Document:

Registration Rights Agreement, dated as of August 9, 2006

 Exhibit 4.7 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTERED EXCHANGE OFFER 
 NIELSEN
FINANCE LLC 
 NIELSEN FINANCE CO. 

 $1,070,000,000 12 1/2% Senior Subordinated Discount Notes due 2016 
 REGISTRATION RIGHTS AGREEMENT 
 August 9, 2006 
 Deutsche Bank Securities Inc. 
 Citigroup Global Markets Inc. 
 J.P. Morgan Securities Inc. 
 ABN AMRO Incorporated 
 ING Bank N.V. 
 As Initial Purchasers 
 c/o Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Ladies and Gentlemen: 
 Nielsen Finance LLC, a Delaware limited liability company (“Nielsen LLC”) and
Nielsen Finance Co., a Delaware corporation (“Nielsen Co.” and, together with Nielsen LLC, the “Issuers”), propose to issue and sell to the Initial Purchasers $1,070,000,000 aggregate principal amount at maturity of their
12 1/2% Senior Subordinated Discount Notes due 2016 (the “Notes”) upon the terms set forth in
the Purchase Agreement among the Issuers, the Guarantors named therein and the initial purchasers named on Schedule I thereto (the “Initial Purchasers”), dated August 1, 2006 (the “Purchase Agreement”),
relating to the initial placement (the “Initial Placement”) of the Notes. As of the date hereof, the Issuers’ obligations under the Notes will be guaranteed (the “Guarantees”) by each of the guarantors listed
on Annex A-1 of the Purchase Agreement (collectively, the “Guarantors”). References herein to the “Securities” refer to the Notes and the Guarantees, collectively. To induce the Initial Purchasers to enter into the
Purchase Agreement and to satisfy a condition to your obligations thereunder, the Issuers and the Guarantors jointly and severally agree with you for your benefit and the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows: 
 1.
Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Affiliate” shall have the meaning specified in Rule 405 under the Act and the term
“controlling” shall have a meaning correlative thereto. 
  

 2 

 “Broker-Dealer” shall mean any broker or dealer registered as such under
the Exchange Act. 
 “Business Day” shall mean a day other than a Saturday, a Sunday or a legal holiday or
day on which commercial banking institutions or trust companies are authorized or required by law to close in New York City. 
 “Closing Date” shall mean the date of the first issuance of the Securities. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “Deferral
Period” shall have the meaning set forth in Section 4(k)(ii) hereof. 
 “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Offer Registration Period” shall mean the period of 180 days following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement. 
 “Exchange Offer Registration Statement” shall
mean a registration statement of the Issuers and the Guarantors on an appropriate form under the Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments
thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Exchanging Dealer” shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own
account as a result of market-making activities or other trading activities (but not directly from any Issuer or any Affiliate of any Issuer) for New Securities. 
 “Final Memorandum” shall mean the offering memorandum, dated August 1, 2006, relating to the Securities,
including any and all exhibits thereto and any information incorporated by reference therein as of such date. 
 “Guarantee” shall have the meaning set forth in the preamble hereto. 
 “Guarantors” shall have the meaning set forth in the preamble hereto. 
 “Holder”
shall have the meaning set forth in the preamble hereto. 
 “Holdings” shall mean VNU Group B.V. 

“Indenture” shall mean that certain Indenture relating to the Securities, dated as of August 9, 2006, among the
Issuers, the Guarantors and Law Debenture Trust Company of New York, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 
  

 3 

 “Initial Placement” shall have the meaning set forth in the preamble
hereto. 
 “Initial Purchasers” shall have the meaning set forth in the preamble hereto. 
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 
 “Majority Holders” shall mean, on any date, Holders of a majority of the aggregate principal amount at maturity of the
Securities and New Securities registered under a Registration Statement. 
 “Managing Underwriters” shall
mean the investment banker or investment bankers and manager or managers who administer an underwritten offering, if any, under a Registration Statement. 
 “NASD Rules” shall mean the Conduct Rules and the By-laws of the National Association of Securities Dealers, Inc. 
 “New Securities” shall mean debt securities of the Issuers and Guarantees by the Guarantors, in each case identical in
all material respects to the Securities (except that the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under the New Securities Indenture. 
 “New Securities Indenture” shall mean the Indenture or an indenture among the Issuers, the Guarantors and the New
Securities Trustee, identical in all material respects to the Indenture (except that (i) the New Securities shall contain no restrictive legend thereon, (ii) interest thereon shall accrue from the last date on which interest was paid on
such Notes or, if no such interest has been paid, from the Closing Date and (iii) which are entitled to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to
the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either case, has been qualified under the Trust Indenture Act), which may be the Indenture if in the terms thereof appropriate provision is
made for the New Securities. 
 “New Securities Trustee” shall mean the Trustee or a bank or trust company
reasonably satisfactory to the Initial Purchasers, as trustee with respect to the New Securities under the New Securities Indenture. 
 “Notes” shall have the meaning set forth in the preamble hereto. 
 “Prospectus”
shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon
Rule 430A under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Securities or the New Securities 
  

 4 

 covered by such Registration Statement, and all amendments and supplements thereto, including any and all
exhibits thereto and any information incorporated by reference therein. 
 “Purchase Agreement” shall have
the meaning set forth in the preamble hereto. 
 “Registered Exchange Offer” shall mean the proposed offer of
the Issuers and the Guarantors to issue and deliver to the Holders of the Securities that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like Accreted Value and aggregate
principal amount at maturity of the New Securities. 
 “Registrable Securities” shall mean
(i) Securities other than those that have been (A) registered under a Registration Statement and disposed of in accordance therewith or (B) distributed to the public pursuant to Rule 144 under the Act or any successor rule or
regulation thereto that may be adopted by the Commission and (ii) any New Securities the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act. 
 “Registration Default Damages” shall have the meaning set forth in Section 8 hereof. 
 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers
any of the Securities or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein),
all exhibits thereto and all material incorporated by reference therein. 
 “Securities” shall have the
meaning set forth in the preamble hereto. 
 “Shelf Registration” shall mean a registration effected pursuant
to Section 3 hereof. 
 “Shelf Registration Period” shall have the meaning set forth in
Section 3(b)(ii) hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration
statement of the Issuers and the Guarantors pursuant to the provisions of Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar
rule that may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
  

 5 

 “Trustee” shall mean the trustee with respect to the Securities under
the Indenture. 
 “underwriter” shall mean any underwriter of Securities in connection with an offering
thereof under a Shelf Registration Statement. 
 2. Registered Exchange Offer. (a) The Issuers and the Guarantors shall prepare
and use their reasonable best efforts to file with the Commission and cause to become effective the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Issuers and the Guarantors shall use their reasonable best
efforts to cause the Registered Exchange Offer to be completed under the Act within 375 days of the Closing Date. 
 (b) Upon the
effectiveness of the Exchange Offer Registration Statement, the Issuers and the Guarantors shall promptly commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange
Securities for New Securities (assuming that such Holder (i) is not an Affiliate of any of the Issuers, (ii) acquires the New Securities in the ordinary course of such Holder’s business, (iii) has no arrangements with any person
to participate in the distribution of the New Securities, (iv) is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer and (v) is not an Initial Purchaser holding Securities that have
the status of an unsold allotment remaining from the initial distribution of the Securities) to trade such New Securities from and after their receipt without any limitations or restrictions under the Act and without material restrictions under the
securities laws of a substantial proportion of the several states of the United States. 
 (c) In connection with the Registered Exchange
Offer, the Issuers and the Guarantors shall: 
 (i) mail or cause to be mailed to each Holder a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (ii) keep the Registered Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date notice thereof is mailed to the Holders; 
 (iii) use their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective under the Act,
supplemented and amended as required under the Act, to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 
 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City,
which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
 (v) permit Holders to withdraw
tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 
  

 6 

 (vi) prior to effectiveness of the Exchange Offer Registration Statement, provide a
supplemental letter to the Commission (A) stating that the Issuers and the Guarantors are conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail.
May 13, 1988), Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and (B) including a representation that the Issuers and the Guarantors have not entered into any arrangement or understanding with any person to distribute
the New Securities to be received in the Registered Exchange Offer and that, to the best of the Issuers’ information and belief, each Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course
of business and has no arrangement or understanding with any person to participate in the distribution of the New Securities; and 
 (vii) comply in all respects with all laws applicable to the Registered Exchange Offer. 
 (d) As soon as practicable after the
close of the Registered Exchange Offer, the Issuers and the Guarantors shall: 
 (i) accept for exchange all Securities
tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 
 (ii) deliver to the Trustee for cancellation
in accordance with Section 4(s) hereof all Securities so accepted for exchange; and 
 (iii) cause the New Securities
Trustee promptly to authenticate and deliver to each Holder of Securities New Securities with an Accreted Value and an aggregate principal amount at maturity equal to the then Accreted Value and aggregate principal amount at maturity of the
Securities of such Holder so accepted for exchange. 
 (e) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such
Holder using the Registered Exchange Offer to participate in a distribution of the New Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital
Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar
no-action letters and (y) must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling
security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for Securities acquired by such Holder directly from any
Issuer or any Affiliate of any Issuer. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuers that, at the time of the consummation of the Registered Exchange Offer: 
 (i) any New Securities received by such Holder shall be acquired in the ordinary course of business; 
  

 7 

 (ii) such Holder shall have no arrangement or understanding with any person to
participate in the distribution within the meaning of the Act of the Securities or the New Securities; 
 (iii) such Holder is
not an Affiliate of any Issuer or any Guarantor or, if it is an Affiliate of an Issuer, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and will provide information to be
included in the Shelf Registration Statement in accordance with Section 4 hereof in order to have their Securities included in the Shelf Registration Statement and benefit from the provisions regarding Registration Default Damages in
Section 8 hereof; and 
 (iv) if such Holder is an Exchanging Dealer, then such Holder will comply with the applicable
provisions of the Securities Act (including the prospectus delivery requirements thereunder). 
 (f) If any Initial Purchaser determines that
it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion of an unsold allotment, at the request of such Initial Purchaser, the Issuers and the Guarantors shall issue and
deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like Accreted Value
and principal amount at maturity thereof of New Securities. The Issuers and the Guarantors shall use their commercially reasonable efforts to cause the CUSIP Service Bureau to issue the same CUSIP number and International Securities Identification
Number (“ISIN”) for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 
 3.
Shelf Registration. 
 (a) If (i) due to any change in law or applicable interpretations thereof by the Commission’s staff,
the Issuers and the Guarantors determine upon advice of their outside counsel that they are not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any other reason the Registered Exchange Offer
is not consummated within 375 days of the Closing Date; (iii) any Initial Purchaser so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it
following consummation of the Registered Exchange Offer; (iv) any Holder (other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer; or (v) in the case of any Initial Purchaser that participates in
the Registered Exchange Offer or acquires New Securities pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely tradeable New Securities in exchange for Securities constituting any portion of an unsold allotment (it
being understood that (x) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with sales of New Securities acquired in
exchange for such Securities shall result in such New Securities being not “freely tradeable;” and (y) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the
Registered Exchange Offer in exchange for Securities acquired as a result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradeable”), the Issuers and the Guarantors shall
file and use their reasonable best efforts to cause to become and keep effective a Shelf Registration Statement in accordance with subsection (b) below. 
  

 8 

 (b) (i) The Issuers and the Guarantors shall, if required by subsection (a) above, as promptly as
practicable use their reasonable best efforts to file with the Commission and shall use their reasonable best efforts to cause to be declared effective under the Act within 375 days, a Shelf Registration Statement relating to the offer and sale of
the Securities or the New Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however,
that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable
to such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Issuers and the Guarantors may, if permitted by current
interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their
obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement.

 (ii) The Issuers and the Guarantors shall use their reasonable best efforts to keep the Shelf Registration Statement continuously
effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period from the date the Shelf Registration Statement is declared effective by the Commission until the
earliest of: (A) the second anniversary of the Closing Date, (B) the date upon which all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration
Statement or (C) the date upon which the Securities or New Securities, as applicable, covered by the Shelf Registration Statement become eligible for resale, without regard to volume, manner of sale or other restrictions contained in Rule 144
under the Act pursuant to paragraph (k) thereof (in any such case, the “Shelf Registration Period”). The Issuers and the Guarantors shall be deemed not to have used their reasonable best efforts to keep the Shelf Registration
Statement effective during the Shelf Registration Period if they voluntarily take any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities at any time during the Shelf Registration
Period, unless such action is (x) required by applicable law or otherwise taken by the Issuers and the Guarantors in good faith and for valid business reasons (not including avoidance of the Issuers’ and the Guarantors’ obligations
hereunder), including the acquisition or divestiture of assets and (y) permitted pursuant to Section 4(k)(ii) hereof. 
 (iii) The
Issuers and the Guarantors shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to
comply in all material respects with the applicable requirements of the Act and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
  

 9 

 4. Additional Registration Procedures. In connection with any Shelf Registration Statement and, to
the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
 (a) The Issuers and
the Guarantors shall: 
 (i) furnish to counsel for the Initial Purchasers and to counsel for the Holders, not less than two
(2) Business Days prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus
included therein (including all documents incorporated by reference therein after the initial filing) and shall use their commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as counsel
to the Holders or counsel for the Initial Purchasers reasonably propose; 
 (ii) include the information set forth in
Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto
in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer Registration Statement and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 
 (iii) if requested by an Initial Purchaser, include the information required by Item 507 or 508, as applicable, of
Regulation S-K in the Prospectus contained in the Exchange Offer Registration Statement or Shelf Registration Statement; and 
 (iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling security holders. 
 (b) The Issuers and the Guarantors shall use their commercially reasonable efforts to ensure that: 
 (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto
complies in all material respects with the Act; and 
 (ii) any Registration Statement and any amendment thereto does not,
when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
  

 10 

 (c) The Issuers and the Guarantors shall advise counsel for the Initial Purchasers, the
Holders of Securities covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Issuers or the Guarantors a telephone or facsimile number and address for
notices, and, if requested by any Initial Purchaser or any such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the
Prospectus until the Issuers and the Guarantors shall have remedied the basis for such suspension): 
 (i) when a Registration
Statement and any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission after the effective date for any amendment or supplement to the Registration Statement or the
Prospectus or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the institution of any proceeding for that purpose; 
 (iv) of the receipt by
any Issuer or any Guarantor of any notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the institution of any proceeding for such purpose; and 
 (v) of the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, they
(A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the
circumstances under which they were made) not misleading. 
 (d) The Issuers and the Guarantors shall use their commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction. 
 (e) The Issuers and the Guarantors shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge,
at least one (1) copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto (including exhibits
incorporated by reference therein). 
 (f) The Issuers and the Guarantors shall, during the Shelf Registration Period, deliver
to each Holder of Securities covered by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto
as such 
  

 11 

 Holder may reasonably request. The Issuers and the Guarantors consent to the use of the Prospectus or any
amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement.

 (g) The Issuers and the Guarantors shall furnish to each Exchanging Dealer which so requests, without charge, at least one
(1) conformed copy of the Exchange Offer Registration Statement and any post-effective amendments thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto
(including exhibits incorporated by reference therein). 
 (h) The Issuers and the Guarantors shall promptly deliver to each
Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement
and any amendments or supplements thereto as any such person may reasonably request. The Issuers and the Guarantors consent to the use of the Prospectus or any amendments or supplements thereto by any Initial Purchaser, any Exchanging Dealer and any
such other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included in the
Exchange Offer Registration Statement. 
 (i) Prior to the Registered Exchange Offer or any other offering of Securities
pursuant to any Registration Statement, the Issuers and the Guarantors shall arrange, if necessary, for the registration or qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall
reasonably request and shall maintain such qualification in effect so long as required; provided that in no event shall any Issuer or any Guarantor be obligated to qualify to do business in any jurisdiction where it is not then so qualified
or to take any action that would subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such jurisdiction
where it is not then so subject or to subject itself to taxation in excess of a nominal amount in respect of doing business in such jurisdiction. 
 (j) The Issuers and the Guarantors shall cooperate with the Holders of Securities to facilitate the timely preparation and delivery of certificates representing New Securities or Securities to be issued or sold
pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request in writing at least three (3) Business Days prior to the closing date of any sales of New
Securities. 
 (k) (i) Upon the occurrence of any event contemplated by subsections (c) (ii) through
(v) above, the Issuers and the Guarantors shall promptly (or within the time period provided for by clause (ii) hereof, if applicable) prepare a post-effective amendment 
  

 12 

 to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file
any other required document so that, as thereafter delivered to the Initial Purchasers of the Securities included therein, the Prospectus shall not include an untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement provided for in
Section 2 hereof shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) hereof to and including the date when the Initial Purchasers, the Holders of the
Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section 4(k). 
 (ii) Upon the occurrence or existence of any pending corporate development or any other material event that, in the reasonable judgment of the Issuers and the Guarantors, makes it appropriate to suspend the
availability of a Shelf Registration Statement and the related Prospectus, the Issuers and the Guarantors shall give notice (without notice of the nature or details of such events) to the Holders that the availability of the Shelf Registration is
suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such Holder’s receipt of copies of the supplemented or amended Prospectus provided for in
Section 3(a)(i) hereof, or until it is advised in writing by the Issuers and the Guarantors that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by
reference in such Prospectus. The period during which the availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) (1) shall not exceed 60 consecutive days, (2) shall not occur more
than three (3) times during any calendar year and (3) shall extend the number of days the Shelf Registration or any Prospectus is available by an amount equal to the Deferral Period. Any Registration Default Damages payable pursuant to
Section 8(a)(iii) shall cease to accrue during any Deferral Period. 
 (l) Not later than the effective date of any
Registration Statement, the Issuers and the Guarantors shall provide a CUSIP number and ISIN for the Securities or the New Securities, as the case may be, registered under such Registration Statement, and provide the Trustee with printed
certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust Company. 
 (m)
The Issuers and the Guarantors shall comply in all material respects with all applicable rules and regulations of the Commission and shall make generally available to their security holders earnings statements satisfying the provisions of
Section 11(a) of the Act as soon as practicable after the effective date of the applicable Registration Statement. 
 (n)
The Issuers and the Guarantors shall cause the New Securities Indenture to be qualified under the Trust Indenture Act as required by applicable law in a timely manner. 
  

 13 

 (o) The Issuers and the Guarantors may require each Holder of Securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Issuers and the Guarantors such information regarding the Holder and the distribution of such Securities as the Issuers and the Guarantors may from time to time reasonably require for
inclusion in such Registration Statement. The Issuers and the Guarantors may exclude from such Shelf Registration Statement the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request.

 (p) In the case of any Shelf Registration Statement, upon the request of the Majority Holders, the Issuers and the
Guarantors shall enter into customary agreements (including, if requested, one underwriting agreement in customary form) and take all other appropriate actions, if any, as the Majority Holders shall reasonably request in order to expedite or
facilitate the registration or the disposition of the Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth
in Section 6 hereof. 
 (q) In the case of any Shelf Registration Statement, the Issuers and the Guarantors shall:

 (i) make reasonably available for inspection at a location where they are normally kept and during normal business hours by
the Majority Holders of Securities to be registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by such Holders or any such underwriter all
relevant financial and other records and pertinent corporate documents of the Issuers, the Guarantors and their respective subsidiaries; 
 (ii) use their commercially reasonable efforts to cause their officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders or any such underwriter,
attorney, accountant or agent (each, an “Inspector”) in connection with any such Registration Statement as is customary for similar due diligence examinations; provided, however, that such Inspector shall first agree
in writing with the Issuers and the Guarantors that any information that is reasonably and in good faith designated by the Issuers and the Guarantors in writing as confidential at the time of delivery of such information shall be kept confidential
by such Inspector, unless (1) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (2) disclosure of such information is required by law (including
any disclosure requirements pursuant to federal securities laws in connection with the filing of such Registration Statement or the use of any Prospectus), (3) such information becomes generally available to the public other than as a result of
a disclosure or failure to safeguard such information by such person or (4) such information becomes available to such Inspector from a source other than the Issuers or the Guarantors and such source is not known, after due inquiry, by the
relevant Holder to be bound by a confidentiality agreement or is not otherwise under a duty of trust to the Issuers or the Guarantors; 
  

 14 

 (iii) make such representations and warranties to the Holders of Securities registered
thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings; 
 (iv) obtain opinions of counsel to the Issuers and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each
selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 
 (v) obtain “comfort” letters and updates thereof from the independent certified public accountants of Holdings (and, if
necessary, any other independent certified public accountants of any subsidiary of Holdings or of any business acquired by Holdings for which financial statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with primary
underwritten offerings; 
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders
or the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Issuers or the Guarantors;
and 
 (vii) cooperate with each seller of Registrable Securities covered by any Shelf Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made pursuant to the NASD Rules 
 (r) If a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Issuers (or to such other
person as directed by the Issuers) in exchange for the New Securities, the Issuers shall mark, or caused to be marked, on the Securities so exchanged that such Securities are being cancelled in exchange for the New Securities. In no event shall the
Securities be marked as paid or otherwise satisfied. 
 (s) The Issuers and the Guarantors shall use their commercially
reasonable efforts to take all other steps necessary to effect the registration of the Securities or the New Securities, as the case may be, covered by a Registration Statement. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuers, then such Holder shall have
the right to require (i) the 
  

 15 

 insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the
holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Issuers, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder
in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 5. Registration Expenses. The Issuers and the Guarantors shall bear all expenses incurred in connection with the performance of their obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement,
shall reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (which shall initially be Cahill Gordon & Reindel llp, but which may be another nationally recognized law firm experienced in securities matters
designated by the Majority Holders) to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, shall reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel
acting in connection therewith, in each case which counsel shall be approved by the Issuers (such approval not to be unreasonably withheld). Each Holder shall pay all expenses of its counsel other than as set forth in the preceding sentence,
underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Securities or New Securities. 
 6. Indemnification and Contribution. (a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless each Holder of Securities or New Securities, as the case may be, covered
by any Registration Statement, each Initial Purchaser and each Affiliate thereof and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer, the directors, officers and Affiliates of each such
Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial Purchaser or Exchanging Dealer within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the
Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case
of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading, and agree (subject to the limitations set forth in the proviso to this sentence) to reimburse each such indemnified party,
as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuers shall not be liable in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Issuers by or on behalf of the party claiming indemnification specifically for inclusion 
  

 16 

 therein. This indemnity agreement shall be in addition to any liability that the Issuers and the Guarantors may otherwise
have. The Issuers and the Guarantors shall not be liable under this Section 6 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit
or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to
by the Issuers or the Guarantors, as applicable, which consent shall not be unreasonably withheld. 
 (b) Each Holder of securities covered
by a Registration Statement (including each Initial Purchaser that is a Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the Issuers and the Guarantors and each of their respective directors, each of their
respective officers who signs such Registration Statement and each person who controls any Issuer or any Guarantor within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuers and the
Guarantors to each such Holder, but only with reference to written information relating to such Holder furnished to the Issuers and the Guarantors by or on behalf of such Holder specifically for inclusion in the documents referred to in the
foregoing indemnity. This indemnity agreement shall be in addition to any liability that any such Holder may otherwise have. 
 (c) Promptly
after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify
the indemnifying party in writing of the commencement thereof; but the failure to so notify the indemnifying party (i) shall not relieve it from liability under paragraph (a) or (b) of this Section 6 unless and to the extent it
did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in paragraph (a) or (b) of this Section 6, except as provided in paragraph (d) below. The indemnifying party shall be entitled to appoint counsel (including
local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be
responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such
counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest (based on the advice of counsel to the indemnified person), (ii) such action includes both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded (based on the advice of counsel to the indemnified person) that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying
party, (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to 
  

 17 

 represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the
indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood and agreed that the indemnifying person shall not, in connection with any proceeding or related proceeding
in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all indemnified persons. Any such separate firm for any Initial Purchaser, its affiliates, directors and
officers and any control persons of such Initial Purchaser shall be designated in writing by Deutsche Bank Securities Inc. (“DBSI”), and any such separate firm for the Issuers or any of the Guarantors, and any control persons of the
Issuers or any of the Guarantors shall be designated in writing by such Issuers or such Guarantor, as the case may be. In the event that any Initial Purchaser, its affiliates, directors and officers or any control persons of such Initial Purchaser
are Indemnified Persons collectively entitled, in connection with a proceeding in a single jurisdiction, to the payment of fees and expenses of a single separate firm under this Section 6(c), and any such Initial Purchaser, its affiliates,
directors and officers or any control persons of such Initial Purchaser cannot agree to a mutually acceptable separate firm to act as counsel thereto, then such separate firm for all such Indemnified Persons shall be designated in writing by DBSI.
An indemnifying party shall not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statement as to, or any concession of, fault, culpability or failure to act by or on behalf of any indemnified party. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold harmless
an indemnified party in the respect of any aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, liability, damage or action)
(collectively “Losses”) (other than by virtue of the failure of an indemnified party to notify the indemnifying party of its right to indemnification pursuant to paragraph (a) or (b) of this Section 8, where such
failure materially prejudices the indemnifying party (through the forfeiture of substantial rights or defenses)), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by
such indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement
and the Registration Statement which resulted in such Losses; provided, however, that in no case shall any Initial Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable
to such Security, or in the case of a New Security, applicable to the Security that was exchangeable into such New Security, as set forth in the Purchase Agreement, nor shall any underwriter be responsible for any amount in excess of the
underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any
reason or not permitted by applicable law, the indemnifying party and the indemnified party shall contribute 
  

