DECEMBER 8, 2016

NIELSEN 2016 ANALYST DAY

SARA GUBINSSVP – Investor Relations

WELCOME AND AGENDA

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FORWARD-LOOKING STATEMENTSThe following discussion contains forward-looking statements, including those about Nielsen’s outlook and prospects, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those which are not historical facts and may be identified by words such as ‘will’, ‘expect’, ‘anticipates’, ‘should’, ‘could’, ‘shall’ and similar expressions. These and other statements that relate to future results and events are based on Nielsen’s current expectations as of December 8, 2016.

These statements are subject to risks and uncertainties, and actual results and events could differ materially from what presently is expected. Factors leading thereto may include, without limitation, general economic conditions, conditions in the markets Nielsen is engaged in, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Nielsen’s business and specific risk factors discussed in press releases and public filings made by Nielsen (including our filings with the Securities and Exchange Commission). This list of factors is not intended to be exhaustive. Suchforward-looking statements only speak as of the date of these materials, and we assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.

Our outlook is provided for the purpose of providing information about current expectations for 2016, 2017 and our long term framework.

NON-GAAP INFORMATIONThe following discussion contains certain non-GAAP financial measures. See Appendix for additional information regarding the useof these measures, including a reconciliation of these measures to financial information presented in accordance with GAAP.

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AGENDAOPENING REMARKS (8:15am – 9:15am)

Breakfast & Nielsen Interactive

Welcome & Agenda (1) Sara Gubins, SVP – Investor Relations

Opening Remarks: Nielsen of Today & Tomorrow (2) Mitch Barns, Chief Executive Officer

Financial Goals & Capital Allocation (Book #2) Jamere Jackson, Chief Financial Officer

Q&A

GLOBAL BUY (9:15am – 10:40am)

Global Buy: State of the Marketplace & Our Plan to Succeed (3) Steve Hasker, President & Chief Operating Officer

Connected System: Helping Clients Measure & Improve Performance (4) Andrew Somosi, EVP – Buy Product Leadership

Connected System: Charter Client Interview Karen Fichuk, President – Lead Markets, NielsenMike Terpkosh, VP – Store Services, SUPERVALU Inc.

Q&A

Break

WATCH (10:40am – 11:30am)

Watch: State of the Marketplace (5) Steve Hasker, President & Chief Operating Officer

Total Audience: Evolving with the Changing Marketplace (6) Megan Clarken, President – Global Product Leadership

Q&A

Closing Remarks (7) Mitch Barns, Chief Executive Officer

LUNCH & NIELSEN INTERACTIVE (11:30am – 2:00pm)

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OUR GIFT TO YOU

Mission: Inspire and prepare young people to succeed in a global economy

Source: Junior Achievement Worldwide, website

100M living alumni

Alumni on six continents

Partners/schools in 100+ countries

Over 450,000 volunteers mobilized each year

Nielsen remains committed to serving the communities in which we live and work and helping to develop the next generation of global talent in a diverse and inclusive environment

Junior Achievement Worldwide

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NIELSEN INTERACTIVEYour chance to experience Nielsen’s innovation

Total Audience Measurement

Emerging Markets

Total Consumer Measurement (with e-Commerce)

Sustainability & Responsibility

Nielsen Ventures

Nielsen Sports

Marketing Cloud Platform (feat. NCS)

Priority InitiativesNielsen Marketing CloudNielsen Connected System

End to End Connected System

Connected Partners

Innovation Performance Apps

Sales & Merchandising Apps

TODAY AND TOMORROW

MITCH BARNS Chief Executive Officer

NIELSEN

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OUR GLOBAL BUY BUSINESS

Emerging Markets:

Continued high single digit growth

• Europe (+)

• Canada (+)

• Pacific (+)

• U.S. (-)

• India• China• Turkey• Brazil

• Mexico• Russia• Indonesia• Argentina

Developed Markets:

Mixed picture

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U.S. BUY BUSINESSThree Client Segments

Clients

• Growth challenging

• 3G effect

• Consolidation

Nielsen

• High market share

• Minimal growth

LARGE

Clients

• Some growth

• Active market

Nielsen

• Lower market share

• Opportunity (share)

MID-TIER

Clients

• Growing

• On trend with consumers

Nielsen

• Growing

• Opportunity (volume)

SMALL

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CONNECTED SYSTEM INITIATIVE

PERFECTLY ALIGNED WITH CLIENT NEEDS

DataExchange

Why?What Next?

What’s Happening?

