                                                       |  |     
|----------------------------- |  | ------------------------------------------------------------------------------------- |  | ----
|                              |  |                                                                                       |  | PAGE
|PART I. FINANCIAL INFORMATION |  |                                                                                      
|                              |  |                                                                                      
|Item 1.                       |  | Financial Statements                                                                  |  | 3   
|                              |  |                                                                                      
|Item 2.                       |  | Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 25  
|                              |  |                                                                                      
|Item 3.                       |  | Quantitative and Qualitative Disclosures About Market Risk                            |  | 44  
|                              |  |                                                                                      
|Item 4T.                      |  | Controls and Procedures                                                               |  | 45  
|                              | 
|PART II. OTHER INFORMATION    |  |                                                                                      
|                              |  |                                                                                      
|Item 1.                       |  | Legal Proceedings                                                                     |  | 46  
|                              |  |                                                                                      
|Item 1A.                      |  | Risk Factors                                                                          |  | 46  
|                              |  |                                                                                      
|Item 2.                       |  | Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 46  
|                              |  |                                                                                      
|Item 3.                       |  | Defaults Upon Senior Securities                                                       |  | 46  
|                              |  |                                                                                      
|Item 4.                       |  | Submission of Matters to a Vote of Security Holders                                   |  | 46  
|                              |  |                                                                                      
|Item 5.                       |  | Other Information                                                                     |  | 46  
|                              |  |                                                                                      
|Item 6.                       |  | Exhibits                                                                              |  | 46  
|                              |  |                                                                                      
|                              |  | Signatures                                                                            |  | 47  



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PART I. FINANCIAL INFORMATION



|Item 1. | Financial Statements
|------- | --------------------

The Nielsen Company B.V.

Condensed Consolidated Balance Sheets



|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------- | ------ | - | ---------------- | - | ------ | -
|(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)                                                                                                                     |  | September 30,2008 |        |   | December 31,2007 |  
|                                                                                                                                                                   |  | (Unaudited)       |        |   |                  |  
|Assets:                                                                                                                                                            |  |                   |        |   |                  |   |        |  
|Current assets                                                                                                                                                     |  |                   |        |   |                  |   |        |  
|Cash and cash equivalents                                                                                                                                          |  | $                 | 325    |   |                  | $ | 399    |  
|Trade and other receivables, net of allowances for doubtful accounts and sales returns of $22 and $27 as of September 30, 2008 and
December 31, 2007, respectively |  |                   | 923    |   |                  |   | 912    |  
|Prepaid expenses and other current assets                                                                                                                          |  |                   | 180    |   |                  |   | 182    |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total current assets                                                                                                                                               |  |                   | 1,428  |   |                  |   | 1,493  |  
|                                                                                                                                                                   |  |                  
|Non-current assets                                                                                                                                                 |  |                   |        |   |                  |   |        |  
|Property, plant and equipment, net                                                                                                                                 |  |                   | 561    |   |                  |   | 559    |  
|Goodwill                                                                                                                                                           |  |                   | 7,777  |   |                  |   | 7,786  |  
|Other intangible assets, net                                                                                                                                       |  |                   | 5,248  |   |                  |   | 5,343  |  
|Deferred tax assets                                                                                                                                                |  |                   | 319    |   |                  |   | 235    |  
|Other non-current assets                                                                                                                                           |  |                   | 792    |   |                  |   | 838    |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total assets                                                                                                                                                       |  | $                 | 16,125 |   |                  | $ | 16,254 |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|                                                                                                                                                                   |  |                  
|Liabilities, minority interests and shareholders equity:                                                                                                          |  |                   |        |   |                  |   |        |  
|Current liabilities                                                                                                                                                |  |                   |        |   |                  |   |        |  
|Accounts payable and other current liabilities                                                                                                                     |  | $                 | 928    |   |                  | $ | 1,135  |  
|Deferred revenues                                                                                                                                                  |  |                   | 442    |   |                  |   | 502    |  
|Income tax liabilities                                                                                                                                             |  |                   | 129    |   |                  |   | 100    |  
|Current portion of long-term debt, capital lease obligations and short-term borrowings                                                                             |  |                   | 320    |   |                  |   | 213    |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total current liabilities                                                                                                                                          |  |                   | 1,819  |   |                  |   | 1,950  |  
|                                                                                                                                                                   |  |                  
|Non-current liabilities                                                                                                                                            |  |                   |        |   |                  |   |        |  
|Long-term debt and capital lease obligations                                                                                                                       |  |                   | 8,147  |   |                  |   | 8,037  |  
|Deferred tax liabilities                                                                                                                                           |  |                   | 1,758  |   |                  |   | 1,716  |  
|Other non-current liabilities                                                                                                                                      |  |                   | 540    |   |                  |   | 590    |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total liabilities                                                                                                                                                  |  |                   | 12,264 |   |                  |   | 12,293 |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|                                                                                                                                                                   |  |                  
|Commitments and contingencies (Note 13)                                                                                                                            |  |                   |        |   |                  |   |        |  
|                                                                                                                                                                   |  |                  
|Minority interests                                                                                                                                                 |  |                   | 4      |   |                  |   | 4      |  
|                                                                                                                                                                   |  |                  
|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, 2008 and
December 31, 2007                             |  |                   | 58     |   |                  |   | 58     |  
|Additional paid-in capital                                                                                                                                         |  |                   | 4,346  |   |                  |   | 4,180  |  
|Accumulated deficit                                                                                                                                                |  |                   | (618   | ) |                  |   | (593   | )
|Accumulated other comprehensive income, net of income taxes                                                                                                        |  |                   | 70     |   |                  |   | 311    |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total shareholders equity                                                                                                                                         |  |                   | 3,857  |   |                  |   | 3,957  |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  
|Total liabilities, minority interests and shareholders equity                                                                                                     |  | $                 | 16,125 |   |                  | $ | 16,254 |  
|                                                                                                                                                                   |  |                   |        |   |                  |   |        |  

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



3



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The Nielsen Company B.V.

Condensed Consolidated Statements of Operations (Unaudited)



|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------ | ----- | - | ----------------------------- | - | ----- | ---- |  | - | ----- | - |  | - | ----- | -
|                                                                                                                               |  | Three MonthsEndedSeptember 30, |       |   | Nine MonthsEndedSeptember 30, |  
|(IN MILLIONS)                                                                                                                  |  | 2008                           |       |   | 2007                          |   |       | 2008 |  |   | 2007  |  
|Revenues                                                                                                                       |  | $                              | 1,260 |   |                               | $ | 1,188 |      |  | $ | 3,778 |   |  | $ | 3,429 |  
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Cost of revenues, exclusive of depreciation and amortization shown separately below                                            |  |                                | 548   |   |                               |   | 536   |      |  |   | 1,671 |   |  |   | 1,558 |  
|Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below                |  |                                | 414   |   |                               |   | 385   |      |  |   | 1,267 |   |  |   | 1,170 |  
|Depreciation and amortization                                                                                                  |  |                                | 128   |   |                               |   | 111   |      |  |   | 370   |   |  |   | 334   |  
|Restructuring costs                                                                                                            |  |                                | 46    |   |                               |   | 79    |      |  |   | 62    |   |  |   | 134   |  
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Operating income                                                                                                               |  |                                | 124   |   |                               |   | 77    |      |  |   | 408   |   |  |   | 233   |  
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Interest income                                                                                                                |  |                                | 4     |   |                               |   | 7     |      |  |   | 14    |   |  |   | 23    |  
|Interest expense                                                                                                               |  |                                | (163  | ) |                               |   | (164  | )    |  |   | (485  | ) |  |   | (477  | )
|(Loss)/gain on derivative instruments                                                                                          |  |                                | (38   | ) |                               |   | 19    |      |  |   | (5    | ) |  |   | 32    |  
|Foreign currency exchange transaction gains/(losses), net                                                                      |  |                                | 124   |   |                               |   | (47   | )    |  |   | 43    |   |  |   | (81   | )
|Other income/(expense), net                                                                                                    |  |                                | 1     |   |                               |   |      |      |  |   | (2    | ) |  |   | (2    | )
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Income/(loss) from continuing operations before income taxes, minority interests and equity in net (loss)/income of affiliates |  |                                | 52    |   |                               |   | (108  | )    |  |   | (27   | ) |  |   | (272  | )
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|(Provision)/benefit for income taxes                                                                                           |  |                                | (10   | ) |                               |   | 12    |      |  |   | 5     |   |  |   | 32    |  
|Minority interests                                                                                                             |  |                                | 1     |   |                               |   |      |      |  |   |      |   |  |   | 2     |  
|Equity in net (loss)/income of affiliates                                                                                      |  |                                | (1    | ) |                               |   | (5    | )    |  |   |      |   |  |   | 1     |  
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Income/(loss) from continuing operations                                                                                       |  |                                | 42    |   |                               |   | (101  | )    |  |   | (22   | ) |  |   | (237  | )
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Income/(loss) from discontinued operations, net of tax                                                                         |  |                                |      |   |                               |   | 1     |      |  |   | (3    | ) |  |   | 2     |  
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  
|Net income/(loss)                                                                                                              |  | $                              | 42    |   |                               | $ | (100  | )    |  | $ | (25   | ) |  | $ | (235  | )
|                                                                                                                               |  |                                |       |   |                               |   |       |      |  |   |       |   |  |   |       |  

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



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The Nielsen Company B.V.

Condensed Consolidated Statements of Cash Flows (Unaudited)



|                                                                                                |  |                                |      |   |      |   |      |  
|----------------------------------------------------------------------------------------------- |  | ------------------------------ | ---- | - | ---- | - | ---- | -
|                                                                                                |  | Nine Months EndedSeptember 30, |     
|(IN MILLIONS)                                                                                   |  | 2008                           |      |   | 2007 |  
|Operating Activities                                                                            |  |                                |      |   |      |   |      |  
|Net loss                                                                                        |  | $                              | (25  | ) |      | $ | (235 | )
|Adjustments to reconcile net loss to net cash provided by operating activities:                 |  |                                |      |   |      |   |      |  
|Share-based payments expense                                                                    |  |                                | 20   |   |      |   | 39   |  
|Loss/(gain) on sale of discontinued operations, net of tax                                      |  |                                | 3    |   |      |   | (18  | )
|Currency exchange rate differences on financial transactions and other losses                   |  |                                | (41  | ) |      |   | 83   |  
|Loss/(gain) on derivative instruments                                                           |  |                                | 5    |   |      |   | (32  | )
|Equity in net loss from affiliates, net of dividends received                                   |  |                                | 9    |   |      |   | 6    |  
|Minority interest in net loss of consolidated subsidiaries                                      |  |                                |     |   |      |   | (2   | )
|Gain on sale of fixed assets, subsidiaries and affiliates                                       |  |                                |     |   |      |   | (1   | )
|Depreciation and amortization                                                                   |  |                                | 370  |   |      |   | 334  |  
|Changes in operating assets and liabilities, net of effect of businesses acquired and divested: |  |                                |      |   |      |   |      |  
|Trade and other receivables, net                                                                |  |                                | (25  | ) |      |   | (29  | )
|Prepaid expenses and other current assets                                                       |  |                                | 2    |   |      |   | 1    |  
|Accounts payable and other current liabilities and deferred revenues                            |  |                                | (199 | ) |      |   | (53  | )
|Other non-current liabilities                                                                   |  |                                | 3    |   |      |   | (8   | )
|Interest receivable                                                                             |  |                                | 3    |   |      |   |     |  
|Interest payable                                                                                |  |                                | 88   |   |      |   | 63   |  
|Income taxes                                                                                    |  |                                | (73  | ) |      |   | (101 | )
|                                                                                                |  |                                |      |   |      |   |      |  
|Net cash provided by operating activities                                                       |  |                                | 140  |   |      |   | 47   |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Investing Activities                                                                            |  |                                |      |   |      |   |      |  
|Acquisition of subsidiaries and affiliates, net of cash acquired                                |  |                                | (258 | ) |      |   | (836 | )
|Proceeds from sale of subsidiaries and affiliates, net                                          |  |                                | 20   |   |      |   | 389  |  
|Additions to property, plant and equipment and other assets                                     |  |                                | (149 | ) |      |   | (108 | )
|Additions to intangible assets                                                                  |  |                                | (104 | ) |      |   | (77  | )
|Purchases of marketable securities                                                              |  |                                |     |   |      |   | (31  | )
|Sale and maturities of marketable securities                                                    |  |                                |     |   |      |   | 166  |  
|Other investing activities                                                                      |  |                                | 3    |   |      |   | 3    |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Net cash used in investing activities                                                           |  |                                | (488 | ) |      |   | (494 | )
|                                                                                                |  |                                |      |   |      |   |      |  
|Financing Activities                                                                            |  |                                |      |   |      |   |      |  
|Net borrowings from revolving credit facility                                                   |  |                                | 185  |   |      |   | 125  |  
|Proceeds from issuances of other debt, net of issuance costs                                    |  |                                | 217  |   |      |   | 445  |  
|Repayments of other debt                                                                        |  |                                | (173 | ) |      |   | (370 | )
|Decrease in other short-term borrowings                                                         |  |                                | (11  | ) |      |   | (71  | )
|Valcon capital contribution                                                                     |  |                                | 79   |   |      |   |     |  
|Activity under stock plans                                                                      |  |                                |     |   |      |   | (3   | )
|Settlement of derivatives and other financing activities                                        |  |                                | (8   | ) |      |   | 3    |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Net cash provided by financing activities                                                       |  |                                | 289  |   |      |   | 129  |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Effect of exchange-rate changes on cash and cash equivalents                                    |  |                                | (15  | ) |      |   | 27   |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Net decrease in cash and cash equivalents                                                       |  |                                | (74  | ) |      |   | (291 | )
|                                                                                                |  |                                |      |   |      |   |      |  
|Cash and cash equivalents at beginning of period                                                |  |                                | 399  |   |      |   | 631  |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Cash and cash equivalents at end of period                                                      |  | $                              | 325  |   |      | $ | 340  |  
|                                                                                                |  |                                |      |   |      |   |      |  
|Supplemental Cash Flow Information                                                              |  |                                |      |   |      |   |      |  
|Cash paid for income taxes                                                                      |  | $                              | 68   |   |      | $ | 69   |  
|Cash paid for interest, net of amounts capitalized                                              |  | $                              | 397  |   |      | $ | 414  |  

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



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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 (e.g., ACNielsen), Media (e.g., Nielsen Media Research) and
Business Media (e.g., Billboard, The Hollywood Reporter). Nielsen is active in more than 100 countries, with its headquarters located in Haarlem, 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 held 100% of the
Companys outstanding common shares as of September 30, 2008. 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 canceled. 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

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 30th in order to facilitate a timely consolidation. This one-month
reporting lag was eliminated during the first quarter of 2008 as it was no longer required to achieve a timely consolidation. In accordance with EITF No. 06-9, Reporting a Change in (or the Elimination of) a Previously Existing Difference
between the Fiscal Year-End of a Parent Company and That of a Consolidated Entity or between the Reporting Period of an Investor and That of an Equity Method Investee, the elimination of this previously existing reporting lag is considered a
change in accounting principle in accordance with FASB Statement No. 154, Accounting Changes and Error Corrections. The Company has not retrospectively applied the change in accounting since its impact to the consolidated balance
sheets and related statements of operations and cash flows was immaterial for all periods.

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. 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.

Fair Value Measurement

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, Fair Value
Measurement (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and establishes a hierarchy that categorizes and prioritizes the sources to be
used to estimate fair value. SFAS 157 also expands financial statement disclosures about fair value measurements. On February 12, 2008, the FASB issued FASB Staff Position No. 157-2 (FSP 157-2), which delays the effective date
of SFAS 157 for one year, for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). SFAS 157 and FSP 157-2
are effective for financial statements issued for fiscal years beginning after November 15, 2007. The Company adopted the provisions of SFAS 157 beginning January 1, 2008 for all financial assets and financial liabilities that are
recognized at fair value. Additionally, for all non-financial assets and non-financial liabilities that are recognized at fair value in the financial statements on a nonrecurring basis, the Company has adopted the provisions of FSP 157-2 and delayed
the effective date of SFAS 157 until January 1, 2009. The impact of partially adopting SFAS 157 effective January 1, 2008 was not material to the condensed consolidated financial statements.



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SFAS 157 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following
three categories:



|         |  |                                                                                                                                                            
|-------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|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.                                                                 

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, 2008:



|                                         |  |                   |     |           |   |           |  |           |     |  |   |  
|---------------------------------------- |  | ----------------- | --- | --------- | - | --------- |  | --------- | --- |  | - | -
|(IN MILLIONS)                            |  | September 30,2008 |     | (Level 1) |   | (Level 2) |  | (Level 3)
|Assets:                                  |  |                   |     |           |   |           |  |           |     |  |   |  
|Investments in mutual funds(1)           |  | $                 | 2   |           | $ | 2         |  | $         |    |  | $ | 
|Plan assets for deferred compensation(2) |  |                   | 14  |           |   | 14        |  |           |    |  |   | 
|Investments in equity securities(3)      |  |                   | 17  |           |   | 17        |  |           |    |  |   | 
|Currency swap arrangements(4)            |  |                   | 25  |           |   |          |  |           | 25  |  |   | 
|                                         |  |                   |     |           |   |           |  |           |     |  |   |  
|Total                                    |  | $                 | 58  |           | $ | 33        |  | $         | 25  |  | $ | 
|                                         |  |                   |     |           |   |           |  |           |     |  |   |  
|Liabilities:                             |  |                   |     |           |   |           |  |           |     |  |   |  
|Interest rate swap arrangements(4)       |  | $                 | 86  |           |   |          |  | $         | 86  |  | $ | 
|Currency swap arrangements(4)            |  |                   | 74  |           |   |          |  |           | 74  |  |   | 
|Deferred compensation liabilities(5)     |  |                   | 14  |           |   | 14        |  |           |    |  |   | 
|                                         |  |                   |     |           |   |           |  |           |     |  |   |  
|Total                                    |  | $                 | 174 |           | $ | 14        |  | $         | 160 |  | $ | 
|                                         |  |                   |     |           |   |           |  |           |     |  |   |  



|(1) | Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement
plans.
|--- | ---------------------------------------------------------------------------------------------------------------------------



|(2) | 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.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | Investments in equity securities are carried at fair value, which is based on either 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 until realized.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | Derivative financial instruments include foreign currency and interest rate swap arrangements accounted for as fair
value and cash flow hedges and recorded at fair value based on externally-developed valuation models that use readily observable market parameters.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(5) | 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 liabilities.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2. Summary of Recent Accounting Pronouncements

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities  including an Amendment of FASB Statement No. 115 (SFAS 159), which permits but does not require the Company to measure financial instruments and certain other items at fair value. Unrealized gains and losses
on items for which the fair value option has been elected are reported in earnings. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. As the Company did not elect to fair value any
of its financial instruments under the provisions of SFAS 159, the adoption of this statement effective January 1, 2008 did not have an impact on the Companys consolidated financial statements.



