Document:

Supp. Trust Deed dated Oct. 27, 2003 between VNU N.V. & Deutsche Trustee Co LTD.

 Exhibit 4.8(b) 
 CONFORMED COPY 
 Dated 27 October 2003 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands,
with its corporate seat in 
 Haarlem, The Netherlands) 
 and 
 DEUTSCHE TRUSTEE COMPANY LIMITED 
 SUPPLEMENTAL TRUST DEED 
 relating to

 VNU N.V. 
 €2,500,000,000 
 Euro Medium Term Note Programme 
 arranged by 
 MERRILL LYNCH INTERNATIONAL 
 

 
 Ref: JALP/ALZW 

 This Supplemental Trust Deed is made on 27 October 2003 between: 
  

	(1)	VNU N.V. (a company incorporated with limited liability in the Netherlands, with its corporate seat in Haarlem, The Netherlands) (the “Issuer”) and

  

	(2)	DEUTSCHE TRUSTEE COMPANY LIMITED (the “Trustee”, which expression, where the context so admits, includes any other trustee for the time being of this Trust
Deed). 

 Whereas: 
  

	(A)	This Supplemental Trust Deed is supplemental to an amended and restated trust deed between the same parties dated 29 October 2002 (the “Trust Deed”) and is
being entered into by the parties hereto for the purpose of amending and supplementing provisions of the Trust Deed. 

  

	(B)	The Trustee, being of the opinion that to do so is not materially prejudicial to the interests of the Noteholders, hereby agrees in the exercise of the power conferred on it by
Clause 14.1 of the Trust Deed to modify the Trust Deed in the manner set out herein. 

 This Supplemental Trust Deed witnesses and it is
declared as follows: 
  

	1	Interpretation 

  

	1.1	Definitions: Capitalised terms used in this Supplemental Trust Deed but not defined herein shall have the meanings given to them in the Trust Deed. 

 

	1.2	Headings: Headings shall be ignored in construing this Supplemental Trust Deed. 

  

	1.3	Effect: The Trust Deed is hereby amended in the form of this Supplemental Trust Deed and shall henceforward in relation to Notes issued after 27 October 2003 have effect
as so amended and supplemented. For the avoidance of doubt the Trust Deed without the amendments set out herein shall continue to have effect in relation to Notes issued prior to 27 October 2003. 

  

	2	Modifications to the Trust Deed 

 The following
modifications to the Trust Deed will be effective from the date of this Deed: 
  

	2.1	The Programme has been amended so that the aggregate nominal amount of Notes outstanding will not at any time exceed €2,500,000,000 (or the equivalent in other
currencies). 

 All references in the Trust Deed to “€2,000,000,000 Euro Medium Term Note Programme” shall be
deleted and replaced by “€2,500,000,000 Euro Medium Term Note Programme”. 
  

	2.2	Schedule 1, Part A (Form of Temporary Global Note) of the Trust Deed will be deleted and replaced with Schedule 1, Part A to this Deed. 

  

	2.3	Schedule 1, Part B (Form of Permanent Global Note) of the Trust Deed will be deleted and replaced with Schedule 1, Part B to this Deed. 

  

	2.4	Schedule 2, Part A (Form of Definitive Note) of the Trust Deed will be deleted and replaced with Schedule 2, Part A to this Deed. 

  

 1 

	2.5	The definition of “Material Subsidiary” on page 38 in paragraph “3 Negative Pledge”, Schedule 2, Part B (Terms and Conditions of the Notes) of the Trust
Deed will be amended by the deletion of the word “net” in the phrase “total net revenues”. 

  

	3	Incorporation of the Trust Deed 

 The provisions of
the Trust Deed as varied and supplemented by this Supplemental Trust Deed shall, so far as the context permits and insofar as such provisions are not inconsistent herewith, apply in respect of the issue of Notes under the Programme as fully as if
they had been set out herein and references in the Trust Deed to “this Trust Deed” shall be deemed to be references to the Trust Deed as amended and supplemented by this Supplemental Trust Deed. 
  