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2016 WATCH HIGHLIGHTS

TELEVISION: ADDING RETURN PATH DATA, OUT OF HOME VIEWING

SVOD: OVER 15,000 PROGRAM EPISODES

DIGITAL CONTENT RATINGS: SYNDICATED IN SEPTEMBER

TOTAL CONTENT RATINGS: MULTI-PHASED SYNDICATION

NIELSEN MARKETING CLOUD: ~20% GROWTH IN MARKETING EFFECTIVENESS

UPFRONTS: TOTAL AUDIENCE POISED TO PLAY BIG ROLE IN 2017

DIGITAL AD RATINGS: EXPANDED TO 25 MARKETS; VIEWABILITY

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KEY MESSAGES

• Independent, third party

measurement remains

essential

• Our global footprint…

competitive advantage

• Syndicated, scalable business

Fundamentals Remain Strong

• Aligned with client needs

• Total Audience,

Nielsen Marketing Cloud,

Connected System

Confident in Strategy

• Strategy is what you do

• Talent, teamwork, grit

Proven Executors

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THE FUTURE OF NIELSEN

MEASUREMENT: 94TH YEAR, INDEPENDENCE, COVERAGE, GRANULARITY

INTEGRATING MULTIPLE DATA SOURCES

OPEN, COLLABORATIVE MODELS

CONNECTING MEASUREMENT WITH ANALYTICS, DRIVING ACTIVATION

TRANSITIONING TO DaaS / SaaS MODEL

MORE TECHNOLOGY CENTRIC, GROWING ROLE OF AUTOMATION

SPEED, EFFICIENCY, VALUE FOR OUR CLIENTS

VALUE FOR OUR SHAREHOLDERS

JAMERE JACKSON Chief Financial Officer

FINANCIAL GOALS & CAPITAL ALLOCATION

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COMPELLING FINANCIAL PERFORMANCE

* ’11 to ’16E CAGR ~4.3% ex Harris and AudioNote: FCF conversion: calculated as a percentage of Adj. EBITDA

• 6% CAGR from ’11 to ’16E*• 42 quarters of consecutive growth• Investing in key growth opportunities

• Syndicated business model & cost-out initiatives• ~3.4 pts of margin expansion ’11 to ’16E• Adj. EBITDA +9% CAGR from ‘11 to ‘16E

• Generated ~$3.7B of Free Cash Flow• 18% CAGR from ’11 to ’16E• 18 pts FCF conversion improvement ‘11 to ‘16E

• Tremendous flexibility to invest in growth• ~$2.5B+ back to shareholders from 2014-2016E

STRONG FREE CASH FLOW

BALANCED CAPITAL ALLOCATION

RESILIENT REVENUE GROWTH

MARGIN EXPANSION

RESULTS

WELL-POSITIONED TO DELIVER STRONG SHAREHOLDER RETURNS

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REITERATING 2016 GUIDANCE

Note: Revenue and Adj. EBITDA margin growth in constant currency

Total Revenue 3.5% - 4.0%

Adj. EBITDA margin growth 30 bps

Adj. Net Income Per Share $2.73 - $2.79

GAAP Net Income Per Share $1.32 - $1.36

Free Cash Flow ~$850M

Net book interest $325M - $335M

Cash taxes 14.0% - 14.5%

Cash restructuring $50M - $75M

Est. wtd. avg. diluted shares outstanding for FY 2016 ~362M

OTHER FINANCIAL METRICS

CONSISTENT WITH OCTOBER 2016 EARNINGS CALL

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BUY(Percentages reflected as constant currency)

~$1.1B

~$2.0B

~$3.3B

2016E

~$0.2B

Emerging

Developed

Corporate

(1.5)% – (1.0)%

2017E GROWTH RATE

8.0% – 10.0%

~(40)%

2.0% - 3.0%2017E Core Buy

2017E: TOTAL CORE BUY 2.0% – 3.0%...TOTAL BUY (0.5)% – 0.5%

DYNAMICS

• Emerging Markets: ‒ Continued investment in coverage‒ Local and MNC strength

• Planning for tougher developed environment: ‒ Flat volume and price in U.S.‒ Client productivity initiatives

• Corporate: ‒ Exiting U.S. consumer segmentation‒ Evaluating U.S. survey consumer research &

CPG consulting

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2017 CORE BUY PORTFOLIO MIX

Core Measurement

Innovation

Everyday Analytics Core Measurement

Everyday Analytics‒ Price‒ Promotion‒ Assortment

Innovation‒ New product evaluation

~75%

~15%

~10%

2017E Growth Rates

Low Single Digits

Low to Mid Single Digits

Low to Mid Single Digits

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WATCH(Percentages reflected as constant currency)