7



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In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about
Derivative Instruments and Hedging Activities  an Amendment of FASB Statement No. 133 (SFAS 161). SFAS 161 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 Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and
Hedging Activities; and (c) derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. SFAS 161 is effective for fiscal years and interim periods beginning after
November 15, 2008 and therefore the Company will be required to provide such disclosures beginning with the interim period ended March 31, 2009.

In April 2008, the FASB issued FASB Staff Position FAS No. 142-3 (FSP FAS 142-3) Determination of the Useful Life of Intangible Assets. FSP FAS 142-3 amends the factors that should be considered in developing renewal or
extension assumptions used to determine the useful life of a recognized intangible asset under SFAS 142, Goodwill and Other Intangible Assets, to include an entitys historical experience in renewing or extending similar
arrangements, adjusted for entity-specific factors, even when there is likely to be substantial cost or material modifications. FSP FAS 142-3 states that in the absence of historical experience an entity should use assumptions that
market participants would make regarding renewals or extensions, adjusted for entity-specific factors. The aforementioned guidance for determining the useful life of intangible assets will be applied prospectively to intangible assets acquired after
the effective date of January 1, 2009. Nielsen does not expect FSP FAS 142-3 to have a material impact on its consolidated financial statements.

3. Acquisitions and Investments in Affiliates

On May 15, 2008, the Company completed the acquisition of IAG Research, Inc,
subsequently rebranded as Nielsen IAG (IAG), for $222 million (including non-cash consideration of $1 million), which was net of $12 million of cash acquired. The acquisition will expand the Companys television and internet
analytics services through IAGs measurement of consumer engagement with television programs, national commercials and product placements. The Companys initial allocation of the total purchase price resulted in an increase to goodwill of
$220 million. During the three months ended September 30, 2008, Nielsen paid an additional $1 million in costs associated with the acquisition and also performed a preliminary valuation of the purchase price, which resulted in an allocation to
intangible assets and a reduction of goodwill of $50 million, net of tax. Nielsen does not expect that any change in allocation of purchase price resulting from the final valuation will have a material impact on its consolidated financial
statements.

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. In conjunction with these acquisitions and as of September 30, 2008, Nielsen has recorded deferred consideration of $12 million, which is payable through January 2009. Had the IAG acquisition and
other acquisitions occurred as of January 1, 2008, the impact on Nielsens consolidated results of operations would have been immaterial.

For
the nine months ended September 30, 2007, Nielsen completed several acquisitions with an aggregate consideration, net of cash acquired, of $837 million and deferred consideration up to a maximum of $1 million, contingent on future performance.
The most significant acquisitions were the purchase of the remaining minority interest of Nielsen BuzzMetrics ($47 million), on June 4, 2007, the purchase of the remaining minority interest of Nielsen//NetRatings ($328 million, including $33
million to settle all outstanding share-based awards), on June 22, 2007 and the acquisition of Telephia, Inc. (Telephia), on August 9, 2007, for approximately $453 million (including non-cash consideration of $6 million). The
Companys preliminary allocation of the total purchase price for these acquisitions resulted in an increase to goodwill of $594 million. During the nine months ended September 30, 2008, the Company finalized its valuation of these
acquisitions resulting in a net allocation to intangible assets and a net reduction of goodwill of $11 million, net of tax. Had these acquisitions occurred as of January 1, 2007, the impact on Nielsens consolidated results of operations
would have been immaterial. Prior to these acquisitions both Nielsen//NetRatings and Nielsen BuzzMetrics were consolidated subsidiaries of Nielsen up to the ownership interest.

4. Business Divestitures

During the nine months ended September 30, 2008, the Company received $20 million in
net proceeds primarily 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 our consolidated statement of
operations was immaterial for all periods presented.



8



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##### Table of Contents

Business Media Europe

On February 8, 2007, Nielsen completed the sale of a significant portion of its Business Media Europe (BME) unit for $414 million in cash. During the nine months ended September 30, 2008, Nielsen recorded a charge of
$3 million relating to the settlement of outstanding litigation associated with the disposed of unit.

During the nine months ended September 30,
2007, Nielsen recorded a gain on sale of discontinued operations of $17 million primarily related to BMEs previously recognized currency translation adjustments from the date of the Valcon Acquisition to the date of sale and a pension
curtailment. No other material gain was recognized on the sale because the sales price approximated the carrying value.

Summarized results of operations
for discontinued operations are as follows:



|                                           |  |                                 |   |                                |   |      |  |   |      |   |  |   |     |  
|------------------------------------------ |  | ------------------------------- | - | ------------------------------ | - | ---- |  | - | ---- | - |  | - | --- | -
|                                           |  | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |  
|(IN MILLIONS)                              |  | 2008                            |   | 2007                           |   | 2008 |  |   | 2007 |  
|Revenues                                   |  | $                               |  |                                | $ |     |  | $ |     |   |  | $ | 18  |  
|Operating loss                             |  |                                 |  |                                |   |     |  |   |     |   |  |   | (18 | )
|Loss before income taxes                   |  |                                 |  |                                |   |     |  |   |     |   |  |   | (20 | )
|Income tax benefit                         |  |                                 |  |                                |   |     |  |   |     |   |  |   | 4   |  
|                                           |  |                                 |   |                                |   |      |  |   |      |   |  |   |     |  
|Net loss                                   |  |                                 |  |                                |   |     |  |   |     |   |  |   | (16 | )
|Gain/(loss) on sale, net of tax(1)         |  |                                 |  |                                |   | 1    |  |   | (3   | ) |  |   | 18  |  
|                                           |  |                                 |   |                                |   |      |  |   |      |   |  |   |     |  
|Income/(loss) from discontinued operations |  | $                               |  |                                | $ | 1    |  | $ | (3   | ) |  | $ | 2   |  
|                                           |  |                                 |   |                                |   |      |  |   |      |   |  |   |     |  



|(1) | Gain on sale, net of tax, for the three and nine months ended September 30, 2007 includes $1 million relating to
divestitures other than the sale of a significant portion of BME.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5. Goodwill and Other Intangible Assets

Goodwill

The table below summarizes the changes in the
carrying amount of goodwill by reportable segment for the nine months ended September 30, 2008.



|                                                  |  |                  |       |   |       |   |       |               |  |   |       |   |  |   |       |  
|------------------------------------------------- |  | ---------------- | ----- | - | ----- | - | ----- | ------------- |  | - | ----- | - |  | - | ----- | -
|(IN MILLIONS)                                     |  | ConsumerServices |       |   | Media |   |       | BusinessMedia |  |   | Total |  
|Balance, December 31, 2007                        |  | $                | 2,919 |   |       | $ | 3,894 |               |  | $ | 973   |   |  | $ | 7,786 |  
|Valcon acquisition adjustments(1)                 |  |                  | (13   | ) |       |   | (15   | )             |  |   | (4    | ) |  |   | (32   | )
|Other acquisitions and purchase price adjustments |  |                  |      |   |       |   | 160   |               |  |   | (1    | ) |  |   | 159   |  
|Effect of foreign currency translation            |  |                  | (136  | ) |       |   |      |               |  |   |      |   |  |   | (136  | )
|                                                  |  |                  |       |   |       |   |       |               |  |   |       |   |  |   |       |  
|Balance, September 30, 2008                       |  | $                | 2,770 |   |       | $ | 4,039 |               |  | $ | 968   |   |  | $ | 7,777 |  
|                                                  |  |                  |       |   |       |   |       |               |  |   |       |   |  |   |       |  



|(1) | Valcon acquisition adjustments are comprised of reductions to previously established liabilities associated with various
income tax contingencies, primarily in the Netherlands.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

At September 30, 2008, $394 million of the goodwill is expected to be deductible for income tax purposes.

Other Intangible Assets



|                              |  |                   |       |                          |   |                   |  |   |                  |   |  |   |      |  
|----------------------------- |  | ----------------- | ----- | ------------------------ | - | ----------------- |  | - | ---------------- | - |  | - | ---- | -
|                              |  | Gross Amounts     |       | Accumulated Amortization |  
|(IN MILLIONS)                 |  | September 30,2008 |       | December 31,2007         |   | September 30,2008 |  |   | December 31,2007 |  
|Indefinite-lived intangibles: |  |                   |       |                          |   |                   |  |   |                  |   |  |   |      |  
|Trade names and trademarks    |  | $                 | 1,952 |                          | $ | 2,011             |  | $ |                 |   |  | $ |     |  
|Amortized intangibles:        |  |                   |       |                          |   |                   |  |   |                  |   |  |   |      |  
|Trade names and trademarks    |  |                   | 162   |                          |   | 155               |  |   | (14              | ) |  |   | (9   | )
|Customer-related intangibles  |  |                   | 3,027 |                          |   | 3,008             |  |   | (357             | ) |  |   | (252 | )
|Covenants-not-to-compete      |  |                   | 34    |                          |   | 28                |  |   | (25              | ) |  |   | (22  | )
|Computer software             |  |                   | 688   |                          |   | 566               |  |   | (255             | ) |  |   | (162 | )
|Patents and other             |  |                   | 46    |                          |   | 25                |  |   | (10              | ) |  |   | (5   | )
|                              |  |                   |       |                          |   |                   |  |   |                  |   |  |   |      |  
|Total                         |  | $                 | 5,909 |                          | $ | 5,793             |  | $ | (661             | ) |  | $ | (450 | )
|                              |  |                   |       |                          |   |                   |  |   |                  |   |  |   |      |  

Amortization expense for the three months ended September 30, 2008 and 2007 was $78 million and $69 million,
respectively. Amortization expense for the nine months ended September 30, 2008 and 2007 was $226 million and $205 million, respectively.

The
trade names associated with Nielsen Media Research and ACNielsen 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

During 2008 and
prior periods, Nielsen initiated restructuring plans that primarily resulted in the involuntary termination of certain employees. A summary of the changes in the liabilities for restructuring activities and a discussion of each of Nielsens
restructuring plans is provided below:



|                                       |  |                          |     |   |       |   |    |       |  |   |     |  
|-------------------------------------- |  | ------------------------ | --- | - | ----- | - | -- | ----- |  | - | --- | -
|(IN MILLIONS)                          |  | TransformationInitiative |     |   | Other |   |    | Total | 
|Balance at December 31, 2007           |  | $                        | 95  |   |       | $ | 4  |       |  | $ | 99  |  
|Net charges                            |  |                          | 62  |   |       |   |   |       |  |   | 62  |  
|Payments                               |  |                          | (74 | ) |       |   | (1 | )     |  |   | (75 | )
|Other non-cash charges                 |  |                          | (7  | ) |       |   |   |       |  |   | (7  | )
|Effect of foreign currency translation |  |                          | (1  | ) |       |   | (1 | )     |  |   | (2  | )
|                                       |  |                          |     |   |       |   |    |       |  |   |     |  
|Balance at September 30, 2008          |  | $                        | 75  |   |       | $ | 2  |       |  | $ | 77  |  
|                                       |  |                          |     |   |       |   |    |       |  |   |     |  

In December 2006, Nielsen announced its intention to expand current 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 is in the process of reducing costs by streamlining corporate functions, centralizing certain operational and information technology functions, leveraging global procurement, consolidating real estate,
and expanding outsourcing or offshoring of certain other operational and production processes. Implementation of these initiatives will continue through the first six months of 2009.

Nielsen recorded $46 million in net restructuring charges for the three months ended September 30, 2008. The net charges included severance costs associated with employee terminations as well as $18 million of
contractual termination costs and asset write-offs. Nielsen recorded $71 million in severance costs and $5 million in asset write-offs for the three months ended September 30, 2007. Nielsen also recorded $3 million in consulting fees and other
costs related to the review of corporate functions and outsourcing opportunities for the three months ended September 30, 2007. Consulting fees and related costs have been or will be recorded at the time the obligation is incurred. All
severance and consulting fees have been or will be settled in cash.

Nielsen recorded $62 million in net restructuring charges for the nine months ended
September 30, 2008. The net charges included severance costs and other non-cash charges relating to employee terminations as well as $19 million of contractual termination costs and asset write-offs. Nielsen recorded $101 million in severance
costs, $28 million in consulting fees and other related costs and $5 million in asset write-offs for the nine months ended September 30, 2007.



10



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7. Pensions and Other Post-Retirement Benefits

The following table provides the Companys expense associated with pension benefits.



|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|------------------------------------- |  | ----------------------------------- | --- | - | ------------ | - | --- | ----- |  | - | ----- | - |  | - | --- | -
|                                      |  | Net Periodic Pension Cost/(Benefit) |    
|(IN MILLIONS)                         |  | TheNetherlands                      |     |   | UnitedStates |   |     | Other |  |   | Total |  
|Three months ended September 30, 2008 |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Service cost                          |  | $                                   | 1   |   |              | $ |    |       |  | $ | 3     |   |  | $ | 4   |  
|Interest cost                         |  |                                     | 8   |   |              |   | 4   |       |  |   | 6     |   |  |   | 18  |  
|Expected return on plan assets        |  |                                     | (10 | ) |              |   | (4  | )     |  |   | (6    | ) |  |   | (20 | )
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Net periodic pension (benefit)/cost   |  | $                                   | (1  | ) |              | $ |    |       |  | $ | 3     |   |  | $ | 2   |  
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Nine months ended September 30, 2008  |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Service cost                          |  | $                                   | 3   |   |              | $ |    |       |  | $ | 9     |   |  | $ | 12  |  
|Interest cost                         |  |                                     | 26  |   |              |   | 12  |       |  |   | 20    |   |  |   | 58  |  
|Expected return on plan assets        |  |                                     | (33 | ) |              |   | (12 | )     |  |   | (20   | ) |  |   | (65 | )
|Amortization of gain                  |  |                                     |    |   |              |   |    |       |  |   | (1    | ) |  |   | (1  | )
|Curtailment loss                      |  |                                     |    |   |              |   | 1   |       |  |   |      |   |  |   | 1   |  
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Net periodic pension (benefit)/cost   |  | $                                   | (4  | ) |              | $ | 1   |       |  | $ | 8     |   |  | $ | 5   |  
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Three months ended September 30, 2007 |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Service cost                          |  | $                                   |    |   |              | $ |    |       |  | $ | 4     |   |  | $ | 4   |  
|Interest cost                         |  |                                     | 6   |   |              |   | 4   |       |  |   | 7     |   |  |   | 17  |  
|Expected return on plan assets        |  |                                     | (9  | ) |              |   | (4  | )     |  |   | (7    | ) |  |   | (20 | )
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Net periodic pension (benefit)/cost   |  | $                                   | (3  | ) |              | $ |    |       |  | $ | 4     |   |  | $ | 1   |  
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Nine months ended September 30, 2007  |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Service cost                          |  | $                                   | 3   |   |              | $ |    |       |  | $ | 12    |   |  | $ | 15  |  
|Interest cost                         |  |                                     | 19  |   |              |   | 11  |       |  |   | 19    |   |  |   | 49  |  
|Expected return on plan assets        |  |                                     | (26 | ) |              |   | (11 | )     |  |   | (19   | ) |  |   | (56 | )
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  
|Net periodic pension (benefit)/cost   |  | $                                   | (4  | ) |              | $ |    |       |  | $ | 12    |   |  | $ | 8   |  
|                                      |  |                                     |     |   |              |   |     |       |  |   |       |   |  |   |     |  

The net periodic benefit cost for other post-retirement benefits was insignificant for both the three and nine
months ended September 30, 2008 and 2007.