	4	Governing Law and Jurisdiction 

  

	4.1	Governing Law: This Supplemental Trust Deed is governed by and shall be construed in accordance with English law. 

  

	4.2	Jurisdiction: The courts of England are to have jurisdiction to settle any disputes that may arise out of or in connection with this Supplemental Trust Deed, the Notes, the
Receipts, the Coupons or the Talons and accordingly any legal action or proceedings arising out of or in connection with this Supplemental Trust Deed, the Notes, the Receipts, the Coupons or the Talons (“Proceedings”) may be brought
in such courts. The Issuer irrevocably submits to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This
submission is for the benefit of each of the Trustee, the Noteholders and the Couponholders and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one
or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). 

  

	4.3	Service of Process: The Issuer irrevocably appoints The Law Debenture Corporation plc at its registered office for the time being in London to receive, for it and on its
behalf, service of process in any Proceedings in England. Such service shall be deemed completed on delivery to such process agent (whether or not it is forwarded to and received by the Issuer). If for any reason such process agent ceases to be able
to act as such or no longer has an address in England the Issuer irrevocably agrees to appoint a substitute process agent acceptable to the Trustee and shall immediately notify the Trustee of such appointment. Nothing shall affect the right to serve
process in any other manner permitted by law. 

 In witness whereof this Supplemental Trust Deed has been executed as a deed on the date
stated at the beginning. 
 VNU N.V. 
  

	By:	DR F.J.G.M. CREMERS 

 THEO VAN KAMPEN 
  

 2 

 THE COMMON SEAL OF DEUTSCHE TRUSTEE COMPANY LIMITED was affixed in the presence of: 
  
  

			
	ANGELINE GARVEY	    	SALLY WALLER
		
	Associate Director	    	Assistant Secretary

  

 3 

 Schedule 1 
 Part A 
 Form of Temporary Global Note 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with
its corporate seat in 
 Haarlem, The Netherlands) 
 EURO MEDIUM TERM NOTE PROGRAMME 
 TEMPORARY GLOBAL NOTE 
 Temporary Global Note No. [•] 
 This temporary
Global Note is issued in respect of the Notes (the “Notes”) of the Tranche and Series specified in the Second Schedule hereto of VNU N.V. (the “Issuer”). 
 Interpretation and Definitions 
 References in this temporary Global
Note to the “Conditions” are to the Terms and Conditions applicable to the Notes (which are in the form set out in Schedule 2 Part B to the Trust Deed (as amended or supplemented as at the Issue Date, the “Trust
Deed”) dated 29 October 2002 as supplemented by a Supplemental Trust Deed dated 27 October 2003 between the Issuer, Deutsche Trustee Company Limited as trustee, as such form is supplemented and/or modified and/or superseded by the
provisions of this temporary Global Note (including the supplemental definitions and any modifications or additions set out in the Second Schedule hereto), which in the event of any conflict shall prevail). Other capitalised terms used in this
temporary Global Note shall have the meanings given to them in the Conditions or the Trust Deed. If the Second Schedule hereto specifies that the applicable TEFRA exemption is either “C Rules” or “not applicable”, this temporary
Global Note is a “C Rules Note”, otherwise this temporary Global Note is a “D Rules Note”. 
 Aggregate Nominal Amount 

The aggregate nominal amount from time to time of this temporary Global Note shall be an amount equal to the aggregate nominal amount of the Notes as shall be shown by
the latest entry in the fourth column of the First Schedule hereto, which shall be completed by or on behalf of the Issuing and Paying Agent upon (i) the issue of Notes represented hereby, (ii) the exchange of the whole or a part of this
temporary Global Note for a corresponding interest in a permanent Global Note or, as the case may be, in whole for Definitive Notes, (iii) the redemption or purchase and cancellation of Notes represented hereby and/or (iv) in the case of
Partly Paid Notes, the forfeiture of Notes represented hereby in accordance with the Conditions relating to such Partly Paid Notes, all as described below. 
 Promise to Pay 
 Subject as provided herein, the Issuer, for value received, promises to pay to the bearer of this temporary Global Note,
upon presentation and (when no further payment is due in respect of this temporary Global Note) surrender of this temporary Global Note, on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may
become repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the aggregate nominal amount of Notes represented by this temporary Global Note and 

  

 4 

 
(unless this temporary Global Note does not bear interest) to pay interest in respect of such aggregate nominal amount of Notes from the Interest
Commencement Date in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the
Conditions. 
 “Exchange” 
 Subject as provided
in the Conditions applicable to Partly Paid Notes, on or after the first day following the expiry of 40 days after the Issue Date (the “Exchange Date”), this temporary Global Note may be exchanged (free of charge to the holder) in
whole or (in the case of a D Rules Note only and in respect of exchange for a permanent Global Note only) from time to time in part by its presentation and, on exchange in full, surrender to or to the order of the Issuing and Paying Agent for
interests in a permanent Global Note, if so specified in the Second Schedule hereto, for Definitive Notes in an aggregate nominal amount equal to the nominal amount of this temporary Global Note submitted for exchange provided that, in the case of
any part of a D Rules Note submitted for exchange for a permanent Global Note or Definitive Notes, there shall have been Certification with respect to such nominal amount submitted for such exchange dated no earlier than the Exchange Date.