 18 

 in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Issuers
and the Guarantors shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum. Benefits received by the Initial Purchasers shall be deemed to be equal to the
total purchase discounts and commissions as set forth in the Purchase Agreement, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable, registered under the Act.
Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses.
Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the
indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission and any other
equitable considerations appropriate in the circumstances. The parties agree that it would not be just and equitable if the amount of such contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph 6(d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6(d), each person, if any, who controls a Holder within the
meaning of either the Act or the Exchange Act and each director and officer of such Holder shall have the same rights to contribution as such Holder, and each person who controls any Issuer within the meaning of either the Act or the Exchange Act,
each officer of any Issuer who shall have signed the Registration Statement and each director of any Issuer shall have the same rights to contribution as the Issuers, subject in each case to the applicable terms and conditions of this
paragraph 6(d). 
 (e) The provisions of this Section 6 shall remain in full force and effect, regardless of any investigation made
by or on behalf of any Holder or the Issuers or any of the indemnified persons referred to in this Section 6, and shall survive the sale by a Holder of securities covered by a Registration Statement. 
 7. Underwritten Registrations. (a) If any of the Securities or New Securities, as the case may be, covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the Managing Underwriters, if any, shall be selected by the Majority Holders, subject to the consent of the Issuers (which shall not be unreasonably withheld), and the Holders of Securities or
New Securities covered by such Shelf Registration Statement shall be responsible for all underwriting commissions and discounts. 
 (b) No
person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any
underwriting arrangements 
  

 19 

 approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 8. Registration Defaults. (a) If any of the following events shall occur, then the Issuers and the Guarantors shall pay liquidated damages (the “Registration Default Damages”) to the
Holders of Securities in respect of the Securities as follows: 
 (i) if (a) neither (x) the Registered Exchange
Offer is completed, nor (y) if required, the Shelf Registration Statement is declared effective, within, in each case, 375 days of the Closing Date, then Registration Default Damages shall accrue on the Registrable Securities at a rate of
0.25% per annum on the Accreted Value of such Registrable Securities for the first 90 days from and including such specified date and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter;
provided that Registration Default Damages in the aggregate under this Section 8 may not exceed 1.0% per annum of the Accreted Value of such Registrable Securities; or 
 (ii) notwithstanding that the Issuers and the Guarantors have consummated or will consummate a Registered Exchange Offer, if the Issuers
and the Guarantors are required to file a Shelf Registration Statement and such Shelf Registration Statement is not declared effective on or prior to the 375th day following the date the filing of such Shelf Registration Statement is required or
requested pursuant to Section 3(a), then Registration Default Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum on the Accreted Value of such Registrable Securities for the first 90 days from and including
such specified date and increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period thereafter; provided that Registration Default Damages in the aggregate under this Section 8 may not exceed 1.0% per
annum on the Accreted Value of such Registrable Securities; or 
 (iii) subject to the last sentence of Section 4(k)(ii)
above, if the Shelf Registration Statement required by Section 3(a) of this Agreement has been declared effective but thereafter ceases to be effective at any time at which it is required to be effective under this Agreement and such failure to
remain effective exists for more than 30 consecutive days or more than 60 days (whether or not consecutive) during the period for which the Shelf Registration Statement is required, then commencing on the 31st day or 61st day, as applicable,
following the date on which such Shelf Registration Statement ceases to be effective, Registration Default Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum on the Accreted Value of such Registrable Securities for
the first 90 days from and including such 31st day or 61st day, as applicable, following the date on which such Shelf Registration Statement ceases to be effective and increasing by an additional 0.25% per annum at the beginning of each
subsequent 90-day period thereafter; provided that Registration Default Damages in the aggregate under this Section 8 may not exceed 1.0% per annum on the Accreted Value of such Registrable Securities; 
  

 20 

 provided, however, that upon (1) the completion of the Exchange Offer (in the case of paragraph
(i) above), (2) the effectiveness of the Shelf Registration Statement (in the case of paragraph (ii) above) and (3) the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of
paragraph (iii) above), Registration Default Damages shall cease to accrue. For purposes of this Section 8, the term “Registrable Securities” shall mean the average Accreted Value of the Registrable Securities. Any Registration
Default Damages accrued on Registrable Securities pursuant to this Section 8 shall be, (i) if such Registration Default Damages accrue on or prior to August 1, 2011, added to the Accreted Value of each such Registrable Security, and
(ii) if such Registration Default Damages accrue after August 1, 2011, payable in cash, in each case, semiannually on each February 1 and August 1 (to the Holders of record on the January 15 and July 15 immediately
preceding such dates), commencing with the first such date occurring after such Registration Default Damages commences to accrue. 
 (b) The
Issuers and the Guarantors shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which Registration Default Damages are required to be paid and within one Business Day after such
Registration Default Damages cease to accrue. Any amounts of Registration Default Damages due pursuant to Section 8(a) will be payable in cash on each interest payment date specified by the Indenture to the record holder entitled to receive the
interest payment to be made on such date, commencing with the first such date occurring after any such Registration Default Damages commences to accrue. 
 (c) The parties hereto agree that the liquidated damages in the form of Registration Default Damages provided for in this Section 8 constitute a reasonable estimate of and are intended to constitute the sole
damages payable under this Agreement that will be suffered by Holders of Securities by reason of the failure of (i) the Registered Exchange Offer to be completed; or (ii) the Shelf Registration Statement, if required hereby, to be declared
effective, in each case to the extent required by this Agreement. 
 9. No Inconsistent Agreements. No Issuer or Guarantor has entered
into, and each Issuer and the Guarantors agrees not to enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 
 10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers have obtained the written consent of the Holders of a majority of the aggregate principal amount at maturity of the
Registrable Securities outstanding; provided that, with respect to any matter that directly or indirectly affects the rights and obligations of any Initial Purchaser hereunder, the Issuers and the Guarantors shall obtain the written consent
of each such Initial Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to
Section 8 hereof shall be effective as against any Holder of Registered Securities unless consented to in writing by such Holder; and provided, further, that the provisions of this Article 10 may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, 
  

 21 

 unless the Issuers and the Guarantors have obtained the written
consent of the Initial Purchasers and each Holder. Notwithstanding the foregoing (except the foregoing provisos), a
waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration
Statement. 
 11. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at
the most current address given by such Holder to the Issuers in accordance with the provisions of this Section 11, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar (as such term is
defined in the Indenture) under the Indenture; 
 (b) if to the Initial Purchasers, initially at the address or addresses set
forth in the Purchase Agreement; and 
 (c) if to any Issuer or Guarantor, initially at its address set forth in the Purchase
Agreement. 
 All such notices and communications shall be deemed to have been duly given when received. 
 The Initial Purchasers or the Issuers by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
 12. Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the
Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Issuers and the Guarantors agree that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement and hereby agree to waive in any action for specific performance the defense that a remedy at law would be adequate.

 13. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective
successors and assigns, including, without the need for an express assignment or any consent by the Issuers thereto, subsequent Holders of Securities and the New Securities, and the indemnified persons referred to in Section 6 hereof. The
Issuers and the Guarantors hereby agree to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

  

 22 

 14. Counterparts. This Agreement may be signed in one or more counterparts which may be delivered
in original form or by telecopier, each of which when so executed shall constitute an original and all of which together shall constitute one and the same agreement. 
 15. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
 16. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. The parties
hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
 17. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable
to the fullest extent permitted by law. 
 18. Securities Held by any Issuer, etc. Whenever the consent or approval of Holders of a
specified percentage of principal amount at maturity of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by any Issuer or their Affiliates (other than subsequent Holders of Securities or New
Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required
percentage. 
 [Signature pages follow.] 
  

 23 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement by and among the Issuers and the Guarantors and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	NIELSEN FINANCE LLC
		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Assistant Treasurer
	
	NIELSEN FINANCE CO.
		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Assistant Treasurer

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	 A. C. NIELSEN (ARGENTINA) S.A.
 A. C. NIELSEN COMPANY
 AC NIELSEN (US), INC.
 AC NIELSEN
HCI, LLC
 ACN HOLDINGS INC.
 ACNIELSEN CORPORATION
 ACNIELSEN EDI II, INC.
 ACNIELSEN INTERNATIONAL RESEARCH
 (UNITED STATES) LIMITED
 BBI MARKETING SERVICES, INC.
 BDS (CANADA), LLC
 BILLBOARD CAFES, INC.
 BROADCAST DATA SYSTEMS, LLC
 CLARITAS INC.
 CONSUMER RESEARCH SERVICES, INC.
 DECISIONS MADE EASY, INC.
 EMIS (CANADA), LLC
 FOREMOST EXHIBITS, INC.
 H R INDUSTRIES, INC.
 MFI HOLDINGS, INC.
 NIELSEN EDI, INC.
 NIELSEN ENTERTAINMENT, LLC
 NIELSEN HOLDINGS, INC.
 NIELSEN LEASING CORPORATION
 NIELSEN MEDIA RESEARCH, INC.
 NIELSEN NATIONAL RESEARCH GROUP, INC.

PANEL INTERNATIONAL S.A.
 PERQ/HCI, LLC
 SPECTRA MARKETING SYSTEMS, INC.
 SRDS, INC.
 TRADE DIMENSIONS INTERNATIONAL, INC.
 VNU BUSINESS MEDIA, INC.
 VNU EMEDIA, INC.
 VNU EXPOSITIONS, INC.
 VNU MARKETING INFORMATION, INC.
 VNU MEDIA MEASUREMENT & INFORMATION,
INC.
 VNU USA PROPERTY MANAGEMENT, INC.
 VNU, INC.
 VNU/SRDS MANAGEMENT CO., INC.

		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Treasurer

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	ATHENIAN LEASING CORPORATION
	NMR INVESTING I, INC.
		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Executive Vice President

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	NMR LICENSING ASSOCIATES, L.P.
	a limited partnership
		
	By:	 	NMR Investing I, Inc.,
		 	its general partner
		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Executive Vice President

 Signature Page to Senior Subordinated Registration Rights Agreement 
  

 27 

			
	NIELSEN HOLDINGS, L.L.C.
	A LIMITED LIABILITY COMPANY
		
	By:	 	ACNielsen corporation,
		 	its sole member
		
	By:	 	 /s/ Peter K. Gersky

	Name:	 	Peter K. Gersky
	Title:	 	Treasurer

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	Global Media USA, LLC
	Interactive Market Systems, Inc.
		
	By:	 	 /s/ Matthew O’Laughlin

	Name:	 	Matthew O’Laughlin
	Title:	 	Vice President

 Signature Page to Senior Subordinated Registration Rights Agreement 
  

 29 

			
	ART HOLDING, L.L.C.
	CZT/ACN TRADEMARKS, L.L.C.
		
	By:	 	 /s/ Michael E. Elias

	Name:	 	Michael E. Elias
	Title:	 	President

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	VNU GROUP B.V.
	VNU HOLDING AND FINANCE B.V.
	VNU INTERMEDIATE HOLDING B.V.
	VNU HOLDINGS B.V.
	VNU INTERNATIONAL B.V.
	VNU SERVICES B.V.
		
	By:	 	 /s/ Authorized Signatory

	Name:	 	
	Title:	 	
		
	By:	 	 /s/ Authorized Signatory

	Name:	 	
	Title:	 	

 Signature Page to Senior Subordinated Registration Rights Agreement 

			
	 The foregoing Agreement is hereby
 confirmed
and accepted as of the
 date first above written:

	
	 DEUTSCHE BANK SECURITIES INC.
 CITIGROUP
GLOBAL MARKETS INC.
 J.P. MORGAN SECURITIES INC.
 ABN AMRO
INCORPORATED
 ING BANK N.V.

		
	By:	 	 Deutsche Bank Securities Inc.
 For itself, and the
other several
 Initial Purchasers named in 
 Schedule
I to the Purchase Agreement

		
	By:	 	 /s/ Authorized Signatory

	Name:	 	
	Title:	 	
		
	By:	 	 /s/ Authorized Signatory

	Name:	 	
	Title:	 	

 Signature Page to Senior Subordinated Registration Rights Agreement 

 ANNEX A 
 Each broker-dealer that receives New Securities for its own account pursuant to the Exchange Offer must acknowledge that it shall deliver a prospectus in connection with any resale of such New Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a Prospectus, a broker-dealer shall not be deemed to admit that it is an “underwriter” within the meaning of the Act. This prospectus, as it may be amended or supplemented
from time to time, may be used by a broker-dealer in connection with resales of New Securities received in exchange for Securities where such Securities were acquired by such broker-dealer as a result of market-making activities or other trading
activities. The Issuers and the Guarantors have agreed that, for a period of 180 days after consummation of the Registered Exchange Offer, they shall make this Prospectus available to any broker-dealer for use in connection with any such resale. See
“Plan of Distribution.” 
  

 A-1 

 ANNEX B 
 Each broker-dealer that receives New Securities for its own account in exchange for Securities, where such Securities were acquired by such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it shall deliver a Prospectus in connection with any resale of such New Securities. See “Plan of Distribution.” 
  

 B-1 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives New Securities for its own account
pursuant to the Registered Exchange Offer must acknowledge that it will deliver a Prospectus in connection with any resale of such New Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a
broker-dealer in connection with resales of New Securities received in exchange for Securities where such Securities were acquired as a result of market-making activities or other trading activities. The Issuers and the Guarantors have agreed that,
for a period of 180 days after the consummation of the Registered Exchange Offer, they will make this Prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
                    , 20    , all dealers effecting transactions in the New Securities may be required to deliver a
Prospectus. 
 The Issuers and the Guarantors will not receive any proceeds from any sale of New Securities by brokers-dealers. New
Securities received by broker-dealers for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of
options on the New Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers
or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such New Securities. Any broker-dealer that resells New Securities that were received
by it for its own account pursuant to the Registered Exchange Offer and any broker or dealer that participates in a distribution of such New Securities may be deemed to be an “underwriter” within the meaning of the Act and any profit of
any such resale of New Securities and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by
delivering a Prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 
 For a period of 180 days after the consummation of the Registered Exchange Offer, the Issuers will promptly send additional copies of this Prospectus and any amendments or supplements to this Prospectus to any broker-dealer that requests
such documents in the Letter of Transmittal. The Issuers and the Guarantors have agreed to pay all expenses incident to the Registered Exchange Offer (including the expenses of one counsel for the holder of the Securities) other than commissions or
concessions of any brokers or dealers and will indemnify the holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Act. 
 [If applicable, add information required by Regulation S-K Items 507 and/or 508.] 
  

 C-1 

 ANNEX D 
 LANGUAGE TO BE INCLUDED IN LETTER OF TRANSMITTAL 
  

	1.	PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO. 

  

							
	                Name:	 	  
	 		 	
	                Address:	 	  
	 		 	
		 	  
	 		 	

  

	2.	If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not engaged in, and does not
intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New Securities. If the undersigned is a Broker-Dealer that will receive New Securities for its
own account in exchange for Securities, it represents that the Securities to be exchanged for New Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it shall deliver a Prospectus
in connection with any resale of such New Securities; however, by so acknowledging and by delivering a Prospectus, the undersigned shall not be deemed to admit that it is an “underwriter” within the meaning of the Act.

  

 D-1Shareholders Agreement regarding VNU Group B.V.

 Exhibit 10.1 
 

 
 ALPINVEST PARTNERS 
 THE BLACKSTONE GROUP 
 THE CARLYLE GROUP 
 HELLMAN & FRIEDMAN 
 KOHLBERG KRAVIS ROBERTS & CO. 
 THOMAS H. LEE PARTNERS 
 VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L. 
 VALCON ACQUISITION HOLDING B.V. 
 VALCON ACQUISITION B.V. 
  

 SHAREHOLDERS’ AGREEMENT

 REGARDING 
 VNU GROUP B.V.

  

 21 DECEMBER 2006

 Clifford Chance LLP 
 Droogbak 1A 
 1013 GE Amsterdam 
 The Netherlands 

 CONTENTS 
  

							
	Clause	  	 	  	 	  	Page
	 1.
	  	Definitions and Interpretation	  	2
				
		  	 1.1
	  	Definitions	  	2
		  	 1.2
	  	Interpretation	  	14
			
	 2.
	  	Implementation Matters	  	14
				
		  	 2.1
	  	Organizational Documents	  	14
		  	 2.2
	  	Conflicts or Inconsistencies	  	15
		  	 2.3
	  	Effectuating the Intent of the Parties	  	15
		  	 2.4
	  	Applicable Law	  	15
			
	 3.
	  	Luxco Board of Managers	  	15
				
		  	 3.1
	  	Composition of the Luxco Board	  	15
		  	 3.2
	  	Abstention on Related Party Transactions	  	18
		  	 3.3
	  	Changes in Shareholding	  	18
		  	 3.4
	  	Meetings of the Luxco Board; Observers	  	18
		  	 3.5
	  	Decisions of the Luxco Board	  	19
		  	 3.6
	  	Representation of Luxco	  	20
		  	 3.7
	  	Intermediate Holdco Boards	  	20
		  	 3.8
	  	Formalities	  	20
			
	 4.
	  	VNU Supervisory Board	  	20
				
		  	 4.1
	  	Composition of the VNU Supervisory Board	  	20
		  	 4.2
	  	Related Party Transactions; Independent VNU Directors' Approval	  	23
		  	 4.3
	  	Changes in Shareholding	  	24
		  	 4.4
	  	Meetings of the VNU Supervisory Board; Observers	  	24
		  	 4.5
	  	Decisions of the VNU Supervisory Board	  	25
		  	 4.6
	  	Formalities	  	26
			
	 5.
	  	Board Committees; Financing Committee; Management	  	26
				
		  	 5.1
	  	Luxco and Intermediate Holdco Committees	  	26
		  	 5.2
	  	VNU Board Committees; Finance Committee	  	26
		  	 5.3
	  	VNU Management	  	27
			
	 6.
	  	Investors' Committee	  	27
				
		  	 6.1
	  	Purpose of the Investors' Committee; Effectuating Intent	  	27
		  	 6.2
	  	Composition of Investors' Committee	  	28
		  	 6.3
	  	Abstention on Related Party Transactions	  	29
		  	 6.4
	  	Changes in Shareholding	  	30
		  	 6.5
	  	Meetings of the Investors' Committee	  	30
		  	 6.6
	  	Decisions of the Investors' Committee	  	31
		  	 6.7
	  	Approvals in this Agreement	  	32
			
	 7.
	  	Indemnification	  	32
				
		  	 7.1
	  	Indemnification	  	32
		  	 7.2
	  	Insurance by VNU	  	33
			
	 8.
	  	Issues of Securities	  	33
				
		  	 8.1
	  	Equal Treatment of Investors	  	33
			
	 9.
	  	Transfers	  	34
				
		  	 9.1
	  	Limitations on Transfer	  	34
		  	 9.2
	  	Permitted Transfers	  	35
		  	 9.3
	  	Drag-Along	  	36

  

 - 1 - 

							
		  	9.4	  	Tag-Along	  	38
			
	10.	  	IPO and Public Offering Rights	  	41
				
		  	10.1	  	Structural Considerations	  	41
		  	10.2	  	Piggyback Offerings	  	43
		  	10.3	  	Requested Offerings	  	45
		  	10.4	  	Obligations of Issuer in Connection with Public Offerings	  	48
		  	10.5	  	Holdback	  	50
		  	10.6	  	Post-IPO Sales	  	51
		  	10.7	  	Sales in a Tender Offer	  	51
		  	10.8	  	Acknowledgment by Subsidiaries	  	52
			
	11.	  	Subsequent share acquisitions; additional equity funding	  	52
				
		  	11.1	  	Acquisition of 100% of the Shares in VNU	  	52
		  	11.2	  	Additional Equity Funding	  	52
		  	11.3	  	Equity Syndication and Certain Reallocations Among Investors	  	52
			
	12.	  	Representations and Warranties	  	55
				
		  	12.1	  	Representations and Warranties of the Investors	  	55
			
	13.	  	Additional Covenants and Agreements	  	56
				
		  	13.1	  	Advisory Services Agreement	  	56
		  	13.2	  	Directors' Fees and Expenses	  	56
		  	13.3	  	Certain Tax Matters	  	56
		  	13.4	  	Corporate Opportunities	  	57
		  	13.5	  	Non-Competition	  	58
		  	13.6	  	Non-Solicitation	  	59
		  	13.7	  	Access to Information, Financial Statements, Confidentiality and Public Announcements	  	59
		  	13.8	  	Standstill	  	61
			
	14.	  	Miscellaneous	  	61
				
		  	14.1	  	Waiver; Amendment	  	61
		  	14.2	  	Effectiveness; Termination	  	62
		  	14.3	  	Notices	  	62
		  	14.4	  	Applicable Law	  	62
		  	14.5	  	Disputes	  	63
		  	14.6	  	Assignment	  	63
		  	14.7	  	Specific Performance	  	63
		  	14.8	  	Fiduciary Duties; Exculpation Clause	  	63
		  	14.9	  	No Recourse	  	64
		  	14.10	  	Further Assurances	  	64
		  	14.11	  	Several Obligations	  	64
		  	14.12	  	Third Parties	  	64
		  	14.13	  	Entire Agreement	  	64
		  	14.14	  	Titles and Headings	  	64
		  	14.15	  	No Other Agreements	  	65
		  	14.16	  	Binding Effect	  	65
		  	14.17	  	Severability	  	65
		  	14.18	  	Counterparts	  	65
			
	SCHEDULE 1	  	Investors	  	67
			
	SCHEDULE 2	  	Initial Investments and Remaining Equity Commitments	  	68
			
	SCHEDULE 3	  	Simplified Acquisition Structure chart	  	69
			
	SCHEDULE 4	  	Form of Accession Agreement	  	70

  

 - 2 - 

							
	 SCHEDULE 5
	  	Initial Members of Boards and Committees	  	74
			
		  	Part A Luxco Managers	  	74
			
		  	Part B VNU Directors	  	74
			
		  	Part C Executive Committee	  	75
			
		  	Part D Audit Committee	  	75
			
		  	Part E Compensation Committee	  	75
			
		  	Part F Finance Committee	  	75
			
		  	Part G Investors' Committee	  	76
			
		  	Part H Observers to Luxco Board and VNU Supervisory Board	  	76
			
	 SCHEDULE 6
	  	Actions Requiring Approval	  	77
			
		  	Part A Actions Requiring Unanimous Approval	  	77
			
		  	Part B Actions Requiring Requisite Majority Approval	  	78
			
		  	Part C Actions Requiring Simple Majority Approval	  	81
			
	 SCHEDULE 7
	  	Forms of Advisory Services Agreements	  	83
			
		  	Part A Form of Valcon Advisory Services Agreement	  	83
			
		  	Part B Form of Bidco Advisory Services Agreement	  	86
			
	 SCHEDULE 8
	  	Addresses and Fax Numbers for Notices	  	95
			
	 SCHEDULE 9
	  	Named Competitors	  	98
			
	 SCHEDULE 10
	  	Equity Syndication	  	99

  

 - 3 - 

 SHAREHOLDERS AGREEMENT 
 This Shareholders Agreement (this “Agreement”), is made as of 21 December 2006 among: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

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

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

  

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

  

 - 1 - 

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

  

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

  

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

  

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

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

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

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

			
	Accession Agreement	  	shall mean an agreement substantially in the form of Schedule 4.
		
	ADSs	  	shall mean American Depositary Shares.
		
	Advisory Services Agreement	  	shall have the meaning specified in Article 13.1.
		
	Affiliate or Affiliated Fund	  	shall mean (a) with respect to any Investor, any other Person Controlled directly or indirectly by such Investor, Controlling directly or indirectly such Investor or directly or indirectly under
the same Control as such Investor, or, in each case, a successor entity to such Investor, provided, however, that (i) Affiliate or Affiliated Fund shall not include any portfolio companies of the relevant Investor or its Affiliates and (ii) with
respect to each of the AlpInvest Funds, Affiliate or Affiliated Fund shall not include Stichting Pensioenfonds ABP, Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke

  

 - 2 - 

			
		  	Belangen or any of their respective Affiliates; and provided further, for the avoidance of doubt, that all of the funds mentioned underneath a single heading as a group of funds in
Schedule 1 shall in any event be considered Affiliates and Affiliated Funds of each other; and (b) with respect to any Person who is not an Investor, another Person Controlled directly or indirectly by such first Person, Controlling directly
or indirectly such first Person or directly or indirectly under the same Control as such first Person.
		
	Affiliated	  	shall have a meaning correlative to the foregoing.
		
	AFM	  	shall mean the Netherlands Authority for the Financial Markets.
		
	Agreement	  	shall mean this Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.
		
	AlpInvest and AlpInvest Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Applicable Offering Document	  	shall mean, in respect of a Public Offering (i) in The Netherlands, a prospectus required to be filed with the AFM under the Dutch Securities Market Supervision Act 1995 (Wet toezicht
effectenverkeer 1995) as amended from time to time, (ii) in the United States, a prospectus (including a prospectus covering ADSs) required to be filed with the SEC under the Securities Act, and (iii) in any other jurisdiction, a prospectus or
other document required to be filed with any Applicable Regulatory Authority and/or in a form and including substantive disclosure customary to an offering of shares to similarly situated purchasers in such jurisdiction.
		
	Applicable Regulatory Authority	  	shall mean in respect of a Public Offering under (i) the Dutch Securities Market Supervision Act 1995 (Wet toezicht effectenverkeer 1995) as amended from time to time in The Netherlands,
the AFM, (ii) the Securities Act in the United States, the SEC, and (iii) the applicable securities laws in any other jurisdiction, the appropriate governmental agency regulating the listing or public offering of securities, if any, in such
jurisdiction.
		
	Assumed Number	  	shall have the meaning specified in Article 10.1.2.
		
	Audit Committee	  	shall have the meaning specified in Article 5.2.1.
		
	Authorized Recipients	  	shall have the meaning specified in Article 13.7.2.
		
	Bidco	  	shall have the meaning specified in the recitals to this Agreement.
		
	Bidco Advisory Services Agreement	  	shall have the meaning specified in Article 13.1.