11



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8. Long-term Debt and Other Financing Arrangements

Unless otherwise stated, interest rates are as of September 30, 2008.



|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|-------------------------------------------------------------------------------------------------------------- |  | -------------------- | - | ----------------- | -------------- | ----- | -------------------- | ----- | - | -------------- | - | -----
|                                                                                                               |  | September 30, 2008   |   | December 31, 2007
|(IN MILLIONS)                                                                                                  |  | WeightedInterestRate |   |                   | CarryingAmount |       | WeightedInterestRate |       |   | CarryingAmount
|$4,525 million senior secured term loan (LIBOR based variable rate of 4.80%) due 2013                          |  |                      |   |                   | $              | 4,437 |                      |       |   |                | $ | 4,471
|EUR 546 million senior secured term loan (EURIBOR based variable rate of 6.51%) due 2013                       |  |                      |   |                   |                | 768   |                      |       |   |                |   | 797  
|$688 million senior secured revolving credit facility (EURIBOR or LIBOR based variable rate of 4.67%) due 2012 |  |                      |   |                   |                | 195   |                      |       |   |                |   | 10   
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Total senior secured credit facilities (with weighted average interest rate)                                   |  | 5.22                 | % |                   |                | 5,400 |                      | 7.44  | % |                |   | 5,278
|$1,070 million 12.50% senior subordinated discount debenture loan due 2016                                     |  |                      |   |                   |                | 761   |                      |       |   |                |   | 695  
|$870 million 10.00% senior debenture loan due 2014                                                             |  |                      |   |                   |                | 869   |                      |       |   |                |   | 650  
|EUR 343 million 11.125% senior discount debenture loan due 2016                                                |  |                      |   |                   |                | 356   |                      |       |   |                |   | 340  
|EUR 150 million 9.00% senior debenture loan due 2014                                                           |  |                      |   |                   |                | 211   |                      |       |   |                |   | 219  
|GBP 250 million 5.625% debenture loan (EMTN) due 2010 or 2017 (effective rate 5.76%)                           |  |                      |   |                   |                | 446   |                      |       |   |                |   | 497  
|EUR 50 million private placement debenture loan (EMTN) (3-month EURIBOR based variable rate of 6.36%) due 2010 |  |                      |   |                   |                | 71    |                      |       |   |                |   | 73   
|EUR 50 million private placement debenture loan (EMTN) (3-month EURIBOR based variable rate of 6.36%) due 2012 |  |                      |   |                   |                | 71    |                      |       |   |                |   | 73   
|EUR 30 million 6.75% private placement debenture loan (EMTN) due 2012                                          |  |                      |   |                   |                | 44    |                      |       |   |                |   | 46   
|JPY 4,000 million 2.50% private placement debenture loan (EMTN) due 2011 (effective rate 2.68%)                |  |                      |   |                   |                | 39    |                      |       |   |                |   | 37   
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Total debenture loans (with weighted average interest rate)                                                    |  | 10.55                | % |                   |                | 2,868 |                      | 10.31 | % |                |   | 2,630
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Other loans                                                                                                    |  | 6.26                 | % |                   |                | 7     |                      | 4.37  | % |                |   | 59   
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Total long-term debt                                                                                           |  |                      |   |                   |                | 8,275 |                      |       |   |                |   | 7,967
|                                                                                                               |  |                      |   |                  
|Capital lease obligations                                                                                      |  |                      |   |                   |                | 125   |                      |       |   |                |   | 130  
|Short-term debt                                                                                                |  |                      |   |                   |                | 3     |                      |       |   |                |   | 78   
|Bank overdrafts                                                                                                |  |                      |   |                   |                | 64    |                      |       |   |                |   | 75   
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Total debt and other financing arrangements                                                                    |  |                      |   |                   |                | 8,467 |                      |       |   |                |   | 8,250
|Less: Current portion of long-term debt, capital lease obligations and other short-term borrowings             |  |                      |   |                   |                | 320   |                      |       |   |                |   | 213  
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      
|Non-current portion of long-term debt and capital lease obligations                                            |  |                      |   |                   | $              | 8,147 |                      |       |   |                | $ | 8,037
|                                                                                                               |  |                      |   |                   |                |       |                      |       |   |                |   |      

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



|                                         |  |   |      
|---------------------------------------- |  | - | -----
|(IN MILLIONS)                            |  |  
|For October 1, 2008 to December 31, 2008 |  | $ | 11   
|2009                                     |  |   | 247  
|2010                                     |  |   | 562  
|2011                                     |  |   | 84   
|2012                                     |  |   | 160  
|2013                                     |  |   | 5,013
|Thereafter                               |  |   | 2,198
|                                         |  |   |      
|                                         |  | $ | 8,275
|                                         |  |   |      

On April 16, 2008, Nielsen Finance LLC and Nielsen Finance Co., the Companys subsidiaries, consummated
a private offering of $220 million aggregate principal amount of their 10% Senior Notes due 2014 (the Notes). The net proceeds of the private offering were used to finance the Companys acquisition of IAG and to pay related fees and
expenses. The Notes were subsequently registered in July 2008.



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9. Comprehensive (Loss)/Income

The following table sets forth the components of comprehensive (loss)/income, net of income tax:



|                                              |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  
|--------------------------------------------- |  | ------------------------------- | ---- | - | ------------------------------ | - | ---- | ---- |  | - | ---- | - |  | - | ---- | -
|                                              |  | Three Months EndedSeptember 30, |      |   | Nine Months EndedSeptember 30, |  
|(IN MILLIONS)                                 |  | 2008                            |      |   | 2007                           |   |      | 2008 |  |   | 2007 |  
|Net income/(loss)                             |  | $                               | 42   |   |                                | $ | (100 | )    |  | $ | (25  | ) |  | $ | (235 | )
|Other comprehensive (loss)/income, net of tax |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  
|Unrealized (losses)/gains on:                 |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  
|Currency translation adjustments              |  |                                 | (254 | ) |                                |   | 5    |      |  |   | (233 | ) |  |   | 130  |  
|Available-for-sale securities                 |  |                                 | (6   | ) |                                |   | (1   | )    |  |   | (3   | ) |  |   |     |  
|Changes in the fair value of cash flow hedges |  |                                 | (8   | ) |                                |   | (32  | )    |  |   | (5   | ) |  |   | (20  | )
|Pension liability                             |  |                                 |     |   |                                |   | 1    |      |  |   |     |   |  |   | 3    |  
|                                              |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  
|Total other comprehensive (loss)/income       |  |                                 | (268 | ) |                                |   | (27  | )    |  |   | (241 | ) |  |   | 113  |  
|                                              |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  
|Total comprehensive loss                      |  | $                               | (226 | ) |                                | $ | (127 | )    |  | $ | (266 | ) |  | $ | (122 | )
|                                              |  |                                 |      |   |                                |   |      |      |  |   |      |   |  |   |      |  

10. Share-Based Compensation

Under the Companys Equity Participation Plan, Valcon Acquisition Holding B.V. (Dutch Holdco), the direct parent of Valcon, granted 32,727 performance and 32,727 time-based awards and 581,250
performance and 581,250 time-based awards to certain key employees of the Company during the three months ended September 30, 2008 and September 30, 2007, respectively. During the nine months ended September 30, 2008 and
September 30, 2007, Dutch Holdco granted 1,322,052 performance and 1,322,052 time-based awards and 7,830,100 performance and 7,830,100 time-based awards, respectively.

As of September 30, 2008 the total number of shares authorized for award of options or other equity-based awards was 35,030,000. The 2008 time-based awards become exercisable over a vesting period tied to the
executives continuing employment as follows: 25% on December 31, 2008 and 25% on the last day of each of the next three calendar years. The 2008 performance options are tied to the executives continued employment and become vested
and exercisable based on the achievement of certain annual Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) targets over a four-year vesting period. If the annual EBITDA targets are achieved on a cumulative
basis for any current year and prior years, the options become vested as to a pro-rata portion for any prior years installments which were not vested because of failure to achieve the applicable annual EBITDA target. Both option tranches
expire ten years from date of grant. Upon a change in control, any then-unvested time-based options will fully vest and any then-unvested performance options can vest, subject to certain conditions.

The options granted during the three months ended September 30, 2008 have exercise prices of $11.00 and $22.00 per share and weighted average grant date fair values
of $3.21 and $0.94, respectively. For the nine months ended September 30, 2008, the options granted have weighted average grant date fair values of $3.32 and $1.10, respectively.

For the three and nine months ended September 30, 2008, Nielsen recognized $7 million and $20 million of compensation expense, respectively. For the three and nine months ended September 30, 2007, Nielsen
recognized $11 million and $29 million of compensation expense, respectively.

In 2007, certain subsidiaries of the Company maintained share-based award
plans. For its subsidiary Nielsen//NetRatings, Nielsen recognized no share-based compensation expense for the three months ended September 30, 2007 and $6 million for the nine months ended September 30, 2007, mainly due to acceleration of
expense related to the unvested portion of these awards. Nielsen also recognized no share-based compensation charge for the three months ended September 30, 2007 and $4 million for the nine months ended September 30, 2007, for its
subsidiary Nielsen BuzzMetrics. There are no subsidiary stock based compensation plans in place during 2008.

Acquisition of IAG

On May 15, 2008, Nielsen completed the acquisition of Nielsen IAG and concurrently provided 382,216 replacement awards under Nielsens existing Equity
Participation Plan. The replacement awards granted on May 15, 2008, have exercise prices of $2.75 and a weighted average grant date fair value of $8.25. All replacement awards are vested under the identical terms applicable to Nielsen IAG
options for which they were exchanged and the fair values of such awards which were vested were allocated as part of the preliminary purchase price allocation.



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11. Income Taxes

Nielsen operates in more than 100 countries around the world and its earnings are taxed at the applicable income tax rate in each of these countries.

The effective tax rates for the three months ended September 30, 2008 and 2007 were 19% expense and 11% (benefit) respectively. The effective tax rate for the three months ended September 30, 2008 was lower than the Dutch
statutory rate primarily due to favorable audit settlements in foreign jurisdictions that occurred in the quarter.

The effective tax rates for the nine
months ended September 30, 2008 and 2007 were 19% (benefit) and 12% (benefit) respectively. The effective tax benefit rate for the nine months ended September 30, 2008 was lower than the Dutch 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.

The effective tax rates for the three and nine months ended September 30, 2007 were lower than the Dutch statutory rate primarily as a result of
establishing a valuation allowance on foreign tax credits.

Liabilities for unrecognized income tax benefits totaled $166 million and $195 million as of
September 30, 2008 and December 31, 2007, respectively.

The Company files numerous consolidated and separate income tax returns in the United
States federal jurisdiction and in many state and foreign jurisdictions. 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 2006. The Internal Revenue Service (IRS) commenced examinations of certain of the Companys U.S. federal income tax returns for 2004 in the third
quarter of 2006. The Company is under corporate examination in the Netherlands for the years 2002 through 2004. The Company is also under Canadian audit for the years 2002 through 2006. It is anticipated that these examinations will be completed
within the next twelve months. 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 $2 million and
$8 million in selling, general and administrative expenses related to Sponsor management fees, travel and consulting for both the three and nine months ended September 30, 2008 and September 30, 2007, respectively.

During the second quarter of 2008, Nielsen repaid all previously outstanding loans with both Valcon and Dutch Holdco. A portion of the repayments was used by Valcon to
acquire the remaining outstanding Nielsen common shares through a statutory squeeze-out procedure, pursuant to Dutch legal and regulatory requirements.

At September 30, 2008, short-term debt included $3 million payable to Dutch Holdco. The Company recorded $2 million and $3 million in interest expense from loans with related parties for the nine months ended September 30, 2008
and September 30, 2007, respectively.

13. Commitments and Contingencies

Legal Proceedings and Contingencies

Nielsen is subject to litigation and other claims in the ordinary course
of business; however, except as described below, there are no other pending actions, suits or proceedings against or affecting Nielsen which, if determined adversely to Nielsen, would in its view, individually or in the aggregate, have a material
effect on Nielsens business, consolidated financial position or results of operations.

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.



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Pursuant to the agreements affecting the 1996 Spin-Off, among other things, 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. During the three months ended September 30, 2008, Nielsen paid $6 million to settle its portion of one of the outstanding tax matters previously in arbitration,
including $1 million in interest. As of September 30, 2008, Nielsen has $10 million of remaining accruals, which are considered to be adequate to cover any liabilities associated with the remaining matters.

Contractual Commitments

Outsourced Services Agreement

On February 19, 2008, AC Nielsen (US), Inc., a subsidiary of Nielsen, amended and restated its Master Services Agreement dated June 16, 2004
(MSA), with Tata America International Corporation and Tata Consultancy Services Limited (jointly TCS). The term of the amended and restated MSA is for ten years, effective October 1, 2007; with a one year renewal
option granted to Nielsen, during which ten year period (or if Nielsen exercises its renewal option, eleven year period) Nielsen has committed to purchase at least $1 billion in services from TCS. Unless mutually agreed, the payment rates for
services under the amended and restated MSA are not subject to adjustment due to inflation or changes in foreign currency exchange rates. TCS will provide Nielsen with Information Technology, Applications Development and Maintenance and
Business Process Outsourcing services globally. The amount of the purchase commitment may be reduced upon the occurrence of certain events, some of which also provide Nielsen with the right to terminate the agreement.

Information Technology Infrastructure Outsourcing Agreement

During
the first quarter of 2008, the Company entered into an agreement with TCS to outsource its global IT Infrastructure services. The agreement has an initial term of seven years, and provides for TCS to manage Nielsens infrastructure costs at an
agreed upon level and to provide Nielsen infrastructure services globally for an annual service charge of $39 million per year. The agreement is subject to earlier termination under certain limited conditions.

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 fourth quarter of 2007, to
conform to a change in presentation reflected in management reporting, Nielsen reclassified its Claritas business from Consumer Services to the Media segment. The business segment results for the three and nine months ended September 30, 2007
have been reclassified for comparison purposes.



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Information with respect to the operations of each Nielsen business segment for the three and nine months ended
September 30, 2008 and 2007, as well as total assets for each business segment as of September 30, 2008 and December 31, 2007, are set forth below based on the nature of the products and services offered and geographic areas of
operations.

Three months ended September 30, 2008 and September 30, 2007



|                                      |  |                  |       |       |   |               |  |           |       |  |       |     |   |  |   |       
|------------------------------------- |  | ---------------- | ----- | ----- | - | ------------- |  | --------- | ----- |  | ----- | --- | - |  | - | ------
|(IN MILLIONS)                         |  | ConsumerServices |       | Media |   | BusinessMedia |  | Corporate |       |  | Total
|2008                                  |  |                  |       |       |   |               |  |           |       |  |       |     |   |  |   |       
|Revenues                              |  | $                | 714   |       | $ | 435           |  | $         | 113   |  | $     | (2  | ) |  | $ | 1,260 
|Depreciation and amortization         |  | $                | 44    |       | $ | 65            |  | $         | 9     |  | $     | 10  |   |  | $ | 128   
|Restructuring costs                   |  | $                | 37    |       | $ | 2             |  | $         | 1     |  | $     | 6   |   |  | $ | 46    
|Share-Based Compensation              |  | $                | 1     |       | $ | 3             |  | $         |      |  | $     | 3   |   |  | $ | 7     
|Operating income                      |  | $                | 49    |       | $ | 84            |  | $         | 28    |  | $     | (37 | ) |  | $ | 124   
|                                      |  |                  |       |       |  
|Total assets as of September 30, 2008 |  | $                | 6,241 |       | $ | 7,798         |  | $         | 1,535 |  | $     | 551 |   |  | $ | 16,125
|2007                                  |  |                  |       |       |   |               |  |           |       |  |       |     |   |  |   |       
|Revenues                              |  | $                | 667   |       | $ | 395           |  | $         | 128   |  | $     | (2  | ) |  | $ | 1,188 
|Depreciation and amortization         |  | $                | 42    |       | $ | 55            |  | $         | 11    |  | $     | 3   |   |  | $ | 111   
|Restructuring costs                   |  | $                | 59    |       | $ | 6             |  | $         | 2     |  | $     | 12  |   |  | $ | 79    
|Share-Based Compensation              |  | $                | 2     |       | $ | 4             |  | $         | 1     |  | $     | 4   |   |  | $ | 11    
|Operating income                      |  | $                | 19    |       | $ | 62            |  | $         | 27    |  | $     | (31 | ) |  | $ | 77    
|                                      |  |                  |       |       |  
|Total assets as of December 31, 2007  |  | $                | 6,536 |       | $ | 7,676         |  | $         | 1,602 |  | $     | 440 |   |  | $ | 16,254

Nine months ended September 30, 2008 and September 30, 2007



|                              |  |                  |       |       |   |               |  |           |     |  |       |     |   |  |   |      
|----------------------------- |  | ---------------- | ----- | ----- | - | ------------- |  | --------- | --- |  | ----- | --- | - |  | - | -----
|(IN MILLIONS)                 |  | ConsumerServices |       | Media |   | BusinessMedia |  | Corporate |     |  | Total
|2008                          |  |                  |       |       |   |               |  |           |     |  |       |     |   |  |   |      
|Revenues                      |  | $                | 2,140 |       | $ | 1,275         |  | $         | 366 |  | $     | (3  | ) |  | $ | 3,778
|Depreciation and amortization |  | $                | 129   |       | $ | 188           |  | $         | 29  |  | $     | 24  |   |  | $ | 370  
|Restructuring costs           |  | $                | 46    |       | $ | 5             |  | $         | 2   |  | $     | 9   |   |  | $ | 62   
|Share-Based Compensation      |  | $                | 4     |       | $ | 7             |  | $         | 1   |  | $     | 8   |   |  | $ | 20   
|Operating income              |  | $                | 176   |       | $ | 228           |  | $         | 88  |  | $     | (84 | ) |  | $ | 408  
|2007                          |  |                  |       |       |   |               |  |           |     |  |       |     |   |  |   |      
|Revenues                      |  | $                | 1,908 |       | $ | 1,135         |  | $         | 389 |  | $     | (3  | ) |  | $ | 3,429
|Depreciation and amortization |  | $                | 125   |       | $ | 166           |  | $         | 35  |  | $     | 8   |   |  | $ | 334  
|Restructuring costs           |  | $                | 86    |       | $ | 11            |  | $         | 5   |  | $     | 32  |   |  | $ | 134  
|Share-Based Compensation      |  | $                | 5     |       | $ | 19            |  | $         | 3   |  | $     | 12  |   |  | $ | 39   
|Operating income              |  | $                | 94    |       | $ | 153           |  | $         | 77  |  | $     | (91 | ) |  | $ | 233  

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 consolidating balance sheet as of September 30, 2008 and December 31, 2007 and consolidating statements of operations and cash flows for the three and nine months ended September 30, 2008 and
2007. 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 Holdings B.V., VNU International B.V., VNU Services B.V., ACN Holdings, Inc., The Nielsen Company (US) Inc. and the wholly-owned subsidiaries thereof, including the wholly owned U.S. subsidiaries of ACN
Holdings, Inc. and Nielsen, Inc., in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are The Nielsen Company B.V. and the subsidiary issuers, Nielsen Finance LLC and Nielsen
Finance Co., both wholly owned subsidiaries of the Company.

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.



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The Nielsen Company B.V.