 “Certification” means the presentation to the Issuing and Paying Agent of a certificate or certificates with respect to one or more
interests in this temporary Global Note, signed by Euroclear or Clearstream, Luxembourg, substantially to the effect set out in Schedule 4 to the Agency Agreement to the effect that it has received a certificate or certificates substantially to the
effect set out in Schedule 3 to the Agency Agreement with respect thereto and that no contrary advice as to the contents thereof has been received by Euroclear or Clearstream, Luxembourg, as the case may be. 
 Upon the whole or a part of this temporary Global Note being exchanged for a permanent Global Note, such permanent Global Note may be exchangeable, in accordance with
its terms, for Definitive Notes. 
 The Definitive Notes for which this temporary Global Note or a permanent Global Note may be exchangeable shall be duly
executed and authenticated, shall, in the case of Definitive Notes, have attached to them all Coupons (and, where appropriate, Talons) in respect of interest, and all Receipts in respect of Instalment Amounts, that have not already been paid on this
temporary Global Note or the permanent Global Note, as the case may be, shall be security printed and shall be substantially in the form set out in the Schedules to the Trust Deed as supplemented and/or modified and/or superseded by the terms of the
Second Schedule hereto. 
 On any exchange of a part of this temporary Global Note for an equivalent interest in a permanent Global Note, the portion of the
nominal amount hereof so exchanged shall be endorsed by or on behalf of the Issuing and Paying Agent in Part I of the First Schedule hereto, whereupon the nominal amount hereof shall be reduced for all purposes by the amount so exchanged and
endorsed. 
 Benefit of Conditions 
 Except as otherwise
specified herein, this temporary Global Note is subject to the Conditions and the Trust Deed and, until the whole of this temporary Global Note is exchanged for equivalent interests in a permanent Global Note or for Definitive Notes, as the case may
be, the holder of this temporary Global Note shall in all respects be entitled to the same benefits as if it were the holder of the permanent Global Note (or the relevant part of it) or the Definitive Notes, as the case may be, for which it may be
exchanged as if such permanent Global Note or Definitive Notes had been issued on the Issue Date. 
  

 5 

 Payments 
 No person
shall be entitled to receive any payment in respect of the Notes represented by this temporary Global Note that falls due on or after the Exchange Date unless, upon due presentation of this temporary Global Note for exchange, delivery of (or, in the
case of a subsequent exchange, due endorsement of) a permanent Global Note or delivery of Definitive Notes is improperly withheld or refused by or on behalf of the Issuer. 
 Payments due in respect of a D Rules Note before the Exchange Date shall only be made in relation to such nominal amount of this temporary Global Note with respect to which there shall have been Certification dated no
earlier than such due date for payment. 
 Any payments that are made in respect of this temporary Global Note shall be made to its holder against
presentation and (if no further payment falls to be made on it) surrender of it at the specified office of the Issuing and Paying Agent or of any other Paying Agent provided for in the Conditions. If any payment in full of principal is made in
respect of any Note represented by this temporary Global Note, the portion of this temporary Global Note representing such Note shall be cancelled and the amount so cancelled shall be endorsed by or on behalf of the Issuing and Paying Agent in the
First Schedule hereto (such endorsement being prima facie evidence that the payment in question has been made) whereupon the nominal amount hereof shall be reduced for all purposes by the amount so cancelled and endorsed. If any other
payments are made in respect of the Notes represented by this temporary Global Note, a record of each such payment shall be endorsed by or on behalf of the Issuing and Paying Agent on an additional schedule hereto (such endorsement being prima
facie evidence that the payment in question has been made). 
 Cancellation 
 Cancellation of any Note represented by this temporary Global Note that is required by the Conditions to be cancelled (other than upon its redemption) shall be effected by reduction in the nominal amount of this
temporary Global Note representing such Note on its presentation to or to the order of the Issuing and Paying Agent for endorsement in the First Schedule hereto, whereupon the nominal amount hereof shall be reduced for all purposes by the amount so
cancelled and endorsed. 
 Issuer’s Options 
 Any
option of the Issuer provided for in the Conditions shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in and containing the information required by the Conditions, except that the notice shall not be
required to contain the serial numbers of Notes drawn in the case of a partial exercise of an option and accordingly no drawing of Notes shall be required. 
 Notices 
 Notices required to be given in respect of the Notes represented by this temporary Global Note may be given by their being
delivered (so long as this temporary Global Note is held on behalf of Euroclear and Clearstream, Luxembourg or any other clearing system) to Euroclear, Clearstream, Luxembourg or such other clearing system, as the case may be, or otherwise to the
holder of this temporary Global Note, rather than by publication as required by the Conditions, except that so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of that exchange so require, notices shall also be published
in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort). 
  