~$2.0B

2016E

Audio

Audience Measurement (Video/Text)

Corporate/ Other Watch

Marketing Effectiveness

15.0% – 20.0%

4.0% – 5.0%

DYNAMICS

~flat

~flat

4.5% - 5.5%2017E Core Watch

~$0.3B

~$3.0B

~$0.2B

~$0.5B

2017E: TOTAL WATCH 4.5% - 5.5%

2017E GROWTH RATE

• Continued strength in Marketing Effectiveness

• Consistent high margins and cash from Audio

• Audience Measurement driven by Total Audience

• Corporate/Other Watch: ‒ Evaluating telecom network performance

testing & Neuroscience

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2017 GUIDANCE

Note: Revenue and Adj. EBITDA margin growth in constant currency

Total Revenue : Core 3% - 4%

Total Revenue 2% - 3%

Adj. EBITDA margin growth 30 - 40 bps

GAAP Net Income Per Share $1.40 - $1.46

Leverage ~3.8x

Free Cash Flow 3% - 4%

Net book interest $342M - $350M

GAAP Tax Rate 38.0% - 38.5%

Restructuring $60M - $70M

Cash restructuring $100M - $110M

D&A $642M - $648M

Est. wtd. avg. diluted shares outstanding for FY 2017 ~358M

OTHER FINANCIAL METRICS

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FOREIGN CURRENCY IMPACT

2013PF REVENUE DISTRIBUTION

(a) Projected impact assumes rates in effect at 12/5/16 holds constant for the balance of 2016 and 2017. Also based on company estimates for future periods on distribution of revenue and Adj. EBITDA by currency.

61%9%

3%3%3%

21%

USD EUR CAD GBP CNY Other

2016E CURRENCY PROFILE – REVENUEPROJECTED FX IMPACT(a):

REPORTED VS CONSTANT CURRENCY

.

(110)

(180)(160)

(30)(80)

(120)

Revenue Adj. EBITDA

4Q16E FY16E FY17E

WE REPORT ON A CONSTANT CURRENCY BASIS TO REFLECT OPERATING PERFORMANCE

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BALANCED CAPITAL ALLOCATION

Dividend~45%

MandatoryDebt~15%

Buyback / Tuck-in BD

~40%

LONG TERM FCF DEPLOYMENT 2014 – 2016E ACTIVITY

DELIVERING SHAREHOLDER VALUE

• Grow the business‒ Innovation…Total Audience & Connected System‒ Inorganic…Tuck-ins

• Return cash to shareholders‒ Grow dividend in line with earnings‒ Share buybacks

PRIORITIES

• Generated $2.3B+ of Free Cash Flow

• Returned $2.5B+ back to shareholders

• Increased dividend 94% since inception

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LONG TERM OUTLOOK

Note: All growth rate measures represented on constant currency basis

THIS IS NIELSEN

DIVIDEND GROWTH IN LINE WITH EARNINGS GROWTH

GAAP EPS GROWTH DOUBLE DIGIT

FREE CASH FLOW CONVERSION 45-50% ADJ. EBITDA

MARGIN EXPANSION ~50 BPS

REVENUE GROWTH MID-SINGLE DIGIT

GLOBAL BUY: STATE OF THE MARKETPLACE & OUR PLAN TO SUCCEED

STEVE HASKERPresident & Chief Operating Officer

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FMCG MARKETS UNDERGOING SIGNIFICANT CHANGE

e-Commerce

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3.0%

1.9%

4.0%

2.1%

3.6%

1.8%

Emerging Markets

Developed Markets

INDUSTRY GROWTH IS IN EMERGING MARKETS

Source: The Conference Board Global Economic Outlook 2016

Global GDP Growth Forecasts: 2015-2025

2021-2025 2017-2020 2016

NLSN growth (’12 – ’16E CAGR)

+2.1%

+8.4%

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SMALLER U.S. FMCG MANUFACTURERS GROWING FASTER

Note: "Large" manufacturers defined as having $ Volumes greater than $1B in the 52 weeks ending Q3 2016. Under $1B for "Small & Medium". All data through Q3 2016.