Condensed Consolidated Balance Sheet (Unaudited)

September 30, 2008



|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|-------------------------------------------------------------------------------------- |  | ------ | ----- | ------- | - | ----- | --------- |  | ------------- | ------ | ----------- | - | ----- | ------------ | - | ------- | - |  | - | ------
|(IN MILLIONS)                                                                          |  | Parent |       | Issuers |   |       | Guarantor |  | Non-Guarantor |        | Elimination |   |       | Consolidated
|Assets:                                                                                |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Current assets                                                                         |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Cash and cash equivalents                                                              |  | $      | 1     |         | $ |      |           |  | $             | 54     |             | $ | 270   |              | $ |        |   |  | $ | 325   
|Trade and other receivables, net                                                       |  |        |      |         |   |      |           |  |               | 393    |             |   | 530   |              |   |        |   |  |   | 923   
|Prepaid expenses and other current assets                                              |  |        | 7     |         |   | 17    |           |  |               | 89     |             |   | 67    |              |   |        |   |  |   | 180   
|Intercompany receivables                                                               |  |        | 346   |         |   | 62    |           |  |               | 373    |             |   | 405   |              |   | (1,186  | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total current assets                                                                   |  |        | 354   |         |   | 79    |           |  |               | 909    |             |   | 1,272 |              |   | (1,186  | ) |  |   | 1,428 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Non-current assets                                                                     |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Property, plant and equipment, net                                                     |  |        |      |         |   |      |           |  |               | 361    |             |   | 200   |              |   |        |   |  |   | 561   
|Goodwill                                                                               |  |        |      |         |   |      |           |  |               | 5,799  |             |   | 1,978 |              |   |        |   |  |   | 7,777 
|Other intangible assets, net                                                           |  |        |      |         |   |      |           |  |               | 3,933  |             |   | 1,315 |              |   |        |   |  |   | 5,248 
|Deferred tax assets                                                                    |  |        | 3     |         |   | 26    |           |  |               | 210    |             |   | 80    |              |   |        |   |  |   | 319   
|Other non-current assets                                                               |  |        | 17    |         |   | 114   |           |  |               | 498    |             |   | 163   |              |   |        |   |  |   | 792   
|Equity investment in subsidiaries                                                      |  |        | 3,838 |         |   |      |           |  |               | 4,022  |             |   |      |              |   | (7,860  | ) |  |   |      
|Intercompany loans                                                                     |  |        | 711   |         |   | 6,941 |           |  |               | 964    |             |   | 1,504 |              |   | (10,120 | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total assets                                                                           |  | $      | 4,923 |         | $ | 7,160 |           |  | $             | 16,696 |             | $ | 6,512 |              | $ | (19,166 | ) |  | $ | 16,125
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Liabilities, minority interests and shareholders equity:                              |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Current liabilities                                                                    |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Accounts payable and other current liabilities                                         |  | $      | 13    |         | $ | 61    |           |  | $             | 323    |             | $ | 531   |              | $ |        |   |  | $ | 928   
|Deferred revenues                                                                      |  |        |      |         |   |      |           |  |               | 274    |             |   | 168   |              |   |        |   |  |   | 442   
|Income tax liabilities                                                                 |  |        |      |         |   |      |           |  |               | 95     |             |   | 34    |              |   |        |   |  |   | 129   
|Current portion of long-term debt, capital lease obligations and short-term borrowings |  |        |      |         |   | 45    |           |  |               | 265    |             |   | 10    |              |   |        |   |  |   | 320   
|Intercompany payables                                                                  |  |        |      |         |   | 166   |           |  |               | 778    |             |   | 242   |              |   | (1,186  | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total current liabilities                                                              |  |        | 13    |         |   | 272   |           |  |               | 1,735  |             |   | 985   |              |   | (1,186  | ) |  |   | 1,819 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Non-current liabilities                                                                |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Long-term debt and capital lease obligations                                           |  |        | 1,027 |         |   | 7,001 |           |  |               | 99     |             |   | 20    |              |   |        |   |  |   | 8,147 
|Deferred tax liabilities                                                               |  |        |      |         |   |      |           |  |               | 1,604  |             |   | 154   |              |   |        |   |  |   | 1,758 
|Intercompany loans                                                                     |  |        |      |         |   |      |           |  |               | 9,166  |             |   | 954   |              |   | (10,120 | ) |  |   |      
|Other non-current liabilities                                                          |  |        | 26    |         |   | 78    |           |  |               | 254    |             |   | 182   |              |   |        |   |  |   | 540   
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total liabilities                                                                      |  |        | 1,066 |         |   | 7,351 |           |  |               | 12,858 |             |   | 2,295 |              |   | (11,306 | ) |  |   | 12,264
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Minority interests                                                                     |  |        |      |         |   |      |           |  |               |       |             |   | 4     |              |   |        |   |  |   | 4     
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total shareholders equity                                                             |  |        | 3,857 |         |   | (191  | )         |  |               | 3,838  |             |   | 4,213 |              |   | (7,860  | ) |  |   | 3,857 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total liabilities, minority interests and shareholders equity                         |  | $      | 4,923 |         | $ | 7,160 |           |  | $             | 16,696 |             | $ | 6,512 |              | $ | (19,166 | ) |  | $ | 16,125
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       



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The Nielsen Company B.V.

Condensed Consolidated Balance Sheet

December 31, 2007



|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|-------------------------------------------------------------------------------------- |  | ------ | ----- | ------- | - | ----- | --------- |  | ------------- | ------ | ----------- | - | ----- | ------------ | - | ------- | - |  | - | ------
|(IN MILLIONS)                                                                          |  | Parent |       | Issuers |   |       | Guarantor |  | Non-Guarantor |        | Elimination |   |       | Consolidated
|Assets:                                                                                |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Current assets                                                                         |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Cash and cash equivalents                                                              |  | $      | 1     |         | $ |      |           |  | $             | 65     |             | $ | 333   |              | $ |        |   |  | $ | 399   
|Trade and other receivables, net                                                       |  |        |      |         |   |      |           |  |               | 441    |             |   | 471   |              |   |        |   |  |   | 912   
|Prepaid expenses and other current assets                                              |  |        | 32    |         |   | 15    |           |  |               | 75     |             |   | 60    |              |   |        |   |  |   | 182   
|Intercompany receivables                                                               |  |        | 430   |         |   | 109   |           |  |               | 338    |             |   | 315   |              |   | (1,192  | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total current assets                                                                   |  |        | 463   |         |   | 124   |           |  |               | 919    |             |   | 1,179 |              |   | (1,192  | ) |  |   | 1,493 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Non-current assets                                                                     |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Property, plant and equipment, net                                                     |  |        |      |         |   |      |           |  |               | 332    |             |   | 227   |              |   |        |   |  |   | 559   
|Goodwill                                                                               |  |        |      |         |   |      |           |  |               | 5,650  |             |   | 2,136 |              |   |        |   |  |   | 7,786 
|Other intangible assets, net                                                           |  |        |      |         |   |      |           |  |               | 3,908  |             |   | 1,435 |              |   |        |   |  |   | 5,343 
|Deferred tax assets                                                                    |  |        | 3     |         |   | 33    |           |  |               | 116    |             |   | 83    |              |   |        |   |  |   | 235   
|Other non-current assets                                                               |  |        | 20    |         |   | 130   |           |  |               | 515    |             |   | 173   |              |   |        |   |  |   | 838   
|Equity investment in subsidiaries                                                      |  |        | 3,982 |         |   |      |           |  |               | 4,069  |             |   |      |              |   | (8,051  | ) |  |   |      
|Intercompany loans                                                                     |  |        | 722   |         |   | 6,669 |           |  |               | 992    |             |   | 1,958 |              |   | (10,341 | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total assets                                                                           |  | $      | 5,190 |         | $ | 6,956 |           |  | $             | 16,501 |             | $ | 7,191 |              | $ | (19,584 | ) |  | $ | 16,254
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Liabilities, minority interests and shareholders equity:                              |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Current liabilities                                                                    |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Accounts payable and other current liabilities                                         |  | $      | 83    |         | $ | 77    |           |  | $             | 416    |             | $ | 559   |              | $ |        |   |  | $ | 1,135 
|Deferred revenues                                                                      |  |        |      |         |   |      |           |  |               | 322    |             |   | 180   |              |   |        |   |  |   | 502   
|Income tax liabilities                                                                 |  |        |      |         |   |      |           |  |               | 62     |             |   | 38    |              |   |        |   |  |   | 100   
|Current portion of long-term debt, capital lease obligations and short-term borrowings |  |        | 6     |         |   | 45    |           |  |               | 132    |             |   | 30    |              |   |        |   |  |   | 213   
|Intercompany payables                                                                  |  |        | 41    |         |   | 150   |           |  |               | 841    |             |   | 160   |              |   | (1,192  | ) |  |   |      
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total current liabilities                                                              |  |        | 130   |         |   | 272   |           |  |               | 1,773  |             |   | 967   |              |   | (1,192  | ) |  |   | 1,950 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Non-current liabilities                                                                |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Long-term debt and capital lease obligations                                           |  |        | 1,066 |         |   | 6,787 |           |  |               | 155    |             |   | 29    |              |   |        |   |  |   | 8,037 
|Deferred tax liabilities                                                               |  |        |      |         |   |      |           |  |               | 1,530  |             |   | 186   |              |   |        |   |  |   | 1,716 
|Intercompany loans                                                                     |  |        |      |         |   |      |           |  |               | 8,810  |             |   | 1,531 |              |   | (10,341 | ) |  |   |      
|Other non-current liabilities                                                          |  |        | 37    |         |   | 82    |           |  |               | 251    |             |   | 220   |              |   |        |   |  |   | 590   
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total liabilities                                                                      |  |        | 1,233 |         |   | 7,141 |           |  |               | 12,519 |             |   | 2,933 |              |   | (11,533 | ) |  |   | 12,293
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Minority interests                                                                     |  |        |      |         |   |      |           |  |               |       |             |   | 4     |              |   |        |   |  |   | 4     
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total shareholders equity                                                             |  |        | 3,957 |         |   | (185  | )         |  |               | 3,982  |             |   | 4,254 |              |   | (8,051  | ) |  |   | 3,957 
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       
|Total liabilities, minority interests and shareholders equity                         |  | $      | 5,190 |         | $ | 6,956 |           |  | $             | 16,501 |             | $ | 7,191 |              | $ | (19,584 | ) |  | $ | 16,254
|                                                                                       |  |        |       |         |   |       |           |  |               |        |             |   |       |              |   |         |   |  |   |       



18



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##### Table of Contents

The Nielsen Company B.V.

Condensed Consolidated Statement of Operations (Unaudited)

For the three
months ended September 30, 2008



|                                                                                                                      |  |        |     |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|--------------------------------------------------------------------------------------------------------------------- |  | ------ | --- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ----------- | --- | - | ------------ | - | ---- | - |  | - | ----- | -
|(IN MILLIONS)                                                                                                         |  | Parent |     |   | Issuers |   |      | Guarantor |  |   | Non-Guarantor |   |  | Elimination |     |   | Consolidated |  
|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, minority interests and equity in net loss of affiliates |  |        | 34  |   |         |   | 62   |           |  |   | 19            |   |  |             | 63  |   |              |   | (126 | ) |  |   | 52    |  
|Benefit/(provision) for income taxes                                                                                  |  |        | 8   |   |         |   | (21  | )         |  |   | 25            |   |  |             | (22 | ) |              |   |     |   |  |   | (10   | )
|Minority interests                                                                                                    |  |        |    |   |         |   |     |           |  |   |              |   |  |             | 1   |   |              |   |     |   |  |   | 1     |  
|Equity in net loss of affiliates                                                                                      |  |        |    |   |         |   |     |           |  |   | (1            | ) |  |             |    |   |              |   |     |   |  |   | (1    | )
|                                                                                                                      |  |        |     |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Income/(loss) from continuing operations                                                                              |  |        | 42  |   |         |   | 41   |           |  |   | 43            |   |  |             | 42  |   |              |   | (126 | ) |  |   | 42    |  
|Discontinued operations, net of tax                                                                                   |  |        |    |   |         |   |     |           |  |   |              |   |  |             |    |   |              |   |     |   |  |   |      |  
|                                                                                                                      |  |        |     |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Net income/(loss)                                                                                                     |  | $      | 42  |   |         | $ | 41   |           |  | $ | 43            |   |  | $           | 42  |   |              | $ | (126 | ) |  | $ | 42    |  
|                                                                                                                      |  |        |     |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  



19



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##### Table of Contents

The Nielsen Company B.V.

Condensed Consolidated Statement of Operations (Unaudited)

For the three
months ended September 30, 2007



|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|------------------------------------------------------------------------------------------------------------------------------ |  | ------ | ---- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ----------- | --- | - | ------------ | - | ---- | - |  | - | ----- | -
|(IN MILLIONS)                                                                                                                  |  | Parent |      |   | Issuers |   |      | Guarantor |  |   | Non-Guarantor |   |  | Elimination |     |   | Consolidated |  
|Revenues                                                                                                                       |  | $      |     |   |         | $ |     |           |  | $ | 644           |   |  | $           | 547 |   |              | $ | (3   | ) |  | $ | 1,188 |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Cost of revenues, exclusive of depreciation and amortization shown separately below                                            |  |        |     |   |         |   |     |           |  |   | 290           |   |  |             | 249 |   |              |   | (3   | ) |  |   | 536   |  
|Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below                |  |        | 1    |   |         |   |     |           |  |   | 194           |   |  |             | 190 |   |              |   |     |   |  |   | 385   |  
|Depreciation and amortization                                                                                                  |  |        |     |   |         |   |     |           |  |   | 79            |   |  |             | 32  |   |              |   |     |   |  |   | 111   |  
|Restructuring costs                                                                                                            |  |        |     |   |         |   |     |           |  |   | 30            |   |  |             | 49  |   |              |   |     |   |  |   | 79    |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Operating (loss)/income                                                                                                        |  |        | (1   | ) |         |   |     |           |  |   | 51            |   |  |             | 27  |   |              |   |     |   |  |   | 77    |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Interest income                                                                                                                |  |        | 10   |   |         |   | 134  |           |  |   | 21            |   |  |             | 27  |   |              |   | (185 | ) |  |   | 7     |  
|Interest expense                                                                                                               |  |        | (19  | ) |         |   | (137 | )         |  |   | (170          | ) |  |             | (23 | ) |              |   | 185  |   |  |   | (164  | )
|Gain on derivative instruments                                                                                                 |  |        |     |   |         |   | 16   |           |  |   | 3             |   |  |             |    |   |              |   |     |   |  |   | 19    |  
|Foreign currency exchange transaction (losses), net                                                                            |  |        | (1   | ) |         |   | (54  | )         |  |   | 2             |   |  |             | 6   |   |              |   |     |   |  |   | (47   | )
|Equity in net (loss)/income of subsidiaries                                                                                    |  |        | (91  | ) |         |   |     |           |  |   | (9            | ) |  |             |    |   |              |   | 100  |   |  |   |      |  
|Other (expense)/income, net                                                                                                    |  |        | (1   | ) |         |   |     |           |  |   | (2            | ) |  |             | 3   |   |              |   |     |   |  |   |      |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|(Loss)/income from continuing operations before income taxes, minority interests and equity in net (loss)/income of affiliates |  |        | (103 | ) |         |   | (41  | )         |  |   | (104          | ) |  |             | 40  |   |              |   | 100  |   |  |   | (108  | )
|Benefit/(provision) for income taxes                                                                                           |  |        | 3    |   |         |   | 15   |           |  |   | 21            |   |  |             | (27 | ) |              |   |     |   |  |   | 12    |  
|Minority interests                                                                                                             |  |        |     |   |         |   |     |           |  |   |              |   |  |             |    |   |              |   |     |   |  |   |      |  
|Equity in net (loss)/income of affiliates                                                                                      |  |        |     |   |         |   |     |           |  |   | (8            | ) |  |             | 3   |   |              |   |     |   |  |   | (5    | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|(Loss)/income from continuing operations                                                                                       |  |        | (100 | ) |         |   | (26  | )         |  |   | (91           | ) |  |             | 16  |   |              |   | 100  |   |  |   | (101  | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Income from discontinued operations, net of tax                                                                                |  |        |     |   |         |   |     |           |  |   |              |   |  |             | 1   |   |              |   |     |   |  |   | 1     |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  
|Net (loss)/income                                                                                                              |  | $      | (100 | ) |         | $ | (26  | )         |  | $ | (91           | ) |  | $           | 17  |   |              | $ | 100  |   |  | $ | (100  | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |     |   |              |   |      |   |  |   |       |  



20



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##### Table of Contents

The Nielsen Company B.V.

Condensed Consolidated Statement of Operations (Unaudited)

For the nine
months ended September 30, 2008



|                                                                                                                               |  |        |     |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|------------------------------------------------------------------------------------------------------------------------------ |  | ------ | --- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ----------- | ----- | - | ------------ | - | ---- | - |  | - | ----- | -
|(IN MILLIONS)                                                                                                                  |  | Parent |     |   | Issuers |   |      | Guarantor |  |   | Non-Guarantor |   |  | Elimination |       |   | Consolidated |  
|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, minority interests and equity in net (loss)/income of affiliates |  |        | (37 | ) |         |   | (29  | )         |  |   | (65           | ) |  |             | 210   |   |              |   | (106 | ) |  |   | (27   | )
|Benefit/(provision) for income taxes                                                                                           |  |        | 12  |   |         |   | 10   |           |  |   | 58            |   |  |             | (75   | ) |              |   |     |   |  |   | 5     |  
|Minority interests                                                                                                             |  |        |    |   |         |   |     |           |  |   |              |   |  |             |      |   |              |   |     |   |  |   |      |  
|Equity in net (loss)/income of affiliates                                                                                      |  |        |    |   |         |   |     |           |  |   | (4            | ) |  |             | 4     |   |              |   |     |   |  |   |      |  
|                                                                                                                               |  |        |     |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|(Loss)/income from continuing operations                                                                                       |  |        | (25 | ) |         |   | (19  | )         |  |   | (11           | ) |  |             | 139   |   |              |   | (106 | ) |  |   | (22   | )
|Loss from discontinued operations, net of tax                                                                                  |  |        |    |   |         |   |     |           |  |   |              |   |  |             | (3    | ) |              |   |     |   |  |   | (3    | )
|                                                                                                                               |  |        |     |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Net (loss)/income                                                                                                              |  | $      | (25 | ) |         | $ | (19  | )         |  | $ | (11           | ) |  | $           | 136   |   |              | $ | (106 | ) |  | $ | (25   | )
|                                                                                                                               |  |        |     |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  



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The Nielsen Company B.V.