 6 

 No provision of this temporary Global Note shall alter or impair the obligation of the Issuer to pay the principal and
premium of and interest on the Notes when due in accordance with the Conditions. 
 This temporary Global Note shall not be valid or become obligatory for
any purpose until authenticated by or on behalf of the Issuing and Paying Agent. 
 This temporary Global Note is governed by and shall be construed in
accordance with English law. 
 In witness whereof the Issuer has caused this temporary Global Note to be duly signed on its behalf. 
 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
  
 CERTIFICATE OF AUTHENTICATION 
 This temporary Global Note is authenticated 
 by or on behalf of the Issuing and Paying Agent. 
 DEUTSCHE BANK AG LONDON  
 as Issuing and Paying Agent 
 By: 
  
 Authorised Signatory 
 For the purposes of authentication only. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS
UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
  

 7 

 The First Schedule 
 Nominal amount of Notes represented by this temporary Global Note 
 The following (i) issue of Notes initially
represented by this temporary Global Note, (ii) exchanges of the whole or a part of this temporary Global Note for interests in a permanent Global Note or (provided the exchange is in whole), for Definitive Notes and/or (iii) cancellations
or forfeitures of interests in this temporary Global Note have been made, resulting in the nominal amount of this temporary Global Note specified in the latest entry in the fourth column below: 
  

									
	 Date
	 	 Amount of
 decrease in
 nominal amount
 of this
 temporary
 Global Note
	 	 Reason for
 decrease in nominal
 amount of this
 temporary Global
 Note
(exchange,
 cancellation or
 forfeiture)
	 	 Nominal amount
 of this
 temporary
 Global Note on
 issue or
 following such
 decrease
	 	 Notation made
 by or on
 behalf of the
 Issuing and
 Paying
Agent

	 Issue Date
	 	not applicable	 	not applicable	 		 	

  

 8 

 The Second Schedule 
 [Insert the provisions of the relevant Pricing Supplement that relate to the Conditions or the Global Notes as the Second Schedule] 
  

 9 

 Schedule 1 
 Part B 
 Form of Permanent Global Note 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with
its corporate seat in 
 Haarlem, The Netherlands) 
 EURO MEDIUM TERM NOTE PROGRAMME 
 PERMANENT GLOBAL NOTE 
 Permanent Global Note No. [•] 
 This permanent
Global Note is issued in respect of the Notes (the “Notes”) of the Tranche(s) and Series specified in the Third Schedule hereto of VNU N.V. (the “Issuer”). 
 Interpretation and Definitions 
 References in this permanent Global
Note to the “Conditions” are to the Terms and Conditions applicable to the Notes (which are in the form set out in Schedule 2 Part B to the Trust Deed (as amended or supplemented as at the Issue Date, the “Trust
Deed”) dated 29 October 2002 as supplemented by a Supplemental Trust Deed dated 27 October 2003 between the Issuer, Deutsche Trustee Company Limited as trustee, as such form is supplemented and/or modified and/or superseded by the
provisions of this permanent Global Note (including the supplemental definitions and any modifications or additions set out in the Third Schedule hereto), which in the event of any conflict shall prevail). Other capitalised terms used in this
permanent Global Note shall have the meanings given to them in the Conditions or the Trust Deed. 
 Aggregate Nominal Amount 
 The aggregate nominal amount from time to time of this permanent Global Note shall be an amount equal to the aggregate nominal amount of the Notes as shall be shown by
the latest entry in the fourth column of the First Schedule hereto, which shall be completed by or on behalf of the Issuing and Paying Agent upon (i) the exchange of the whole or a part of the temporary Global Note initially representing the
Notes for a corresponding interest herein (in the case of Notes represented by a temporary Global Note upon issue), (ii) the issue of the Notes represented hereby (in the case of Notes represented by this permanent Global Note upon issue),
(iii) the exchange of the whole of this permanent Global Note for Definitive Notes (iv) the redemption or purchase and cancellation of Notes represented hereby and/or (v) in the case of Partly Paid Notes, the forfeiture of Notes
represented hereby in accordance with the Conditions relating to such Partly Paid Notes, all as described below. 
 Promise to Pay 
 Subject as provided herein, the Issuer, for value received, hereby promises to pay to the bearer of this permanent Global Note, upon presentation and (when no further
payment is due in respect of this permanent Global Note) surrender of this permanent Global Note, on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in accordance with the
Conditions) the amount payable upon redemption under the Conditions in respect of the aggregate nominal amount of Notes represented by this permanent Global Note and (unless this permanent Global Note does not bear interest) to pay interest in