Source: Nielsen Answers Total US All Outlets (w/ Convenience)

4.2%

1.3%

Small & Medium Large

U.S. FMCG Manufacturers’ Dollar Sales Growth (2-year CAGR)

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FMCG EBITDA MARGINS EXPANDING

Note: Average includes Church & Dwight, Colgate-Palmolive, Clorox, Dr Pepper Snapple Group Inc., Kimberly-Clark, The Coca-Cola Company, Pepsi, Procter & Gamble

Source: Deutsche Bank, Company Filings

23.0%

23.4%

23.8%

22.5%

23.3%

23.9%

25.0%

23.7%

24.4%24.3%

25.1%

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

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Move fasterAlign teams Know your consumers

Win in all channels

Prove ROI

CLIENT GROWTH IN TODAY’S ENVIRONMENT

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NIELSEN BUY ENVIRONMENT

• Comprehensive product reference data

• Deeply embedded core measurement

• Unique global footprint

• Multi-year contracts

• Primary clients mostly researchers

• Exposure to developed markets, MNCs and project-based analytics

• Increasing retailer data costs and competition

• Unconnected core measurement and everyday analytics

STRENGTHSCHALLENGES

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THE OPPORTUNITYFROM: TO:

Unconnected – core measurement & explanatory analytics

Integrated core measurement connected to everyday analytics (what? why? what next?)

1

2 Predominantly used by researchers

Broad set of users across FMCG clients (e.g., brand managers, sales, loyalty, research)

3 Offering skewed towards largest MNCsProduct easily scaled to meet next client tiers

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0

0.5

1

1.5

2

2.5

3

3.5

Retail Measurement Sales Effectiveness Innovation, Supply Chain,Other

Marketing Effectiveness

$ B

illio

ns

Nielsen (2015)

Other Providers

EXAMPLE: THE U.S. FMCG OPPORTUNITY

Source: 2015 McKinsey Global Media Report, eMarketer, Internal Competitive Intelligence

Underlying Growth Dynamic

~$2B

~$1B

~$1B+

~$3B

Price and PromotionAssortment

Product Examples

Retail Market ShareConsumer Panel

Innovation Performance Management

Marketing CloudMarketing Mix

ANDREW SOMOSIEVP – Buy Product Leadership

CONNECTED SYSTEM: HELPING CLIENTS MEASURE AND IMPROVE PERFORMANCE

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THE SOLUTION: A CONNECTED SYSTEM

DataExchange

Why?

What’s Happening?

WhatNext?

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NIELSEN CONNECTED SYSTEM

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business driversWhy?

data visualizationWhat’s Happening?

data exchangeAPI

data

NIELSEN

CONNECTED

PARTNER DATA

TOTAL

CONSUMER

TOTAL

AUDIENCE

CLIENT

DATA

PUBLIC

DATA

ECOSYSTEM

WhatNext?

appsinnovation • marketing • sales

2016: BUILDING THE FOUNDATION

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E-COMMERCE

US

FranceChina

e-Commerce Measurement in 11 Markets U.S. e-Commerce Insights

3% Average e-Com share across CPG categories

20% e-Com annual growth

40-70% Amazon e-Com share across CPG categories

Turkey

Singapore S. Korea

Chile

Spain

UK

Netherlands

Thailand

business drivers

data visualization

data exchange

data

apps

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Integrate Nielsen, client and partner data

Enrich and customize content

ENRICHMENT STUDIObusiness drivers

data visualization

data exchange

data

apps

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AUTOMATED BUSINESS DRIVERSbusiness drivers

data visualization

data exchange

data

apps

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NIELSEN APPSbusiness drivers

data visualization

data exchange

data

apps

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NIELSEN APPSbusiness drivers

data visualization

data exchange

data

apps

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PARTNER APPSbusiness drivers

data visualization

data exchange

data

apps

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open actionable(CONNECTED APPS)

personal

WHAT’S DIFFERENT?

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““Business Drivers will significantly reduce the time our analysts spend trying to determine why sales have changed.

MAJOR BEVERAGE MANUFACTURER

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““The platform flexibility anduser friendly design help in analyzing and understanding of the business for all users across the company.

PERSONAL CARE MANUFACTURER

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ONGOING, AGILE DEVELOPMENT AND ROLLOUT

Build the foundations with

charter clients

Expand to 20-30 clients

Agile rollout

2016 2017 2018

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CONNECTED SYSTEM: FINANCIAL OUTCOMES

Revenue

+ Data & software revenue less people intensive+ Connected Partner revenue less cost intensive+ Cost efficient technology architecture

+ Stronger value proposition for large, mid & small clients+ Analytics less lumpy…connected to core measurement+ Connected Partners…new revenue source+ Data & software revenue