Condensed Consolidated Statement of Operations (Unaudited)

For the nine
months ended September 30, 2007



|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|------------------------------------------------------------------------------------------------------------------------------ |  | ------ | ---- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ----------- | ----- | - | ------------ | - | ---- | - |  | - | ----- | -
|(IN MILLIONS)                                                                                                                  |  | Parent |      |   | Issuers |   |      | Guarantor |  |   | Non-Guarantor |   |  | Elimination |       |   | Consolidated |  
|Revenues                                                                                                                       |  | $      |     |   |         | $ |     |           |  | $ | 1,898         |   |  | $           | 1,539 |   |              | $ | (8   | ) |  | $ | 3,429 |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Cost of revenues, exclusive of depreciation and amortization shown separately below                                            |  |        |     |   |         |   |     |           |  |   | 827           |   |  |             | 739   |   |              |   | (8   | ) |  |   | 1,558 |  
|Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below                |  |        | 1    |   |         |   |     |           |  |   | 621           |   |  |             | 548   |   |              |   |     |   |  |   | 1,170 |  
|Depreciation and amortization                                                                                                  |  |        |     |   |         |   |     |           |  |   | 252           |   |  |             | 82    |   |              |   |     |   |  |   | 334   |  
|Restructuring costs                                                                                                            |  |        |     |   |         |   |     |           |  |   | 64            |   |  |             | 70    |   |              |   |     |   |  |   | 134   |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Operating (loss)/ income                                                                                                       |  |        | (1   | ) |         |   |     |           |  |   | 134           |   |  |             | 100   |   |              |   |     |   |  |   | 233   |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Interest income                                                                                                                |  |        | 33   |   |         |   | 394  |           |  |   | 41            |   |  |             | 70    |   |              |   | (515 | ) |  |   | 23    |  
|Interest expense                                                                                                               |  |        | (55  | ) |         |   | (406 | )         |  |   | (488          | ) |  |             | (43   | ) |              |   | 515  |   |  |   | (477  | )
|Gain on derivative instruments                                                                                                 |  |        |     |   |         |   | 26   |           |  |   | 6             |   |  |             |      |   |              |   |     |   |  |   | 32    |  
|Foreign currency exchange transaction losses, net                                                                              |  |        | (4   | ) |         |   | (66  | )         |  |   | (10           | ) |  |             | (1    | ) |              |   |     |   |  |   | (81   | )
|Equity in net (loss)/income of subsidiaries                                                                                    |  |        | (211 | ) |         |   |     |           |  |   | 27            |   |  |             |      |   |              |   | 184  |   |  |   |      |  
|Other (expense)/income, net                                                                                                    |  |        | (5   | ) |         |   | (3   | )         |  |   | 19            |   |  |             | (13   | ) |              |   |     |   |  |   | (2    | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|(Loss)/income from continuing operations before income taxes, minority interests and equity in net (loss)/income of affiliates |  |        | (243 | ) |         |   | (55  | )         |  |   | (271          | ) |  |             | 113   |   |              |   | 184  |   |  |   | (272  | )
|Benefit/(provision) for income taxes                                                                                           |  |        | 8    |   |         |   | 19   |           |  |   | 67            |   |  |             | (62   | ) |              |   |     |   |  |   | 32    |  
|Minority interests                                                                                                             |  |        |     |   |         |   |     |           |  |   |              |   |  |             | 2     |   |              |   |     |   |  |   | 2     |  
|Equity in net (loss)/ income of affiliates                                                                                     |  |        |     |   |         |   |     |           |  |   | (7            | ) |  |             | 8     |   |              |   |     |   |  |   | 1     |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|(Loss)/income from continuing operations                                                                                       |  |        | (235 | ) |         |   | (36  | )         |  |   | (211          | ) |  |             | 61    |   |              |   | 184  |   |  |   | (237  | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Income from discontinued operations, net of tax                                                                                |  |        |     |   |         |   |     |           |  |   |              |   |  |             | 2     |   |              |   |     |   |  |   | 2     |  
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  
|Net (loss)/income                                                                                                              |  | $      | (235 | ) |         | $ | (36  | )         |  | $ | (211          | ) |  | $           | 63    |   |              | $ | 184  |   |  | $ | (235  | )
|                                                                                                                               |  |        |      |   |         |   |      |           |  |   |               |   |  |             |       |   |              |   |      |   |  |   |       |  



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The Nielsen Company B.V.

Condensed Consolidated Statement of Cash Flows (Unaudited)

For the nine
months ended September 30, 2008



|                                                                       |  |        |      |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|---------------------------------------------------------------------- |  | ------ | ---- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ------------ | ---- | - |  | - | ---- | -
|(IN MILLIONS)                                                          |  | Parent |      |   | Issuers |   |      | Guarantor |  |   | Non-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  |  
|                                                                       |  |        |      |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  



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The Nielsen Company B.V.

Condensed Consolidated Statement of Cash Flows (Unaudited)

For the nine
months ended September 30, 2007



|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|---------------------------------------------------------------------- |  | ------ | --- | - | ------- | - | ---- | --------- |  | - | ------------- | - |  | ------------ | ---- | - |  | - | ---- | -
|(IN MILLIONS)                                                          |  | Parent |     |   | Issuers |   |      | Guarantor |  |   | Non-Guarantor |   |  | Consolidated |     
|Net cash (used in)/provided by operating activities                    |  | $      | (20 | ) |         | $ | 74   |           |  | $ | (144          | ) |  | $            | 137  |   |  | $ | 47   |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Investing activities:                                                  |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Acquisition of subsidiaries and affiliates, net of cash acquired       |  |        |    |   |         |   |     |           |  |   | (782          | ) |  |              | (54  | ) |  |   | (836 | )
|Proceeds from sale of subsidiaries and affiliates, net                 |  |        |    |   |         |   |     |           |  |   |              |   |  |              | 389  |   |  |   | 389  |  
|Additions to property, plant and equipment and other assets            |  |        |    |   |         |   |     |           |  |   | (66           | ) |  |              | (42  | ) |  |   | (108 | )
|Additions to intangible assets                                         |  |        |    |   |         |   |     |           |  |   | (63           | ) |  |              | (14  | ) |  |   | (77  | )
|Purchases of marketable securities                                     |  |        |    |   |         |   |     |           |  |   | (31           | ) |  |              |     |   |  |   | (31  | )
|Sale and maturities of marketable securities                           |  |        |    |   |         |   |     |           |  |   | 166           |   |  |              |     |   |  |   | 166  |  
|Other investing activities                                             |  |        |    |   |         |   |     |           |  |   |              |   |  |              | 3    |   |  |   | 3    |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Net cash (used in)/provided by investing activities                    |  |        |    |   |         |   |     |           |  |   | (776          | ) |  |              | 282  |   |  |   | (494 | )
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Financing activities:                                                  |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Net borrowings from revolving credit facility                          |  |        |    |   |         |   |     |           |  |   | 125           |   |  |              |     |   |  |   | 125  |  
|Proceeds from issuances of other debt, net of issuance costs           |  |        |    |   |         |   | 347  |           |  |   | 98            |   |  |              |     |   |  |   | 445  |  
|Repayments of other debt                                               |  |        |    |   |         |   | (361 | )         |  |   | (8            | ) |  |              | (1   | ) |  |   | (370 | )
|Increase/(decrease) in other short-term borrowings                     |  |        | 6   |   |         |   |     |           |  |   | (7            | ) |  |              | (70  | ) |  |   | (71  | )
|Activity under stock plans                                             |  |        |    |   |         |   |     |           |  |   |              |   |  |              | (3   | ) |  |   | (3   | )
|Settlement of derivatives, intercompany and other financing activities |  |        | 13  |   |         |   | (60  | )         |  |   | 531           |   |  |              | (481 | ) |  |   | 3    |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Net cash provided by/(used in) financing activities                    |  |        | 19  |   |         |   | (74  | )         |  |   | 739           |   |  |              | (555 | ) |  |   | 129  |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Effect of exchange-rate changes on cash and cash equivalents           |  |        |    |   |         |   |     |           |  |   | 10            |   |  |              | 17   |   |  |   | 27   |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Net decrease in cash and cash equivalents                              |  |        | (1  | ) |         |   |     |           |  |   | (171          | ) |  |              | (119 | ) |  |   | (291 | )
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Cash and cash equivalents at beginning of period                       |  |        | 4   |   |         |   |     |           |  |   | 211           |   |  |              | 416  |   |  |   | 631  |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  
|Cash and cash equivalents at end of period                             |  | $      | 3   |   |         | $ |     |           |  | $ | 40            |   |  | $            | 297  |   |  | $ | 340  |  
|                                                                       |  |        |     |   |         |   |      |           |  |   |               |   |  |              |      |   |  |   |      |  



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The Nielsen Company B.V.



|Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations
|------- | -------------------------------------------------------------------------------------

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, 2007 as contained in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 31, 2008, 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 and print publications. We operate 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 consumer household panel data. Our extensive database of retail and consumer information, combined with analytical capabilities, yields valuable
strategic insights and information that influence our clients 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 measurement, and our measurement data is widely accepted as the currency in determining the value of programming
and advertising opportunities on U.S. television. During 2007, to conform to a change in presentation reflected in management reporting, we reclassified our Claritas business from Consumer Services to the Media segment.

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, 2008, 56% of our revenues were generated from our Consumer Services segment, 34% from our Media segment and the remaining 10% from our Business Media segment. We conduct our business activities in more than 100 countries. For the
nine months ended September 30, 2008, 53% of our revenues were generated in the U.S., 10% in the Americas excluding the U.S., 27% in Europe, the Middle East and Africa, and the remaining 10% in the 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), which held 99.4% of Nielsens outstanding common shares as of December 31, 2007. In May 2008, Valcon acquired the remaining



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Nielsen common shares through a statutory squeeze-out procedure, pursuant to Dutch legal and regulatory requirements and therefore held 100% of
Nielsens outstanding common shares as of September 30, 2008. 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 canceled. 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 (Valcon Acquisition).

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 exchange rates on the
translation of the financial information of individual businesses whose functional currencies are other than U.S. Dollars. Fluctuations in the value of foreign currencies relative to the U.S. Dollar have a significant effect on our operating
results. Nearly half of our total revenue is generated by international operations with the Euro being the largest individual foreign currency denomination. Approximately 15% and 14% of our revenue was denominated in Euro for the nine months ended
September 30, 2008 and September 30, 2007, respectively, with an average U.S. Dollar to Euro exchange rate of $1.53 to 1.00 for the nine months ended September 30, 2008 and $1.34 to 1.00 for the nine months ended
September 30, 2007.

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

On May 15, 2008, we completed our acquisition of IAG Research, Inc, subsequently rebranded as Nielsen IAG (IAG), for $222 million
(including non-cash consideration of $1 million), which was net of $12 million of cash acquired. The acquisition will expand our television and internet analytics services through IAGs measurement of consumer engagement with television
programs, national commercials and product placements. Our initial allocation of the total purchase price resulted in an increase to goodwill of $220 million. During the three months ended September 30, 2008, we paid an additional $1 million in
costs associated with the acquisition and also performed a preliminary valuation, which resulted in an allocation to intangible assets and a reduction of goodwill of $50 million, net of tax. We do not expect that any change in allocation of purchase
price resulting from the final valuation will have a material impact on its consolidated financial statements.

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. In conjunction with these acquisitions and as of September 30, 2008, we have recorded
deferred consideration of $12 million, which is payable through January 2009. Had the IAG acquisition and other acquisitions occurred as of January 1, 2008, the impact on our consolidated results of operations would have been immaterial.

For the nine months ended September 30, 2007, we completed several acquisitions with an aggregate consideration, net of cash
acquired, of $837 million and deferred consideration up to a maximum of $1 million, contingent on future performance. The most significant acquisitions were the purchase of the remaining minority interest of Nielsen BuzzMetrics ($47 million), on
June 4, 2007, the purchase of the remaining minority interest of Nielsen//NetRatings ($328 million, including $33 million to settle all outstanding share-based awards), on June 22, 2007, and the acquisition of Telephia, Inc.
(Telephia), on August 9, 2007, for approximately $453 million (including non-cash consideration of $6 million). Our preliminary allocation of the total purchase price for these acquisitions resulted in an increase to goodwill of
$594 million and, in the nine months ended September 30, 2008, we finalized our valuation of these acquisitions resulting in a net allocation to intangible assets and a net reduction of goodwill of $11 million, net of tax. Had these
acquisitions occurred as of January 1, 2007, the impact on our consolidated results of operations would have been immaterial. Prior to these acquisitions both Nielsen//NetRatings and Nielsen BuzzMetrics were our consolidated subsidiaries up to
the ownership interest.

Divestitures

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 our consolidated statement of operations was immaterial for all periods presented.



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On February 8, 2007, Nielsen completed the sale of a significant portion of its Business Media
Europe (BME) unit for $414 million in cash. During the nine months ended September 30, 2008, Nielsen recorded a charge of $3 million relating to the settlement of outstanding litigation associated with the disposed of unit.

During the nine months ended September 30, 2007, Nielsen recorded a gain on sale of discontinued operations of $18 million, of which
$17 million primarily related to BMEs previously recognized currency translation adjustments from the date of the Valcon Acquisition to the date of sale and a pension curtailment and $1 million related to divestitures other than the sale of a
significant portion of BME. No other material gain was recognized on the sale of a significant portion of BME because the sales price approximated the carrying value.

Elimination of International Reporting Lag

Prior to January 1, 2008, certain of our
subsidiaries outside the United States and Canada were included in the consolidated financial statements on the basis of fiscal years ending November 30th in order to facilitate a timely consolidation. This one-month reporting lag was
eliminated during the first quarter of 2008 as it was no longer required to achieve a timely consolidation. In accordance with EITF No. 06-9, Reporting a Change in (or the Elimination of) a Previously Existing Difference between the
Fiscal Year-End of a Parent Company and That of a Consolidated Entity or between the Reporting Period of an Investor and That of an Equity Method Investee, the elimination of this previously existing reporting lag is considered a change in
accounting principle in accordance with FASB Statement No. 154, Accounting Changes and Error Corrections. We have not retrospectively applied the change in accounting since its impact to the consolidated balance sheets and related
statements of operations and cash flows was immaterial for all periods.

Results of OperationsNine Months Ended September 30, 2008 compared
to Nine Months Ended September 30, 2007

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



|                                                                                                                |  |                                           |       |   |      |   |       |  
|--------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------- | ----- | - | ---- | - | ----- | -
|                                                                                                                |  | Nine Months EndedSeptember 30,(unaudited) |      
|(IN MILLIONS)                                                                                                   |  | 2008                                      |       |   | 2007 |  
|Revenues                                                                                                        |  | $                                         | 3,778 |   |      | $ | 3,429 |  
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Cost of revenues, exclusive of depreciation and amortization shown separately below                             |  |                                           | 1,671 |   |      |   | 1,558 |  
|Selling, general and administrative expenses exclusive of depreciation and amortization shown separately below  |  |                                           | 1,267 |   |      |   | 1,170 |  
|Depreciation and amortization                                                                                   |  |                                           | 370   |   |      |   | 334   |  
|Restructuring costs                                                                                             |  |                                           | 62    |   |      |   | 134   |  
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Operating income                                                                                                |  |                                           | 408   |   |      |   | 233   |  
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Interest income                                                                                                 |  |                                           | 14    |   |      |   | 23    |  
|Interest expense                                                                                                |  |                                           | (485  | ) |      |   | (477  | )
|(Loss)/gain on derivative instruments                                                                           |  |                                           | (5    | ) |      |   | 32    |  
|Foreign currency exchange transaction gains/(losses), net                                                       |  |                                           | 43    |   |      |   | (81   | )
|Other expense, net                                                                                              |  |                                           | (2    | ) |      |   | (2    | )
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Loss from continuing operations, before income taxes, minority interests and equity in net income of affiliates |  |                                           | (27   | ) |      |   | (272  | )
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Benefit for income taxes                                                                                        |  |                                           | 5     |   |      |   | 32    |  
|Minority interests                                                                                              |  |                                           |      |   |      |   | 2     |  
|Equity in net income of affiliates                                                                              |  |                                           |      |   |      |   | 1     |  
|                                                                                                                |  |                                           |       |   |      |   |       |  
|Loss from continuing operations                                                                                 |  | $                                         | (22   | ) |      | $ | (237  | )
|                                                                                                                |  |                                           |       |   |      |   |       |  



27



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The following table sets forth certain supplemental revenue growth data for the nine months ended
September 30, 2008 compared to the nine months ended September 30, 2007, both on an as reported and constant currency basis. Our discussion of constant currency percentage changes removes both the positive and negative impacts of foreign
exchange on our operating results:



|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|------------------------------------- |  | ----------------------------------------- | ----- | - | ----------------------- | - | ----- | -------- |  | ---- | ---------------- |  | ---- | --
|                                      |  | Nine Months EndedSeptember 30,(unaudited) |       |   | % Variance2008 vs. 2007 |  
|(IN MILLIONS)                         |  | 2008                                      |       |   | 2007                    |   |       | Reported |  |      | ConstantCurrency | 
|Revenues by segment                   |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Consumer Services                     |  | $                                         | 2,140 |   |                         | $ | 1,908 |          |  | 12.2 | %                |  | 4.9  | % 
|Media                                 |  |                                           | 1,275 |   |                         |   | 1,135 |          |  | 12.3 | %                |  | 11.4 | % 
|Business Media                        |  |                                           | 366   |   |                         |   | 389   |          |  | (5.9 | )%               |  | (6.4 | )%
|Corporate and eliminations            |  |                                           | (3    | ) |                         |   | (3    | )        |  | NM   |                  |  | NM   |   
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Total                                 |  | $                                         | 3,778 |   |                         | $ | 3,429 |          |  | 10.2 | %                |  | 5.8  | % 
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Consumer Services revenues by service |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Retail Measurement Services           |  | $                                         | 1,467 |   |                         | $ | 1,296 |          |  | 13.2 | %                |  | 5.0  | % 
|Consumer Panel Services               |  |                                           | 222   |   |                         |   | 207   |          |  | 6.9  | %                |  | 2.7  | % 
|Customized Research Services          |  |                                           | 223   |   |                         |   | 197   |          |  | 13.6 | %                |  | 7.2  | % 
|Other Services                        |  |                                           | 228   |   |                         |   | 208   |          |  | 9.6  | %                |  | 4.9  | % 
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Total                                 |  | $                                         | 2,140 |   |                         | $ | 1,908 |          |  | 12.2 | %                |  | 4.9  | % 
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Media revenues by division            |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Media Measurement                     |  | $                                         | 1,060 |   |                         | $ | 931   |          |  | 13.7 | %                |  | 12.8 | % 
|Entertainment                         |  |                                           | 115   |   |                         |   | 120   |          |  | (4.2 | )%               |  | (5.2 | )%
|Online                                |  |                                           | 100   |   |                         |   | 84    |          |  | 19.6 | %                |  | 19.6 | % 
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   
|Total                                 |  | $                                         | 1,275 |   |                         | $ | 1,135 |          |  | 12.3 | %                |  | 11.4 | % 
|                                      |  |                                           |       |   |                         |   |       |          |  |      |                  |  |      |   

Certain reclassifications have been made to the prior period amounts to conform to the
September 30, 2008 presentation. We have reclassified the Claritas business from Consumer Services to Media, moved Spectra revenues from Other Services to Consumer Panel, and reclassified BuzzMetrics from Media Measurement to Online.