  

 - 3 - 

			
		
	Bidco Board	  	shall mean the management board of Bidco.
		
	Blackstone and Blackstone Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	 Board
	  	shall mean any of the Luxco Board, the Dutch Holdco Board, the Bidco Board and the VNU Supervisory Board.
		
	Brokered Exchange Transaction	  	shall have the meaning specified in Article 10.6.
		
	 Budget
	  	shall mean the annual budget of the Group.
		
	 Business Day
	  	shall mean a day on which banks are open for business in Amsterdam, London, New York and Luxembourg (which, for avoidance of doubt, shall not include Saturdays, Sundays and public holidays in
any of these cities).
		
	Carlyle and Carlyle Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Change in Control	  	shall mean any transaction (including, without limitation, any merger, consolidation or sale of assets or equity interests) the result of which is that any Person or “group” (as
defined within the meaning of Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934 as in effect on the Effective Date), other than any of the Investors or their Affiliated Funds, obtains (i) direct or indirect ownership of more than
50% of the voting rights of VNU, (ii) the right to appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of Luxco, any Intermediate Holdco or VNU, or (iii) all or
substantially all of the assets of Luxco, any Intermediate Holdco or VNU.
		
	Compensation Committee	  	shall have the meaning specified in Article 5.2.1.
		
	Competing Action	  	shall have the meaning specified in Article 13.4.
		
	Competing Enterprise	  	shall have the meaning specified in Article 13.4.
		
	Confidential Information	  	shall have the meaning specified in Article 13.7.
		
	Control	  	shall mean with respect to a Person (other than an individual) (i) direct or indirect ownership of more than 50% of the voting rights of such Person, or (ii) the right to appoint the majority of
the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of such Person and, for avoidance of doubt, a general partner is deemed to control a limited partnership and, solely for the purposes
of this

  

 - 4 - 

			
	 	  	Agreement, a fund advised or managed directly or indirectly by a Person shall also be deemed to be
controlled by such Person (and the terms Controlling and Controlled shall have meanings
correlative to
the foregoing).
		
	Corporate Director	  	shall have the meaning specified in Article 3.7.
		
	Corporate Opportunity	  	shall have the meaning specified in Article 13.4.
		
	CPECs	  	shall mean each class or series of convertible preferred equity certificates of Luxco.
		
	DB Syndicating Investors	  	shall have the meaning specified in Article 11.3.2.
		
	Drag-Along Notice	  	shall have the meaning specified in Article 9.3.2.
		
	Drag-Along Purchaser	  	shall have the meaning specified in Article 9.3.1.
		
	Drag-Along Sale	  	shall have the meaning specified in Article 9.3.1.
		
	Drag-Along Sale Costs	  	shall have the meaning specified in Article 9.3.2.
		
	Dragged Investor	  	shall have the meaning specified in Article 9.3.1.
		
	Dragging Investor	  	shall have the meaning specified in Article 9.3.1.
		
	Dutch Corporate Governance Code	  	shall mean the code of conduct designated pursuant to Section 2:391 paragraph 4 of the Dutch Civil Code, currently being the code of conduct published in the Dutch State Gazette
(Staatscourant) on 27 December 2004 (issue 250, 2004).
		
	Dutch Holdco	  	shall have the meaning specified in the preamble to this Agreement.
		
	Dutch Holdco Board	  	shall mean the board of management of Dutch Holdco.
		
	Exchange Act	  	shall mean the U.S. Securities Exchange Act of 1934, as amended, or any similar federal statute then in effect, and a reference to a particular section thereof shall be deemed to include a
reference to the comparable section, if any, of any such similar federal statute.
		
	Finance Committee	  	shall have the meaning specified in Article 5.2.4.
		
	Fund Investors	  	shall have the meaning specified in Article 11.3.4.
		
	Group	  	shall have the meaning specified in the recitals to this Agreement.
		
	Hellman & Friedman and Hellman & Friedman Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Holders' Counsel	  	shall mean (i) for any Piggyback Offering, one firm of legal counsel to represent all Piggybacking Holders for

  

 - 5 - 

			
		  	each Selected Offering Jurisdiction in which shares are being sold in such Piggyback Offering and, if different and to the extent necessary, one firm of legal counsel in the jurisdiction of
incorporation of Issuer and (ii) for any Requested Offering, one firm of legal counsel to represent the Requesting Holders and all Participating Holders for each Selected Offering Jurisdiction in which shares are being sold in such Requested
Offering and, if different and to the extent necessary, one firm of legal counsel in the jurisdiction of incorporation of Issuer.
		
	Incur	  	shall mean to issue, create, assume, guarantee, incur or otherwise become liable for and the terms Incurred and Incurrence shall have meanings correlative to the
foregoing.
		
	Indemnitees	  	shall have the meaning specified in Article 7.1.1.
		
	Independent VNU Directors	  	shall have the meaning specified in Article 4.1.1(g), subject to Article 4.1.2.
		
	Information	  	shall mean the books and records of any member of the Group and information relating to such member of the Group, its properties, operations, financial condition and affairs.
		
	Intermediate Holdcos	  	shall mean Dutch Holdco, Bidco and any other entity that from time to time is wholly-owned, directly or indirectly, by Luxco, or its successors, and wholly-owns, directly or indirectly, Bidco or
its successors and that becomes a Party to this Agreement.
		
	Intermediate Holdco Boards	  	Shall mean the boards of management (directie) of Dutch Holdco, Bidco and any other Intermediate Holdco.
		
	Interim Investors Agreement	  	shall have the meaning specified in the recitals to this Agreement.
		
	Investor	  	shall have the meaning specified in the preamble to this Agreement.
		
	Investor Fund	  	shall mean, individually and collectively, any of the AlpInvest Funds, the Blackstone Funds, the Carlyle Funds, the Hellman & Friedman Funds, the KKR Funds and the Thomas H. Lee Partners
Funds.
		
	Investor Fund Manager	  	means (i) in respect of any AlpInvest Fund, AlpInvest Partners 2006 B.V. or AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners
Later Stage Co-Investments IIA C.V. (ii) in respect of any Blackstone Fund, Blackstone Management Partners V L.L.C., (iii) in respect of any Carlyle Fund, TC Group, L.L.C., (iv) in respect of any Hellman & Friedman Fund, Hellman & Friedman
LLC, (v) in respect of any KKR Fund, Kohlberg

  

 - 6 - 

			
	 	  	Kravis Roberts & Co. L.P. or Kohlberg Kravis Roberts & Co. Ltd., and (vi) in respect of any Thomas H.
Lee Partners Fund, THL Managers V, LLC or THL Managers VI, LLC.
		
	Investor Representative	  	shall have the meaning specified in Article 6.2.1
		
	Investors' Committee	  	shall have the meaning specified in Article 6.1.
		
	Investors' Committee Chairman	  	shall have the meaning specified in Article 6.2.2.
		
	Investors' IPO Number	  	shall have the meaning specified in Article 10.2.1
		
	IPO	  	shall mean an initial Public Offering of a class of shares of Luxco, any Intermediate Holdco or VNU, as determined by the Investors' Committee.
		
	IRC	  	shall have the meaning specified in Article 10.1.21.
		
	Issuer	  	shall have the meaning specified in Article 10.1.1.
		
	KKR and KKR Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	KKR Allocated Portion	  	shall have the meaning specified in Article 10.1.2.
		
	KKR Syndicated Portion	  	shall have the meaning specified in Article 11.3.1.
		
	Last Settlement Date	  	shall have the meaning specified in the preamble to this Agreement.
		
	Listed Shares	  	shall have the meaning specified in Article 10.1.2.
		
	Losses	  	shall have the meaning specified in Article 7.1.1.
		
	LP Distribution	  	shall have the meaning specified in Article 10.6.
		
	Luxco	  	shall have the meaning specified in the preamble to this Agreement.
		
	Luxco Board	  	shall mean the board of managers of Luxco.
		
	Luxco Chairman	  	shall have the meaning specified in Article 3.1.1.
		
	Luxco Manager	  	shall have the meaning specified in Article 3.1.1.
		
	Luxco Manager A	  	shall have the meaning specified in Article 3.1.1.
		
	Luxco Manager B	  	shall have the meaning specified in Article 3.1.1.
		
	Management	  	shall mean such senior members of management of VNU as shall be designated by the Investors' Committee in accordance with Article 6.6.
		
	Maximum Allocation	  	shall have the meaning specified in Article 9.4.2(b).

  

 - 7 - 

			
		
	Maximum Offering Size	  	shall have the meaning specified in Article 10.2.2.
		
	Merger Protocol	  	shall have the meaning specified in the recitals to this Agreement.
		
	Named Competitor	  	shall have the meaning specified in Article 13.5.
		
	New Investors	  	shall have the meaning specified in Article 11.4.1 of this Agreement.
		
	New KKR Investors	  	shall have the meaning specified in Article 11.4.1 of this Agreement.
		
	New THL Investors	  	shall have the meaning specified in Article 11.4.1 of this Agreement.
		
	New Securities	  	shall mean any shares or options, warrants or other securities or rights convertible or exchangeable into or exercisable for shares of Luxco or any other member of the Group (which term shall
include securities deemed to be shares by the US Internal Revenue Service, such as YFCPECs and CPECs); provided, however, that New Securities shall not include: (i) securities to be issued by Issuer in connection with an IPO or any other
Public Offerings; (ii) securities to be issued in connection with any pro rata stock split or stock dividend of Luxco; (iii) securities to be issued as consideration for, or in connection with, an acquisition of any business or all or
substantially all of such business's assets by any member of the Group whether by merger or otherwise; (iv) securities to be issued in connection with any employee equity incentive plan or similar benefit programs or agreements approved by the
Investors' Committee where the principal purpose is not to raise additional equity capital; and (v) any Replacement Securities issued pursuant to Article 10.1.1.
		
	Offer	  	shall have the meaning specified in the recitals to this Agreement.
		
	Offering Expenses	  	shall mean any and all expenses incident to performance of or compliance with the provisions of Article 10 or any underwriting agreement entered into in accordance therewith, including, without
limitation, (i) all listing, registration, qualification and quotation fees of any Applicable Regulatory Authority or of any securities exchange or securities quotation system, (ii) all fees and expenses of complying with all applicable securities
laws, (iii) all road show, printing, messenger and delivery expenses, (iv) all rating agency fees, (v) the fees and disbursements of legal counsel in each relevant jurisdiction for the (proposed) Issuer or its independent public accountants,
including the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (vi) the reasonable fees and

  

 - 8 - 

			
	 	  	disbursements of Holders' Counsel, (vii) all fees and disbursements of underwriters customarily paid by
the issuers or sellers of securities, including liability insurance if the (proposed)
Issuer so desires or if the
underwriters so require, and the reasonable fees and expenses of any special experts retained in
connection with the requested registration, but excluding underwriting discounts and commissions and
transfer
taxes, if any, (viii) all fees and expenses incurred in connection with the creation of ADSs,
including the reasonable fees and disbursements of the depositary for such ADSs that the (proposed)
Issuer, and not the depositary, is required to
pay, and (ix) other reasonable out-of-pocket expenses of
Selling Holders in connection therewith.
		
	Offering Request	  	shall have the meaning specified in Article 10.3.1.
		
	Participating Holders	  	shall have the meaning specified in Article 10.3.1.
		
	Participating Investors	  	shall have the meaning specified in Article 10.3.2
		
	Permitted Transfer	  	shall have the meaning specified in Article 9.2.
		
	Permitted Transferee	  	shall have the meaning specified in Article 9.2.
		
	Person	  	shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other entity or
organization.
		
	Piggyback Offering	  	shall have the meaning specified in Article 10.2.1.
		
	Piggyback Right	  	shall have the meaning specified in Article 10.2.1.
		
	Piggybacking Holder	  	shall have the meaning specified in Article 10.2.1.
		
	Piggybacking Investor	  	shall have the meaning specified in Article 10.2.1.
		
	Post-IPO Sale	  	shall have the meaning specified in Article 10.6.
		
	Pre-emptive Right.	  	shall have the meaning specified in Article 8.1.1
		
	Privately Negotiated Transaction	  	shall have the meaning specified in Article 10.6.
		
	Proportionate Percentage	  	shall have the meaning specified in Article 8.1.1.
		
	Pro Rata Portion	  	shall have the meaning specified in Article 10.2.1
		
	Public Offering	  	shall mean, with respect to any securities of a class that is the same as any class of Listed Shares: (i) any sale of such securities to the public in an offering under the laws, rules and
regulations of any non-U.S. jurisdiction or (ii) any sale of such securities to the public in an offering pursuant to an effective registration statement under the Securities Act (other than a registration on Form S-4, F-4 or S-8, or any successor
or other forms promulgated for similar purposes).

  

 - 9 - 

			
		
	Related Party	  	shall mean the parties to a Related Party Transaction.
		
	Related Party Transaction	  	shall mean any transaction between, on the one hand, any members of the Group and, on the other hand, any Investor or any Affiliate of any Investor (excluding any member of the Group), provided,
however, that the following will not be deemed to be Related Party Transactions: (i) the Advisory Services Agreement or the Bidco Advisory Services Agreements or any amount contemplated by or paid in accordance with any such agreement, (ii) the
directors' fees and expenses contemplated by Article 13.2, (iii) any subscription of New Securities in accordance with a Pre-emptive Right, (iv) any VCOC Management Rights Agreements, and (v) the transactions contemplated by Article
10.1.
		
	Remaining Equity Commitment	  	shall have the meaning specified in Article 11.2.
		
	Remaining Shares	  	shall have the meaning specified in Article 10.2.2
		
	Reorganization Transaction	  	shall have the meaning specified in Article 10.1.1.
		
	Replacement Securities	  	shall have the meaning specified in Article 10.1.1.
		
	Representatives	  	shall mean, for any Investor, the Investor Representative(s) and the Affiliates (excluding, for the avoidance of doubt, any member of the Group) of such Investor and such Investor's and each
such Affiliate's respective directors, managers, officers, partners, members, principals, employees, professional advisers and agents.
		
	Requested Offering	  	shall have the meaning specified in Article 10.3.1.
		
	Requesting Holders	  	shall have the meaning specified in Article 10.3.1.
		
	Requisite Majority	  	shall have the meaning specified in Article 6.6.4(a).
		
	SEC	  	shall mean the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act.
		
	Securities Act	  	shall mean the U.S. Securities Act of 1933, as amended, or any similar federal statute then in effect, and a reference to a particular section thereof shall be deemed to include a reference to
the comparable section, if any, of any such similar federal statute.
		
	Selected Offering Jurisdiction	  	shall mean (i) for an IPO, (x) The Netherlands, the United States and/or any other jurisdiction or market where a Public Offering could reasonably be expected to optimize

  

 - 10 - 

			
		  	the price and liquidity for the shares proposed to be sold; and (ii) for any Public Offering after an IPO, (x) the jurisdiction(s) in which such IPO was conducted and/or (y) any other
jurisdiction or market where a Public Offering could reasonably be expected to optimize the price and liquidity for the shares proposed to be sold.
		
	Selected Securities Exchange	  	shall mean (i) for a Public Offering in The Netherlands, the Euronext Amsterdam securities exchange, (ii) for a Public Offering in the United States, the New York Stock Exchange or the National
Association of Securities Dealers' automated quotation system or (iii) for a Public Offering in any other jurisdiction, any regulated national securities exchange in such jurisdiction.
		
	Selling Holders	  	shall mean the Piggybacking Holders (in the case of a Piggyback Offering) and the Requesting Holders and the Participating Holders (in the case of a Requested Offering).
		
	Selling Investors	  	shall mean the Piggybacking Investors (in the case of a Piggyback Offering) and the Requesting Holders and the Participating Investors (in the case of a Requested Offering).
		
	Shares	  	shall mean the ordinary shares, par value €25 per share, of Luxco.
		
	shares	  	when used herein shall be deemed to include ordinary shares, preferred shares and any other class of equity securities, including partnership interests or equity interests in other non-corporate
entities, as the context requires.
		
	Tag-Along Beneficiary	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Notice	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Notice Period	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Offer	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Portion	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Purchaser	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Response Notice	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Right	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Sale	  	shall have the meaning specified in Article 9.4.2.

  

 - 11 - 

			
		
	Tag-Along Sale Costs	  	shall have the meaning specified in Article 9.4.7
		
	Tag-Along Sale Settlement Date	  	shall have the meaning specified in Article 9.4.2.
		
	Tag-Along Seller	  	shall have the meaning specified in Article 9.4.2.
		
	Tagging Person	  	shall have the meaning specified in Article 9.4.2.
		
	Temporary Unit Transfers	  	shall have the meaning specified in Article 10.7.
		
	Tender	  	shall have the meaning specified in Article 10.7.
		
	Tender Offer	  	shall have the meaning specified in Article 10.7.
		
	Third Party	  	shall mean any Person (or group of Persons) that is not an Investor or an Affiliate of an Investor.
		
	THL Allocated Portion	  	shall have the meaning specified in Article 11.4.3.
		
	Thomas H. Lee Partners and Thomas H. Lee Partners Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Trading Date	  	shall have the meaning specified in Article 10.6.
		
	Trading Volume Limitation	  	shall have the meaning specified in Article 10.6.
		
	Transfer	  	shall mean a transfer, sale, assignment, pledge, hypothecation or other disposition by a Person of a legal or beneficial interest in another Person, whether directly or indirectly, including
pursuant to the creation of a derivative security (other than phantom stock or similar incentive plans for employees), the grant of an option or other right, the imposition of a restriction on disposition or voting or by operation of
law.
		
	Transferred KKR Interests	  	shall have the meaning specified in Article 11.4.2.
		
	Transferred THL Interests	  	shall have the meaning specified in Article 11.4.3.
		
	Units	  	shall mean, individually and collectively, the Shares, the YFCPECs, the CPECs and any New Securities and, following any Reorganization Transaction pursuant to Article 10.1 as a result of which
all or any portion of the Shares, the YFCPECs, or the CPECs are exchanged for or otherwise replaced by any Replacement Securities, Units shall also mean such Replacement Securities (unless the context otherwise requires).
		
	VCOC Management Rights Agreement	  	shall mean those certain management rights agreements by and among Luxco, VNU and the Investors (or funds) party thereto granting such Investors (or funds) certain informational and other rights
with respect to the Group.

  

 - 12 - 

			
		
	VNU	  	shall have the meaning specified in the recitals to this Agreement.
		
	VNU Articles	  	Shall mean the articles of association (statuten) of VNU from time to time in effect.
		
	VNU Board Committees	  	shall have the meaning specified in Article 5.2.1.
		
	VNU Director	  	shall have the meaning specified in Article 4.1.1.
		
	VNU General Meeting	  	shall mean the general meeting of all shareholders of VNU.
		
	VNU Supervisory Board	  	shall mean the supervisory board (raad van commissarissen) of VNU.
		
	VNU Supervisory Board Chairman	  	shall have the meaning specified in Article 4.1(a).
		
	VNU Supervisory Board Rules	  	shall mean the supervisory board rules (commissarissen reglement) adopted by the VNU Supervisory Board in accordance with the VNU Articles form time to time.
		
	Voting Interest	  	shall mean the aggregate number of votes exercisable at a general meeting of shareholders of Luxco, attached to the shares in Luxco comprised in the Units (i) held by an Investor or group of
Investors at a particular time or (ii) with respect to which an Investor or group of Investors has the authority and power to vote, pursuant to a power of attorney, transfer of voting rights or otherwise, subject to Article 11.3.2.
		
	Wholly-Owned Subsidiary	  	shall mean, with respect to any Person, any other Person of which 100% of its securities are owned at the time of determination, directly or indirectly, by such first Person (other than any
shares required by any applicable law or regulation to be held by any other Person, such as directors' qualifying shares).

  

 - 13 - 

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

  

	1.2	Interpretation 

  

	 	(a)	Whenever the words "include," "includes" or "including" are used in this Agreement they shall be deemed to be followed by the words "without limitation."

  

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

  

	 	(c)	The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term, and words denoting any gender shall include all
genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. 

  

	 	(d)	A reference to any Party or any party to any other agreement or document shall include such Party or party's successors and permitted assigns. 

  

	 	(e)	A reference to any legislation or to any provision of any legislation shall include any amendment to, and any modification or re-enactment thereof, any legislative provision
substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto. 

  

	2.	IMPLEMENTATION MATTERS 

  

	2.1	Organizational Documents 

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

 - 14 - 

	2.2	Conflicts or Inconsistencies 

 In all events this
Agreement will govern and prevail as among the Investors in the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the organizational documents of Luxco or any other member of the Group. 

 

	2.3	Effectuating the Intent of the Parties 

 Each
Investor shall (i) vote its Shares, grant powers of attorney, execute documents and take all other action in its power and authority as a shareholder of Luxco and (ii) cause its representative(s), nominee(s) or designee(s), as the case may
be, on the Investors' Committee, on each Board and on any committee thereof to exercise their voting rights on each such body, in a manner consistent with the rights and obligations of the Parties under this Agreement so as to effectuate and
preserve the intent of the Parties as set out herein, including voting in favour of and consenting to any transactions involving any member of the Group that are approved by the Investors' Committee. 
  

	2.4	Applicable Law 

 The Parties acknowledge that in
certain instances a provision of this Agreement may not be enforceable or that its enforceability may be limited by applicable law. Nevertheless, the Parties agree that they intend to be bound by the terms of this Agreement and, if any provision is
held to be unenforceable, the Parties agree to use their reasonable efforts to implement an alternative enforceable mechanism that would effect, as closely as possible, the intent of the Parties as reflected in or provided by the unenforceable
provision. Moreover, each Party agrees that, if any corporate formality or other procedure is not expressly mandated by law or the provisions of this Agreement to be taken by the Parties but the enforceability of any provision of this Agreement
would be enhanced if the Parties act in accordance with such corporate formality or other procedure, the Parties agree to act in accordance with such corporate formality or other procedure to the extent recommended by counsel to the Group in the
relevant jurisdiction. 
  

	3.	LUXCO BOARD OF MANAGERS 

  

	3.1	Composition of the Luxco Board 

  

	 	3.1.1	The Luxco Board shall be composed of twelve members: 

  

	 	(a)	ten individuals shall be managers B (the "Luxco Managers B") and shall be nominated by the Investors as follows: 

  

	 	(i)	one individual shall be nominated by AlpInvest; 

  

	 	(ii)	two individuals shall be nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to
hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to
hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

 - 15 - 

	 	(iii)	two individuals shall be nominated by Carlyle (one of such individuals shall be designated by CEP II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting
Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at
least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(iv)	one individual shall be nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.; 

  

	 	(v)	two individuals shall be nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a
Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a
Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(vi)	two individuals shall be nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H.
Lee Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as
Thomas H. Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); and 

  

	 	(b)	two individuals shall be managers A (the "Luxco Managers A"), shall be required to be resident in the Grand Duchy of Luxembourg, and shall be nominated by a Requisite
Majority of the Investors' Committee. The Investors' Committee may also decide by a Requisite Majority to increase or decrease the number of Luxco Managers A (provided that there shall always be at least one Luxco Manager A).

 The Luxco Managers A and the Luxco Managers B are together referred to as the "Luxco Managers". The initial Luxco
Managers are set forth in Part A of Schedule 5 to this Agreement. The right to nominate Luxco Managers for appointment to the Luxco Board is personal to each group of Affiliated Investors (or the applicable fund of such group of
Affiliated Investors) entitled to do so and may not be assigned by any such Investor (or the applicable fund of such group of Affiliated Investors) as part of a Transfer or otherwise without the consent of the Investors' Committee (except as
permitted pursuant to the proviso in the last sentence of Article 14.6). 
  

	 	3.1.2	The Parties shall take all reasonable action necessary to procure that the Luxco Manager designated by the Investors' Committee to serve as the chairman of the Luxco Board (the
"Luxco Chairman") shall be so appointed by the Luxco Board. 

  

 - 16 - 

	 	3.1.3	Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate one or more Luxco Managers for appointment shall nominate the
same individual(s) for such appointment as have been appointed as its Investor Representative(s) on the Investors' Committee pursuant to Article 6.2.1, unless the Investors' Committee has approved a different appointment (such approval not to be
unreasonably withheld). 

  

	 	3.1.4	Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate a Luxco Manager for appointment shall also be entitled, by
notice in writing to Luxco and to each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), at any time or from time to time to nominate for removal any Luxco Manager nominated by it and to nominate for
appointment in place thereof another individual to serve as its Luxco Manager in accordance with the provisions of this Article 3. In such event, (i) the nominating group of Affiliated Investors (or the applicable fund of such group of
Affiliated Investors) shall take all reasonable action necessary to procure that such Luxco Manager resigns from the Luxco Board and (ii) if such Luxco Manager will not resign, each Investor (including the nominating Investor) agrees that it
shall take all reasonable action necessary to effect such removal and appointment as promptly as practicable on request. In addition, each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to
nominate a Luxco Manager for appointment shall, upon the death or resignation of such Luxco Manager, be entitled to nominate for appointment in place thereof another individual to serve as its Luxco Manager in accordance with the provisions of this
Article 3. Without limiting the preceding provisions, no group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall be entitled to nominate for removal, appointment or re-appointment any Luxco Manager except
for the Luxco Manager it is entitled to nominate for removal, appointment or re-appointment pursuant to the provisions of this Article 3. Each Investor agrees to vote its Shares in favour of the appointment or re-appointment of the Luxco Managers
nominated for appointment or re-appointment by each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do so hereunder. Notwithstanding the foregoing provisions of this Article 3.1.4, if a
group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) nominates for appointment as a Luxco Manager an individual who is not a director, manager, officer or employee of the Investor Fund Manager to such Investor
or to an Affiliated Fund of such Investor (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors' Committee
(excluding any Investor Representatives designated by such Investor or its Affiliates). None of the Luxco Managers shall be entitled to receive any severance payments upon his removal, death, resignation or otherwise vacating his position as a Luxco
Manager. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees, in respect of any Luxco Manager nominated by such group of Affiliated Investors (or the applicable fund of such group of Affiliated
Investors), to indemnify Luxco and each other Investor from any claims and liabilities with respect to any severance payment that becomes payable to any such Luxco Manager. 