  

 10 

 
respect of such aggregate nominal amount of Notes from the Interest Commencement Date in arrear at the rates, in the amounts and on the dates for payment
provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the Conditions. 
 Exchange 
 This permanent Global Note is exchangeable (free of charge to the holder) on or after the Exchange Date in
whole but not in part for the Definitive Notes represented by the Certificates described below: 
  

	1	by the Issuer giving notice to the Issuing and Paying Agent, the Trustee and the Noteholders of its intention to effect such exchange 

  

	2	otherwise, if this permanent Global Note is held on behalf of Euroclear or Clearstream, Luxembourg or any other clearing system (an “Alternative Clearing
System”) and any such clearing system is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so.

 “Exchange Date” means a day falling not less than 60 days, or in the case of failure to pay principal in respect of any
Note when due (where such failure is continuing beyond any applicable grace period) 30 days after that on which the notice requiring exchange is given and on which banks are open for business in the city in which the specified office of the Issuing
and Paying Agent is located and, except in the case of exchange pursuant to 2 above, in the cities in which Euroclear and Clearstream, Luxembourg or, if relevant, the Alternative Clearing System, are located. 
 Subject as provided in the Conditions applicable to Party Paid Notes, any such exchange may be effected on or after an Exchange Date by the holder of this permanent
Global Note surrendering this permanent Global Note to or to the order of the Issuing and Paying Agent. In exchange for this permanent Global Note, the Issuer shall deliver, or procure the delivery of, duly executed and authenticated Definitive
Notes in an aggregate nominal amount equal to the nominal amount of this permanent Global Note submitted for exchange (if appropriate, having attached to them all Coupons (and, where appropriate, Talons) in respect of interest, and all Receipts in
respect of Instalment Amounts, that have not already been paid on this permanent Global Note), security printed substantially in the form set out in Schedule 2 to the Trust Deed as supplemented and/or modified and/or superseded by the terms of the
Third Schedule hereto. 
 Benefit of Conditions 
 Except
as otherwise specified herein, this permanent Global Note is subject to the Conditions and the Trust Deed and, until the whole of this permanent Global Note is exchanged for Definitive Notes, the holder of this permanent Global Note shall in all
respects be entitled to the same benefits as if it were the holder of the Definitive Notes for which it may be exchanged and as if such Definitive Notes had been issued on the Issue Date. 
 Payments 
 No person shall be entitled to receive any payment in
respect of the Notes represented by this permanent Global Note that falls due after an Exchange Date for such Notes, unless upon due presentation of this permanent Global Note for exchange, delivery of Definitive Notes is improperly withheld or
refused by or on behalf of the Issuer or the Issuer does not perform or comply with any one or more of what are expressed to be its obligations under any Definitive Notes. 
  

