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Nielsen Reports Second Quarter 2012 Results

Net Debt and Net Debt Leverage Ratio

The net debt leverage ratio is defined as net debt (gross debt less cash and cash equivalents) as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Net debt and the net debt leverage ratio are commonly used metrics to evaluate and compare leverage between companies and are not presentations made in accordance with GAAP. The calculation of net debt and the net debt leverage ratio as of June 30, 2012 is as follows:

Total indebtedness as of June 30, 2012   $ 6,843
Less: mandatory convertible subordinated bonds due 2013   288
Gross debt as of June 30, 2012 6,555
Less: cash and cash equivalents as of June 30, 2012   283
Net debt as of June 30, 2012 $ 6,272
Adjusted EBITDA for the year ended December 31, 2011 $ 1,546
Less: Adjusted EBITDA for the six months ended June 30, 2011 706
Add: Adjusted EBITDA for the six months ended June 30, 2012   721
Adjusted EBITDA for the twelve months ended June 30, 2012 $ 1,561
Net debt leverage ratio 4.0x

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