  

 - 17 - 

	 	3.1.5	Each Investor agrees to take (to the extent such action is within such Investor’s power or control in its capacity as an investor in Luxco or through its nominees, designees or
representatives on the Luxco Board), and agrees to cause Luxco to take, any and all action necessary to approve the designation and appointment of the Luxco Managers designated by a group of Affiliated Investors (or the applicable fund of such group
of Affiliated Investors) in accordance with this Article 3.1. 

  

	3.2	Abstention on Related Party Transactions 

 An
Investor's Luxco Manager(s) shall abstain from the vote of the Luxco Board on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor's Luxco Manager(s) shall not be entitled to
receive board materials relating to a Related Party Transaction or to participate in board deliberations relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the Related Party or any
member of the Group, as determined by a Requisite Majority of the Investors' Committee. 
  

	3.3	Changes in Shareholding 

  

	 	3.3.1	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two Luxco Managers ceases to hold a Voting Interest
at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is
Affiliated with such Investor) shall take all action necessary to procure that one of the Luxco Managers nominated by such Investor (together with any Investor that is Affiliated with such Investor) shall immediately resign, and (ii) such
Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one Luxco Manager. 

  

	 	3.3.2	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one Luxco Manager (either on the basis of
Article 3.1.1 or on the basis of Article 3.3.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last
Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the Luxco Manager nominated by such Investor (together with any Investor that is
Affiliated with such Investor) shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or
re-appointment any Luxco Manager. 

  

	3.4	Meetings of the Luxco Board; Observers 

  

	 	3.4.1	 The Luxco Board will meet as often as it deems necessary or appropriate or upon the request of the Luxco Chairman. Any Luxco Manager may request that the Luxco
Chairman call a meeting of the Luxco Board to discuss any matter requiring action or consideration by the Luxco Board and, upon receipt of any such request, together with a description of the matter(s) to be discussed at such meeting and any
supporting materials necessary or appropriate for the Luxco Managers to prepare for such meeting, the Luxco 

  

 - 18 - 

	 	 
Chairman will call such meeting as soon as reasonably practicable, provided, however, that the Luxco Chairman will not be required to call any such meeting
if a meeting of the Luxco Board was held within four weeks prior to such request and such matter was raised at such meeting or if a meeting is scheduled to be held within four weeks after such request. The Luxco Board may meet in person, by
teleconference or by videoconference (or by any combination thereof). Notwithstanding the foregoing, the Luxco Board will meet in person (to the greatest extent possible) at least two times each year in Luxembourg. 

  

	 	3.4.2	Quorum for any meeting of the Luxco Board shall require the presence (in person or by telephone, or by proxy or power of attorney) of a majority of the Luxco Managers, provided that
a meeting of the Luxco Board shall not be quorate unless (i) at least one Luxco Manager B nominated by each group of Affiliated Investors is present (in person or by telephone or by proxy or power of attorney) and (ii) at least one Luxco
Manager A is present in person. If a quorum is not present at a meeting of the Luxco Board, the Luxco Managers present at such meeting shall require that the meeting be adjourned and reconvened on a date at least 2 Business Days following the time
of such adjourned meeting. The quorum for such reconvened meeting shall require the presence (in person or by telephone or by proxy or power of attorney) of a majority of the Luxco Managers. 

  

	 	3.4.3	A Luxco Manager may only give a proxy or power of attorney to attend and vote at a meeting of the Luxco Board to another Luxco Manager. 

  

	 	3.4.4	Each group of Affiliated Investors that has the right to nominate one or more Luxco Managers shall have the right to designate (and remove) one observer to the Luxco Board, provided
that such observer shall only be entitled to attend any meeting of the Luxco Board at which one or more of the Luxco Managers nominated by such group of Affiliated Investors does not attend. The initial observers for the Luxco Board are set forth in
Part H of Schedule 5 to this Agreement. An observer shall not be entitled to participate in or observe any Luxco Board deliberations in which the Luxco Manager(s) nominated by the group of Affiliated Investors that designated such
observer are not entitled to participate pursuant to Article 3.2. If an observer is entitled to attend a Luxco Board meeting and sufficient advance notice is provided to the Luxco Chairman of such observer's intention to attend such meeting, such
observer shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the Luxco Managers. An observer shall not have the right
to vote on any matter under consideration by the Luxco Board. The observer rights granted pursuant to this Article 3.4.4 shall be in addition to, and not in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management
Rights Agreements. 

  

	3.5	Decisions of the Luxco Board 

 Subject to prior
approval of the Investors' Committee with respect to items mentioned in Articles 6.6.3 and 6.6.4, decisions of the Luxco Board shall be taken by simple majority vote of the Luxco Managers present at a meeting of the Luxco Board for which there is a
quorum, and each Luxco Manager shall have one vote (provided that, for avoidance of doubt, a Luxco Manager representing one or more absent Luxco Managers by proxy or power of attorney shall be entitled to cast the vote of each such 

  

 - 19 - 

 
absent Luxco Manager). Decisions of the Luxco Board may be taken or ratified by unanimous written consent. The powers and activities of the Luxco Board shall
be subject to the provisions of Article 6.6. 
  

	3.6	Representation of Luxco 

 No single member of the
Luxco Board shall be entitled to represent Luxco or to take any action on its behalf without the prior authorization and approval of the Luxco Board at any meeting duly convened or pursuant to any written resolutions (including any standing
resolutions) duly taken. Each action taken on behalf of Luxco, once duly authorized in accordance with the preceding sentence, shall require the signature of at least one Luxco Manager A and at least one Luxco Manager B. 
  

	3.7	Intermediate Holdco Boards 

 The Parties agree that,
subject to the requirements of applicable laws and regulations, the Dutch Holdco Board and the Bidco Board shall be composed of two members as follows: 
  

	 	(f)	Luxco; and 

  

	 	(g)	an individual who shall be resident in The Netherlands, nominated by a Requisite Majority of the Investors' Committee. 

 Provided that at any time the Investors' Committee may determine that Luxco and the individual referred to in Article 3.7(g) should resign as members of
either the Dutch Holdco Board or the Bidco Board and be replaced by individuals, and in such event the provisions of Articles 3.1 through 3.6 shall apply, mutatis mutandis, in respect of the Dutch Holdco Board or the Bidco Board, as the case
may be. 
  

	3.8	Formalities 

 The Investors acknowledge that, in
accordance with applicable law, members of the Luxco Board, the Dutch Holdco Board and the Bidco Board are elected by the general meeting (or written resolution) of the shareholders of the relevant entity. Accordingly, to enhance the enforceability
of the rights and obligations of the Investors under this Article 3, the Investors agree to comply with all such formalities to the extent recommended by Luxembourg and/or Dutch counsel to the Group. For avoidance of doubt, the Parties intend that
their respective rights and obligations shall be as set forth under this Article 3 and further intend that such rights and obligations shall not be, nor be deemed to be, adversely affected in any way by the additional requirements (if any) under
this Article 3.8. 
  

	4.	VNU SUPERVISORY BOARD 

  

	4.1	Composition of the VNU Supervisory Board 

  

	 	4.1.1	Until November 24, 2007, the VNU Supervisory Board shall be composed of at least twelve members (each, a "VNU Director") as follows: 

  

	 	(a)	one individual nominated by AlpInvest; 

  

	 	(b)	 two individuals nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone
ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital 

  

 - 20 - 

	 	 
Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units
it held on the Last Settlement Date); 

  

	 	(c)	two individuals nominated by Carlyle (one of such individuals shall be designated by CEP II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting Interest at
least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at least equal to
25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(d)	one individual nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.; 

  

	 	(e)	two individuals nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting
Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting
Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(f)	two individuals nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H. Lee
Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as Thomas H.
Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); and 

  

	 	(g)	at least two individuals (the "Independent VNU Directors") who shall (i) be independent within the meaning of the relevant provisions of the Merger Protocol, and be
nominated by the Investors' Committee, subject to Article 6.6.4(b). 

 The initial VNU Directors are set forth in Part B
of Schedule 5 to this Agreement. The right to nominate VNU Directors for appointment to the VNU Supervisory Board is personal to each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to do
so and may not be assigned by any such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) as part of a Transfer or otherwise without the consent of the Investors' Committee (except as permitted pursuant to
the proviso in the last sentence of Article 14.6). 
  

	 	4.1.2	 From November 25, 2007 onwards, the VNU Supervisory Board shall be composed of at least ten members, nominated in accordance with Article 4.1.1, paragraphs
(a) through (f) inclusive, without prejudice to the right of the Investors' Committee to decide to retain or appoint one or more Independent VNU Directors, subject to and in accordance with Article 4.1.1, paragraph (g) and Article
6.6.4(b), and provided that from that date onwards 

  

 - 21 - 

	 	 
any such Independent VNU Directors shall no longer be required to be independent within the meaning of the relevant provisions of the Merger Protocol.

  

	 	4.1.3	Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate one or more VNU Directors for appointment shall nominate the
same individual(s) for such appointment as have been appointed as its Investor Representative on the Investors' Committee, unless the Investors' Committee has approved a different appointment (such approval not to be unreasonably withheld).

  

	 	4.1.4	The Parties shall take all reasonable action necessary to procure that the VNU Director designated by the Investors' Committee to serve as chairman of the VNU Supervisory Board (the
"VNU Chairman") shall be so appointed by the VNU Supervisory Board. 

  

	 	4.1.5	Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to designate a VNU Director shall be entitled, by notice in writing to
each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), at any time or from time to time, to request the removal of any VNU Director designated by it and to designate for appointment in place thereof
another individual to serve as its VNU Director in accordance with the provisions of this Article 4. In such event, (i) the designating group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall take all
reasonable action necessary to procure that such VNU Director resigns from the VNU Supervisory Board and (ii) if such VNU Director will not resign, Holdco agrees that it shall take all reasonable action necessary to effect such removal and
appointment as promptly as practical upon request. In addition, each Investor entitled to nominate a VNU Director for appointment shall, upon the death or resignation of such VNU Director, be entitled to nominate for appointment in place thereof
another individual to serve as its VNU Director in accordance with the provisions of this Article 4.1. If a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) designates as a VNU Director an individual who
is not a director, manager, officer or employee of the Investor Fund Manager to such group of Affiliated Investors or to an Affiliated Fund of such group of Affiliated Investors (as the case may be), or of a subsidiary of that Investor Fund Manager,
then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors' Committee (excluding any Investor Representatives designated by such Investor or its Affiliates). 

 

	 	4.1.6	A Requisite Majority of the Investors' Committee may decide, at any time or from time to time, subject to Article 6.6.4, to request the removal of any Independent VNU Director and
to designate for appointment in place thereof another individual to serve as Independent VNU Director in accordance with the provisions of Article 6.6.4(b). In such event Holdco agrees that it shall take all reasonable action necessary to effect
such removal and appointment as promptly as practical upon request. 

  

	 	4.1.7	 Without limiting the preceding provisions of this Agreement, no group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) shall
take any action, directly or indirectly through its nominees, designees or representatives on the Luxco Board or any Intermediate Holdco 

  

 - 22 - 

	 	 
Board to cause Luxco or the relevant Intermediate Holdco to seek to remove, appoint or re-appoint any VNU Director except for any VNU Director such Investor
is entitled to designate for removal, appointment or re-appointment pursuant to the provisions of this Article 4. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees to take all action necessary
(to the extent such action is within the power or control of such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) in its capacity as an investor in Luxco or through its nominees, designees or
representatives on the Luxco Board or any Intermediate Holdco Board) to cause Luxco and the Intermediate Holdcos to take, and agrees to cause each VNU Director designated by it to take, any and all action necessary to approve the designation and
appointment of the VNU Directors designated by a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) and the Independent VNU Directors designated by the Investors' Committee in accordance with this Article
4.1. 

  

	 	4.1.8	None of the VNU Directors shall be entitled to receive any severance payments upon his removal, resignation or otherwise vacating his position as a VNU Director, provided that this
Article 4.1.8 shall be without prejudice to any entitlement versus VNU which any independent VNU Director may have. Each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) agrees, in respect of any VNU
Director designated by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), to indemnify VNU and each other group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors)
from any claims and liabilities with respect to any severance payment that becomes payable to any such VNU Director. 

  

	 	4.1.9	The groups of Affiliated Investors (or the applicable funds of such groups of Affiliated Investors) shall cause, and shall instruct their respective designees to the VNU Supervisory
Board to cause, the VNU Supervisory Board Rules to be amended as soon as reasonably practicable after the date hereof, to the extent recommended by Dutch counsel to the Group, so as to include a profile for Independent VNU Directors, the abstention
provisions in Article 4.2.1, the provisions on convening meetings, quorum and observer rights in Article 4.4, the voting provisions in Article 4.5 and the provisions on sharing information in Article 13.7.3, all to the extent not implemented on or
prior to the date hereof. 

  

	4.2	Related Party Transactions; Independent VNU Directors' Approval 

  

	 	4.2.1	An Investor's VNU Director(s) shall abstain from the vote of the VNU Supervisory Board on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is
a Related Party. Such Investor's VNU Director(s) shall not be entitled to receive board materials relating to a Related Party Transaction or to participate in board deliberations relating to such Related Party Transaction if such receipt or
participation would create a conflict of interest for the Related Party or any member of the Group, as determined by the Investors' Committee. 

  

	 	4.2.2	 If the VNU Supervisory Board is of the view, after consultation with Dutch counsel to the Group, that a particular Related Party Transaction or any other matter
that comes before the VNU Supervisory Board requires the approval of the Independent VNU Directors, upon such transaction or matter having been 

  

 - 23 - 

	 	 
approved by the Investors' Committee, each Party agrees to take all action necessary (to the extent such action is within such Party's power or control,
including through its nominees, designees or representatives on the Luxco Board, the Intermediate Holdco Boards and the VNU Supervisory Board) to facilitate the Independent VNU Directors' decision making process and to promptly provide any relevant
information that the Independent VNU Directors may reasonably request. 

  

	4.3	Changes in Shareholding 

  

	 	4.3.1	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two VNU Directors ceases to hold a Voting Interest
at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor that is
Affiliated with such Investor) shall take all action necessary to procure that one of the VNU Directors nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is Affiliated with such
Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one VNU Director. 

  

	 	4.3.2	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one VNU Director (either on the basis of
Article 4.1.1 or on the basis of Article 4.3.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last
Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the VNU Director nominated by such Investor shall immediately resign, and (ii) such
Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or re-appointment any VNU Director. 

  

	4.4	Meetings of the VNU Supervisory Board; Observers 

  

	 	4.4.1	The VNU Supervisory Board will meet as often as it deems necessary or appropriate or upon the request of the VNU Supervisory Board Chairman. Any VNU Director may request that the
VNU Supervisory Board Chairman call a meeting of the VNU Supervisory Board to discuss any matter requiring action or consideration by the VNU Supervisory Board and, upon receipt of any such request, together with a description of the matter(s) to be
discussed at such meeting and any supporting materials necessary or appropriate for the VNU Directors to prepare for such meeting, the VNU Supervisory Board Chairman, as the case may be, will call such meeting as soon as reasonably practicable,
provided, however, that the VNU Supervisory Board Chairman will not be required to call any such meeting if a meeting of the VNU Supervisory Board was held within four weeks prior to such request and such matter was raised at such prior meeting or
if a meeting is scheduled to be held within four weeks after such request. The VNU Supervisory Board may meet in person, by teleconference or by videoconference (or by any combination thereof). 

  

 - 24 - 

	 	4.4.2	Quorum for any meeting of the VNU Supervisory Board shall require the presence (in person or by telephone or by proxy or power of attorney) of a majority of the VNU Directors.

  

	 	4.4.3	A VNU Director may only give a proxy or power of attorney to attend and vote at a meeting of the VNU Supervisory Board to another VNU Director. 

  

	 	4.4.4	Each group of Affiliated Investors that has the right to designate one or more VNU Directors shall have the right to designate (and remove) one observer to the VNU Supervisory
Board, provided that such observer shall only be entitled to attend any meeting of the VNU Supervisory Board at which one or more of the VNU Directors designated by such group of Affiliated Investors does not attend. The initial observers for the
VNU Supervisory Board are set forth in Part H of Schedule 5 to this Agreement. An observer shall not be entitled to participate in or observe any VNU Supervisory Board deliberations in which the VNU Director(s) designated by the group
of Affiliated Investors that designated such observer are not entitled to participate pursuant to Article 4.2. If an observer is entitled to attend a meeting of the VNU Supervisory Board and sufficient advance notice is provided to the VNU
Supervisory Board Chairman of such observer's intention to attend such meeting, such observer shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for
such meeting as is given to the VNU Directors. An observer shall not have the right to vote on any matter under consideration by the VNU Supervisory Board. If a group of Affiliated Investors designates as an observer to the VNU Supervisory Board an
individual who is not a director, manager, officer or employee of the Investor Fund Manager to such Investor or to an Affiliated Fund of such Investor (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall
be subject to the prior approval of a majority of the Investor Representatives on the Investors' Committee (excluding any Investor Representatives designated by such Investor or its Affiliates). The observer rights granted pursuant to this Article
4.4.4 shall be in addition to, and not in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management Rights Agreements. 

  

	4.5	Decisions of the VNU Supervisory Board 

  

	 	4.5.1	For as long as there are Independent VNU Directors, decisions of the VNU Supervisory Board shall be taken by the affirmative vote of at least a majority of the VNU Directors who are
not Independent VNU Directors. From the time VNU ceases to have Independent VNU Directors, decisions of the VNU Supervisory Board shall be taken by simple majority. 

  

	 	4.5.2	Each VNU Director shall have one vote (provided that, for avoidance of doubt, a VNU Director representing one or more absent VNU Directors by proxy or power of attorney shall be
entitled to cast the vote of each such absent VNU Director). Decisions of the VNU Supervisory Board may be taken or ratified by unanimous written consent. 

  

	 	4.5.3	 The Parties will ensure that the VNU Articles will at all times allow any action that is required to be taken or approved by the VNU Supervisory Board also to be
taken or approved by the VNU General Meeting, either in the first instance without the matter concerned having been decided on by the VNU 

  

 - 25 - 

	 	 
Supervisory Board or by way of a second decision, overriding an earlier decision of the VNU Supervisory Board on the same matter. In the event that the VNU
Supervisory Board fails to approve any action which requires its approval and which has already been approved by the Investors' Committee, each VNU Director shall be entitled to call a VNU General Meeting at which the approval of such action shall
be on the agenda and if such action is approved at such VNU General Meeting, the earlier decision of the VNU Supervisory Board shall be deemed set aside and overruled. 

 The powers and activities of the VNU Supervisory Board shall be subject to the provisions of Article 6.6. 
  

	4.6	Formalities 

 The Investors agree to comply with any
corporate formalities or other procedures necessary or appropriate as recommended by Dutch counsel to the Group to give full effect to the intent of the Parties under this Article 4. 
  

	5.	BOARD COMMITTEES; FINANCING COMMITTEE; MANAGEMENT 

  

	5.1	Luxco and Intermediate Holdco Committees 

 The Luxco
Board and the Intermediate Holdco Boards may create any committee thereof as each such Board deems necessary, appropriate or desirable. The Parties do not presently intend to cause the Luxco Board or any Intermediate Holdco Board to create any such
committees. If the Luxco Board or any Intermediate Holdco Board creates any such committees in the future, the Parties agree that such committees shall be constituted in the same manner as the VNU Board Committees and shall otherwise be subject to
the same provisions as set forth in Article 5.2, mutatis mutandis. 
  

	5.2	VNU Board Committees; Finance Committee 

  

	 	5.2.1	The VNU Supervisory Board will have an executive committee (the "Executive Committee"), an audit committee (the "Audit Committee"), a compensation committee (the
"Compensation Committee") and any other committees that the VNU Supervisory Board decides to establish. All of these committees collectively are collectively referred to as the "VNU Board Committees". 

  

	 	5.2.2	The VNU Board Committees shall be comprised of four members each, except for the Executive Committee which shall be comprised of five members. The members of the VNU Board
Committees shall be designated by the VNU Supervisory Board from among the VNU Directors, provided that no VNU Board Committee shall be comprised of more than one VNU Director designated by a particular Investor (or an Investor Affiliated with such
Investor). Each Investor who is entitled to nominate at least one VNU Director for appointment and who does not have a nominee on a particular VNU Board Committee is entitled to designate an observer on such VNU Board Committee (provided that for
the purposes of this provision Affiliated Investors are considered collectively as one Investor). The initial members of and observers at the VNU Board Committees are set forth in Parts C, D and E of Schedule 5.

  

	 	5.2.3	The Supervisory Board shall appoint a member of each VNU Board Committee as its chairman. 

  

 - 26 - 

	 	5.2.4	The Supervisory Board shall also establish a finance committee (the "Finance Committee"), which shall be comprised of four members who need not be VNU Directors. The initial
members of the Finance Committee are set forth in Part F of Schedule 5. 

  

	 	5.2.5	The powers and responsibilities of each of the VNU Board Committees and of the Finance Committee shall be set forth in a written charter adopted by the VNU Supervisory Board. The
powers and activities of each VNU Board Committee and of the Finance Committee shall be subject to the provisions of Article 6.6. 

  

	5.3	VNU Management 

 The Parties shall cause such
individuals to be appointed, removed and suspended from time to time as members of the board of management (raad van bestuur) of VNU as the Investors' Committee may decide in accordance with Article 6.6.4. 
  

	6.	INVESTORS' COMMITTEE 

  

	6.1	Purpose of the Investors' Committee; Effectuating Intent 

  

	 	6.1.1	The Investors agree that the principal governing body of the Group will be a committee of representatives of the Investors (the "Investors' Committee"), to the fullest extent
permitted by law, recognizing that the Investors' Committee is a creation of contract and not of corporate law. Without limiting the generality of the provisions of Article 2 (but subject to the provisions of Article 2.4), each Investor shall take,
and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors' Committee, on each Board and on any committee thereof to take, any and all action within its power to effectuate any decision taken by the
Investors' Committee in accordance with and in respect of any matter contemplated by this Agreement or reasonably related to the investment of the Investors in the Units, and an Investor shall not take, and shall instruct its representative(s),
nominee(s) or designee(s), as the case may be, on the Investors' Committee, on each Board and on any committee thereof not to take, any action that would contravene any decision taken by the Investors' Committee in accordance with this Agreement.
Each Investor agrees that, unless and until any matter that requires the prior approval of the Investors' Committee as set forth in Article 6.6 or elsewhere in this Agreement has been considered and either approved or rejected by the Investors'
Committee or if any other matter otherwise is considered and either approved or rejected by the Investors' Committee in accordance with this Agreement, it shall take any and all actions to the extent such actions are within its power and control in
its capacity as an investor in Luxco, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors' Committee, on each Board and on any committee thereof to take any and all action within the power of
such Person (i) to procure that such matter shall not be placed on the agenda of any meeting of any Board or any committee thereof or by any shareholders and that consideration of such matter at any meeting of such Board or committee or by any
shareholders otherwise shall be delayed and (ii) in any event, to refrain from voting on such matter (whether for or against) at any such meeting. 

  

	 	6.1.2	 As and when there cease to be Independent VNU Directors, the Investors shall discuss whether to abolish the Investors' Committee and vest the powers 

  

 - 27 - 

	 	 
and authority attributed to the Investors' Committee by this Agreement in the VNU Supervisory Board or another Board. Any such change to the governance
structure of the Group and the amendment of this Agreement so as to reflect that change shall require a unanimous decision of the Investors' Committee, taken in a meeting where all Investor Representatives are present (in person or by telephone or
by proxy or power of attorney). 

  

	6.2	Composition of Investors' Committee 

  

	 	6.2.1	The Investors' Committee shall be composed of ten individuals (each such individual, an "Investor Representative") as follows: 

  

	 	(a)	one individual nominated by AlpInvest; 

  

	 	(b)	two individuals nominated by Blackstone (one of such individuals shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a
Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Blackstone Capital Partners (Cayman) V, L.P. until such time as Blackstone ceases to hold a
Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(c)	two individuals nominated by Carlyle (one of such individuals shall be designated by CEP II Participations Sarl SICAR until such time as Carlyle ceases to hold a Voting Interest at
least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Carlyle Partners IV Cayman, L.P. until such time as Carlyle ceases to hold a Voting Interest at least equal to
25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(d)	one individual nominated by Hellman & Friedman Capital Partners V (Cayman), L.P.; 

  

	 	(e)	two individuals nominated by KKR (one of such individuals shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting
Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by KKR Millennium Fund (Overseas), Limited Partnership until such time as KKR ceases to hold a Voting
Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date); 

  

	 	(f)	two individuals nominated by Thomas H. Lee Partners (one of such individuals shall be designated by Thomas H. Lee (Alternative) Fund V, L.P. until such time as Thomas H. Lee
Partners ceases to hold a Voting Interest at least equal to 50% of the Voting Interest attached to the Units it held on the Last Settlement Date and the other shall be designated by Thomas H. Lee Partners Equity VI, L.P. until such time as Thomas H.
Lee Partners ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units it held on the Last Settlement Date). Each initial Investor Representative is identified opposite the name of its designating Investor
in Part G of Schedule 5. 