Margins

EXPECTED TO LEAD TO A STRONGER, MORE PROFITABLE BUY BUSINESS

People-as-a-Service revenue

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2016 – BUILDING THE FOUNDATION AND TESTING WITH CHARTER CLIENTS

TAKEAWAYS

2017 – EXPAND TO 20-30 CLIENTS

CLIENTS ARE EXCITED ABOUT THE CONNECTED SYSTEM

NIELSEN BENEFITS FROM GROWTH THROUGH STICKINESS, CROSS-SELL AND SCALE

2018 – AGILE ROLLOUT

WATCH: STATE OF THE MARKETPLACE

STEVE HASKERPresident & Chief Operating Officer

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AMERICANS WATCHING LESS LIVE TV

Source: Nielsen

Total Day: Persons Using Television (Live)Year over Year Percent Change

P2-11 P12-17 P18-34 P35-49 P50-64 P65+

2008 vs 2007 -1% 0% 2% 2% 2% 2%

2009 vs 2008 1% -2% -2% -1% 0% 1%

2010 vs 2009 3% 1% -1% -1% 0% -1%

2011 vs 2010 -1% -4% -4% -1% 1% 1%

2012 vs 2011 -3% -4% -4% -1% 0% 1%

2013 vs 2012 -1% -5% -4% -4% 0% 2%

2014 vs 2013 -8% -10% -10% -5% -3% -1%

2015 vs 2014 -6% -14% -10% -4% -1% 0%

9 Months 2016

vs 9 Months 2015-7% -12% -5% -1% 1% 1%

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TRADITIONALLY DEFINED TV RATINGS REPLACED BY TIME SPENT ON DIGITAL DEVICES

-3.0

-1.0

1.0

3.0

5.0

7.0

9.0

6A

M

12

PM

6P

M

12

AM

TV TV-Connected Devices PC Smartphone Tablet Radio

Change in U.S. Audience 18-49 2015-2016

Source: Nielsen

Mill

ion

s

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VIEWING BUILDS AFTER DAY 7

Source: TCR Average Minute Audience (1/25/2016 to 3/6/2016) includes DVR and Recently-telecast VOD (RT VOD) audiences

918

1,184 1,238 1,265 1,267 1,268

0

200

400

600

800

1,000

1,200

1,400

1/25/2016 2/1/2016 2/8/2016 2/15/2016 2/22/2016 2/29/2016

Week of

Total +38%

Digital +135%

VOD + 0%

DVR +39%

Live TV +37%

IncreaseWeek 1 – Week 6

Digital Lift (Week 6) = 3%

Rolling Avg Audience Delivery (P18-49)

Tho

usa

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CONSUMPTION CHANGES OVER FIVE WEEKSOriginal episode aired in Week 1 – Consumption shifts to DVR, Digital

Source: Total Content Ratings 1/25/2016 to 2/28/2016

25% 70%

79%

71%

73%

60%

2%

3%

21%

29%

27%

40%

0% 20% 40% 60% 80% 100%

Week 1

Week 2

Week 3

Week 4

Week 5

Live TV DVR VOD Total Digital

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UNPRECEDENTED GLOBAL FOOTPRINT FOR INTERNATIONAL TOTAL AUDIENCE EXPANSION

Watch & Buy Coverage

Buy Coverage Only

WATCH: 80% OF GLOBAL AD SPEND; DAR NOW IN 25 MARKETS

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DIGITAL PURE PLAYS ARE FOCUSING ON VIDEO

Digital Publisher Video Initiative Nielsen Client

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THE WORLD IS GOING ADDRESSABLE

TARGETED ADVERTISING (AUDIENCE BUYS)

REACH ADVERTISING (LINEAR BUYS)

AD AD AD AD

Pet Lover Beer Drinker Avid Hiker Car Buyer

AD

MEGAN CLARKENPresident – Global Product Leadership

TOTAL AUDIENCE: EVOLVING WITH THE CHANGING MARKETPLACE

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FOUR KEY PILLARS OF TOTAL AUDIENCE MEASUREMENT

MEASUREMENT OF CONSUMER MEDIA EXPOSURE ACROSS

PLATFORMS

1

COMPARABLE MEASUREMENT

2

RATINGS FOR VIDEO, AUDIO

AND TEXT

3

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4: MEASUREMENT OF CONTENT & ADS SEPARATELY

Total Ad Ratings Total Content Ratings

TOTAL AUDIENCE

Includes:

Digital Content Ratings+

TV Program Ratings

Includes:

Digital Ad Ratings+

C3/C7

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MOVING THE MARKET USING TOTAL AUDIENCE

Execute

• Build of scalable architecture and software complete

2015

Transact

• TCR full syndication

• DCR syndication complete

2017

Evaluate

• ~50 networks VOD

• +25 networks Digital

• Secondary crediting capability

• 5 MVPDs + networks digital C3/7 – now transacting

Adopt

• Parallel industry reporting, framework in place

2016

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We’re hoping we can make Total Audience the currency in the next upfront, Scanzoni says. We have to go there.