 11 

 Payments in respect of this permanent Global Note shall be made to its holder against presentation and (if no further
payment falls to be made on it) surrender of it at the specified office of the Issuing and Paying Agent or of any other Paying Agent provided for in the Conditions. A record of each such payment shall be endorsed on the First or Second Schedule
hereto, as appropriate, by the Issuing and Paying Agent or by the relevant Paying Agent, for and on behalf of the Issuing and Paying Agent, which endorsement shall (until the contrary is proved) be prima facie evidence that the payment in
question has been made. 
 Prescription 
 Claims in
respect of principal and interest (as each is defined in the Conditions) in respect of this permanent Global Note shall become void unless it is presented for payment within a period of 10 years (in the case of principal) and 5 years (in the case of
interest) from the appropriate Relevant Date. 
 Meetings 
 The holder of this permanent Global Note shall (unless this permanent Global Note represents only one Note) be treated as 2 persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having
one vote in respect of each nominal amount of Notes equal to the minimum Specified Denomination of the Notes for which this permanent Global Note may be exchanged. 
 Cancellation 
 Cancellation of any Note represented by this permanent Global Note that is required by the Conditions to be cancelled (other
than upon its redemption) shall be effected by reduction in the nominal amount of this permanent Global Note representing such Note on its presentation to or to the order of the Issuing and Paying Agent for endorsement in the First Schedule hereto,
whereupon the nominal amount hereof shall be reduced for all purposes by the amount so cancelled and endorsed. 
 Purchase 
 Notes may only be purchased by the Issuer or any of its subsidiaries if they are purchased together with the right to receive all future payments of interest and
Instalment Amounts (if any) thereon. 
 Issuer’s Options 
 Any option of the Issuer provided for in the Conditions shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in and containing the information required by the Conditions, except that the notice
shall not be required to contain the serial numbers of Notes drawn in the case of a partial exercise of an option and accordingly no drawing of Notes shall be required. 
 Noteholders’ Options 
 Any option of the Noteholders provided for in the Conditions may be exercised by the
holder of this permanent Global Note giving notice to the Issuing and Paying Agent within the time limits relating to the deposit of Notes with a Paying Agent set out in the Conditions substantially in the form of the notice available from any
Paying Agent, except that the notice shall not be required to contain the serial numbers of the Notes in respect of which the option has been exercised, and stating the nominal amount of Notes in respect of which the option is exercised and at the
same time presenting this permanent Global Note to the Issuing and Paying Agent, or to a Paying Agent acting on behalf of the Issuing and Paying Agent, for notation accordingly in the Fourth Schedule hereto. 
  

 12 

 Notices 
 Notices
required to be given in respect of the Notes represented by this permanent Global Note may be given by their being delivered (so long as this permanent Global Note is held on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system)
to Euroclear, Clearstream, Luxembourg or such other clearing system, as the case may be, or otherwise to the holder of this permanent Global Note, rather than by publication as required by the Conditions, except that so long as the Notes are listed
on the Luxembourg Stock Exchange and the rules of that exchange so require, notices shall also be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort). 
 Negotiability 
 This permanent Global Note is a bearer document and
negotiable and accordingly: 
  

	1	is freely transferable by delivery and such transfer shall operate to confer upon the transferee all rights and benefits appertaining hereto and to bind the transferee with
all obligations appertaining hereto pursuant to the Conditions 

  

	2	the holder of this permanent Global Note is and shall be absolutely entitled as against all previous holders to receive all amounts by way of amounts payable upon redemption,
interest or otherwise payable in respect of this permanent Global Note and the Issuer has waived against such holder and any previous holder of this permanent Global Note all rights of set-off or counterclaim that would or might otherwise be
available to it in respect of the obligations evidenced by this Global Note and 

  

	3	payment upon due presentation of this permanent Global Note as provided herein shall operate as a good discharge against such holder and all previous holders of this
permanent Global Note. 

 No provisions of this permanent Global Note shall alter or impair the obligation of the Issuer to pay the principal
and premium of and interest on the Notes when due in accordance with the Conditions. 
 This permanent Global Note shall not be valid or become obligatory
for any purpose until authenticated by or on behalf of the Issuing and Paying Agent. 
 This permanent Global Note shall be governed by and construed in
accordance with English law. 
 In witness whereof the Issuer has caused this permanent Global Note to be duly signed on its behalf. 
 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
  

 13 

 CERTIFICATE OF AUTHENTICATION 
 This permanent Global Note is authenticated 
 by or on behalf of the Issuing and Paying Agent. 
 DEUTSCHE BANK AG LONDON 
 as Issuing and Paying Agent

 By: 
  
 Authorised Signatory 
 For the purposes of authentication only. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
  