  

 - 28 - 

	 	6.2.2	The Investors' Committee shall appoint a chairman (the "Investors' Committee Chairman") from among its members. 

  

	 	6.2.3	The right to designate Investor Representatives under this Agreement is personal to each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors)
entitled to do so and may not be assigned by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) (except as permitted pursuant to the proviso in the last sentence of Article 14.6). Each group of
Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to designate an Investor Representative shall also be entitled, by notice in writing to Luxco and each other group of Affiliated Investors (or the
applicable fund of such group of Affiliated Investors), at any time or from time to time, to remove such Investor Representative and to designate in place thereof another individual to serve as its Investor Representative in accordance with the
provisions of this Article 6. In addition, each group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) entitled to nominate an Investor Representative for appointment shall, upon the death or resignation of such
Investor Representative, be entitled to nominate for appointment in place thereof another individual to serve as its Investor Representative in accordance with the provisions of this Article 6.2. Each Investor Representative may, by notice in
writing to the Investors' Committee Chairman, designate (and remove) an alternate who shall have the authority to act on behalf of such Investor Representative in his absence. If sufficient advance notice is provided to the Investors' Committee
Chairman of an alternate's intention to attend a meeting of the Investors' Committee, such alternate shall be entitled to receive the same documentation (including, without limitation, the agenda, minutes, committee reports and any other
documentation) for such meeting as is given to the Investors Representatives. If a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) designates as an Investor Representative, or if an Investor
Representative designates as his alternate, an individual who is not a director, manager, officer or employee of the Investor Fund Manager to such group of Affiliated Investors or to an Affiliated Fund of such group of Affiliated Investors (as the
case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Investor Representatives on the Investors' Committee (excluding any Investor Representatives designated
by such group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) or its Affiliates). 

  

	6.3	Abstention on Related Party Transactions 

 An
Investor Representative shall abstain from the vote of the Investors' Committee on any Related Party Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor Representative shall not be entitled to
receive materials relating to a Related Party Transaction or to participate in the deliberations of the Investors' Committee relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the
Related Party or any member of the Group, as determined by the Investors' Committee. 
  

 - 29 - 

	6.4	Changes in Shareholding 

  

	 	6.4.1	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment two Investor Representatives ceases to hold a Voting
Interest at least equal to 50% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on the Last Settlement Date, then (i) such Investor (together with any Investor
that is Affiliated with such Investor) shall take all action necessary to procure that one of the Investor Representatives nominated by such Investor shall immediately resign, and (ii) such Investor (together with any Investor that is
Affiliated with such Investor) shall from that time forward only have the right to nominate for removal, appointment or re-appointment one Investor Representative. 

  

	 	6.4.2	In the event an Investor (together with any Investor that is Affiliated with such Investor) entitled to nominate for appointment only one Investor Representative (either on the
basis of Article 6.2.1 or on the basis of Article 6.4.1) ceases to hold a Voting Interest at least equal to 25% of the Voting Interest attached to the Units held by that Investor (together with any Investor that is Affiliated with that Investor) on
the Last Settlement Date, then (i) such Investor (together with any Investor that is Affiliated with such Investor) shall take all action necessary to procure that the Investor Representative nominated by such Investor shall immediately resign,
and (ii) such Investor (together with any Investor that is Affiliated with such Investor) shall from that time forward not have the right to nominate for removal, appointment or re-appointment any Investor Representative.

  

	6.5	Meetings of the Investors' Committee 

  

	 	6.5.1	The Investors' Committee will meet as often as it deems necessary or appropriate or upon the request of the Investors' Committee Chairman. Any Investor Representative may request
that the Investors' Committee Chairman call a meeting of the Investors' Committee to discuss any matter requiring action or consideration by the Investors' Committee and, upon receipt of any such request, together with a description of the matter(s)
to be discussed at such meeting and any supporting materials necessary or appropriate for the Investor Representatives to prepare for such meeting, the Investors' Committee Chairman will call such meeting as soon as reasonably practicable, provided,
however, that the Investors' Committee Chairman will not be required to call any such meeting if a meeting of the Investors' Committee was held within four weeks prior to such request and such matter was raised at such meeting or if a meeting is
scheduled to be held within four weeks after such request. The Investors' Committee may meet in person, by teleconference or by videoconference (or by any combination thereof). 

  

	 	6.5.2	 Quorum for any meeting of the Investors' Committee shall require the presence (in person or by telephone or by proxy or power of attorney) of Investor
Representatives representing a majority of the votes of the Investors' Committee, provided that a meeting of the Investors' Committee shall not be quorate unless at least one Investor Representative nominated by each group of Affiliated Investors is
present (in person or by telephone or by proxy or power of attorney). If a quorum is not present at a meeting of the Investors' Committee, the Investor Representatives present at such meeting shall require that the meeting be adjourned and
reconvened on a date at least 2 Business 

  

 - 30 - 

	 	 
Days following the time of such adjourned meeting. The quorum for such reconvened meeting shall require the presence (in person or by telephone or by proxy
or power of attorney) of Investor Representatives representing a majority of the votes of the Investors' Committee. 

  

	6.6	Decisions of the Investors' Committee 

  

	 	6.6.1	At any given time, the voting power of each Investor Representative in the Investors' Committee shall be calculated as follows: 

  

	 	(a)	If a group of Affiliated Investors is entitled to collectively appoint only one Investor Representative, such Investor Representative shall have a number of votes equal to
(x) 100 multiplied by (y) a fraction, the numerator of which is the Voting Interest then held collectively by that group of Affiliated Investors and the denominator of which is equal to the aggregate of the Voting Interests then held by
all Investors; and 

  

	 	(b)	If a group of Affiliated Investors is entitled to collectively appoint more than one Investor Representative, all such Investor Representatives together shall have the voting power
calculated on the basis of Article 6.6.1(a), and such voting power shall be allocated among such Investor Representatives in equal parts. 

 The initial voting power of each Investor Representative on the date hereof is set forth opposite to its name in Part G of Schedule 5. 
  

	 	6.6.2	Subject to Articles 6.6.3 and 6.6.4, all decisions of the Investors' Committee shall be taken by simple majority of the votes held by the Investor Representatives (as determined
pursuant to Article 6.6.1) entitled to vote with respect to such decision. For avoidance of doubt, an Investor Representative representing one or more absent Investor Representatives by proxy or power of attorney shall be entitled to cast the votes
of each such absent Investor Representative, provided, however, that any other Investor Representative designated by a member of a group of Affiliated Investors whose members are collectively entitled to designate two or more Investor
Representatives present at a meeting of the Investors' Committee may represent, and will be entitled to cast the vote of, any other absent Investor Representatives designated by any member of such group of Affiliated Investors without any proxy or
power of attorney. Decisions of the Investors' Committee may be taken or ratified by written consent (which, for avoidance of doubt, does not need to be unanimous) following, to the extent practicable in the circumstances, reasonable prior written
notice of such action to all Investor Representatives. Any resolution or other action taken by the Investors' Committee, whether in a meeting or in writing, shall be notified to all Investors promptly after it is taken, unless all Investor
Representatives were present at such meeting (in person or by telephone or by proxy or power of attorney) or all Investor Representatives have signed the written consent. 

  

	 	6.6.3	Subject to Article 6.7, none of the members of the Group shall take, or agree or commit to take, any of the actions set forth in Part A of Schedule 6 without the prior
approval of all Investor Representatives (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement). 

  

 - 31 - 

	 	6.6.4	Subject to Article 6.7, none of the members of the Group shall take, or agree or commit to take: 

  

	 	(a)	any of the actions set forth in Part B of Schedule 6 without the prior approval of Investor Representatives having at least 66 2/3% of the votes in the Investors'
Committee (a "Requisite Majority") as determined pursuant to Article 6.6.1 (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement).

  

	 	(b)	any of the actions set forth in Part C of Schedule 6 without the prior approval of Investor Representatives having at least a simple majority of the votes of the
Investors' Committee as determined pursuant to Article 6.6.1 (excluding any Investor Representative otherwise explicitly prevented from voting with respect to such matter by the terms of this Agreement). 

 The Investors acknowledge and agree that the provisions of this Article 6.6.4 that are applicable to VNU and its subsidiaries (with such modifications as
may be agreed by the Investors' Committee in its sole discretion) shall be incorporated into the VNU Supervisory Board Rules to the extent determined by the Investors Committee after consulting with Dutch counsel to the Group so as to require the
prior approval of the VNU Supervisory Board for actions by VNU or its subsidiaries. 
  

	6.7	Approvals in this Agreement 

 For avoidance of
doubt, if this Agreement requires or authorizes a certain transaction then separate or additional approval of the Investors' Committee under Articles 6.6.3 and 6.6.4 shall not be required. 
  

	7.	INDEMNIFICATION 

  

	7.1	Indemnification 

  

	 	7.1.1	Luxco agrees to indemnify, pay, protect and hold harmless each Luxco Manager, each Investor Representative, each member of each Intermediate Holdco Board, each VNU Director (who is
designated by any Investor in accordance with Article 4.1.1), each Investor and its shareholders, members, partners and Affiliates and its and their respective Representatives (collectively, the "Indemnitees") from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, proceedings, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, all reasonable costs and expenses of attorneys, defense,
appeal and settlement of any and all suits, actions or proceedings instituted or threatened against any Indemnitee) and all costs of investigation in connection therewith (collectively, "Losses") which may be imposed on, incurred by, or
asserted against the Indemnitee in any way relating to or arising out of, or alleged to relate to or arise out of, any action or inaction on the part of the Indemnitee when acting on behalf of any member of the Group in any capacity, including as a
member of any Board or committee thereof. 

 In any action, suit or proceeding against any Indemnitee relating to or arising, or
alleged to relate or to arise, out of any such action or non-action, the 

  

 - 32 - 

	 	 
Indemnitee shall have the right jointly to employ, at the expense of Luxco, counsel of the Indemnitee's choice, which counsel shall be reasonably
satisfactory to Luxco, in such action, suit or proceeding. If joint counsel is so retained, an Indemnitee may nonetheless employ separate counsel, but at such Indemnitee's own expense. If an Indemnitee is determined by a court, tribunal or other
relevant body to have committed fraud or to have acted with gross negligence or to have been guilty of wilful misconduct, the Indemnitee shall reimburse all the expenses paid by Luxco on its behalf under this paragraph. 

 

	 	7.1.2	The indemnification rights contained in this Article 7.1 will be cumulative and in addition to any and all other rights, remedies and recourse to which an Indemnitee, its heirs,
successors, assignees and administrators are entitled. The indemnification provided in this Article will inure to the benefit of the heirs, successors, assignees and administrators of each of the Indemnitees. 

  

	 	7.1.3	The terms of this Article 7.1 shall survive the termination of this Agreement for any reason (but only with respect to events occurring during or prior to the time when this
Agreement was in effect). 

  

	 	7.1.4	The indemnity provided by this Article 7.1 shall in no event cover damages or indemnifiable expenses to the extent they are actually paid or reimbursed by or under any applicable
insurance policy or arrangement carried by or on behalf of or in favour of an Indemnitee. 

  

	 	7.1.5	Except as set forth in Article 7.1.1, the Parties agree that under no circumstances will any of the Investors or their respective shareholders, members, partners or Affiliates or
its or their respective officers, directors, employees, agents or representatives be liable in connection with the indemnification obligations set forth herein. 

  

	 	7.2	Insurance by VNU 

  

	 	7.2.1	The Investors acknowledge and agree that they will, to the extent possible, cause Luxco, Bidco and/or VNU to procure and maintain directors' and officers' liability insurance
policies for members of each Board nominated or designated by Investors. 

  

	8.	ISSUES OF SECURITIES 

  

	8.1	Equal Treatment of Investors 

  

	 	8.1.1	 In the event that any New Securities are proposed to be issued, or any contracts, commitments, agreements, understandings or arrangements of any kind are proposed
to be entered into relating to the issuance of any New Securities to any Investor or any Affiliate of any Investor (excluding, for the avoidance of doubt, any member of the Group), then all Investors shall have the right (the "Pre-emptive
Right") to subscribe up to a number of New Securities, at the same price and on the same terms as each other Investor, such that such Investor would, after the issuance of all such New Securities (on an “as converted” basis), hold the
same proportionate interest of the issued and then outstanding Units (including any New Securities on an “as converted” basis) as was held, directly or indirectly, by such Investor immediately prior to the issuance of such New Securities
(the "Proportionate Percentage"). The detailed terms of and the process applicable to the exercise by an Investor of its Pre-emptive Right shall be determined by the Investors' 

  

 - 33 - 

	 	 
Committee in its decision to authorise the proposed issue of New Securities or the proposed entering into of the contract, commitment, agreement,
understanding or arrangement that gives rise to that Pre-emptive Right. 

  

	 	8.1.2	For the avoidance of doubt, Investors shall have no Pre-emptive Rights with respect to any issue of New Securities to any Person which is not an Investor or an Affiliate of an
Investor. 

  

	9.	TRANSFERS 

  

	9.1	Limitations on Transfer 

  

	 	9.1.1	No Investor may Transfer any Units other than in accordance with the provisions of this Article 9 or Article 10 and all applicable securities laws and regulations. In the event of
any purported Transfer by an Investor of any Units in violation of this Agreement, such purported Transfer will be void and of no effect, and, subject to applicable law, Luxco will not, and shall cause each member of the Group not to, give effect to
any such Transfer. 

  

	 	9.1.2	No Transfers of Units shall be permitted hereunder, other than Permitted Transfers, prior to the earlier of July 1, 2011 and an IPO, unless such Transfer has been approved by a
Requisite Majority of the Investors' Committee in accordance with Article 6.6, provided, however, that the Investor Representatives designated by the Transferring Investor (or any Investor that is Affiliated with such Transferring Investor) shall
not be entitled to vote on such matter, and then such Transfer shall only be made in accordance with Articles 9.1, 9.3 and 9.4, provided, further, that from July 1, 2011 but prior to an IPO, Transfers of Units may be made without such approval
by the Investor's Committee provided that such Transfers are not made in violation of Articles 9.1, 9.3 and 9.4; provided, further, that following an IPO, Transfers of Units may be made, in accordance with Articles 9.3, and 10 (as applicable). Each
Investor shall, as promptly as practicable, provide Luxco and the other Investors with written notice of any Transfer made in accordance with Section 9.1.2 and any Permitted Transfer. 

  

	 	9.1.3	(a) Each of the AlpInvest Funds represents and warrants to the other Investors, as of the date hereof, that each of the AlpInvest Funds is advised by AlpInvest Partners 2006 B.V. or
AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V. Each of the Blackstone Funds represents and warrants to the other Investors, as of the date
hereof, that each of the Blackstone Funds is advised by Blackstone Management Partners V L.L.C. Each of the Carlyle Funds represents and warrants to the other Investors, as of the date hereof, that each of the Carlyle Funds is advised by TC Group,
L.L.C. Each of the Hellman & Friedman Funds represents and warrants to the other Investors, as of the date hereof, that each of the Hellman & Friedman Funds is advised by Hellman & Friedman LLC. Each of the KKR Funds
represents and warrants to the other Investors, as of the date hereof, that each of the KKR Funds is advised by Kohlberg Kravis Roberts & Co. L.P. Each of the Thomas H. Lee Partners Funds represents and warrants to the other Investors, as
of the date hereof, that each of the Thomas H. Lee Funds is advised by THL Managers V, LLC or THL Managers VI, LLC. 

 (b) If,
as a result of any Transfer that has not been approved by the Investors Committee, any Investor ceases to be advised in accordance with Article 

  

 - 34 - 

	 	 
9.1.3(a), then such Investor will be deemed to have Transferred its Units in violation of this Agreement and the other Parties may pursue all remedies
available. 

  

	 	9.1.4	Each Investor agrees to vote its Shares in favour of any Permitted Transfer by another Investor or Transfer approved by the Investors' Committee in accordance with Article 6.6 and
otherwise to cooperate reasonably with such other Investor in connection with such Permitted Transfer or approved Transfer to allow such Permitted Transfer or approved Transfer to be consummated, provided that such Permitted Transfer or approved
Transfer is made in accordance with this Agreement. 

  

	 	9.1.5	Notwithstanding any other provision of this Agreement, but subject to the final sentence of this Article 9.1.5, an Investor may only Transfer Shares if, at the same time, such
Investor also makes a proportionate Transfer of YFCPEC's and CPECs (and vice versa) so that the ratio of Shares to YFCPECs and CPECs held by each Investor before such Transfer shall, as closely as possible, equal the ratio of Shares to YFCPEC's and
CPECs held by each Investor after such Transfer. Any provision in this Agreement referring to or permitting or requiring a Transfer of Shares shall be deemed to include a reference to (or to permit or require, as the case may be) a Transfer of the
proportionate amount of YFCPEC's and CPECs (and vice versa). By way of exception to this Article 9.1.5, for the period ending on October 31, 2006, (a) AlpInvest Partners Later Stage Co-Investments II-A CV (“APLSCI II-A”)
may transfer any multiple of five Luxco Shares (comprised of equal numbers of each class of such shares) to AlpInvest Partners CS Investments 2006 C.V. (“APCSI 2006”) without transferring any YFCPECs or CPECs, in order to ensure
that the numbers of Luxco Shares held by each of them, respectively, more accurately reflects their respective aggregate investment in Luxco, and (b) APLSCI II-A may transfer YFCPECs to to APCSI 2006 and APCSI 2006 may transfer CPECs to APLSCI
II-A, in order to ensure that they each hold numbers of CPECs and YFCPECs in proportions that match the proportions of CPECs and YFCPECs held by the other Investors. 

  

	 	9.1.6	If any Investor wishes to Transfer any Units to any other Person prior to the expiry of Article 9.3, such Person will be required, as a condition precedent to such Transfer, to
become a party to this Agreement by executing and delivering an Accession Agreement, provided that such requirement shall not apply to any Transfer of Units (i) to Luxco, or (ii) in connection with a transaction or series of related
transactions pursuant to which all of the then outstanding Units of all Investors are Transferred to one or more Third Parties. Upon executing and delivering an Accession Agreement, such Person will be deemed an "Investor" for all purposes
under this Agreement, without prejudice, however, to the provisions of Article 9.1.1. Such Transfer shall require the approval of the Investors' Committee in accordance with Article 6.6. 

  

	9.2	Permitted Transfers 

 The following Transfers (each,
a "Permitted Transfer") shall be permitted without the prior consent of the Investors' Committee: 
  

	 	9.2.1	 any Transfer of Units by an Investor to any Person that is an Affiliated Fund of such Investor (such Person a "Permitted Transferee" of such Investor),

  

 - 35 - 

	 	 
provided that such Investor and such Person shall agree in a written instrument to which Luxco is a party that such Person shall re-Transfer to such Investor
(or to another Permitted Transferee of such Investor) all of the Units Transferred to such Person immediately upon such Person ceasing to be a Permitted Transferee of such Investor; 

  

	 	9.2.2	any Transfer of Units contemplated by the Interim Investors Agreement; 

  

	 	9.2.3	any Transfer of Units pursuant to a Drag-Along Sale in accordance with Article 9.3; and 

  

	 	9.2.4	any Transfer of Units by a Tagging Person pursuant to a Tag-Along Sale in accordance with Article 9.4; and 

  

	 	9.2.5	any Transfer of Listed Shares pursuant to Article 10.2, 10.3, 10.6 or 10.7 (subject to any required prior consent or approval of the Investors’ Committee contained in the
applicable Article). 

  

	9.3	Drag-Along 

  

	 	9.3.1	If Investors collectively holding more than 66 2/3% of the total number of Units outstanding (in such capacity, collectively, the "Dragging Investor") desire to Transfer to a
Third Party (a "Drag-Along Purchaser") in a bona fide arm's length transaction or a series of related transactions more than 50% of the total number of Units then outstanding (treating any New Securities on an “as converted”
basis) on a pro rata basis (based on the percentage of Units held by each such Investor and its Affiliated Funds) and such transfer results in a Change in Control (a "Drag-Along Sale"), each other Investor (including any Dragging
Investor that is Transferring less than its pro rata portion of Units, as described below, a "Dragged Investor") shall, if required by the Dragging Investor in accordance with the provisions of Article 9.3.2, Transfer to the Drag-Along
Purchaser a pro rata portion of its Units (based on the number of Units proposed to be Transferred by the Dragging Investor stated as a percentage of the total number of Units then held by the Dragging Investor) on the same terms and
conditions that apply to the Transfer by the Dragging Investor pursuant to the Drag-Along Sale (including purchase price per Unit, purchase price adjustments, form of consideration, time of payment, escrow funding arrangements, representations,
warranties, covenants, indemnities and other agreements in each case that pertain specifically to itself, provided that (x) if the Drag-Along Sale involves a direct Transfer of Units by the Investors, such representations and warranties shall
not be broader in scope than what is customary for a sale transaction of this type and size executed by the Dragging Investor, unless, in the good faith determination of the Dragging Investor, the Drag-Along Sale would not be consummated unless such
representations and warranties are included or the terms and conditions of the Drag-Along Sale, taken as a whole, will be more favourable to all of the Investors if such representations and warranties are included, (y) all representations,
warranties and indemnities shall be made by the Dragging Investor and the Dragged Investors severally and not jointly and (z) no Investor’s liability shall exceed such Investor’s proceeds from the sale). 

  

	 	9.3.2	 The Dragging Investor may require each Dragged Investor to Transfer up to a pro rata portion of its Units to a Drag-Along Purchaser in connection with a
Drag-Along Sale by giving written notice to such Dragged Investor no later than 15 Business Days prior to the closing date for such Drag-Along Sale (a 

  

 - 36 - 

	 	 
"Drag-Along Notice"); provided that, if the Dragging Investor requires any Dragged Investor to Transfer a portion of its Units to a Drag-Along
Purchaser in connection with a Drag-Along Sale, it shall require each Dragged Investor to transfer its pro rata portion of its Units to such Drag-Along Purchaser. The Drag-Along Notice shall (x) indicate that the Dragging Investor
requires that such Dragged Investor Transfer a pro rata portion of its Units to the Drag-Along Purchaser in connection with the Drag-Along Sale pursuant to the provisions hereof and (y) provide the name of the Drag-Along Purchaser,
specify the number of Units proposed to be Transferred by the Dragging Investor (including as a percentage of the total number of Units then held by the Dragging Investor) and describe the principal terms and conditions of the Drag-Along Sale. The
Dragging Investor will deliver or cause to be delivered to each Dragged Investor copies of all definitive transaction documents relating to the Drag-Along Sale promptly after the same become available. Each Dragged Investor shall take all actions
reasonably necessary, desirable or appropriate to consummate the Drag-Along Sale, as requested by the Dragging Investor, including executing powers of attorney reasonably necessary or appropriate to facilitate closing the Drag-Along Sale, voting its
Units in favour of, consenting to and raising no objections to such Drag-Along Sale. If and to the extent the costs and expenses incurred by the Dragging Investor and/or each Dragged Investor in connection with the Drag-Along Sale (collectively,
"Drag-Along Sale Costs") are not reimbursed or paid by the Drag-Along Purchaser, Luxco shall reimburse and/or pay the Drag-Along Sale Costs to the fullest extent permitted by law, provided that the Dragging Investor and each Dragged Investor
will be responsible for its pro rata share (based on the number of Units actually Transferred by it relative to the total number of Units actually Transferred in such Drag-Along Sale) of the Drag-Along Sale Costs to the extent not so paid by
the Drag-Along Purchaser or Luxco, and provided further that the engagement by any Dragged Investor of any professional adviser in connection with the Drag-Along Sale, other than legal counsel, shall not be reimbursable. Each Dragged Investor agrees
to permit the Dragging Investor to calculate the total Drag-Along Sale Costs and to determine the pro rata participation of such costs, and to deduct such pro rata amounts from any proceeds payable pursuant to Article 9.3.1 above if
the Dragged Investors are required to pay any Drag-Along Sale Costs. 

  

	 	9.3.3	 If, in connection with a Drag-Along Sale, the proposed Drag-Along Purchaser desires (for its structuring, tax or other commercial reasons) to acquire, instead of
Units, all of the shares of any Intermediate Holdco or VNU held, directly or indirectly, by Luxco, then the Parties agree that the Dragging Investor shall be entitled to cause the Drag-Along Sale to be structured as a sale of the shares of any
Intermediate Holdco or VNU, or as a merger, business combination or similar transaction, but only if, as a result, the consideration payable to the Investors (indirectly through the selling entity) is in the form of cash or freely marketable
securities listed on a major securities exchange only and if the Drag-Along Sale results in the complete exit by such Investors of their investment in the Units, and the rights of the Parties described in this Article 9.3 shall apply to such
transaction mutatis mutandis so that, upon completion of any such sale of shares to such Drag-Along Purchaser, or any such merger, business combination or similar transaction, the cash proceeds of such transaction, are distributed promptly to
the Dragging Investor and each Dragged Investor in proportion to their Units in 

  

 - 37 - 

	 	 
any manner consistent with the principles described in Article 10.1.2 below, and provided that such transaction would not reduce in any material respect the
post-tax proceeds received by any Investor compared to the post-tax proceeds that would have resulted from the acquisition of Units, as determined by the financial and tax advisers of the Group (following reasonable consultation with the financial
and tax advisers of each Investor). 

  

	 	9.3.4	This Article 9.3 shall terminate following an IPO at the time the Investors collectively cease to hold, directly or indirectly through Luxco or any Intermediate Holdco, more than
50% of the Listed Shares. 