Total audience ratings represents another significant step toward getting paid for the

audience we are actually delivering,. And with viewing habits changing this will become

a very big number," Moonves said.“ ”

“ ”

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BUILDING FOR AN ADDRESSABLE FUTURE

TARGETED ADVERTISING (AUDIENCE BUYS)

REACH ADVERTISING (LINEAR BUYS)

AD AD AD AD AD

COMPARABLE CROSS-PLATFORM REACH MEASUREMENT (AGE/GENDER)

AUDIENCE SCORES (DEMO+)

ROI SCORES

Pet Lover Beer Drinker Avid Hiker Car Buyer

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INFORMING CMO DECISION-MAKINGPlanning, activation and analysis via Nielsen’s Marketing Cloud

PERSONS LEVEL BIG DATA BACKBONE

ACTIVATEPREDICT AND PLAN ANALYZE

LIFESTYLE

TOTAL AUDIENCE

1ST PARTY PARTNERSHIP

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CONNECTING WATCH TO BUYInforming the CMO creates further demand for Total Audience Measurement

business driversWhy?

visualizationWhat’s Happening?

data exchangeAPI

data

NIELSEN

CONNECTED

PARTNER DATA

TOTAL

CONSUMER

TOTAL

AUDIENCE

CLIENT

DATA

PUBLIC

DATA

ECOSYSTEM

WhatNext?

appsinnovation • marketing • sales

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TOTAL AUDIENCE: DELIVERING ON THE NEEDS OF THE INDUSTRY – TODAY AND TOMORROW

TOTAL AUDIENCE IS FOUNDATIONAL FOR AN ADDRESSABLE WORLD

TOTAL AUDIENCE IS A CRUCIAL PART OF THE EVOLVING CURRENCY

BUILDING OUT A BUY AND SELL SIDE DEPENDENCY FOR THE FUTURE

TOTAL AUDIENCE IS HERE – DELIVERED

ONLY NIELSEN CAN

CLOSING REMARKS

APPENDIX

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CERTAIN NON-GAAP MEASURESOverview of Non-GAAP PresentationsWe use the non-GAAP financial measures discussed below to evaluate the results of our operations. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations, cash flows and indebtedness and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s operating performance and liquidity. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data the Company has determined that it is appropriate to make this data available to all investors. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance and financial condition, liquidity or indebtedness derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. A reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measure has not been provided in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts as a result of certain of the adjustments utilized, including the impact of foreign exchange and income taxes.

Constant Currency PresentationWe evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. No adjustment has been made to foreign currency exchange transaction gains or losses in the calculation of constant currency net income.

Net Debt and Net Debt Leverage RatioThe 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.

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CERTAIN NON-GAAP MEASURESAdjusted EBITDA

We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, stock-based compensation expense and other non-operating items from our consolidated statements of operations as well as certain other items that arise outside the ordinary course of our continuing operations. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors.

Adjusted Net Income

We define Adjusted Net Income as net income or loss from our consolidated statements of operations before income taxes, depreciation and amortization associated with acquired tangible and intangible assets, restructuring charges, other non-operating items from our consolidated statements of operations and certain other items that arise outside the ordinary course of our continuing operations, reduced by cash paid for income taxes.

Free Cash FlowWe define free cash flow as net cash provided by operating activities, plus the excess tax benefit on stock-based compensation, less capital expenditures, net. We believe providing free cash flow information provides valuable supplemental liquidity information regarding the cash flow that may be available for discretionary use by us in areas such as the distributions of dividends, repurchase of common stock, voluntary repayment of debt obligations or to fund our strategic initiatives, including acquisitions, if any. However, free cash flow does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from free cash flow. Key limitations of the free cash flow measure include the assumptions that we will be able to refinance our existing debt when it matures and meet other cash flow obligations from financing activities, such as principal payments on debt. Free cash flow is not a presentation made in accordance with GAAP.

(continued)

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RESILIENT REVENUE GROWTH($ billions)

Note: Figures are as reported, CAGR and revenue growth in constant currency. ’11 to ’16 CAGR ~4.3% ex Harris and Audio.