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The following table sets forth, for the periods indicated, certain supplemental revenue data, calculated
as percentages of our total revenue on an as reported basis:



|                                      |  |                                           |   |  |      |  
|------------------------------------- |  | ----------------------------------------- | - |  | ---- | -
|                                      |  | Nine Months EndedSeptember 30,(Unaudited) |  
|(% of Revenue)                        |  | 2008                                      |   |  | 2007 |  
|Revenues by segment                   |  |                                           |   |  |      |  
|Consumer Services                     |  | 56                                        | % |  | 56   | %
|Media                                 |  | 34                                        | % |  | 33   | %
|Business Media                        |  | 10                                        | % |  | 11   | %
|                                      |  |                                           |   |  |      |  
|Total Nielsen                         |  | 100                                       | % |  | 100  | %
|                                      |  |                                           |   |  |      |  
|Revenues by geography                 |  |                                           |   |  |      |  
|United States                         |  | 53                                        | % |  | 57   | %
|Other Americas                        |  | 10                                        | % |  | 9    | %
|The Netherlands                       |  | 1                                         | % |  | 1    | %
|Other Europe, Middle East & Africa    |  | 26                                        | % |  | 24   | %
|Asia Pacific                          |  | 10                                        | % |  | 9    | %
|                                      |  |                                           |   |  |      |  
|Total Nielsen                         |  | 100                                       | % |  | 100  | %
|                                      |  |                                           |   |  |      |  
|Consumer Services revenues by service |  |                                           |   |  |      |  
|Retail Measurement Services           |  | 38                                        | % |  | 38   | %
|Consumer Panel Services               |  | 6                                         | % |  | 6    | %
|Customized Research Services          |  | 6                                         | % |  | 6    | %
|Other Services                        |  | 6                                         | % |  | 6    | %
|                                      |  |                                           |   |  |      |  
|Total Consumer Services               |  | 56                                        | % |  | 56   | %
|                                      |  |                                           |   |  |      |  
|Media revenues by division            |  |                                           |   |  |      |  
|Media Measurement                     |  | 28                                        | % |  | 28   | %
|Entertainment                         |  | 3                                         | % |  | 3    | %
|Online                                |  | 3                                         | % |  | 2    | %
|                                      |  |                                           |   |  |      |  
|Total Media                           |  | 34                                        | % |  | 33   | %
|                                      |  |                                           |   |  |      |  
|Business Media                        |  | 10                                        | % |  | 11   | %
|                                      |  |                                           |   |  |      |  

When comparing our results for the nine months ended September 30, 2008 with results for
the nine months ended September 30, 2007, the following should be noted:

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



| |  |  | For the nine months ended September 30, 2008, foreign currency exchange rate fluctuations increased revenue growth by 4.4% and increased operating income
growth by 9.9%.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We incurred $62 million of restructuring expense.
| | - |  | -------------------------------------------------

Items affecting Operating Income for the nine months ended September 30, 2007



| |  |  | We incurred $134 million of restructuring expense.
| | - |  | --------------------------------------------------



| |  |  | We incurred approximately $22 million in incremental expenses associated with deal related expenses, compensation agreements and recruiting costs for certain
corporate executives.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Revenues

Nielsen Consolidated. Our revenues increased 10.2% to $3,778 million for the nine months ended September 30, 2008 versus $3,429 million for the nine months ended September 30, 2007. Constant currency revenues increased 5.8%
driven by a 4.9% increase in Consumer Services and 11.4% increase in Media, partly offset by a 6.4% decline in Business Media.

Consumer
Services. Revenues increased 12.2% to $2,140 million for the nine months ended September 30, 2008 versus $1,908 million for the nine months ended September 30, 2007. Constant currency revenue growth of 4.9% was driven by 5.0% growth in
Retail Measurement Services, 2.7% growth in Consumer Panel revenues, 7.2% growth in Customized Research revenues and 4.9% growth in Other Services. Overall, there was continued double digit growth in Emerging Markets and Latin America fueled by
growth of Retail Measurement and Customized Research revenues. Europes revenues continued to grow in the mid single digit range while Asia Pacific grew by low single digits. In North America, continued price compression in the U.S. resulted in
flat growth, largely offsetting growth in Canada.

Media.Revenues for Media increased 12.3% to $1,275 million for the nine months
ended September 30, 2008 versus $1,135 million for the nine months ended September 30, 2007. Constant currency revenue growth of 11.4% was largely due to a 7.6% increase in Nielsen Media Research (NMR) North America, 12.4%
growth in NMR International, a 19.6% increase in Online revenues with growth in both the U.S. and international markets, and $58 million in incremental revenues resulting from the Telephia and IAG acquisitions, partly offset by a 5.2% decrease in
Entertainment revenues, driven by lower studio testing revenues, and a 2.8% decline in Media Solutions revenues partly due to lower custom research and advertising related revenues. NMR North Americas growth continues as a result of increased
demand for television audience measurement services, new business, price increases, and the Local People Meter (LPM) expansion.

Business Media.Revenues for the nine months ended September 30, 2008 were $366 million, a decline of 5.9% versus $389 million for the nine months ended September 30, 2007. On a constant currency basis, revenues decreased
by 6.4% due to lower Publication advertising revenues caused by industry softness, and a slight decrease in Exposition revenues during the three months ended September 30, 2008 which was partly driven by the absence of a biennial show that
occurred in 2007. This decrease in revenues on a constant currency basis was partially offset by continued eMedia revenue growth.

Cost of Revenues,
Exclusive of Depreciation and Amortization

Cost of revenues increased 7.0% to $1,671 million for the nine months ended
September 30, 2008 versus $1,558 million for the nine months ended September 30, 2007. On a constant currency basis, cost of revenues increased by 2.3% driven primarily by revenue growth at Consumer and Media, and the impact of the
Telephia and IAG acquisitions, partly offset by productivity savings following actions implemented under the Transformation Initiative in the past year, lower volume related savings at Entertainment, Media Solutions, and lower Publication costs at
Business Media.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization

Selling, general and administrative expenses increased 8.7% to $1,267 million for the nine months ended September 30, 2008 versus $1,170 million for
the nine months ended September 30, 2007. On a constant currency basis, selling, general and administrative expenses increased 4.5%, primarily attributable to continued investment in developing markets within Consumer Services, higher costs at
Media related to the impact of the Telephia and IAG acquisitions and spending on product initiatives to support Medias overall growth strategy. These increases were partly offset by headcount related savings at Business Media, lower share
based compensation expense, and lower payments in connection with compensation agreements and recruiting expenses for certain corporate executives.

Depreciation and Amortization

Depreciation and amortization increased 10.6% to $370 million for the nine months ended
September 30, 2008 versus $334 million for the nine months ended September 30, 2007. On a constant currency basis, depreciation and amortization expense increased 8.2% driven by increased depreciation related to capital investment in
hardware and software and increased amortization due to the impact of the Telephia and IAG acquisitions, partly offset by lower amortization on previously acquired intangible assets at Business Media.



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##### Table of Contents

Restructuring Costs

Transformation Initiative

In December 2006, we announced our intention to expand current cost-saving programs to all areas
of our operations worldwide. We further announced strategic changes as part of a major corporate transformation (Transformation Initiative). The Transformation Initiative is designed to make us a more successful and efficient enterprise.
As such, we are in the process of reducing costs by streamlining corporate functions, centralizing certain operational and information technology functions, leveraging global procurement, consolidating real estate, and expanding outsourcing or
offshoring of certain other operational and production processes. Implementation of these initiatives will continue through the first six months of 2009.

We incurred $62 million in severance costs and other non-cash charges relating to employee terminations for the nine months ended September 30, 2008 and $101 million in severance costs for the nine months ended
September 30, 2007. We also incurred $28 million in consulting fees and other related costs and $5 million in asset write-offs for the nine months ended September 30, 2007. Consulting fees and related costs have been or will be recorded at
the time the obligation is incurred. All severance and consulting fees have been or will be settled in cash.

Operating Income

Operating income for the nine months ended September 30, 2008 was $408 million, versus $233 million for the nine months ended September 30,
2007, an increase of 75.5%. Excluding the above listed items affecting operating income from our respective 2008 and 2007 operating results, 2008 constant currency operating income increased 15.6% for the nine months ended September 30,
2008 versus the nine months ended September 30, 2007. Excluding the items affecting operating income listed above, constant currency operating income increased 14.3% at Consumer Services and 34.2% at Media reflecting solid top-line growth and
benefits realized from our Transformation Initiative, and 10.3% at Business Media as cost savings and lower amortization expense offset the impact of lower revenues.

Interest Income and Expense

Interest income was $14 million for the nine months ended
September 30, 2008 versus $23 million for the nine months ended September 30, 2007. Interest expense was $485 million for the nine months ended September 30, 2008 versus $477 million for the nine months ended September 30, 2007,
an increase of 0.2% on a constant currency basis. This reflects the increased borrowing following our 2007 and 2008 acquisitions, partially offset by a decline in the weighted average interest rates of our senior secured credit facility.

(Loss)/Gain on Derivative Instruments

The loss on
derivative instruments was $5 million for the nine months ended September 30, 2008 versus a gain of $32 million for the nine months ended September 30, 2007. 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, resulting from a foreign currency derivative instrument entered into during 2007.

Foreign Currency Exchange Transaction Gains/(Losses), Net

Foreign currency exchange transaction gains or losses, net,
represent the net gain or loss on revaluation of external debt and intercompany loans. 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 $1.53 to 1.00 and $1.34 to 1.00 for the nine months ended September 30, 2008 and the nine months ended September 30, 2007, respectively.

Foreign currency exchange resulted in a $43 million gain for the nine months ended September 30, 2008 versus an $81 million loss recorded in the
nine months ended September 30, 2007 as a result of the appreciation of the U.S. Dollar against the Euro and other currencies.

Loss from
Continuing Operations before Income Taxes, Minority Interests and Equity in Net Income of Affiliates

For the nine months ended
September 30, 2008, there was a $27 million loss from continuing operations before income taxes, minority interests and equity in net income of affiliates versus a $272 million loss for the nine months ended September 30, 2007. The current
period compared with the prior period results primarily reflect improved operating performance as discussed above, lower restructuring expenses related to the Transformation Initiative, lower payments in connection with compensation agreements and
recruiting expenses for certain corporate executives, and foreign currency exchange gains that occurred during the nine months ended September 30, 2008.



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##### Table of Contents

Benefit for Income Taxes

We operate in more than 100 countries around the world and its earnings are taxed at the applicable income tax rate in each of these countries.

The effective tax rates for the nine months ended September 30, 2008 and 2007 were 19% (benefit) and 12% (benefit) respectively. The effective tax
benefit rate for the nine months ended September 30, 2008 was lower than the Dutch 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. The effective benefit tax rate for the nine months ended September 30, 2007 was lower than the Dutch statutory rate
primarily as a result of establishing a valuation allowance on foreign tax credits.

Liabilities for unrecognized income tax benefits
totaled $166 million and $195 million as of September 30, 2008 and December 31, 2007, respectively.

We file numerous
consolidated and separate income tax returns in the United States federal jurisdiction and in many state and foreign jurisdictions. 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 2006. The Internal Revenue Service (IRS) commenced examinations of certain of our U.S. federal income tax
returns for 2004 in the third quarter of 2006. We are under corporate examination in the Netherlands for the years 2002 through 2004 and we are under Canadian audit for the years 2002 through 2006. It is anticipated that these examinations will be
completed within the next twelve months. 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.

Results of OperationsThree Months Ended September 30, 2008 compared to Three Months Ended September 30, 2007

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



|                                                                                                                       |  |                                            |       |   |      |   |       |  
|---------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------ | ----- | - | ---- | - | ----- | -
|                                                                                                                       |  | Three Months EndedSeptember 30,(unaudited) |      
|(IN MILLIONS)                                                                                                          |  | 2008                                       |       |   | 2007 |  
|Revenues                                                                                                               |  | $                                          | 1,260 |   |      | $ | 1,188 |  
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|Cost of revenues, exclusive of depreciation and amortization shown separately below                                    |  |                                            | 548   |   |      |   | 536   |  
|Selling, general and administrative expenses exclusive of depreciation and amortization shown separately below         |  |                                            | 414   |   |      |   | 385   |  
|Depreciation and amortization                                                                                          |  |                                            | 128   |   |      |   | 111   |  
|Restructuring costs                                                                                                    |  |                                            | 46    |   |      |   | 79    |  
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|Operating income                                                                                                       |  |                                            | 124   |   |      |   | 77    |  
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|Interest income                                                                                                        |  |                                            | 4     |   |      |   | 7     |  
|Interest expense                                                                                                       |  |                                            | (163  | ) |      |   | (164  | )
|(Loss)/gain on derivative instruments                                                                                  |  |                                            | (38   | ) |      |   | 19    |  
|Foreign currency exchange transaction gains/(losses), net                                                              |  |                                            | 124   |   |      |   | (47   | )
|Other income, net                                                                                                      |  |                                            | 1     |   |      |   |      |  
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|Income/(loss) from continuing operations, before income taxes, minority interests and equity in net loss of affiliates |  |                                            | 52    |   |      |   | (108  | )
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|(Provision)/benefit for income taxes                                                                                   |  |                                            | (10   | ) |      |   | 12    |  
|Minority interests                                                                                                     |  |                                            | 1     |   |      |   |      |  
|Equity in net loss of affiliates                                                                                       |  |                                            | (1    | ) |      |   | (5    | )
|                                                                                                                       |  |                                            |       |   |      |   |       |  
|Income/(loss) from continuing operations                                                                               |  | $                                          | 42    |   |      | $ | (101  | )
|                                                                                                                       |  |                                            |       |   |      |   |       |  



32



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##### Table of Contents

The following table sets forth certain supplemental revenue growth data for the three months ended
September 30, 2008 compared to the three months ended September 30, 2007, both on an as reported and constant currency basis. Our discussion of constant currency percentage changes removes both the positive and negative impacts of foreign
exchange on our operating results:



|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|------------------------------------- |  | ------------------------------------------ | ----- | - | ----------------------- | - | ----- | -------- |  | ----- | ---------------- |  | ----- | --
|                                      |  | Three Months EndedSeptember 30,(unaudited) |       |   | % Variance2008 vs. 2007 |  
|(IN MILLIONS)                         |  | 2008                                       |       |   | 2007                    |   |       | Reported |  |       | ConstantCurrency | 
|Revenues by segment                   |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Consumer Services                     |  | $                                          | 714   |   |                         | $ | 667   |          |  | 7.1   | %                |  | 2.3   | % 
|Media                                 |  |                                            | 435   |   |                         |   | 395   |          |  | 9.9   | %                |  | 9.5   | % 
|Business Media                        |  |                                            | 113   |   |                         |   | 128   |          |  | (11.7 | )%               |  | (12.3 | )%
|Corporate and eliminations            |  |                                            | (2    | ) |                         |   | (2    | )        |  | NM    |                  |  | NM    |   
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Total                                 |  | $                                          | 1,260 |   |                         | $ | 1,188 |          |  | 6.1   | %                |  | 3.2   | % 
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Consumer Services revenues by service |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Retail Measurement Services           |  | $                                          | 485   |   |                         | $ | 447   |          |  | 8.6   | %                |  | 2.9   | % 
|Consumer Panel Services               |  |                                            | 72    |   |                         |   | 68    |          |  | 5.0   | %                |  | 2.2   | % 
|Customized Research Services          |  |                                            | 77    |   |                         |   | 72    |          |  | 7.1   | %                |  | 4.4   | % 
|Other Services                        |  |                                            | 80    |   |                         |   | 80    |          |  | 0.3   | %                |  | (3.0  | )%
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Total                                 |  | $                                          | 714   |   |                         | $ | 667   |          |  | 7.1   | %                |  | 2.3   | % 
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Media revenues by division            |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Media Measurement                     |  | $                                          | 362   |   |                         | $ | 324   |          |  | 11.0  | %                |  | 10.7  | % 
|Entertainment                         |  |                                            | 39    |   |                         |   | 40    |          |  | (3.2  | )%               |  | (3.5  | )%
|Online                                |  |                                            | 34    |   |                         |   | 31    |          |  | 11.5  | %                |  | 11.5  | % 
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   
|Total                                 |  | $                                          | 435   |   |                         | $ | 395   |          |  | 9.9   | %                |  | 9.5   | % 
|                                      |  |                                            |       |   |                         |   |       |          |  |       |                  |  |       |   

Certain reclassifications have been made to the prior period amounts to conform to the
September 30, 2008 presentation. We reclassified the Claritas business from Consumer Services to Media, moved Spectra revenues from Other Services to Consumer Panel, and reclassified BuzzMetrics from Media Measurement to Online.