  

	9.4	Tag-Along 

  

	 	9.4.1	In the event any Investor (the "Tag-Along Seller") proposes to Transfer any of its Units (other than (x) any Permitted Transfer (other than a Permitted Transfer pursuant
to Article 9.2.4) or (y) any Transfer to Luxco) (a "Tag-Along Sale") to any Person (a "Tag-Along Purchaser"), then the Tag-Along Seller shall give written notice (a "Tag-Along Notice") to each other Investor (collectively,
"Tag-Along Beneficiaries") within 5 Business Days after the execution of the definitive agreement relating to the Tag-Along Sale, which notice shall (x) indicate that the Tag-Along Seller is notifying each such Tag-Along Beneficiary of
the opportunity to Transfer its Units to the Tag-Along Purchaser in connection with the Tag-Along Sale pursuant to the provisions hereof and (y) provide the name of the Tag-Along Purchaser, specify the number of Units proposed to be purchased
by the Tag-Along Purchaser and the number of Units proposed to be Transferred by the Tag-Along Seller and describe the principal terms and conditions of the Tag-Along Sale (the "Tag-Along Offer"), including the proposed price thereof and a
description of any non-cash consideration. Subject to the provisions of Article 9.4.2, each Tag-Along Beneficiary shall be entitled to require the Tag-Along Seller to procure that the Tag-Along Purchaser purchases from such Tag-Along Beneficiary the
number of Units equal to its Tag-Along Portion, as described below, on the same terms and conditions that apply to the Transfer by the Tag-Along Seller pursuant to the Tag-Along Sale (including purchase price per Unit, purchase price adjustments,
form of consideration, time of payment, escrow funding arrangements, representations, warranties, covenants, indemnities and other agreements in each case that pertain specifically to itself, provided that all representations, warranties and
indemnities shall be made by the Tag-Along Seller and the Tagging Persons (as defined below) severally and not jointly). The Tag-Along Seller will deliver or cause to be delivered to each Tag-Along Beneficiary copies of all transaction documents
relating to the Tag-Along Sale promptly after the same become available. 

  

	 	9.4.2	Each Tag-Along Beneficiary may exercise the right described in Article 9.4.1 (a "Tag-Along Right"), by written notice ("Tag-Along Response Notice") given to the
Tag-Along Seller and Luxco no later than 10 Business Days after its receipt of the Tag-Along Notice (the "Tag-Along Notice Period;" each Tag-Along Beneficiary which timely so notifies the Tag-Along Seller, a "Tagging Person"). Each
Tag-Along Response Notice shall specify the number of Units proposed to be Transferred by the applicable Tag-Along Beneficiary. The number of Units which the Tag-Along Seller and each Tagging Person may include in the Tag-Along Sale shall be
calculated as follows: 

  

	 	(a)	if the aggregate number of Units proposed to be Transferred by the Tag-Along Seller and all Tagging Persons in such Tag-Along Sale as set forth in the Tag-Along Notice and the
Tag-Along Response Notices does not exceed the number of Units that the Tag-Along Purchaser is willing to purchase, then the Tag-Along Seller and each Tagging Person may sell the number of Units as set forth in the Tag-Along Notice (in the case of
the Tag-Along Seller) or the Tag-Along Response Notices (in the case of the Tagging Persons); 

  

 - 38 - 

	 	(b)	if the aggregate number of Units proposed to be Transferred by the Tag-Along Seller and all Tagging Persons in such Tag-Along Sale as set forth in the Tag-Along Notice and the
Tag-Along Response Notices exceeds the number of Units that the Tag-Along Purchaser is willing to purchase, then the Tag-Along Seller and each Tagging Person shall be entitled to include in the Tag-Along Sale only up to the lesser of (i) its
Tag-Along Portion of Units and (ii) the number of Units proposed to be Transferred by it as specified in the Tag Along Offer (in the case of the Tag-Along Seller) or in its Tag-Along Response Notice (in the case of a Tagging Person) (the
"Maximum Allocation"); 

  

	 	(c)	if any Units remain unallocated after applying the cut-back requirement in paragraph (b) above, then such unallocated Units shall be allocated pro rata based on the
total number of Units proposed to be included by the Tag-Along Seller and each Tagging Person if such Person shall have elected to sell more than its Tag-Along Portion in the Tag-Along Notice (in the case of the Tag-Along Seller) or its Tag-Along
Response Notice (in the case of a Tagging Person), but in no event shall any such Person be required to sell more than its Maximum Allocation; and 

  

	 	(d)	for the purposes of this Article 9.4, "Tag-Along Portion" means, for the Tag-Along Seller or any Tagging Person in connection with any Tag-Along Sale, the number of Units
proposed to be acquired by the Tag-Along Purchaser multiplied by a fraction, the numerator of which is the number of Units owned by the Tag-Along Seller or the Tagging Person, as the case may be, and the denominator of which is the aggregate number
of Units owned by the Tag-Along Seller and all Tagging Persons, collectively (in each case, treating any New Securities on an “as converted” basis). 

 Subject to the provisions of Article 9.4.4, delivery of a Tag-Along Response Notice by a Tagging Person shall constitute an irrevocable acceptance of the
Tag-Along Offer by such Tagging Person with respect to the number of Units proposed to be Transferred by the applicable Tagging Person therein. Subject to the provisions of Article 9.4.4, at the termination of the Tag-Along Notice Period, if a
Tag-Along Beneficiary shall not have elected to participate in the Tag-Along Sale by delivery of a Tag-Along Response Notice, such Tag-Along Beneficiary shall be deemed to have waived its Tag-Along Rights in respect of such Tag-Along Sale.

  

	 	9.4.3	 Each Tag-Along Response Notice shall include wire transfer instructions for payment of any cash consideration as part of the purchase price for the Units to be
Transferred in such Tag-Along Sale. Each Tagging Person shall deliver to the Tag-Along Seller (or its designated agent), no later than 5 Business Days prior to the proposed closing date for the Tag-Along Sale, a power of 

  

 - 39 - 

	 	 
attorney authorizing the Tag-Along Seller to Transfer such Units on the terms set forth in the Tag-Along Notice, together with any other documents necessary
to Transfer rights and title to the Units. Failure to deliver such documents in time shall result in forfeiture of such Tagging Person’s Tag-Along Right with respect to such Tag-Along Sale and a re-determination of the Tag-Along Portion
attributable to the other Tagging Persons, if applicable, if such failure materially adversely affects the ability of the Tag-Along Seller and other Tagging Persons to close the Tag-Along Sale as and when contemplated. 

 

	 	9.4.4	In the event of a material change of the Tag-Along Offer (it being understood that any increase of the price payable per Unit by more than 5% of the original price shall be deemed a
"material beneficial change" and any decrease of the price payable shall be deemed a "material adverse change"), the Tag-Along Seller shall (i) (if such change is a material adverse change) give written notice of such change to
each Tagging Person, which shall have the right to revoke its election to participate in the Tag-Along Sale by providing written notice to the Company within 10 Business Days of receiving the notice of the change in terms, or (ii) (if such
change is a material beneficial change) give written notice of such change to each Tag-Along Beneficiary, which shall have the right to participate in the Tag-Along Sale, in each case, by providing written notice to the Company within 10 Business
Days of receiving the notice of the change in terms. Any allocation determined in accordance with Article 9.4.2 will be redetermined following any such material change and the expiration of the applicable 10 Business Day period. If for any reason
the number of Units to be purchased is increased or decreased, the allocations shall be redetermined in accordance with Article 9.4.2 based upon such greater or lesser (as the case may be) aggregate number of Units to be Transferred.

  

	 	9.4.5	The Tag-Along Seller shall Transfer or cause to be Transferred, on behalf of itself and as attorney for any Tagging Person pursuant to the relevant power-of-attorney in favour of
the Tag-Along Seller, the Units of the Tag-Along Seller and all Tagging Persons elected to be Transferred on the closing date specified in the Tag-Along Offer (which shall occur no sooner than 20 Business Days after the date of the Tag-Along Notice,
as such date may be extended in accordance therewith and as a result of any re-determination of the Tag-Along Portion attributable to Tagging Persons required by this Article 9.5, the "Tag-Along Sale Settlement Date"). Concurrently with the
consummation of the Tag-Along Sale, (i) the Tag-Along Seller shall notify the Tagging Persons thereof (including identifying the manner of delivery for any non-cash consideration), and (ii) the total consideration (less any hold-back or
escrow pursuant to Article 9.4.1) due to each Tagging Person shall, subject to the provisions set forth in Article 9.4.7 below, be remitted to such Tagging Person, with the cash portion of the purchase price paid by wire transfer of immediately
available funds in accordance with the wire transfer instructions provided by each Tagging Person in its Tag-Along Response Notice. 

  

	 	9.4.6	 If, on the Tag-Along Sale Settlement Date, the Tag-Along Sale is not consummated for any reason, (i) the Tag-Along Seller (or its designated agent) shall
return to each Tagging Person, to the extent previously provided, the power-of-attorney that such Tagging Person delivered for Transfer pursuant to this Article 9.4 and any other documents executed by the Tagging Persons in connection with the
proposed Tag-Along Sale, and (ii) no Investor 

  

 - 40 - 

	 	 
shall conduct any Transfer of any of its Units without again complying with this Article 9.4, if and to the extent applicable. Notwithstanding anything
contained in this Article 9.4, there shall be no liability on the part of the Tag-Along Seller to the Tagging Persons if the Tag-Along Sale is not consummated for any reason. Subject to the terms of any definitive transaction agreements executed in
connection with a Tag-Along Sale, the decision of whether to effect a Transfer of Units pursuant to this Article 9.4 by the Tag-Along Seller, or to terminate any such transaction prior to consummation, is in the sole and absolute discretion of the
Tag-Along Seller. 

  

	 	9.4.7	The rights and obligations of the Tag-Along Seller and/or Tagging Persons in respect of a Tag-Along Sale are subject to the following additional conditions:

  

	 	(a)	each Tagging Person shall take all such actions as may be reasonably necessary, desirable or appropriate to consummate the Tag-Along Sale, as requested by the Tag-Along Seller;

  

	 	(b)	each Tagging Person shall be bound by the same terms and conditions (to the extent set forth in the penultimate sentence of Article 9.4.1) that apply to the Transfer by the
Tag-Along Seller pursuant to the Tag-Along Sale; 

  

	 	(c)	if and to the extent the costs and expenses incurred by the Tag-Along Seller and/or each Tagging Person in connection with the Tag-Along Sale (collectively, "Tag-Along Sale
Costs") are not reimbursed or paid by the Tag-Along Purchaser, Luxco shall reimburse and/or pay the Tag-Along Sale Costs to the fullest extent permitted by law. The Tag-Along Seller and each Tagging Person will be responsible for its pro
rata share (based on the number of Units actually Transferred by it relative to the total number of Units actually Transferred in such Tag-Along Sale) of the Tag-Along Sale Costs to the extent not so paid, provided that the engagement by any
Tagging Person of any professional adviser in connection with the Tag-Along Sale, other than legal counsel, shall not be reimbursable. Each Tagging Person agrees to permit the Tag-Along Seller to calculate the total Tag-Along Sale Costs, to
determine the pro rata participation of such costs, and to deduct such pro rata amounts from any proceeds payable pursuant to Article 9.4.5 above if the Tag-Along Sellers are required to pay any Tag-Along Sale Costs.

  

	 	9.4.8	This Article 9.4 shall terminate upon an IPO, except with respect to any Transfer executed as a Privately Negotiated Transaction. 

  

	10.	IPO AND PUBLIC OFFERING RIGHTS 

  

	10.1	Structural Considerations 

  

	 	10.1.1	 The Parties currently intend that, should an IPO be effected, the issuer of shares offered in such IPO would be one of the Intermediate Holdcos or VNU and not
Luxco, although the Investors Committee may designate any other member of the Group as an issuer of shares offered in such IPO as well (such issuer, "Issuer"). At any time before or after such IPO, upon the affirmative vote of the Investors'
Committee as described below, Luxco shall take any such actions necessary, appropriate or desirable, and may cause any Intermediate Holdco to take any such actions, (a) to liquidate, dissolve, wind up or otherwise terminate itself or any
Intermediate Holdco or merge Luxco 

  

 - 41 - 

	 	 
and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving VNU) and/or (b) to reorganize or
recapitalize itself or any Intermediate Holdco (or VNU or any other member of the Group) (each, a "Reorganization Transaction"), in each case, so as to optimize the corporate structure as is appropriate in light of tax, legal or other
professional advice received by Luxco in connection with an IPO. In connection with any Reorganization Transaction, the Investors may receive shares or other securities of any class issued by any member of the Group so that each Investor is in the
same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Units (collectively, "Replacement
Securities"). The term "Units", whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such Replacement Securities when issued. The transactions described in this Article 10.1.1 are subject
to the prior approval of the Investors' Committee under Article 6.6.4. 

  

	 	10.1.2	In the event that, following an IPO, Luxco or any Intermediate Holdco continues to exist as a direct or indirect parent of Issuer and the Investors do not directly hold shares of
the same class and series of Issuer as those that have been, or are proposed to be, publicly listed ("Listed Shares"), then, in order to permit the sale by Investors of Listed Shares and receipt of the proceeds therefrom as contemplated by
this Article 10, the Parties agree that Luxco shall take any actions necessary, appropriate or desirable, as determined by the Investors’ Committee, and shall cause each Intermediate Holdco or VNU or other member of the Group, as the case may
be, to take any such actions, to enable each Investor to realize the benefit of liquidity afforded by the existence of a market for Listed Shares and the provisions of this Article 10, including, by (a) selling, or causing the sale of, Listed
Shares up to a number equal to (i) the total number of Listed Shares directly held by any member of the Group multiplied by (ii) the percentage interest directly or indirectly owned by such Investor in the relevant member of the Group (as
the case may be) as may be permitted pursuant to the applicable provisions of Article 10 (such number of Listed Shares that could be sold in each such case, the "Assumed Number") and (b) distributing to such Investor, or causing the
distribution to such Investor of, the cash proceeds received from the sale or the Assumed Number of Listed Shares. The Parties agree that the distribution of such cash proceeds to an Investor on whose behalf Listed Shares have been sold shall be
effected in a prompt and efficient manner, as determined by the Investors’ Committee, which may be (i) through a repurchase, redemption or repayment of each such Investor's Units, (ii) through a Reorganization Transaction (which would
apply to a sale by all of the Investors such that the aggregate cash proceeds from the sale of Listed Shares are distributed to each Investor based on such Investor's Assumed Number of Listed Shares sold and the remaining assets of Luxco are
distributed to each Investor pro rata to its remaining investment in Luxco after deducting the proceeds received by each Investor from its Assumed Number of Listed Shares so sold), or (iii) in any other manner, provided that each Investor
(whether selling or not selling) is placed in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries as it would have been had all of the Investors directly held Listed Shares.

  

 - 42 - 

	 	10.1.3	Subject to the prior approval of the Investors' Committee (to the extent required), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as
the case may be, on the Investors' Committee, on each Board and on any committee thereof to take, any and all action within its power as may be necessary, appropriate or desirable to effect, or to cause Luxco, any Intermediate Holdco, VNU or any
other member of the Group to effect, the transactions described in this Article 10.1. 

  

	10.2	Piggyback Offerings 

  

	 	10.2.1	Right to Participate in Piggyback Offerings. Subject to Article 6.6, if at any time the Investors' Committee approves and authorizes an IPO, the Investors' Committee may also
determine whether such IPO is to be effected as a primary offering by Issuer, a secondary offering by the Investors, or a combined primary and secondary offering, and if the IPO includes a secondary offering, the aggregate number of Listed Shares
which may be included therein by or on behalf of the Investors (such amount, the "Investors' IPO Number"). If the Investors' Committee so determines to permit Investors to include their Listed Shares in any IPO, or to include their Listed
Shares in any subsequent offering of Listed Shares by Issuer, excluding (i) an offering on a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes and (ii) a registration statement with
respect to corporate reorganizations under Rule 145 of the Securities Act or any similar rule or successor rule promulgated for similar purposes (each, a "Piggyback Offering"), then each Investor Representative will promptly notify the
Investors whom he represents on the Investors' Committee, and each Investor shall have the right (the "Piggyback Right") to request (a "Piggyback Request") that Issuer either (a) if Investors then hold Listed Shares directly, to
include in such Piggyback Offering Listed Shares held by such Investor, or (b) if Investors do not then hold Listed Shares directly, to include in such Piggyback Offering on behalf of such Investor Listed Shares directly held or issued by Luxco
or any other member of the Group and to distribute proceeds thereof as contemplated by Article 10.1.2. For purposes of this Article 10.2, unless otherwise specified, references to "Listed Shares" of an Investor shall be deemed to include
references to Listed Shares directly held or issued by Luxco or by any other member of the Group offered or to be offered on such Investor's behalf as contemplated by Article 10.1.2. Any such Piggyback Request must be made by written notice to
Issuer from the requesting Investor (a "Piggybacking Investor") within 15 Business Days after the receipt of any decision by the Investors' Committee to extend a Piggyback Right (which Piggyback Request shall specify the number of Listed
Shares intended to be included). Upon receipt of any such Piggyback Request, Issuer will, and Luxco and each Intermediate Holdco (as applicable) shall cause the Issuer to, use its reasonable best efforts to take such steps as are necessary or
appropriate under the laws, regulations and rules of the Selected Offering Jurisdiction to include in such Piggyback Offering all of the Listed Shares that have been requested to be included in such Piggyback Offering by each Piggybacking Investor
and by each other Person that has a similar right to participate in a Piggyback Offering (such Persons, together with the Piggybacking Investors, collectively, the "Piggybacking Holders"); provided that: 

  

	 	(a)	the following allocation rules shall apply: 

  

	 	(i)	if the aggregate number of Listed Shares proposed to be sold by the Piggybacking Investors in such Piggyback Offering as set forth in the Piggyback Requests exceeds the Investors'
IPO Number, then each Piggybacking Investor shall be entitled to include in the Piggyback Offering only up to the lesser of (x) its Pro Rata Portion of Listed Shares as specified in its Piggyback Request and (y) the number of Listed Shares
proposed to be sold by it or on its behalf as specified in its Piggyback Request; 

  

 - 43 - 

	 	(ii)	if any Listed Shares remain unallocated after applying the cut-back requirement in clause (i) above, then such unallocated Listed Shares shall be allocated among Piggybacking
Investors that have elected to sell more than their respective Pro Rata Portion pro rata based on the total number of Listed Shares proposed to be included by each such Piggybacking Investor; and 

  

	 	(iii)	for the purposes of this Article 10.2.1, "Pro Rata Portion" means, for any Piggybacking Investor, the Investors' IPO Number multiplied by a fraction, the numerator of which
is the number of Listed Shares owned by such Piggybacking Investor and the denominator of which is the total number of Listed Shares owned by all Piggybacking Investors; 

  

	 	(b)	if, at any time after determining to pursue a Piggyback Offering and prior to the date that the Applicable Offering Document is approved or declared effective by the Applicable
Regulatory Authority, the Investors’ Committee shall determine for any reason not to proceed with such Piggyback Offering, Issuer may, at its election, give written notice of such determination to each Piggybacking Holder and, thereupon, shall
be relieved of its obligation to include any Listed Shares in such Piggyback Offering (but not from its obligation to pay any Offering Expenses incurred in connection therewith); and 

  

	 	(c)	if such Piggyback Offering by Issuer is underwritten, all Piggybacking Holders must sell their Listed Shares to the underwriters selected by the Investors' Committee on the same
terms and conditions as apply to Issuer, including entering into a customary underwriting agreement, including the allocation between the firm commitment and the underwriters' over-allotment option, except for such differences, including any with
respect to indemnification and liability insurance, as may be customary or appropriate in combined primary and secondary offerings. 

 Any Piggybacking Holder may elect to revoke the inclusion of its Listed Shares in such Piggyback Offering or may elect to modify the number of Listed Shares requested to be included in such Piggyback Offering, by delivering notice in
writing to Issuer (and, if such Piggyback Offering is underwritten, to the managing underwriters), no later than 2 Business Days prior to the date of printing of the preliminary Applicable Offering Document, unless, in the case of an underwritten
Piggyback Offering, such revocation or modification (when considered together with any revocations or modifications by other Piggybacking Holders) would not, in the reasonable opinion of the managing underwriters, necessitate the re-circulation of
an amended version of the preliminary Applicable Offering Document. 
  

 - 44 - 

	 	10.2.2	Priority in Issuer Public Offerings. If any Piggyback Offering is underwritten and the managing underwriters advise Issuer in writing that, in their opinion, the number of
shares proposed to be sold by Issuer for its own account in such offering, together with the number of shares requested by Piggybacking Holders to be included in such offering, exceeds the number which can be sold without having an adverse effect on
the price or distribution of the securities proposed to be sold in or the timing of such offering (the "Maximum Offering Size"), then the number of shares to be included in such offering shall be reduced to the Maximum Offering Size, and
Issuer will include in such offering: (a) first, up to 100% of the number of shares proposed to be sold by Issuer for its own account and (b) second, to the extent such number of shares proposed to be sold by Issuer for its own account is
less than the Maximum Offering Size (the "Remaining Shares"), the number of Listed Shares that the Piggybacking Holders have requested to be included in such Issuer Public Offering, allocated pro rata among the Piggybacking Holders.
Each Piggybacking Holder's pro rata allocation shall be determined by multiplying (i) the number of Remaining Shares by (ii) a fraction, the numerator of which is the number of Listed Shares then held by such Piggybacking Holder and
the denominator of which is the aggregate number of Listed Shares then held by all Piggybacking Holders, collectively, provided that any Listed Shares thereby allocated to any Piggybacking Holder that exceeds such Piggybacking Holder’s request
will be reallocated among the remaining Piggybacking Holders in the same manner, up to the number of Listed Shares that such Investor requested in their Piggyback Request. 

  

	 	10.2.3	Selection of Holders' Counsel. A majority of the Piggybacking Investors in any Piggyback Offering shall be entitled to select Holders' Counsel for such Piggyback Offering.

  

	10.3	Requested Offerings 

  

	 	 10.3.1
	 Request by Requesting Holders. Subject to the limitations set out in Article 10.3.3, (a) during the first
two years following consummation of an IPO by Issuer, Investor(s) holding at least 50% of the Voting Interest then held by all Investors, (b) during the third year following consummation of an IPO by Issuer, Investor(s) holding at least 33
 1/3% of the Voting Interest then held by all Investors, and (c) thereafter, any group of Affiliated
Investors as a whole (which may be as few as one Investor if it does not have any Affiliates that are Investors) (in each case, the "Requesting Holders") may request (an "Offering Request") Issuer to act to permit a Public Offering
(provided that such Public Offering shall not be on Form S-3 without the prior consent of the Investors’ Committee) of either (x) if such Requesting Holders then hold Listed Shares directly, all or part of such Requesting Holders’
Listed Shares, or (y) if such Requesting Holders do not then hold Listed Shares directly, Listed Shares directly held or to be issued by Luxco or any other member of the Group representing all or part of such Requesting Holders’ Listed
Shares as contemplated by Article 10.1.2, in each case, in the Selected Offering Jurisdiction for trading on the relevant Selected Securities Exchange and specifying the amount and intended method of disposition thereof (a "Requested
Offering"). In this Article 10.3.1, unless the context otherwise requires, references to "Listed Shares" of an Investor shall be deemed to include Listed Shares offered or to be offered on such Investor's behalf as contemplated by Article
10.1.2, and any proceeds of any such sale of Listed Shares shall be distributed to such Investor as contemplated by Article 10.1.2. 

  

 - 45 - 

 Upon receipt of any such Offering Request, Issuer shall, and Luxco and each Intermediate Holdco (as
applicable) shall cause the Issuer to, use its reasonable best efforts to take such steps as are necessary or appropriate under the laws, regulations and rules of the Selected Offering Jurisdiction to effect, as expeditiously as possible, the
Requested Offering of the Requesting Holders’ Listed Shares, and to include in such Requested Offering the Listed Shares requested to be included in such Requested Offering by other Participating Investors in accordance with Article 10.3.2 and
by each other Person that has a similar right to participate in a Requested Offering (such Persons, together with the Participating Investors, collectively, the "Participating Holders") and to complete the other actions contemplated by this
Article 10.3. If such Requested Offering is underwritten, the Listed Shares to be sold by the Requesting Holders and any Participating Holders shall be allocated on the same terms and conditions between the firm commitment and the underwriters'
over-allotment option in accordance with market practice after consultation with the managing underwriters, if any. The Requesting Holders, the Investors Committee and Issuer shall consult and cooperate reasonably with one another throughout the
offering process to coordinate the timing of the proposed Requested Offering. At any time prior to the date that the Applicable Offering Document is approved or declared effective by the Applicable Regulatory Authority (or, where this is sufficient
under applicable law, is filed with the Applicable Regulatory Authority), the Requesting Holders (acting together) may revoke or modify their Offering Request, without liability to any other Participating Holder, by providing notice of such
revocation or modification to Issuer and the Investors Committee (and, if such Requested Offering is underwritten, to the managing underwriters). A Requested Offering involving a Selected Offering Jurisdiction other than the jurisdiction in which
the IPO was conducted or involving a Selected Securities Exchange other than the securities market on which the Listed Shares are listed shall be subject to the prior approval of the Investors' Committee. The Investors’ Committee shall be
entitled to select the managing underwriters. For avoidance of doubt, the provisions of this Article 10.3.1 do not apply in respect of any sale of Listed Shares in accordance with Article 10.6. 
  

	 	10.3.2	 Right to Participate in Requested Offerings. Within 5 Business Days following receipt of an Offering Request, Issuer will notify all other Investors of such
Offering Request. Each such other Investor may request (each, a "Participating Investor"), by delivery of notice to Issuer, that Issuer will include in such Requested Offering either (a) if such Participating Investor then holds Listed
Shares directly, the number of such Participating Investor's Listed Shares specified in its notice, or (b) if such Participating Investor does not then hold Listed Shares directly, the number of Listed Shares directly held or to be issued by
Luxco or any other member of the Group, on behalf of such Participating Investor as specified in such notice, provided, in either case, that Issuer receives such notice within 10 Business Days following receipt of Issuer's notice. Any Participating
Investor may elect to revoke the inclusion of its Listed Shares in such Requested Offering or may elect to modify the number of Listed Shares requested to be included in such Requested Offering, by delivering notice in writing to the Requesting
Holders, Issuer (and, if such Requested Offering is underwritten, to the managing underwriters), no later than 2 Business Days prior to the date of printing of the preliminary Applicable Offering Document, unless, in the case of an 

  

 - 46 - 

	 	 
underwritten Requested Offering such revocation or modification (when considered together with any revocations or modifications by other Participating
Investors) would not, in the reasonable opinion of the managing underwriters, necessitate the re-circulation of an amended version of the preliminary Applicable Offering Document. 