BUY

WATCH $5.3 $5.4 $5.7$6.3 $6.2

6% CAGR

• Core measurement resilient

• New client wins

• Accelerating growth in emerging markets

• Total Audience Measurement

• Marketing Effectiveness growing double-digits

• Portfolio transformation

~$6.3

CONSISTENT & RESILIENT BUSINESS MODEL

2011 - 2016E

Total CC % 5.6% 4.1% 6.4% 12.4% 5.0% 3.5 - 4.0%

Watch CC % 5.2% 4.8% 11.7% 21.3% 4.9% 4.5 - 6.5%

Buy CC % 5.8% 3.6% 3.1% 6.3% 5.0% 1.5 - 2.0%

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2011 2012 2013 2014 2015 2016E

STRONG CONSISTENT FINANCIAL PERFORMANCE

Note: Figures are as reported, Adj. EBITDA CAGR represented in constant currency. FCF conversion: calculated as a percentage of Adj. EBITDA.

27.2% 27.8% 28.4% 29.2% 30.1%Margins

ADJUSTED EBITDA ($B)

9% CAGR

$1.5 $1.5$1.6

$1.8 ~$1.9$1.9

~31%

2011 2012 2013 2014 2015 2016E

$376$426

$573

$681

~$85018% CAGR

FCF Conversion

26% 28% 35% 37%

$804

43% ~44%

FREE CASH FLOW ($M)

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ADJUSTED NET INCOME AND ADJUSTED EBITDA RECONCILIATION($ in millions except per share amounts. Year ended December 31 for all years)

(a) Other items primarily consist of transaction related costs, a $36 million donation to the Nielsen foundation (2015), sponsor termination fees (2011), and acquisition adjustments

Net income $575 $381 $736 $272 $87(Income)/ loss from discontinued operations, net of tax – – (305) (30) (26)

Interest expense, net 307 297 307 386 443Provision / (benefit) for income taxes 383 236 91 122 6

Depreciation and amortization 574 573 510 493 502EBITDA 1,839 1,487 1,339 1,243 1,012

Equity in net (income)/ loss of affiliates 3 4 (2) (5) (3)Other non-operating loss/(income), net (175) 171 34 135 219

Restructuring charges 51 89 119 85 83Stock-based compensation expense 48 47 47 34 27

Other items (a) 92 39 80 12 112

Adjusted EBITDA 1,858 1,837 1,617 1,504 1,450Interest expense, net (307) (297) (307) (386) (443)

Depreciation and amortization (574) (573) (510) (493) (502)Depreciation and amortization of acquisition-related

tangible and intangible assets 205 204 162 145 161

Cash paid for income taxes (159) (154) (147) (124) (132)Stock-based compensation expense (48) (47) (47) (34) (27)

Interest expense attributable to mandatory convertible bonds – – 2 23 21

Adjusted net income 975 970 770 635 528Adjusted net income per share of common stock, diluted $2.63 $2.52 $2.02 $1.69 $1.44

2015 2014 2013 2012 2011

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WEIGHTED AVERAGE SHARES OUTSTANDING($ in millions except per share amounts. Year ended December 31 for all years)

Weighted-average shares of common stock outstanding as of December 31, basic

366,996,788 379,333,037 375,797,629 361,787,868 352,469,181

Dilutive shares of common stock from stock compensation plans 3,961,016 5,038,415 5,130,337 4,523,116 5,032,773

Shares of common stock convertible associated with the mandatory convertible bonds

– – 896,994 10,416,700 9,531,994

Weighted-average shares of common stock outstanding as of December 31, diluted

370,957,804 384,371,452 381,824,960 376,727,684 367,033,948

20112015 2013 20122014

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FREE CASH FLOW RECONCILIATION($ in millions. Year ended December 31 for all years)

Net cash provided by operating activities $1,179 $1,093 $901 $784 $641

Excess tax benefit on stock based compensation (2015) / Sponsor termination fee (2011) 26 – – – 102

One-time Arbitron costs – – 46 – –

Capital expenditures, net (401) (412) (374) (358) (367)

Free Cash Flow $804 $681 $573 $426 $376

20112015 2013 20122014

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NET DEBT AND NET DEBT LEVERAGE RATIO RECONCILIATION($ in millions. Year ended December 31 for all years)

Note: 2013 is ProForma and includes nine months of Arbitron Adj. EBITDA of $117 million

Gross debt $7,338 $6,812 $6,640 $6,296 $6,475

Less: cash and cash equivalents 357 273 564 288 319

Net debt $6,981 $6,539 $6,076 $6,008 $6,156

Adjusted EBITDA $1,858 $1,837 $1,734 $1,602 $1,546

Net debt leverage ratio 3.8x 3.6x 3.5x 3.8x 4.0x

20112015 2013 20122014

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ADJUSTED NET INCOME TO GAAP NET INCOME RECONCILIATION(in millions except per share amounts. Year ended December 31 for all years)

(a) Other non-operating loss/(income), net consist of foreign currency gains and losses, a $158 million gain recorded from the step acquisition of NCS (2015), a $100 million, $115 million and $231 million charge related to debt refinancing in 2014, 2012 and 2011, respectively.