 14 

 The First Schedule 
 Nominal amount of Notes represented by this permanent Global Note 
 The following (i) issues of Notes initially
represented by this permanent Global Note, (ii) exchanges of interests in a temporary Global Note for interests in this permanent Global Note, (iii) exchanges of the whole of this permanent Global Note for Definitive Notes,
(iv) cancellations or forfeitures of interests in this permanent Global Note and/or (v) payments of amounts payable upon redemption in respect of this permanent Global Note have been made, resulting in the nominal amount of this permanent
Global Note specified in the latest entry in the fourth column: 
  

									
	 Date
	 	 Amount of
 increase/decrease
 in nominal amount
 of this permanent
 Global
Note
	 	 Reason for
 increase/decrease in
 nominal amount of
 this permanent
 Global Note
(initial
 issue, exchange,
 cancellation,
 forfeiture or
 payment, stating
 amount of payment made)
	 	 Nominal amount
 of this permanent
 Global Note
 following such
 increase/decrease
	 	 Notation
 made by or
 on behalf of
 the Issuing
 and Paying

Agent

  

 15 

 The Second Schedule 
 Payments of Interest 
 The following payments of interest or Interest Amount in respect of this Permanent Global Note
have been made: 
  

							
	 Due date of payment
	 	 Date of payment
	 	 Amount of interest
	 	 Notation made by or on
 behalf of the Issuing and
 Paying
Agent

  

 16 

 The Third Schedule 
 [Insert the provisions of the relevant Pricing Supplement that relate to the Conditions or the Global Notes as the Third Schedule.] 
  

 17 

 The Fourth Schedule 
 Exercise of Noteholders’ Option 
 The following exercises of the option of the Noteholders provided for in the
Conditions have been made in respect of the stated nominal amount of this permanent Global Note: 
  

							
	 Date of exercise
	 	 Nominal amount of
 this permanent Global
 Note in respect
of
 which exercise is
 made
	 	 Date of which
 exercise of such
 option is effective
	 	 Notation made by or
 on behalf of the
 Issuing and
Paying
 Agent

  

 18 

 Schedule 2 
 Part A 
 Form of Definitive Note 
 On the front: 
  

							
	 [Denomination]
	 	 [ISIN]
	 	 [Series]
	 	 [Certif. No.]

	[•]	 		 		 	

 [Currency and denomination] 
 [Each transaction regarding this Note which involves physical delivery hereof shall be registered in accordance with the provisions of the Dutch Agreement of 2 February 1987 relating to the determination of a uniform code of conduct
regarding saving certificates (the “Agreement”) unless (i) this Note qualifies as commercial paper or as a certificate of deposit (as referred to in the Agreement) and (ii) the transaction is between professional
parties].* 
  

	*	Insert on the definitive bearer note if the Notes are subject to the provisions of the Dutch Savings Certificates Act and are not listed on Euronext Amsterdam.

 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with its corporate seat in 
 Haarlem, The Netherlands) 

EURO MEDIUM TERM NOTE PROGRAMME 
 Series No. [•] 
 [Title of issue] 
 This Note forms one of the Series of Notes referred to above (the “Notes”) of VNU N.V. (the “Issuer”) designated as specified in the title hereof. The Notes are subject to the Terms
and Conditions (the “Conditions”) endorsed hereon and are issued subject to, and with the benefit of, the Trust Deed referred to in the Conditions. Expressions defined in the Conditions have the same meanings in this Note.

 The Issuer for value received promises to pay to the bearer of this Note, on presentation and (when no further payment is due in respect of this Note)
surrender of this Note on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions and
(unless this Note does not bear interest) to pay interest from the Interest Commencement Date in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if
any) as may be payable under the Conditions, in accordance with the Conditions. 
 This Note shall not become valid or obligatory for any purpose until
authenticated by or on behalf of the Issuing and Paying Agent. 
  

 19 

 In witness whereof the Issuer has caused this Note to be signed on its behalf. 
 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
  
 CERTIFICATE OF AUTHENTICATION 
 This Note is authenticated 
 by or on behalf of the Issuing and Paying Agent. 
 DEUTSCHE BANK AG LONDON  
 as Issuing and Paying Agent 
 By: 
  
 Authorised Signatory 
 For the purposes of authentication only. 