  

	 	10.3.3	Limitations on Requested Offerings. Notwithstanding the foregoing, Issuer shall not be obligated to take steps to effect a Requested Offering: 

  

	 	(a)	following the third anniversary of the consummation of an IPO by Issuer, within a period of six months after the date of any other Offering Request; 

  

	 	(b)	if, with respect thereto, the managing underwriters, the Applicable Regulatory Authority or the laws, regulations and rules thereof of the Selected Offering Jurisdiction would
require the conduct of an audit of Issuer (other than the regular audit conducted by Issuer at the end of its fiscal year, in which case the filing may be delayed until the completion of such regular audit), unless such audit is approved by the
Investors' Committee; 

  

	 	 (c)
	 if the Investors’ Committee determines, in its good faith judgment, that the Requested Offering would have an
adverse effect on a then contemplated offering of Listed Shares, in which case Issuer may postpone the filing of the Applicable Offering Documents with respect to the Requested Offering during the period starting with the 30th day immediately preceding the date of the anticipated filing, and ending on a date ninety (90) days following the
effective date of the Applicable Offering Documents relating to such other contemplated public offering; provided that neither the Investors’ Committee nor the Issuer shall postpone the filing of the Applicable Offering Documents with
respect to any Requested Offering pursuant to this paragraph more than once in any 360 day period; or 

  

	 	 (d)
	 if Issuer is in possession of material non-public information and the Investors' Committee determines in good faith that
disclosure of such information would be materially detrimental to Issuer or its shareholders, in which case the filing of the Applicable Offering Document may be delayed until the earlier of the second Business Day after such conditions shall have
ceased to exist and the 90th day after receipt by Issuer of the related Offering Request.

  

	 	10.3.4	 Priority in Requested Public Offerings. If a Requested Offering is underwritten and the managing underwriters advise the Requesting Holders in writing that,
in their opinion, the number of Listed Shares proposed to be sold by or on behalf of the Requesting Holders and any Participating Holders in such Requested Offering, together with the number of Listed Shares that Issuer proposes to sell for its own
account in such Requested Offering, exceeds the Maximum Offering Size, then the number of Listed Shares to be included in such Requested Offering shall be reduced to the Maximum Offering Size and Issuer will include in such Requested Offering:
(a) first, up to all of the Listed Shares proposed to be sold by or on behalf of the Requesting Holders and the Participating Holders, allocated pro rata among them, and (b) second, to the extent such number of Listed Shares
proposed to 

  

 - 47 - 

	 	 
be sold by or on behalf of the Requesting Holders and the Participating Holders is less than the Maximum Offering Size, the number of Listed Shares that
Issuer proposes to sell for its own account. The pro rata allocation for each of the Requesting Holders and the Participating Holders shall be determined by multiplying (i) the number of Listed Shares equal to the Maximum Offering Size
by (ii) a fraction, the numerator of which is the number of Listed Shares then held by or to be offered by Issuer on behalf of such Requesting Holder or Participating Holder and the denominator of which is the aggregate number of Listed Shares
then held by or to be offered by Issuer on behalf of the Requesting Holders and the Participating Holders (provided that any Listed Shares thereby allocated to any Holder that exceeds such Holder’s request will be reallocated among the
remaining Requesting Holders and Participating Holders in the same manner), up to the number of Listed Shares that such Investor requested in their Piggyback Request. 

  

	 	10.3.5	Number of Offering Requests. Subject to the procedures, requirements and limitations in Article 10.3.1, Article 10.3.3 and Article 10.5.1, Investors shall be entitled to make
an unlimited number of Offering Requests. 

  

	 	10.3.6	Offering Expenses. Issuer will pay all Offering Expenses in connection with each Requested Offering. Requesting Holders and Participating Holders will pay all underwriting
discounts and commissions and transfer taxes, if any, with respect to the Listed Shares that such Requesting Holder or Participating Holder, as applicable, sells. 

  

	 	10.3.7	Additional Rights. Neither Luxco nor any other member of the Group shall grant any public offering rights to any Person that include provisions inconsistent with or designed
to circumvent the provisions of this Article 10, without the prior approval of the Investors' Committee. 

  

	10.4	Obligations of Issuer in Connection with Public Offerings 

 In connection with each Public Offering conducted in accordance with this Article 10, Issuer: 
  

	 	10.4.1	shall use its reasonable best efforts to prepare the Applicable Offering Document and any other documentation and file the Applicable Offering Document with the Applicable
Regulatory Authority including, if applicable, any amendments or supplements thereto and to procure that the Applicable Offering Document is declared or becomes effective and remains effective for 120 days or until the contemplated method of
distributions is complete under the laws, regulations and rules of the Selected Offering Jurisdiction; 

  

	 	10.4.2	shall take all reasonable care to ensure that the information contained in any preliminary Applicable Offering Document and the Applicable Offering Document, other than
(i) information relating to any Selling Holder and (ii) information for which any other Person (other than any Selling Holder) takes responsibility in the Applicable Offering Document and for which Issuer does not take responsibility, is
accurate and complete and does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall give
reasonable consideration to any comments of each Selling Holder regarding the information disclosed in any preliminary Applicable Offering Document and the Applicable Offering Document, provided such comments are given in a timely manner;

  

 - 48 - 

	 	10.4.3	shall furnish to each Selling Holder such number of copies as requested by such Selling Investor of the Applicable Offering Document as filed with the Applicable Regulatory
Authority; 

  

	 	10.4.4	shall furnish to each Selling Holder copies of any stop orders, injunctions, notices or other correspondence with the Applicable Regulatory Authority concerning any preliminary
Applicable Offering Document or the Applicable Offering Document, and with respect to any such stop orders or injunctions, use its reasonable efforts to obtain the withdrawal of such stop order or injunction at the earliest possible moment and
provide immediate notice to each Selling Holder of such withdrawal; 

  

	 	10.4.5	shall notify each Selling Holder at any time when a supplement or amendment is required to be delivered in relation to any preliminary Applicable Offering Document or the Applicable
Offering Document, in order to ensure that such document does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading, and shall deliver a copy of such supplement or amendment to each Selling Holder as promptly as possible; 

  

	 	10.4.6	shall make available to each Selling Investor such information and documents concerning Issuer as any Selling Investor reasonably may request in connection with such Public
Offering, subject to any applicable confidentiality restrictions; 

  

	 	10.4.7	shall use its reasonable efforts to furnish, at the request of any Selling Investor, on the date that its Listed Shares are delivered to the underwriters for sale, or, if such
securities are not being sold through underwriters, on the date that such securities are sold, (i) an opinion, dated as of such date, of one or more counsel to Issuer in form and substance as is customarily given to underwriters in an
underwritten public offering and reasonably satisfactory to such Selling Investor, addressed to the underwriters, if any, and to such Selling Investor and (ii) a letter dated as of such date, from the independent auditors of Issuer, in form and
substance as is customarily given by independent auditors to underwriters in underwritten public offerings and reasonably satisfactory to the Selling Investor, addressed to the underwriters, if any, and if permitted by applicable accounting or
relevant professional standards, to such Selling Investor, provided that such Selling Investor provides any representations reasonably required by the independent auditors; 

  

	 	10.4.8	shall use its reasonable efforts to take all other steps reasonably necessary, appropriate or desirable, including participation in "road shows" to effect such Public Offering and
to expedite or facilitate the disposition of all Listed Shares included therein; and 

  

	 	10.4.9	shall pay all Offering Expenses. 

 Each Selling Investor
shall, and the Issuer shall require each other Selling Holder to, upon receipt of any notice from Issuer concerning any stop order or injunction in connection with or the necessity of any supplement or amendment relating to any preliminary
Applicable Offering Document and the Applicable Offering Document for any Public Offering in accordance with Article 10.4.4 or Article 10.4.5, shall discontinue disposition of its Listed Shares covered by such Applicable Offering Document until such
Selling Investor’s or other Selling Holder's receipt of notice from Issuer as to the withdrawal of such stop order or injunction or receipt of a copy of the required supplement or amendment, as the case may be. 
  

 - 49 - 

	10.5	Holdback 

  

	 	10.5.1	Investor Holdback. In the event of any Public Offering that is underwritten, each Investor agrees not to Transfer any Units (other than Permitted Transfers) or effect or
request any Public Offering of any Listed Shares directly held by such Investor (or held on its behalf as contemplated by Article 10.1.2) or any option, warrant or other right to acquire Listed Shares other than (x) as part of such underwritten
Public Offering or (y) pursuant to a Tender in any Tender Offer (subject to the other provisions of this Article 10), for a period commencing on the date that the underwritten Public Offering has been requested under Article 10.3 or resolved by
the Board of the Issuer in the case of a primary offering and continuing for such period of time as the managing underwriters shall require, which, in any event, shall not exceed 180 days (in connection with an IPO) and 90 days (in connection with
any other underwritten Public Offering) after the date of the first sale of securities under the approved or effective Applicable Offering Document, provided that, notwithstanding the foregoing, 

  

	 	(a)	in the event that Issuer and the managing underwriters agree to release any Listed Shares of any Investor from the foregoing restriction or from any similar restriction in another
arrangement, the Listed Shares of the other Investors shall be released from the foregoing restriction on a pro rata basis (based upon the percentage equal to the number of Listed Shares of such Investor that are released divided by the total
number of Listed Shares then held by (or on behalf of) such Investor); 

  

	 	(b)	the foregoing restriction shall not apply in respect of any Public Offering relating solely to Listed Shares held by (or on behalf of) Management or other employees of the Group
including (i) an offering on a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes and (ii) a registration statement with respect to corporate reorganizations under Rule 145 of the
Securities Act or any similar rule or successor rule promulgated for similar purposes; and 

  

	 	(c)	the foregoing restriction shall not restrict any Investor or its Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, merger
advisory, financing, asset management, trading, market making, arbitrage and other similar activities conducted in the ordinary course of its or such Affiliate's business. 

  

	 	10.5.2	Any agreement entered into after the date of this Agreement pursuant to which Luxco or any member of the Group grants rights to any Third Party (other than the underwriters of any
Public Offering) similar to the rights contained in this Article 10 shall contain a provision under which such Third Party agrees to holdback restrictions no less restrictive than the foregoing holdback restrictions applicable to the Investors.

  

 - 50 - 

	10.6	Post-IPO Sales 

 In addition to rights under Article
10.2 and 10.3, following an IPO and subject to the provisions of Article 10.5, an Investor may effect (if such Investor then directly holds Listed Shares) or may request Luxco to effect, or to cause any other member of the Group to effect (if such
Investor does not then directly hold Listed Shares such that its Listed Shares would be sold on its behalf as contemplated by Article 10.1.2), a sale or a distribution (in the case of clause (b) below) of Listed Shares (a) pursuant to a
brokers' transaction or a transaction directly with a market maker, including a sale pursuant to Rule 144 of the Securities Act or any similar rule or successor rule promulgated for similar purposes (including sales under similar European securities
laws), and executed on the Selected Securities Exchange on which the Listed Shares are listed for trading or quoted (a "Brokered Exchange Transaction"), (b) to the limited partners of such Investor (a “LP Distribution”)
or (c) in a privately negotiated transaction not executed on or through the facilities of a Selected Securities Exchange (a "Privately Negotiated Transaction" and, together with a Brokered Exchange Transaction and a LP Distribution, a
"Post-IPO Sale"), and Luxco shall effect, or cause any other member of the Group to effect, such Post-IPO Sale; provided that, for so long as the Investors own, in the aggregate, at least 33 1/3% of the aggregate Voting Interest owned
by the Investors on the Last Settlement Date, all Post-IPO Sales shall be subject to the prior approval of the Investors’ Committee, provided further that, any Investor that ceases to hold a Voting Interest at least equal to 25% of the
Voting Interest held by that Investor (in each case, together with any Affiliated Fund of that Investor) on the Last Settlement Date may sell or distribute Listed Shares pursuant to a Brokered Exchange Transaction or LP Distribution without the
prior approval of the Investors’ Committee if the number of Listed Shares sold or distributed is less than 1% of the aggregate number of outstanding Listed Shares (not including Listed Shares held by the Group, the Investors or their
Affiliates). The maximum number of Listed Shares an Investor may sell pursuant to a Brokered Exchange Transaction on any date (a "Trading Date") shall be limited to the number of Listed Shares that, when combined with all other Transfers of
Listed Shares by or on behalf of such Investor and its Affiliated Funds (pursuant to any Brokered Exchange Transaction or otherwise) in the three-month period prior to such Trading Date, is equal to the average weekly reported trading volume of the
Listed Shares on the principal Selected Securities Exchange on which the Listed Shares are traded or quoted during the four calendar weeks preceding such Trading Date, or such other number of Listed Shares as such Investor is permitted to sell
pursuant to a Brokered Exchange Transaction under Rule 144 of the Securities Act or any similar rule or successor rule promulgated for similar purposes, including sales under similar European securities laws, as applicable (a "Trading Volume
Limitation"). In addition to any restrictions under applicable securities laws and regulations, any Post-IPO Sale shall be subject to the provisions of any written "black-out" policy adopted by Issuer. Accordingly, an Investor shall provide
reasonable prior notice to Issuer of any proposed Post-IPO Sale to be conducted or requested by such Investor, and Issuer shall, as soon as reasonably practicable, notify such Investor whether such Post-IPO Sale is then permissible under such
policy. 
  

	10.7	Sales in a Tender Offer 

 If, following an IPO, any
Person makes a public tender or exchange offer for all of the Listed Shares (a "Tender Offer"), an Investor may tender (if such Investor then directly holds Listed Shares) or may request Luxco to tender, or to cause any member of the Group to
tender (if such Investor does not then directly hold Listed Shares such that its Listed Shares would be sold on its behalf as contemplated by Article 10.1.2) (collectively, "Tender") its Listed Shares in such Tender Offer. 
  

 - 51 - 

	10.8	Acknowledgment by Subsidiaries 

 The Parties shall
cause VNU and, as necessary, any other member of the Group to acknowledge and agree to the provisions of this Article 10 as such provisions may be applicable to it or them from time to time. 
  

	11.	SUBSEQUENT SHARE ACQUISITIONS; ADDITIONAL EQUITY FUNDING 

  

	11.1	Acquisition of 100% of the Shares in VNU 

 It is the
Parties' intention that Bidco (or its direct or indirect subsidiaries) will acquire one hundred per cent (100%) of the issued and outstanding shares in VNU and they have caused Bidco to commence a "squeeze-out" procedure in accordance with
Section 2:201a of the Dutch Civil Code to achieve that aim. 
  

	11.2	Additional Equity Funding 

 Each of the Investors
commits to invest up to the amount set forth behind its name in the tenth column of Schedule 2 (its "Remaining Equity Commitment") in additional Units as and when the Investors' Committee decides to call on such investment (wholly or
partly, as the case may be) to fund the acquisition of additional shares in VNU and related costs and expenses, in accordance with Article 11.2. Any such investment shall be made in immediately available funds within 1 Business Day from each
Investor being notified by the Investors' Committee to do so. Any Remaining Equity Commitment shall be called with respect to each Investor in the percentage set forth behind its name in the eleventh column of Schedule 2 and shall be in the
form of a combination of additional share premium payments with respect to the Shares already held by each relevant Investor and payments made for additional YFCPECs issued to such Investor at par, in proportions corresponding to the then existing
investment of such Investor (measured in monetary terms, using the same currency and a consistent exchange rate, if applicable). 
  

	11.3	Equity Syndication and Certain Reallocations Among Investors 

  

	 	11.3.1	The Parties acknowledge that, pursuant to the Interim Investors Agreement, THL Fund VI (Alternative) Corp. has syndicated a portion of its equity investment to THL Fund VI Equity
Investors (VNU), L.P., THL Fund VI Equity Investors (VNU) II, L.P. and THL Fund VI Equity Investors (VNU) III, L.P. (collectively, the “New THL Investors”) as set out in columns four and five of Schedule 10 hereto pursuant to
a Share, CPEC and YFCPEC Transfer Agreement, dated August 4, 2006, between THL Fund VI (Alternative) Corp. and the New THL Investors, and (ii) KKR VNU Millennium Limited has syndicated a portion of its equity investment to the KKR VNU
Equity Investors, L.P. (the “New KKR Investors” and, together with the New THL Investors, the “New Investors”) as set out in columns two and three of Schedule 10 hereto (the “KKR Syndicated
Portion”) pursuant to a Share, CPEC and YFCPEC Transfer Agreement, dated August 4, 2006, between KKR VNU Millennium Limited and the New KKR Investor. 

  

	 	11.3.2	 The Parties acknowledge that, pursuant to the Interim Investors Agreement, each Investor listed in column one of Schedule 10 hereto under the heading
“DB Syndicating Investors” (collectively, the “DB Syndicating Investors”) 

  

 - 52 - 

	 	 
has transferred a portion of such DB Syndicating Investor’s equity investment to the New KKR Investor as set out in columns six and seven of Schedule
10 hereto and has transferred corresponding portions of its Units to the New KKR Investor (the “Transferred KKR Interests”), pursuant to a Share, CPEC and YFCPEC Transfer Agreement, dated August 4, 2006, between the New KKR
Investor and the DB Syndicating Investors. The New KKR Investor hereby agrees that any Voting Interests represented by Transferred KKR Interests shall be treated under this Agreement, for purposes of determination of Voting Interests of the
Investors, as if the Transferred KKR Interests were held by each of the DB Syndicating Investors in proportion to the portion of the Transferred KKR Interests transferred by each such DB Syndicating Investor (the portion of the Transferred KKR
Interests allocable to each such Investor, the “KKR Allocated Portion”). With respect to any matter that is voted on by the Investors pursuant to the terms of this Agreement, the New KKR Investor shall cause the Voting Interests
represented by each KKR Allocated Portion of the Transferred KKR Interests to be voted in the same manner as the Voting Interests held by the DB Syndicating Investor to which such KKR Allocated Portion has been allocated are voted with respect to
such matter. The fourth column of Schedule 2 sets forth against each Investor's name the Voting Interest which it holds as of the date of this Agreement, taking into account the provisions of this Article 11.3.2. Except as set forth in
Article 11.3.4 hereof, with respect to all other rights or obligations relating to the Transferred KKR Interests, including, without limitation, any economic interest or payment obligation represented by, or allocable to, the Transferred KKR
Interests, all of the Transferred KKR Interests shall be treated, for all purposes under the this Agreement, as held by the New KKR Investor. 

  

	 	11.3.3	The Parties acknowledge that, pursuant to the Interim Investors Agreement, each DB Syndicating Investor has transferred a portion of such DB Syndicating Investor’s equity
investment to the New THL Investors as set out in columns eight and nine of Schedule 10 hereto and has transferred corresponding portions of its Units to the New THL Investors (the “Transferred THL Interests”) pursuant to a
Share, CPEC and YFCPEC Transfer Agreement, dated August 4, 2006, between the New THL Investors and the DB Syndicating Investors. The New THL Investors hereby agree that any Voting Interests represented by Transferred THL Interests shall be
treated under this Agreement, for purposes of determination of Voting Interests of the Investors, as if the Transferred THL Interests were held by each of the DB Syndicating Investors in proportion to the portion of the Transferred KKR Interests
transferred by each such DB Syndicating Investor (the portion of the Transferred THL Interests allocable to each such Investor, the “THL Allocated Portion”). With respect to any matter that is voted on by the Investors pursuant to
the terms of this Agreement, the New THL Investors shall cause the Voting Interests represented by each THL Allocated Portion of the Transferred THL Interests to be voted in the same manner as the Voting Interests held by the DB Syndicating Investor
to which such THL Allocated Portion has been allocated are voted with respect to such matter. Except as set forth in Article 11.3.4 hereof, with respect to all other rights or obligations relating to the Transferred THL Interests, including, without
limitation, any economic interest or payment obligation represented by, or allocable to, the Transferred THL Interests, all of the Transferred THL Interests shall be treated, for all purposes under this Agreement, as held by the applicable New THL
Investor. 

  

 - 53 - 

	 	11.3.4	The Parties acknowledge that the Remaining Equity Commitment of AlpInvest Partners Later Stage Co-Investments II-A CV, one of the two AlpInvest Funds, is zero and that the Remaining
Equity Commitment of AlpInvest Partners CS Investments 2006 C.V., the other AlpInvest Fund, shall be calculated by reference to the percentage set out in the eleventh column of Schedule 2 against the name of AlpInvest Partners CS Investments
2006 C.V. In addition, the Parties acknowledge that, notwithstanding anything to the contrary herein, the Remaining Equity Commitment of each of the New Investors is zero and that the Remaining Equity Commitment of each of the Investors other than
the New Investors (collectively, the “Fund Investors”) shall be calculated by reference to the percentages set out in the eleventh column of Schedule 2 against the names of each such Fund Investor. 

 

	 	11.3.5	The Investors agree that they shall cause Luxco to capitalize any share premium or additional paid in a capital attributable to the Shares promptly following completion of funding
of their respective Aggregate Equity Commitments. In addition, the Parties agree that, at or following the time of the issuance by Luxco of any additional Shares, YFCPECs or CPECs to any Fund Investor in connection with the funding by any such Fund
Investor of its portion of any Remaining Equity Commitment, but in any event (i) promptly following capitalization of any share premium or additional paid in capital attributable to the Shares as described in the preceding sentence, and
(ii) prior thereto, immediately before any distribution on, or redemption of, Shares, CPECs and YFCPECs by Luxco, the Investors shall, and shall be permitted to, transfer Shares, CPECs and YFCPECs amongst themselves in order to ensure that the
number of Shares, CPECs and YFCPECs held by each of the Investors more accurately reflects their respective aggregate equity investment in Luxco (calculated in US dollars). 

 In accordance with the foregoing paragraph, each Investor agrees to take or cause to be taken any and all actions necessary or desirable to facilitate a
transfer by any Investor of equity interests in Luxco permitted or required by this Article 11.3.5 (and, for the avoidance of doubt, such actions shall include, without limitation, (i) causing any Luxco Manager or Investor Representative
appointed by such Investor or its Affiliated Funds, as applicable, to acknowledge and approve any such transfer, (ii) approval of any such transfer at any general meeting of shareholders where such approval is submitted to a vote of
shareholders, and (iii) causing such transfer to be recorded in the shareholders register of Luxco). 
  

	 	11.3.6	Prior to the implementation of any final transfers by the Investors of equity interests pursuant to Article 11.3.5 or Article 11.3.7, the Investors acknowledge and agree that they
may hold Shares, YFCPECs and CPECs in relative proportions other than those required by Article 9.1.5. The Investors intend that the Shares, YFCPECs and CPECs that they hold will be held on a proportionate basis as required by Article 9.1.5
following completion of the transfers of equity interests contemplated by Article 11.3.5 and Article 11.3.7. 

  

	 	11.3.7	 The Investors also acknowledge and agree that certain KKR Funds, on the one hand, and certain Thomas H. Lee Partners Funds, on the other hand, have 

  

 - 54 - 

	 	 
transferred, and intend to transfer, Units held by such KKR Funds and such Thomas H. Lee Partners Funds, respectively, among the KKR Funds, in the first
case, and among the Thomas H. Lee Partners Funds, in the second case, in connection with the funding of equity commitments from investors in the KKR Funds and the Thomas H. Lee Partners Funds and the incurrence and repayment of certain obligations
that the KKR Funds and the Thomas H. Lee Partners Funds used to finance portions of their respective Aggregate Equity Commitments pending completion of such funding and in connection with the equity syndication described in Articles 11.3.1, 11.3.2
and 11.3.3. 

  

	12.	REPRESENTATIONS AND WARRANTIES 

  

	12.1	Representations and Warranties of the Investors 

 Each Investor, severally and not jointly, represents and warrants to the other Investors, as of the date hereof, as follows: 
  

	 	(h)	Organization. Such Investor is an entity duly organized and validly existing under the laws of the jurisdiction of its organization. 

  

	 	(i)	Authority. Such Investor has full power and authority to enter into, execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by such Investor and no other proceedings by or on behalf of such Investor will be necessary to authorize this Agreement or the consummation of the transactions contemplated
hereby. This Agreement constitutes the valid and binding obligations of such Investor enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization or
other similar laws affecting enforcement of creditors' rights generally and (ii) subject to general principles of equity. 

  

	 	(j)	No Legal Bar. The execution, delivery and performance of this Agreement by such Investor and the consummation of the transactions contemplated hereby will not
(i) violate (x) the organizational documents of such Investor or (y) any law, treaty, rule or regulation applicable to or binding upon such Investor or any of its properties or assets or (ii) result in a breach of any contractual
obligation to which such Investor is a party or by which it or any of its properties or assets is bound, in the case of each of clauses (i)(y) and (ii) in any respect that would reasonably be expected to have a material adverse effect on the
ability of such Investor to perform its obligations hereunder. 

  

	 	(k)	Litigation. There is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation or investigation, proceeding or demand letter pending, or
to the knowledge of such Investor threatened, against such Investor, which if adversely determined would reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

  

	 	(l)	Information. Such Investor has been given the opportunity to (i) ask questions and receive satisfactory answers concerning the terms and conditions of the transactions
contemplated hereby and (ii) obtain additional information which such Investor and its representatives deem necessary, in each case in order to evaluate the merits and risks of executing and delivering this Agreement. Such Investor has not
relied upon any statement, printed material or other information given or made by or on behalf of Luxco that is contrary to information contained in this Agreement. 

