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Nielsen Reports Second Quarter 2012 Results

Adjusted Net Income and Adjusted Net Income per share of common stock are not presentations made in accordance with GAAP.

The below table presents a reconciliation from net income/(loss) to Adjusted EBITDA and Adjusted Net Income and a reconciliation from weighted-average shares outstanding on a GAAP basis to diluted shares outstanding for the three and six months ended June 30, 2012 and 2011, respectively:

    Three Months Ended

June 30,

(Unaudited)

  Six Months Ended

June 30,

(Unaudited)

(IN MILLIONS EXCEPT SHARE AND PER SHARE DATA)   2012   2011 2012   2011
Net income/(loss) $ 103 $ 69 $ 128 $ (112 )
Loss from discontinued operations, net of tax 1
Interest expense, net 106 112 211 251
Provision/(benefit) for income taxes 38 39 45 (95 )
Depreciation and amortization   127       135     258     271  
EBITDA 374 355 642 316
Equity in net income of affiliates (4 ) (3 ) (2 ) (1 )
Other non-operating (income)/expense, net (6 ) 1 9 225
Restructuring charges 16 23 53 46
Stock-based compensation expense 6 6 14 10
Other items (a)   3       4     5     110  
Adjusted EBITDA 389 386 721 706
Interest expense, net (106 ) (112 ) (211 ) (251 )
Depreciation and amortization (127 ) (135 ) (258 ) (271 )
Depreciation and amortization associated with acquisition-related tangible and intangible assets 40 49 82 99
Cash paid for income taxes (39 ) (32 ) (62 ) (63 )
Stock-based compensation expense (6 ) (6 ) (14 ) (10 )
Interest expense attributable to mandatory convertible bonds   6       5     12     9  
Adjusted Net Income $ 157     $ 155   $ 270   $ 219  
Adjusted Net Income per share of common stock, diluted $ 0.42 $ 0.41 $ 0.72 $ 0.61
Weighted-average shares of common stock outstanding, basic 361,528,675 358,792,103 361,205,184 345,100,814
Dilutive shares of common stock 4,347,044 5,411,316 4,665,666 4,999,486
Shares of common stock convertible associated with the mandatory convertible bonds 10,416,700 10,416,700 10,416,700 8,704,129
Weighted-average shares of common stock outstanding, diluted   376,292,419       374,620,119     376,287,550     358,804,429  

(a) Other items primarily consist of Sponsor Advisory Fees (including termination payments of $102 million for the six months ended June 30, 2011), costs related to public offerings and other transaction-related costs.

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