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##### Table of Contents

The following table sets forth, for the periods indicated, certain supplemental revenue data, calculated
as percentages of our total revenue on an as reported basis:



|                                      |  |                                            |   |  |      |  
|------------------------------------- |  | ------------------------------------------ | - |  | ---- | -
|                                      |  | Three Months EndedSeptember 30,(Unaudited) |  
|(% of Revenue)                        |  | 2008                                       |   |  | 2007 |  
|Revenues by segment                   |  |                                            |   |  |      |  
|Consumer Services                     |  | 57                                         | % |  | 56   | %
|Media                                 |  | 34                                         | % |  | 33   | %
|Business Media                        |  | 9                                          | % |  | 11   | %
|                                      |  |                                            |   |  |      |  
|Total Nielsen                         |  | 100                                        | % |  | 100  | %
|                                      |  |                                            |   |  |      |  
|Revenues by geography                 |  |                                            |   |  |      |  
|United States                         |  | 52                                         | % |  | 55   | %
|Other Americas                        |  | 10                                         | % |  | 10   | %
|The Netherlands                       |  | 1                                          | % |  | 1    | %
|Other Europe, Middle East & Africa    |  | 27                                         | % |  | 24   | %
|Asia Pacific                          |  | 10                                         | % |  | 10   | %
|                                      |  |                                            |   |  |      |  
|Total Nielsen                         |  | 100                                        | % |  | 100  | %
|                                      |  |                                            |   |  |      |  
|Consumer Services revenues by service |  |                                            |   |  |      |  
|Retail Measurement Services           |  | 39                                         | % |  | 38   | %
|Consumer Panel Services               |  | 6                                          | % |  | 6    | %
|Customized Research Services          |  | 6                                          | % |  | 6    | %
|Other Services                        |  | 6                                          | % |  | 6    | %
|                                      |  |                                            |   |  |      |  
|Total Consumer Services               |  | 57                                         | % |  | 56   | %
|                                      |  |                                            |   |  |      |  
|Media revenues by division            |  |                                            |   |  |      |  
|Media Measurement                     |  | 28                                         | % |  | 27   | %
|Entertainment                         |  | 3                                          | % |  | 3    | %
|Online                                |  | 3                                          | % |  | 3    | %
|                                      |  |                                            |   |  |      |  
|Total Media                           |  | 34                                         | % |  | 33   | %
|                                      |  |                                            |   |  |      |  
|Business Media                        |  | 9                                          | % |  | 11   | %
|                                      |  |                                            |   |  |      |  

When comparing our results for the three months ended September 30, 2008 with results for
the three months ended September 30, 2007, the following should be noted:

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



| |  |  | For the three months ended September 30, 2008, foreign currency exchange rate fluctuations increased revenue growth by 2.9% and increased operating income
growth by 9.4%.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We incurred $46 million of restructuring expense.
| | - |  | -------------------------------------------------

Items affecting Operating Income for the three months ended September 30, 2007



| |  |  | We incurred $79 million of restructuring expense.
| | - |  | -------------------------------------------------



| |  |  | We incurred approximately $2 million in deal related costs and incremental expenses associated with compensation agreements and recruiting costs for certain
corporate executives.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Revenues

Nielsen Consolidated. Our revenues increased 6.1% to $1,260 million for the three months ended September 30, 2008 versus $1,188 million for the three months ended September 30, 2007. Constant currency revenues increased
3.2% driven by a 2.3% increase at Consumer Services and a 9.5% increase at Media, partly offset by a 12.3% decline in Business Media revenues.

Consumer Services. Revenues increased 7.1% to $714 million for the three months ended September 30, 2008 versus $667 million for the three months ended September 30, 2007. Constant currency revenue growth of 2.3% was
largely due to a 2.9% growth in Retail Measurement Services, 4.4% growth in Customized Research revenues, and 2.2% growth in Consumer Panel, while Other Services revenues declined by 3.0% as a result of lower BASES revenues in the U.S. and Europe.
Emerging Markets and Latin America continued to grow in the double digit range driven by Retail Measurement and Customized Research growth. Both Europe and North America experienced low single digit growth as both regions were impacted by a decline
in BASES revenue and the U.S. was impacted by continuing price compression. Asia Pacific declined by 2.1% primarily as a result of a Customized Research revenue shortfall.

Media.Revenues for Media increased 9.9% to $435 million for the three months ended September 30, 2008 versus $395 million for the three
months ended September 30, 2007. Constant currency revenue growth of 9.5% is largely due to a 5.5% increase in NMR North America, 10.4% growth in NMR International, 11.5% increase in Online revenues, and $22 million in incremental revenues as a
result of the Telephia and IAG acquisitions, partly offset by a 5.5% decline in Media Solutions revenues due in part to lower custom research and advertising related revenues, and a 3.5% decrease in Entertainment revenues due partly to lower studio
testing revenues. NMR North Americas growth was due to increased demand for television audience measurement services, new business, price increases, and the LPM expansion.

Business Media.Revenues for the three months ended September 30, 2008 were $113 million versus $128 million for the three months ended
September 30, 2007. Constant currency revenues declined by 12.3% due to lower Publication advertising revenues caused by industry softness, and a decline in Exposition revenues during the three months ended September 30, 2008 which was
partly driven by the absence of a biennial show that occurred in 2007. This decrease in revenues on a constant currency basis was partially offset by continued eMedia revenue growth.

Cost of Revenues, Exclusive of Depreciation and Amortization

Cost of revenues increased 1.7% to $548
million for the three months ended September 30, 2008 versus $536 million for the three months ended September 30, 2007. On a constant currency basis, cost of revenues decreased by 1.2% due primarily to lower Publication costs at Business
Media, Consumer U.S. savings that offset volume related increases across the other Consumer regions, productivity savings at NMR North America, and lower volume related savings at Entertainment and Media Solutions, partly offset by the impact of the
Telephia and IAG acquisitions.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization

Selling, general and administrative expenses increased 8.1% to $414 million for the three months ended September 30, 2008 versus $385 million for the
three months ended September 30, 2007, an increase of 5.4% in constant currency. The increase in constant currency selling, general and administrative expenses was primarily attributable to continued investment for top-line growth in developing
markets within Consumer Services, higher costs at Media related to the impact of the Telephia and IAG acquisitions and spending on product initiatives to support Medias overall growth strategy. These increases were partly offset by savings
from headcount relations at Business Media, lower share based compensation expense, and lower payments in connection with compensation agreements and recruiting expenses for certain corporate executives.

Depreciation and Amortization

Depreciation and
amortization increased 15.2% to $128 million for the three months ended September 30, 2008 versus $111 million for the three months ended September 30, 2007. On a constant currency basis, depreciation and amortization expense increased
13.6% driven by increased depreciation related to capital investment in hardware and software and increased amortization due to the impact of the Telephia and IAG acquisitions.

Restructuring Costs

We incurred $46 million in severance costs and other non-cash charges relating
to employee terminations for the three months ended September 30, 2008. We incurred $71 million in severance costs and $8 million in consulting fees and other costs for the three months ended September 30, 2007.



35



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##### Table of Contents

Operating Income

Operating income for the three months ended September 30, 2008 was $124 million, versus $77 million for the three months ended September 30, 2007, an increase of 61.7%. Excluding the above listed items
affecting operating income from the our respective 2008 and 2007 operating results, our 2008 constant currency operating income increased 3.6% for the three months ended September 30, 2008 versus the three months ended September 30,
2007. Excluding the items affecting operating income listed above, constant currency operating income increased 4.1% at Consumer Services, 23.7% at Media as a result of solid top line growth and benefits realized from our Transformation Initiative,
and 1.8% at Business Media as headcount related cost savings and lower amortization offset the impact of lower revenues.

Interest Income and Expense

Interest income was $4 million for the three months ended September 30, 2008 versus $7 million for the three months ended
September 30, 2007. Interest expense was $163 million for the three months ended September 30, 2008 versus $164 million for the three months ended September 30, 2007, a decrease of 2.9% excluding the unfavorable impact of foreign
exchange. This reflects a slight decline in the weighted average interest rates of our senior secured credit facility.

(Loss)/Gain on Derivative
Instruments

The loss on derivative instruments was $38 million for the three months ended September 30, 2008 versus a gain of $19
million for the three months ended September 30, 2007. 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, which resulted from a foreign currency
derivative instrument entered into during 2007.

Foreign Currency Exchange Transaction Gains/(Losses), Net

Foreign currency exchange transaction gains or losses, net, represent the net gain or loss on revaluation of external debt and intercompany loans.
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 $1.51 to 1.00 and $1.37 to
1.00 for the three months ended September 30, 2008 and the three months ended September 30, 2007, respectively.

Foreign
currency exchange resulted in a $124 million gain for the three months ended September 30, 2008 versus a $47 million loss recorded in the three months ended September 30, 2007 as a result of the appreciation of the U.S. Dollar against
the Euro and other currencies.

Income/(Loss) from Continuing Operations before Income Taxes, Minority Interests and Equity in Net Loss of Affiliates

For the three months ended September 30, 2008, there was a $52 million income from continuing operations before income taxes,
minority interests and equity in net loss of affiliates versus a $108 million loss for the three months ended September 30, 2007. The current period compared with the prior period results primarily reflect improved operating performance as
discussed above, lower restructuring expenses related to the Transformation Initiative, lower payments in connection with compensation agreements and recruiting expenses for certain corporate executives, and a foreign currency exchange gain in the
three months ended September 30, 2008.

(Provision)/Benefit for Income Taxes

The effective tax rates for the three months ended September 30, 2008 and 2007 were 19% expense and 11% (benefit) respectively. The effective tax
rate for the three months ended September 30, 2008 was lower than the statutory rate primarily due to favorable audit settlements in foreign jurisdictions that occurred in the quarter. The effective tax rate for the three months ended
September 30, 2007 was lower than the Dutch statutory rate primarily as a result of a valuation allowance on foreign tax credits.



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##### Table of Contents

Liquidity and Capital Resources

Overview

Since the Valcon Acquisition and related financing, our contractual obligations,
commitments and debt service requirements over the next several years are significant and are substantially higher than historical amounts. Our primary source of liquidity will continue to be cash generated from operations as well as existing cash.

We believe we will have available resources to meet both our short-term and long-term liquidity requirements, senior secured including
debt service. We expect the cash flow from our operations, combined with existing cash and amounts available under 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 or equity securities (including any publicly issued debt
securities) in privately negotiated or open market transactions, by tender offer or otherwise. Although we have not accessed the capital markets subsequent to September 30, 2008, it is possible that 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 February 2008, we entered into a 2-year interest rate swap agreement which fixed the LIBOR-related portion of the interest rates for $500 million of our variable
rate debt.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Effective April 2, 2008, we obtained a 25 basis point reduction of the applicable margin on its U.S. Dollar and Euro senior secured term loan facilities
as a result of achieving a secured leverage ratio below 4.25 as of December 31, 2007. In addition, we obtained a 25 basis point reduction of the applicable margin on our senior secured revolving credit facility as a result of achieving a total
leverage ratio below 6.0 as of December 31, 2007.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | On April 16, 2008, Nielsen Finance LLC and Nielsen Finance Co., the Companys subsidiaries, consummated a private offering of $220 million aggregate
principal amount of their 10% Senior Notes due 2014 (the Notes). The net proceeds of the private offering were used to finance our acquisition of IAG and to pay related fees and expenses and the Notes were subsequently registered in July
2008.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cash Flows

At
September 30, 2008, cash and cash equivalents were $325 million and our total indebtedness was $8,467 million. In addition, we also had $493 million available for borrowing under our senior secured revolving credit facility at
September 30, 2008.

Operating activities. Net cash provided by operating activities was $140 million for the nine months ended
September 30, 2008, compared to $47 million for the nine months ended September 30, 2007. The primary drivers for the increase in cash flows from operating activities were the growth in business operating income as well as lower interest
payments, offset by the timing of client receipts, vendor payments and increased bonus, pension and one-time payments in 2008.

Investing activities. Net cash used in investing activities was $488 million for the nine months ended September 30, 2008, compared to $494 million for the nine months ended September 30, 2007. The decrease in net cash used
was primarily due to a $578 million reduction of acquisition related expenditures offset by the impact of the 2007 sale of marketable securities, lower proceeds from sale of subsidiaries of $369 million and increased capital expenditures. Capital
expenditures for property, plant, equipment, software and other assets totaled $253 million for the nine months ended September 30, 2008 versus $185 million for the nine months ended September 30, 2007. The primary reason for the increase
in capital expenditures is continued LPM expansion by NMR and investments in computer hardware and software.

Financing activities.
Net cash provided by financing activities was $289 million for the nine months ended September 30, 2008, compared to $129 million for the nine months ended September 30, 2007. The higher source of cash was mainly driven by higher net
borrowings on the senior secured revolving credit facility, lower repayments of other debt and 2008 capital contributions from Valcon offset by lower proceeds from issuances of other debt.



37



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##### Table of Contents

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), commencing with the fiscal quarter ended September 30, 2007. For test
periods commencing:



| | (1) | between October 1, 2007 and December 31, 2007, the maximum ratio is 10.0 to 1.0;
| | --- | --------------------------------------------------------------------------------



| | (2) | between January 1, 2008 and September 30, 2008, the maximum ratio is 9.5 to 1.0;
| | --- | --------------------------------------------------------------------------------



| | (3) | between October 1, 2008 and September 30, 2009, the maximum ratio is 8.75 to 1.0;
| | --- | ---------------------------------------------------------------------------------



| | (4) | between October 1, 2009 and September 30, 2010, the maximum ratio is 8.0 to 1.0;
| | --- | --------------------------------------------------------------------------------



| | (5) | between October 1, 2010 and September 30, 2011, the maximum ratio is 7.5 to 1.0;
| | --- | --------------------------------------------------------------------------------



| | (6) | between October 1, 2011 and September 30, 2012, the maximum ratio is 7.0 to 1.0; and,
| | --- | -------------------------------------------------------------------------------------



| | (7) | after October 1, 2012, the maximum ratio is 6.25 to 1.0.
| | --- | --------------------------------------------------------

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), commencing with the fiscal quarter ended September 30, 2007. For test periods commencing between
January 1, 2008 and September 30, 2008, the minimum ratio is 1.35 to 1.0. This covenant steps up over time to a minimum ratio of Covenant EBITDA to Consolidated Interest Expense of 1.75 to 1.0, including Nielsen interest
expense, as of the last day of the fiscal quarter ended September 30, 2011. For test periods commencing:



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



| | (2) | after October 1, 2012, the minimum ratio is 1.50 to 1.0.
| | --- | --------------------------------------------------------

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, 2008, we were in compliance
with the covenants described above.

We also measure the ratio of secured net debt to Covenant EBITDA because our senior secured credit
facility contains a provision which will result in a decrease of the applicable interest rate by 0.25% if the ratio is lower than 4.25. Effective April 2, 2008, we obtained a 25 basis point reduction of the applicable margin on our
U.S. Dollar and Euro senior secured term loan facilities as a result of achieving a secured leverage ratio below 4.25 as of December 31, 2007.