  

 - 55 - 

	 	(m)	Securities Not Registered. Such Investor has acquired securities of Luxco solely for its own account, for investment purposes and not with a view to, or for sale in
connection with, the distribution thereof other than as permitted under the Securities Act and the rules and regulations promulgated thereunder. Such Investor is (i) an investor with such knowledge and experience in business and financial
matters as will enable it to evaluate the merits and risks of the transactions contemplated hereby, (ii) able to bear the economic risk of an investment in Luxco and its subsidiaries and (iii) able to bear the risk of loss of its entire
investment in Luxco and its subsidiaries. 

  

	 	(n)	No Other Representations. Except for the representations and warranties contained in this Article 12, neither such Investor, nor any other Person or entity acting on behalf
of such Investor, makes any representation or warranty, express or implied. 

  

	13.	ADDITIONAL COVENANTS AND AGREEMENTS 

  

	13.1	Advisory Services Agreement 

 Bidco and the Investor
Fund Managers have entered into an advisory services agreement in the form attached as Part A of Schedule 7 (as amended from time to time, the "Advisory Services Agreement"). Each of ACN Holdings Inc. and VNU, Inc. have entered
into an advisory services agreement with Bidco in the forms attached as Part B of Schedule 7 (as amended from time to time, the "Bidco Advisory Services Agreements"). 
  

	13.2	Directors' Fees and Expenses 

 Luxco shall pay to
each representative of an Investor who serves as Luxco Manager, and shall cause each member of the Group on which any representative of an Investor sits as a director, to pay to such representative, (a) a director's fee in an amount per annum
that is deemed appropriate by the Investors' Committee for companies of similar size and standing by the appropriate board of such relevant entity with the affirmative vote of directors appointed or designated by each Investor, provided that if any
such board seat is held by more than one such representative in any given 12-month period for which such director's fee is payable, such fee shall be pro rated among such representatives based on the actual number of days served in such board seat
during such 12-month period by such representatives, and (b) all out-of-pocket travel expenses incurred by such representative in the performance of his duties as a director, including, without limitation, in connection with attendance at board
and committee meetings by such representative. 
  

	13.3	Certain Tax Matters 

  

	 	13.3.1	All of the Investors shall use their reasonable best efforts to cause Luxco not to conduct its activities in a manner that will result in Luxco being considered under the United
States Internal Revenue Code of 1986, as amended (“IRC”), to have effectively connected income with a U.S. trade or business. Luxco shall use its reasonable efforts to conduct its activities in a manner that minimizes the likelihood
of Luxco being considered a “passive foreign investment company” as defined in the IRC. 

  

 - 56 - 

	 	13.3.2	Luxco shall provide to each Investor such information as any such Investor may reasonably request at any time or from time to time in order to permit such Investor (i) to
determine whether Luxco has been a "passive foreign investment company" or a "controlled foreign corporation" (or a corporation having a similar status) for purposes of the IRC, (ii) to determine the consequences to such Investor, or any direct
or indirect investor in such Investor, of such status, and (iii) all such other information that is reasonably necessary for such Investor, or any direct or indirect investor in such Investor, to duly complete and file its income tax returns.
In addition, at the request of any such Investor, Luxco shall cooperate with such Investor in making and maintaining, or permitting such Investor (or any direct or indirect investor in such Investor) to make and maintain, any election permitted
under the IRC. 

  

	 	13.3.3	Luxco shall use its reasonable efforts to conduct its activities in a manner that makes it possible for it to benefit from the provisions of any tax treaty between Luxembourg and
the United States of America, any tax treaty between Luxembourg and The Netherlands, and any other relevant tax treaties. The Investors shall cooperate with the other Investors and Luxco to determine if it is, from time to time, entitled to the
benefits of any tax treaty between Luxembourg and the United States of America. 

  

	 	13.3.4	Any Investor that has received any gross distribution from Luxco that should have been paid net of withholding tax will reimburse Luxco to the extent the Luxembourg tax authorities
have claimed such withholding taxes from Luxco as a result thereof. 

  

	 	13.3.5	Notwithstanding anything in this Agreement to the contrary, the Parties will use their reasonable efforts to procure that Luxco will, to the maximum extent practicable, make any
distributions to the Investors in the form of a redemption of YFCPECs or CPECs or payment of yield on YFCPECs or CPECs and not in the form of dividends on Shares. For avoidance of doubt, the foregoing restriction will not apply at such time as no
YFCPECs or CPECs remain outstanding. In addition, if a distribution in the form of dividends on Shares (with or without a contemporaneous distribution in the form of redemption of YFCPECs or CPECs) would not reduce in any material respect the
post-tax proceeds receivable by any Investor (taking into consideration the tax consequences resulting from such dividend on Shares compared to the tax consequences that would have resulted from a redemption of YFCPECs or CPECs or payment of yield
on YFCPECs or CPECs), as determined by the tax advisers of the Group (following reasonable consultation with the tax advisers of each Investor), then, notwithstanding the foregoing restriction, the Investors' Committee may approve such distribution
in the form of repurchases of, or dividends on, Shares (with or without a contemporaneous distribution in the form of redemption of YFCPECs or CPECs). 

  

	13.4	Corporate Opportunities 

  

	 	13.4.1	 Each Investor shall cause each Investor Representative, Luxco Manager or VNU Director designated by it or its Affiliated Funds to recuse themselves from all
deliberations of the Board, and neither Luxco nor any other member of the Group shall have any obligation to provide to any such Investor Representative, Luxco Manager or VNU Director any information, regarding 

  

 - 57 - 

	 	 
any acquisition, disposition, investment or similar transaction that the member of the Group elects to pursue at any time after the date of this Agreement
(as determined by the Investors’ Committee, a "Corporate Opportunity") if such Investor or one of its Affiliates is competing with or is otherwise adverse to the Group with respect to such Corporate Opportunity. Each Investor
Representative, Luxco Manager or VNU Director who is aware that the Investor which has designated him or an Affiliated Fund of that Investor is or is contemplating pursuing a Corporate Opportunity, shall himself withdraw from the deliberations of
the Board in accordance with this Article 13.4.1, without however having to disclose any information regarding that Corporate Opportunity or the plans which the relevant Investor or its Affiliated Fund has with respect to that Corporate Opportunity,
if such information is not in the public domain or otherwise known to the Board. 

  

	 	13.4.2	If any Investor or its Affiliates consummates a transaction that at anytime after the date of this Agreement constituted a Corporate Opportunity, such Investor shall cause each
Investor Representative, Luxco Manager or VNU Director designated by it or its Affiliated Funds to recuse themselves from all future deliberations of each Board and the Investors' Committee relating to, and no member of the Group shall have any
obligation to provide to any such Investor Representative, Luxco Manager or VNU Director any information regarding, that portion of the Group's business as competes or would reasonably be expected to compete with the Corporate Opportunity concerned
(a "Competing Action"). The consent of the Investor Representative(s), Luxco Manager(s) or VNU Director(s) designated by such Investor or any of its Affiliate Funds shall not be required for authorising, effecting or validating any
transactions in connection with such Corporate Opportunity or Competing Actions. In addition, each Investor shall, and shall cause any Investor Representative, Luxco Manager or VNU Director designated by its or any of its Affiliated Funds to, keep
confidential any information regarding any Corporate Opportunity, including the existence of such potential acquisition, disposition, investment or similar transaction, that such Investor or Investor Representative, Luxco Manager or VNU Director
learns about as a result of its participation in any Board and in the Investors' Committee in accordance with Article 13.7.2. 

  

	13.5	Non-Competition 

 For so long as an Investor or any
of its Affiliates has the right to designate any Investor Representative, Luxco Manager or VNU Director pursuant to this Agreement, such Investor, its Affiliates, all Persons Controlled by that Investor or by any of that Investor's Affiliates and
any “group” (as determined under Section 13(d)(3) of the Exchange Act) of which such Investor or any of its Affiliates is a member will be prohibited from owning, managing, operating, controlling or participating in the ownership,
management, operation or control of any Person listed in Schedule 9 hereto (as such Schedule may be amended from time to time by a Requisite Majority of the Investors' Committee, a "Named Competitor"), unless consented to by a
Requisite Majority of the Investors’ Committee, provided that: 
  

	 	13.5.1	 This Article 13.5 shall not prohibit any Person from acquiring or holding a passive investment in any Named Competitor, which (a) does not represent more than
5% of the aggregate amount of equity invested in that Named Competitor, (b) does not entitle the holder to more than 5% of any pro rata distribution of profits or capital made by that Named Competitor, (c) does not 

  

 - 58 - 

	 	 
entitle the holder to exercise more than 5% of the votes exercisable at a general meeting of shareholders of that Named Competitor, (d) does not include
and is not otherwise combined with any entitlement to appoint any directors, officers, observers or other representatives to any body or committee of that Named Competitor or any Affiliate of that Named Competitor (and no director, employee or other
representative of the Investor concerned or any Affiliate of that Investor holds any position on any such body or committee as a matter of fact), and (e) is not in any way subject to any agreement or arrangement made between the Investor
concerned or any Affiliate of that Person and any other shareholder of or investor in that Named Competitor; 

  

	 	13.5.2	This Article 13.5 shall not prohibit any Investor which is a fund of funds to make or hold a non-Controlling investment in a fund which in turn has an investment in a Named
Competitor or otherwise engages in an activity that would constitute a breach of this Article 13.5 if that fund was an Investor; and 

  

	 	13.5.3	In the event that an Investor or an Affiliate of an Investor acts in breach of this Article 13.5: 

  

	 	(a)	Article 13.4.2 shall apply mutatis mutandis to the Investor concerned and to all other Investors which are Affiliated with that Investor (treating such Named Competitor as a
Competing Enterprise thereunder); and 

  

	 	(b)	To the extent that the occurrence of such breach is not reasonably within the control of the Investor concerned, any of its Affiliates or any person Controlled by that Investor or
by any of that Investor's Affiliates, no other remedies shall be available to the other Parties. In all other circumstances, unless such breach is promptly (and in any event within three (3) Business Days following its occurrence) and
completely cured by the Investor or Investors concerned, the Investor or Investors concerned shall be considered in material breach of this Agreement and liable for all damages resulting therefrom, and the other Parties may seek specific enforcement
or injunctive relief against such Investor or Investors, in accordance with Article 14.7. 

  

	13.6	Non-Solicitation 

 Each Investor shall not (and
shall use its reasonable efforts to procure that its Affiliates do not), initiate or conduct any discussions about future employment with, or employ, any member of Management, without the prior written consent of the Investors’ Committee (such
consent not to be unreasonably withheld), and shall not make any offers to this effect to such Persons; provided that the foregoing shall not be construed to prohibit solicitation for employment or employment of any such Person (a) resulting
from general advertisements for employment conducted by such Investor or (b) six months following cessation of such Person's employment with the Group without any encouragement by such Investor. 
  

	13.7	Access to Information, Financial Statements, Confidentiality and Public Announcements 

  

	 	13.7.1	Each of the Parties hereto agrees to use its commercially reasonable efforts to cause each of Luxco and VNU (and, if reasonably recommended by United States counsel to an Investor,
any other member of the Group) to enter into a letter agreement granting any Investor that so requests "management rights" as defined in U.S. Department of Labour Regulation section 2510.3-101(d). 

  

 - 59 - 

	 	13.7.2	The following shall apply with respect to confidentiality: 

  

	 	(a)	Each Investor agrees to hold in strict confidence all Information furnished to it and the terms of this Agreement (collectively, "Confidential Information"). Subject to
applicable law, an Investor may disclose any Confidential Information to (x) any of its Representatives and (y) any member of the Group or its directors, management or advisers (collectively, "Authorized Recipients"). Confidential
Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by an Investor, (ii) is or becomes available to an Investor or any of its
Authorized Recipients on a non-confidential basis from a third party source (other than any other Investor or its Representatives or any Person described in clause (y) above), which source, to the best knowledge of such Investor (after
reasonable inquiry), is not bound by a duty of confidentiality to any Investor or its Representatives or any Person described in clause (y) above in respect of such Confidential Information or (iii) is independently developed by an
Investor. If an Investor or any of its Authorized Recipients is required by law or regulation or any legal or judicial process to disclose any Confidential Information, or disclosure of Confidential Information is requested by any governmental
authority having authority over such Investor, such Investor shall promptly notify Luxco and the other Investors of such requirement so that Luxco may at its own expense oppose such requirement or seek a protective order and request confidential
treatment thereof. If such Investor or such Authorized Recipient is nonetheless required, or such a request nonetheless remains outstanding, to disclose any such Confidential Information, such Investor or Authorized Recipient may disclose such
portion of such Confidential Information without liability hereunder. 

  

	 	(b)	An Investor may disclose Confidential Information in connection with any proposed Permitted Transfer by such Investor or any other proposed Transfer of Units by such Investor to a
Third Party provided that such Transfer is permitted by this Agreement and provided that such Third Party enters into a confidentiality agreement or for the benefit of Luxco to hold any such information in strict confidence and to not use such
information for any purpose other than such Transfer and specifying that Luxco shall be entitled to enforce such confidentiality agreement. 

  

	 	13.7.3	 The Parties are aware that, as long as VNU shall have shareholders other than Bidco and/or any other entity which is directly or indirectly a Wholly-Owned
Subsidiary of Luxco ("Minority VNU Shareholders"), any material non-public information provided by VNU or any of its subsidiaries to Bidco or any Affiliate or direct or indirect shareholder of Bidco may also need to be provided to those
Minority VNU Shareholders. The Parties shall seek to minimise such provision of non-public information to persons other than VNU Directors and shall take appropriate measures and agree appropriate arrangements to ensure that the provision of
non-public information to VNU Directors and the use of such information by VNU Directors shall not result in any requirement to provide such information also to any other Person, 

  

 - 60 - 

	 	 
including any Minority VNU Shareholders. The VNU Supervisory Board Rules shall allow, to the maximum extent permitted by applicable law, the VNU Directors to
share non-public information received by them with other Representatives of the Investor on whose nomination they have been appointed. 

  

	 	13.7.4	No public announcement or press release concerning the business of the Group or this Agreement or any of its provisions shall be made by any Party (or any Affiliate thereof),
without the prior consent of the Investors' Committee, which may also be given in general terms with respect to categories of announcements. This provision shall not prohibit any public announcement or press release required to be made by any
applicable laws or regulations, provided that such Party (or such Affiliate) that is making such announcement shall, to the extent practicable, consult with the other Parties concerning the timing and content of such announcement before such
announcement is made and shall give a copy thereof to the other Parties at the same time as, or as soon as reasonably practicable after, the making of such announcement. 

  

	13.8	Standstill 

 For so long as any outstanding shares
in the share capital of VNU (other than treasury shares) are held by any Persons other than Bidco (or a Wholly-Owned Subsidiary thereof), each Investor agrees that it will not, and shall procure that each of its Affiliates will not, acquire,
directly or indirectly, any share in the share capital of VNU (other than the acquisition by Luxco or its wholly-owned subsidiaries of such shares). Notwithstanding the previous sentence, following an IPO, an Investor and its Affiliates may purchase
in the public markets, in the aggregate, Listed Shares constituting less than 3% of the outstanding Listed Shares. 
  

	14.	MISCELLANEOUS 

  

	14.1	Waiver; Amendment 

 This Agreement may be amended,
supplemented or otherwise modified only by a written instrument executed by each Investor holding at least 1% of the then outstanding Units so long as any such amendment, supplement or modification does not impose any material additional burden on
Luxco, Dutch Holdco or Bidco (as determined by the Investors' Committee in accordance with Article 6.6.4), in which event the written instrument must also be executed by Luxco, Dutch Holdco or Bidco, as applicable, provided that the Parties agree to
amend, supplement or otherwise modify this Agreement as may be necessary to comply with the laws, regulations and rules of any Selected Offering Jurisdiction and the rules of the relevant Selected Securities Exchange in connection with an IPO and
provided, further, that any amendment that disproportionately affects any Investor shall require the consent of such Investor. No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and
executed by the Party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, will be deemed to constitute a waiver by the Party taking such
action of compliance with any covenants or agreements contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 
  

 - 61 - 

	14.2	Effectiveness; Termination 

  

	 	 14.2.1
	 This Agreement shall become effective on the date hereof and, subject to Article 14.2.2, shall terminate and be of no
further force or effect upon the earlier of (a) the written agreement of all Parties hereto and (b) following an IPO, if and when the Investors collectively cease to hold, indirectly through Luxco or any Intermediate Holdco, at last 33
 1/3% of the Listed Shares, except as otherwise provided in Article 9.4.8. At the time an Investor ceases to hold
any Units, or holds Units representing less than 1% of all Units outstanding at that time, such Investor shall cease to be a Party to and be bound by this Agreement. 

  

	 	14.2.2	Notwithstanding any termination of this Agreement in its entirety or in respect of any Investor pursuant to Article 14.2.1, (i) the provisions of Articles 13.4 and 13.7.2 shall
survive for a period of one year, (ii) the provisions of Article 7 shall survive until the latter of one year after the liquidation of Luxco and the final resolution of any claims thereunder, and (iv) this Article 14 shall survive
indefinitely. 

  

	 	14.2.3	The Parties agree that fees payable to any Investor Fund Manager pursuant to the Advisory Services Agreement shall be in proportion to the Voting Interests controlled by the
Affiliated Funds of such Investor Fund Manager. 

  

	 	14.2.4	This Agreement supersedes and replaces the Interim Investors Agreement in its entirety. The Parties are released from any and all obligations and liabilities under the Interim
Investors' Agreement and shall have no obligation or liability thereunder, except to the extent of any rights or obligations accrued thereunder up to the date hereof. 

  

	14.3	Notices 

 Any notices or other communications
required or permitted hereunder to a Party shall be sufficiently given if in writing and either (i) personally delivered, (ii) sent by registered or certified mail, return receipt requested, postage prepaid, (iii) sent by overnight
delivery service such as DHL, (iv) sent by facsimile transmission or electronic mail, with verbal or electronic confirmation of receipt, and addressed (x) for the Investors, Luxco and the Intermediate Holdcos, as set forth in Schedule
8, or (z) for any new Investor, as contained in the Accession Agreement or other written instrument pursuant to which such New Investor becomes a Party to this Agreement, or, in each case, to such other address as the relevant Party shall
have given notice of pursuant hereto. All such notices and other communications shall be deemed to have been given and received (i) if by personal delivery, on the day of such delivery; (ii) if by registered or certified mail, on the
seventh day after the mailing thereof, (iii) if by overnight delivery service such as DHL, on the next Business Day; and (iv) if by facsimile transmission or electronic mail, on the day that verbal or electronic confirmation of receipt by
the recipient is obtained from the recipient. 
  

	14.4	Applicable Law 

 This Agreement shall be governed by
and shall be construed in accordance with the laws of the State of New York, except to the extent that the matter in question is mandatorily required to be governed by Luxembourg law or Dutch law, in which case it will be governed by the applicable
provisions of such law. 
  

 - 62 - 

	14.5	Disputes 

 All actions arising out of or relating to
this Agreement shall be heard and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City of New York (other than with respect to an appeal from such courts to a higher court outside of the State
of New York). The Parties hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan of The City of New York for the purpose of any action arising out of or relating to this Agreement
brought by any Party hereto and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any
of the above-named courts. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT. 
  

	14.6	Assignment 

 Except as permitted in this Agreement,
the rights and obligations under this Agreement may not be Transferred by any Investor hereto, in whole or in part, to any Third Party, and any purported Transfer without such consent shall be void and unenforceable. Without the prior approval of
the Investors’ Committee, the rights and obligations under this Agreement of any other Party hereto may not be Transferred, and any purported Transfer without such approval shall be void and unenforceable. The rights and obligations hereunder,
including without obligation the right to nominate, designate or appoint any member of any of the Boards or any committee thereof, or remove any such nominee, designee or appointee, are personal to each Investor or group of Affiliated Investors
entitled to do so hereunder and may not be assigned to any Person except with the prior approval of the Investors' Committee, provided that each Investor shall be permitted to assign any such right to one or more of its Affiliates. 
  

	14.7	Specific Performance 

 Each Party acknowledges and
agrees that money damages would not be a sufficient remedy for any breach of the provisions of this Agreement. In the event of a breach of this Agreement by a Party which breach threatens irreparable harm to any other Party, such non-breaching Party
may seek specific enforcement or injunctive relief from any court of competent jurisdiction, which remedies shall not limit, but shall be in addition to, all other remedies that the non-breaching Parties may have at law or in equity. 
  

	14.8	Fiduciary Duties; Exculpation Clause 

 To the
maximum extent permitted by law, no Investor and no Representative shall have a fiduciary or similar duty to the other Investors, to any members of the Group or to any shareholder, creditor, employee or other stakeholder of any member of the Group,
and each Investor (on behalf of itself, its Representatives), Luxco and each Intermediate Holdco hereby waives any claim relating to a breach of fiduciary or similar duty it has or may have in connection with any action or inaction by any Investor
or any such Representative. Without limiting the foregoing, to the maximum 

  

 - 63 - 

 
extent permitted by law, none of the Investors and none of the representatives, nominees, designees or other Representatives of any Investor on the
Investors' Committee, any Board or any board of any other member of the Group or, in each case, any committee thereof shall have any liability for breach or alleged breach of fiduciary or similar duty to the Investors, to any member of the Group or
to any shareholder, creditor, employee or other stakeholder of any member of the Group and is and shall be fully exculpated from all such liability. Each of the Parties hereby waives any and all claims it has or may have relating to any such breach
or alleged breach of fiduciary or similar duty. The foregoing shall not be deemed to limit the obligations of the Investors under this Agreement. 
  

	14.9	No Recourse 

 Only the Parties shall have any
obligation or liability under this Agreement. Notwithstanding anything that may be expressed or implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had
against any current or future Representative of any Investor or any current or future direct or indirect shareholder, member, general or limited partner or other beneficial owner of any Investor or any of their respective Representatives, whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise be incurred by any such Person for any obligation of any Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations
or their creation. 
  

	14.10	Further Assurances 

 The Parties will sign such
further documents, cause such further meetings to be held, adopt such resolutions and do and perform and cause to be done such further acts and things as may be necessary in order to give full effect to this Agreement, the transactions contemplated
by this Agreement and every provision thereof. 
  

	14.11	Several Obligations 

 The obligations of each of the
Parties under this Agreement shall be several and not joint. 
  

	14.12	Third Parties 

 This Agreement does not create any
rights, claims or benefits inuring to any Person that is not a Party hereto nor create or establish any third party beneficiary hereto. 
  

	14.13	Entire Agreement 

 This Agreement and the schedules
hereto represent the entire understanding and agreement of the Parties and supersede all prior agreements, understandings and arrangements (whether written or oral) among the Parties with respect to the subject matter hereof. Each Party acknowledges
that it has not made or relied on any representation or warranty other than those specifically set forth herein. 
  

	14.14	Titles and Headings 

 The headings contained in this
Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement. 
  

 - 64 - 

	14.15	No Other Agreements 

 None of the Investors has
entered or will enter into any agreement or arrangement of any kind with any Person in respect of such Investor's Units which is inconsistent with this Agreement. 
  

	14.16	Binding Effect 

 This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective heirs, successors and permitted assigns. 
  

	14.17	Severability 

 Should any provision of this
Agreement be invalid or unenforceable, in whole or in part, or should any provision later become invalid or unenforceable, this shall not affect the validity of the remaining provisions of this Agreement which shall not be affected and shall remain
in full force and effect. 
  

	14.18	Counterparts 

 This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as
constituting good and valid execution and delivery of this Agreement by such Party. 
  

 - 65 - 

 IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the date first above written. 

[EXECUTION PAGES FOLLOW AT THE END OF THE DOCUMENT] 
  

 - 66 - 

 SCHEDULE 1 
 INVESTORS 
 AlpInvest Funds 
 AlpInvest Partners CS Investments 2006 C.V 
 AlpInvest Partners Later Stage Co-Investments II-A CV 
 Blackstone Funds 
 Blackstone Capital Partners (Cayman) V LP 
 Blackstone Family Investment Partnership (Cayman) V LP
 Blackstone Family Investment Partnership (Cayman) V-A
LP
 Blackstone Participation Partnership (Cayman) V LP 
 Carlyle Funds 
 Carlyle Partners IV Cayman, L.P. 
 CP IV Coinvestment Cayman, L.P. 
 CEP II
Participations Sarl SICAR 
 Hellman & Friedman Funds 
 Hellman & Friedman Capital Partners V (Cayman), L.P. 
 Hellman & Friedman Capital Partners
V (Cayman Parallel), L.P. 
 Hellman & Friedman Capital Associates V (Cayman), L.P. 
 KKR Funds 
 KKR VNU (Millenium) Limited 
 KKR MILLENNIUM FUND (OVERSEAS) L.P. 
 KKR VNU
Equity Investors, LP 
 Thomas H. Lee Funds 
 THL
Fund VI (Alternative) Corp. 
 THL Parallel Fund VI (Alternative) Corp. 
 THL DT Fund VI (Alternative) Corp. 
 THL
Coinvestment Partners, L.P. 
 Putnam Investment Holdings, LLC 
 Putnam Investments Employees' Securities Company III LLC 
 THL Fund V (Alternative) Corp. 
 THL Parallel Fund V (Alternative) Corp. 
 THL
Cayman Fund V (Alternative) Corp. 
 Thomas H. Lee Investors, Limited Partnership 
 Putnam Investment Holdings, LLC 
 Putnam
Investments Employees' Securities Company I LLC 
 Putnam Investments Employees' Securities Company II LLC 
 THL (Alternative) Fund V, LP 
 THL Equity Fund
VI Investors (VNU), L.P. 
 THL Equity Fund VI Investors (VNU) II, L.P. 
 THL Equity Fund VI Investors (VNU) III, L.P. 
  

 - 67 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]