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 [UNLESS BETWEEN INDIVIDUALS NOT ACTING IN
THE CONDUCT OF A PROFESSION OR BUSINESS, EACH TRANSACTION REGARDING THIS NOTE WHICH INVOLVES THE PHYSICAL DELIVERY THEREOF WITHIN, FROM OR INTO THE NETHERLANDS MUST BE EFFECTED (AS REQUIRED BY THE NETHERLANDS SAVINGS CERTIFICATES ACT (WET INZAKE
SPAARBEWIJZEN)) THROUGH THE MEDIATION OF THE ISSUER OR A MEMBER OF EURONEXT AMSTERDAM N.V. AND, UNLESS THIS NOTE QUALIFIES AS COMMERCIAL PAPER OR AS A CERTIFICATE OF DEPOSIT AND THE TRANSACTION IS BETWEEN PROFESSIONAL PARTIES, MUST BE RECORDED
IN A TRANSACTION NOTE WHICH INCLUDES THE NAME AND ADDRESS OF EACH PARTY TO THE TRANSACTION, THE NATURE OF THE TRANSACTION AND THE DETAILS AND SERIAL NUMBER OF THIS NOTE.]1 
  

	 1
	 Include on zero coupon or discounted bearer Notes and other bearer Notes on which interest does not
become due and payable during their term but only at maturity (spaarbewijzen as defined in the Netherlands Savings Certificates Act) and which are (a) not listed on Euronext Amsterdam and (b) physically issued within the Netherlands
or physically issued outside the Netherlands but distributed in the Netherlands immediately thereafter. 

  

 20Employment Arrangement, dated December 4, 2006

 Exhibit 10.6 
 

 
 Executive Board 
 David L Calhoun 
 Chairman & Chief Executive Officer 
 December 4, 2006 
 Susan Whiting 
 2082 North Benson Road 
 Fairfield, CT 06824 
 Dear Susan: 
 I am pleased to confirm our employment offer to you for the
position of EVP VNU, Chairman Nielsen Media Research, and advisor to the Supervisory Board. 
 In connection with your increased responsibilities, your
annualized base salary will be adjusted to $850,000, effective November 13, 2006 and payable in biweekly installments of $32,692.30. Your salary will be reviewed annually with other executives, and will at least remain at the new annual salary
level. 
 Your 2006 Annual Incentive Plan (AIP) target will be adjusted to $850,000, with payment based on the achievement of annual performance targets,
based upon EBITDA and to be determined by the CEO in good faith after consultation with you. 
 As a member of the senior management team, you have the
opportunity to make a purchase of common stock having an equity value of $1,000,000 (100,000 shares with an exercise price of $10 per share). The one million dollars ($1,000,000) of the equity investment is to be provided to the Company upon
implementation of the Equity Participation Program for VNU executives 
 As a result of this personal investment, you will receive $12,000,000 of stock
option face value of the Company, comprised of 900,000 stock options at an exercise price of $10 per option and 150,000 stock options at an exercise price of $20 per option. Attached please find the material governance terms for equity
participation. 
 You will also receive a restricted stock unit (RSU) grant of $1,000,000. Restrictions will lapse over a five (5) year time frame, with
20% of the RSUs vesting each year, commencing January 15, 2007. Terms and conditions are the same as with your stock options. 
 770
Broadway New York, NY 10003 

 You will also be covered by VNU’s Executive Severance Plan. The plan provides for separation payments of two years
of salary, plus a pro-rated annual incentive, and benefits continuation for 24 months, if you are terminated from VNU without cause, including in case of a change in control. 
 You will be eligible for reimbursement of up to $15,000 annually for tax and financial planning fees. Additionally, you will be eligible for reimbursement for expenses relating to an annual executive physical of up to
$2,500 annually. The Company paid apartment and garage expenses will continue as long as the NMR headquarters remain farther than 20 miles away from your home in Fairfield, Connecticut. Club dues will continue to be reimbursed at the current level.
Finally, you are eligible for an annual car allowance of $15,600. All executive perquisites will be grossed up. 
 Retiree medical remains in place as per
previously executed agreements. 
 Susan, I am very pleased that you will continue to play a key leadership role in the new VNU Company and look forward to
partnering with you. 
  

			
	 Sincerely,

	
	 /s/ David Calhoun

	David Calhoun
	 Chairman & CEO, VNU

		
	 Signature:
	 	 /s/ Susan Whiting

		 	Susan Whiting

 Date Accepted: 12/06/06

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