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, 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 earnings (loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating 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:



| |  |  | 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;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | includes estimated cost savings and operating synergies;
| | - |  | --------------------------------------------------------



| |  |  | does not include one-time transition expenditures that we anticipate we will need to incur to realize cost savings;
| | - |  | -------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | 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.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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, 2008, to Covenant EBITDA as defined above under our senior secured credit facilities:



|                                                         |  |                                    |     |   |                                     |   |       |  
|-------------------------------------------------------- |  | ---------------------------------- | --- | - | ----------------------------------- | - | ----- | -
|                                                         |  | Covenant EBITDA(unaudited)         |    
|(IN MILLIONS)                                            |  | Three monthsendedSeptember 30,2008 |     |   | Twelve monthsendedSeptember 30,2008 |  
|Income/(loss) from continuing operations                 |  | $                                  | 42  |   |                                     | $ | (67   | )
|Interest expense, net                                    |  |                                    | 158 |   |                                     |   | 635   |  
|Provision for income taxes                               |  |                                    | 10  |   |                                     |   | 45    |  
|Depreciation and amortization                            |  |                                    | 128 |   |                                     |   | 493   |  
|                                                         |  |                                    |     |   |                                     |   |       |  
|EBITDA                                                   |  |                                    | 338 |   |                                     |   | 1,106 |  
|Non-cash charges(1)                                      |  |                                    | 8   |   |                                     |   | 33    |  
|Unusual or non-recurring items(2)                        |  |                                    | (73 | ) |                                     |   | 45    |  
|Restructuring charges and business optimization costs(3) |  |                                    | 49  |   |                                     |   | 77    |  
|Cost savings(4)                                          |  |                                    | n/a |   |                                     |   | 75    |  
|Sponsor monitoring fees(5)                               |  |                                    | 3   |   |                                     |   | 11    |  
|Other(6)                                                 |  |                                    | 13  |   |                                     |   | 9     |  
|                                                         |  |                                    |     |   |                                     |   |       |  
|Covenant EBITDA                                          |  | $                                  | 338 |   |                                     | $ | 1,356 |  
|                                                         |  |                                    |     |   |                                     |   |       |  

|                                                                                              |  |  |  |   |        |  
|--------------------------------------------------------------------------------------------- |  |  |  | - | ------ | -
|Credit Statistics:                                                                            |  |  |  |   |        |  
|Current portion of long term debt, capital lease obligation and other short-term borrowings   |  |  |  | $ | 320    |  
|Long term debt and capital lease obligations                                                  |  |  |  |   | 8,147  |  
|                                                                                              |  |  |  |   |        |  
|Total debt                                                                                    |  |  |  |   | 8,467  |  
|                                                                                              |  |  |  |   |        |  
|Cash and cash equivalents                                                                     |  |  |  |   | 325    |  
|Less: Cash of unrestricted subsidiaries                                                       |  |  |  |   | (8     | )
|Less: Additional deduction per credit agreement                                               |  |  |  |   | (10    | )
|                                                                                              |  |  |  |   |        |  
|Cash and cash equivalents excluding cash of unrestricted subsidiaries/deduction               |  |  |  |   | 307    |  
|                                                                                              |  |  |  |   |        |  
|Net debt, including Nielsen net debt(7)                                                       |  |  |  |   | 8,160  |  
|Less: Unsecured debenture loans                                                               |  |  |  |   | (2,868 | )
|Less: Other unsecured net debt                                                                |  |  |  |   | (9     | )
|                                                                                              |  |  |  |   |        |  
|Secured net debt(8)                                                                           |  |  |  | $ | 5,283  |  
|                                                                                              |  |  |  |   |        |  
|Net debt, excluding $355 million (at September 30, 2008) of Nielsen net debt(9)               |  |  |  | $ | 7,805  |  
|Ratio of secured net debt to Covenant EBITDA                                                  |  |  |  |   | 3.9    |  
|Ratio of net debt (excluding Nielsen net debt) to Covenant EBITDA(10)                         |  |  |  |   | 5.8    |  
|Consolidated interest expense, including Nielsen interest expense(11)                         |  |  |  |   | 508    |  
|Ratio of Covenant EBITDA to Consolidated Interest Expense, including Nielsen interest expense |  |  |  |   | 2.7    |  



|(1) | Consists of non-cash items that are permitted adjustments in calculating covenant compliance under the senior secured credit facility, primarily stock-based compensation expense.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

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



|                                                                                |  |                                      |      |   |                                       |   |     |  
|------------------------------------------------------------------------------- |  | ------------------------------------ | ---- | - | ------------------------------------- | - | --- | -
|                                                                                |  | Three months endedSeptember 30, 2008 |      |   | Twelve months endedSeptember 30, 2008 |  
|Deferred Revenue Purchase Price Adjustment(a)                                   |  | $                                    |     |   |                                       | $ | 1   |  
|Currency exchange rate differences on financial transactions and other gains(b) |  |                                      | (125 | ) |                                       |   | (20 | )
|Compensation arrangements/deal costs/legal settlements(c)                       |  |                                      | 2    |   |                                       |   | 20  |  
|Duplicative running costs(d)                                                    |  |                                      | 8    |   |                                       |   | 31  |  
|U.S. Listing/Consulting Fees Costs                                              |  |                                      | 3    |   |                                       |   | 12  |  
|Gain on Derivative Instruments                                                  |  |                                      | 38   |   |                                       |   | (3  | )
|Other(e)                                                                        |  |                                      | 1    |   |                                       |   | 4   |  
|                                                                                |  |                                      |      |   |                                       |   |     |  
|Total                                                                           |  | $                                    | (73  | ) |                                       | $ | 45  |  
|                                                                                |  |                                      |      |   |                                       |   |     |  

| | 
| | 

| | (a) | Purchase Price Adjustment to Deferred Revenue which reduces revenue resulting from the purchase accounting for the Telephia Acquisition in 2007.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Represents foreign exchange gains or losses on revaluation of external debt and intercompany loans.
| | --- | ---------------------------------------------------------------------------------------------------



| | (c) | Represents payments incurred in connection with compensation arrangements and recruiting expenses for certain corporate executives, NetRatings/Telephia deal costs, and legal
settlements.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | 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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | 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 amount of run rate cost savings related to the Transformation Initiative projected by us in good faith to be realized as a result of specified actions. Run rate
savings represent estimated annualized savings expected to be realized one year from September 30, 2008. We do not make specific assumptions relating to run rate cost savings on an interim basis. See Note 6 to the condensed consolidated
financial statements, Restructuring Activities, contained in Part I, Item 1 above for discussion of the Transformation Initiative.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The adjustments reflecting estimated cost savings constitute forward looking statements described within the Private Securities Litigation Reform Act of 1995, as amended. We may not realize the anticipated cost
savings related to Transformation Initiative pursuant to the anticipated timetable or at all. We also cannot assure you that we will not exceed one time restructuring costs associated with implementing the anticipated cost savings.



|(5) | Represents the annual Sponsor monitoring fees effective as of the acquisition date, to be increased by 5% on an annual basis.
|--- | -----------------------------------------------------------------------------------------------------------------------------



|(6) | These adjustments include the pro forma EBITDA impact of businesses that were acquired during the last twelve months, gain on sale of fixed assets, subsidiaries and affiliates,
dividends received from affiliates; equity in net income of affiliates, and the exclusion of Covenant EBITDA attributable to unrestricted subsidiaries.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(7) | 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, 2008 excluding a
contractual $10 million threshold.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(8) | 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.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------



|(9) | Net debt, as defined, excluding $355 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.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(10) | For the reasons discussed in footnote (9) above, the ratio of net debt (excluding Nielsens Senior Discount Notes) to Covenant EBITDA presented above does not include $355
million of Nielsen net indebtedness.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|(11) | 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 not a defined term under GAAP. 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, 2008, including $40 million of interest expense of Nielsen as follows:
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                               |  |   |    
|------------------------------------------------------------------------------ |  | - | ---
|(IN MILLIONS)                                                                  |  |  
|Cash Interest Income                                                           |  | $ | 23 
|Cash Interest Expense                                                          |  |   | 516
|                                                                               |  |   |    
|Net Cash Interest Expense for the twelve months ended September 30, 2008       |  |   | 493
|Plus: Pro Forma impact for the acquisitions and divestitures                   |  |   | 15 
|                                                                               |  |   |    
|Pro Forma Cash Interest Expense for the twelve months ended September 30, 2008 |  | $ | 508
|                                                                               |  |   |    

See Liquidity and Capital Resources for further information on our indebtedness and covenants.



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Transactions with Sponsors and Other Related Parties

We recorded $8 million in selling, general and administrative expenses related to Sponsor management fees, travel and consulting for both the nine months
ended September 30, 2007 and September 30, 2008.

During the second quarter of 2008, we repaid all previously outstanding loans
with both Valcon and Dutch Holdco. A portion of the repayments was used by Valcon to acquire the remaining outstanding Nielsen common shares through a statutory squeeze-out procedure, pursuant to Dutch legal and regulatory requirements.

At September 30, 2008, short-term debt included $3 million payable to Dutch Holdco. We recorded $2 million and $3 million in interest expense
from loans with related parties for the nine months ended September 30, 2008 and September 30, 2007, respectively.

Commitments and
Contingencies

Outsourced Services Agreement

On February 19, 2008, AC Nielsen (US), Inc., a subsidiary of Nielsen, amended and restated its Master Services Agreement dated September 16, 2004 (MSA), with Tata America International Corporation and Tata Consultancy
Services Limited (jointly TCS). The term of the amended and restated MSA is for ten years, effective October 1, 2007; with a one year renewal option granted to us, during which ten year period (or if we exercise our renewal
option, eleven year period) we have committed to purchase at least $1 billion in services from TCS. Unless mutually agreed, the payment rates for services under the amended and restated MSA are not subject to adjustment due to inflation or
changes in foreign currency exchange rates. TCS will provide us with Information Technology, Applications Development and Maintenance and Business Process Outsourcing services globally. The amount of the purchase commitment may be reduced upon
the occurrence of certain events, some of which also provide us with the right to terminate the agreement.

Information Technology Infrastructure
Outsourcing Agreement

We entered into an agreement during the first quarter of 2008 with TCS to outsource its global IT Infrastructure
services. The agreement has an initial term of seven years, and provides for TCS to manage our infrastructure costs at an agreed upon level and to provide us infrastructure services globally for an annual service charge of $39 million per year. The
agreement is subject to earlier termination under certain limited conditions.

Legal Proceedings and Contingencies

We are subject to litigation and other claims in the ordinary course of business; however, except as described below and in Note 13 to the condensed
consolidated financial statements, 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 or results of operations.

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 things, 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. During the three months ended September 30, 2008, we paid $6 million to settle our portion of one of the outstanding tax matters previously in arbitration, including $1 million
in interest. As of September 30, 2008, we had $10 million of remaining accruals, which are considered to be adequate to cover any liabilities associated with the remaining matters.



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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

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, Fair
Value Measurement (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and establishes a hierarchy that categorizes and prioritizes the sources
to be used to estimate fair value. SFAS 157 also expands financial statement disclosures about fair value measurements. On February 12, 2008, the FASB issued FASB Staff Position No. 157-2 (FSP 157-2), which delays the effective
date of SFAS 157 for one year, for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). SFAS 157 and
FSP 157-2 are effective for financial statements issued for fiscal years beginning after November 15, 2007. We adopted the provisions of SFAS 157 beginning January 1, 2008 for all financial assets and financial liabilities that are
recognized at fair value. Additionally, for all non-financial assets and non-financial liabilities that are recognized at fair value in the financial statements on a nonrecurring basis, we have adopted the provisions of FSP 157-2 and delayed the
effective date of SFAS 157 until January 1, 2009. The impact of partially adopting SFAS 157 effective January 1, 2008 was not material to the condensed consolidated financial statements.

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and
Financial Liabilities  including an Amendment of FASB Statement No. 115 (SFAS 159), which permits but does not require us to measure financial instruments and certain other items at fair value. Unrealized gains and
losses on items for which the fair value option has been elected are reported in earnings. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. As we did not elect to fair value any of
its financial instruments under the provisions of SFAS 159, the adoption of this statement effective January 1, 2008 did not have an impact on our consolidated financial statements.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging
Activities  an Amendment of FASB Statement No. 133 (SFAS 161). SFAS 161 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 Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities; and
(c) derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008 and
therefore we will be required to provide such disclosures beginning with the interim period ended March 31, 2009.

In April 2008, the
FASB issued FASB Staff Position FAS No. 142-3 (FSP FAS 142-3) Determination of the Useful Life of Intangible Assets. FSP FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to
determine the useful life of a recognized intangible asset under SFAS 142, Goodwill and Other Intangible Assets, to include an entitys historical experience in renewing or extending similar arrangements, adjusted for
entity-specific factors, even when there is likely to be substantial cost or material modifications. FSP FAS 142-3 states that in the absence of historical experience an entity should use assumptions that market participants would make
regarding renewals or extensions, adjusted for entity-specific factors. The aforementioned guidance for determining the useful life of intangible assets will be applied prospectively to intangible assets acquired after the effective date of
January 1, 2009. We do not expect FSP FAS 142-3 to have a material impact on its consolidated financial statements.



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|Item 3. | Quantitative and Qualitative Disclosures About Market Risk
|------- | ----------------------------------------------------------

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, cross-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 46% of revenues for the
nine months ended September 30, 2008 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, 2008 to September 30, 2008:



|                |  |             |   |  |      |   |  |                 |  
|--------------- |  | ----------- | - |  | ---- | - |  | --------------- | -
|                |  | U.S.Dollars |   |  | Euro |   |  | OtherCurrencies |  
|Revenues        |  | 54          | % |  | 15   | % |  | 31              | %
|Operating costs |  | 53          | % |  | 17   | % |  | 30              | %

Based on the twelve months ended December 31, 2007, 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.

Interest Rate Risk

At September 30, 2008, we had $5,541 million nominal amount of debt under our senior secured credit facilities and our EMTN
floating rate notes which are based on a floating rate index. A one percentage point increase in these floating rates would increase our annual interest expense by approximately $55 million. Given our exposure to volatility in floating rates, we
evaluated hedging opportunities and entered into hedging transactions in November 2006, January 2007 and February 2008. After giving effect to these interest rate swap agreements, a one percentage point increase in interest rates would increase
interest expense by approximately $19 million. As a result of our hedging strategies, the rate of interest that we pay on our indebtedness was not significantly affected by recent fluctuations in interest rates resulting from current adverse
conditions in global credit markets.

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.

Recent developments in the U.S. and global financial markets have not required us to materially modify or change our financial risk management strategies with respect to our exposures to interest rate and foreign
currency risk.

Equity Price Risk

We
are not exposed to material equity risk.



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##### Table of Contents

|Item 4T. | Controls and Procedures
|-------- | -----------------------



|(a) | Evaluation of Disclosure Controls and Procedures
|--- | ------------------------------------------------

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, 2008 (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.



|(b) | Changes in Internal Control over Financial Reporting
|--- | ----------------------------------------------------

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.



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##### Table of Contents

PART II. OTHER INFORMATION



|Item 1. | Legal Proceedings
|------- | -----------------

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.



|Item 1A. | Risk Factors
|-------- | ------------

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, 2007.



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

Not applicable.



|Item 3. | Defaults Upon Senior Securities
|------- | -------------------------------

Not applicable.



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

Not applicable.



|Item 5. | Other Information
|------- | -----------------

Not applicable.



|Item 6. | Exhibits
|------- | --------



|              |     |  |                                                                                                                                                                                                                                 
|------------- | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |     |  | Description of Exhibits                                                                                                                                                                                                         
|              |    
|4.3           |     |  | Sixth Supplemental Indenture, dated as of July 15, 2008, among Nielsen IAG, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee           
|              |    
|4.4           |     |  | Seventh Supplemental Indenture, dated as of July 15, 2008, among Nielsen IAG, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as
defined therein and Law Debenture Trust Company of New York, as Trustee         
|              |    
|4.5           |     |  | Seventh Supplemental Indenture, dated as of July 15, 2008, among RewardTV, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee            
|              |    
|4.6           |     |  | Eighth Supplemental Indenture, dated as of July 15, 2008, among RewardTV, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee             
|              |    
|4.7           |     |  | Eighth Supplemental Indenture, dated as of September 24, 2008, among ACNielsen eRatings.com, Nielsen Finance LLC, Nielsen Finance Co., the Guarantors
as defined therein and Law Debenture Trust Company of New York, as Trustee
|              |    
|4.8           |     |  | Ninth Supplemental Indenture, dated as of September 24, 2008, among ACNielsen eRatings.com, Nielsen Finance LLC, Nielsen Finance Co., the Guarantors
as defined therein and Law Debenture Trust Company of New York, as Trustee 
|              |    
|10.2          |     |  | Amendment No. 1 to the Amended and Restated Master Services Agreement by and between Tata America International Corporation & Tata Consultancy Services Limited and ACNielsen (US),
Inc.                                        
|              |    
|10.3          |     |  | Amendment No. 2 to the Amended and Restated Master Services Agreement by and between Tata America International Corporation & Tata Consultancy Services Limited and ACNielsen (US),
Inc.                                        
|              |    
|10.13         | (c) |  | Amendment to The Nielsen Company Deferred Compensation Plan, dated October 28, 2008.                                                                                                                                            
|              |    
|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)                                                                   



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##### Table of Contents

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.



|                        |  |  |  |                          |  |                                                                                                        
|----------------------- |  |  |  | ------------------------ |  | -------------------------------------------------------------------------------------------------------
|                        |  |  |  | The Nielsen Company B.V.
|                        |  |  |  |                          |  | (Registrant)                                                                                           
|                        |  |  | 
|                        |  |  |  |                          |  | /s/    David E. Berger                                                                                 
|Date: November 13, 2008 |  |  |  | David E. Berger         
|                        |  |  |  |                          |  | Senior Vice President and Corporate Controller Duly
Authorized Officer and Principal Accounting Officer



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##### Table of Contents

EXHIBITS



|              |     |  |                                                                                                                                                                                                                                 
|------------- | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |     |  | Description of Exhibits                                                                                                                                                                                                         
|              |    
|4.3           |     |  | Sixth Supplemental Indenture, dated as of July 15, 2008, among Nielsen IAG, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee           
|              |    
|4.4           |     |  | Seventh Supplemental Indenture, dated as of July 15, 2008, among Nielsen IAG, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as
defined therein and Law Debenture Trust Company of New York, as Trustee         
|              |    
|4.5           |     |  | Seventh Supplemental Indenture, dated as of July 15, 2008, among RewardTV, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee            
|              |    
|4.6           |     |  | Eighth Supplemental Indenture, dated as of July 15, 2008, among RewardTV, Inc., Nielsen Finance LLC, Nielsen Finance Co., the Guarantors as defined
therein and Law Debenture Trust Company of New York, as Trustee             
|              |    
|4.7           |     |  | Eighth Supplemental Indenture, dated as of September 24, 2008, among ACNielsen eRatings.com, Nielsen Finance LLC, Nielsen Finance Co., the Guarantors
as defined therein and Law Debenture Trust Company of New York, as Trustee
|              |    
|4.8           |     |  | Ninth Supplemental Indenture, dated as of September 24, 2008, among ACNielsen eRatings.com, Nielsen Finance LLC, Nielsen Finance Co., the Guarantors
as defined therein and Law Debenture Trust Company of New York, as Trustee 
|              |    
|10.2          |     |  | Amendment No. 1 to the Amended and Restated Master Services Agreement by and between Tata America International Corporation & Tata Consultancy Services Limited and ACNielsen (US),
Inc.                                        
|              |    
|10.3          |     |  | Amendment No. 2 to the Amended and Restated Master Services Agreement by and between Tata America International Corporation & Tata Consultancy Services Limited and ACNielsen (US),
Inc.                                        
|              |    
|10.13         | (c) |  | Amendment to The Nielsen Company Deferred Compensation Plan, dated October 28, 2008.                                                                                                                                            
|              |    
|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)                                                                   



48