(b) Other items primarily consist of transaction related costs, a $36 million donation to the Nielsen foundation (2015), sponsor termination fees (2011), and acquisition adjustments

Adjusted Net income $975 $970 $770 $635 $528Adjusted net income per share of common stock, diluted $2.63 $2.52 $2.02 $1.69 $1.44

Provision for income taxes (383) (236) (91) (122) (6)Other non-operating loss/(income), net (a) 175 (171) (34) (135) (219)

Restructuring charges (51) (89) (119) (85) (83)Depreciation and amortization of acquisition-related tangible and

intangible assets (205) (204) (162) (145) (161)

Equity in net (income)/ loss of affiliates (3) (4) 2 5 3Cash paid for income taxes 159 154 147 124 132

Net income attributable to non-controlling interests (5) 3 4 1 (3)Interest expense attributable to mandatory convertible bonds – – (2) (23) (21)

Other items (b) (92) (39) (80) (12) (112)Net income from continuing operations $570 $384 $435 $243 $58Net income from continuing operations

per share of common stock, diluted $1.54 $1.00 $1.14 $0.66 $0.17

Non-GAAP Weighted-average shares of common stock outstanding, diluted 371 384 382 377 367Less: Shares of common stock convertible associated with the mandatory

convertible bonds– – (1) (10) (10)

GAAP Weighted-average shares of common stock outstanding, diluted 371 384 381 367 357

2015 2014 2013 2012 2011

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WATCH RE-ORGANIZATION: IMPACT ON REVENUE

2016 2015 2014

Note: Figures are as reported, revenue growth in constant currency

Prior Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Marketing Effectiveness $ 67 $ 84 $ 87 $ 238 $ 52 $ 74 $ 68 $ 88 $ 282 $ 44 $ 62 $ 65 $ 68 $ 239

Audio 120 123 137 380 120 121 141 122 504 118 122 127 131 498

Audience Measurement 472 491 496 1,459 445 458 458 479 1,840 434 443 448 459 1,784

Other Watch 35 46 41 122 43 54 48 56 201 56 67 54 67 244

Total Watch $ 694 $ 744 $ 761 $ 2,199 $ 660 $ 707 $ 715 $ 745 $ 2,827 $ 652 $ 694 $ 694 $ 725 $ 2,765

Revised Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Marketing Effectiveness $ 58 $ 71 $ 75 $ 204 $ 48 $ 64 $ 61 $ 78 $ 251 $ 40 $ 56 $ 58 $ 61 $ 215

Audio 120 123 137 380 120 121 141 122 504 118 122 127 131 498

Audience Measurement 472 491 496 1,459 445 458 458 479 1,840 434 443 448 459 1,784

Core Watch 650 685 708 2,043 613 643 660 679 2,595 592 621 633 651 2,497

Corporate / Other Watch 44 59 53 156 47 64 55 66 232 60 73 61 74 268

Total Watch $ 694 $ 744 $ 761 $ 2,199 $ 660 $ 707 $ 715 $ 745 $ 2,827 $ 652 $ 694 $ 694 $ 725 $ 2,765

Revised Y/Y Growth Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Marketing Effectiveness 20.8% 12.7% 25.0% 19.3% 26.3% 16.4% 8.9% 27.9% 19.5% 11.1% 5.7% 20.8% 19.6% 14.4%

Audio 0.8% 1.7% -2.8% -0.3% 1.7% -0.8% 11.0% -6.9% 1.2% F F F -3.7% F

Audience Measurement 7.5% 7.9% 8.5% 8.0% 5.5% 6.8% 5.8% 7.6% 6.4% 6.0% 6.5% 6.2% 6.5% 6.3%

Core Watch 7.3% 7.2% 7.6% 7.4% 6.1% 6.1% 7.1% 6.6% 6.5% 33.0% 32.1% 34.7% 4.8% 24.5%

Corporate / Other Watch -6.4% -7.8% -3.6% -6.0% -19.0% -8.6% -5.2% -7.0% -9.7% 1.7% 0.0% -7.6% -1.3% -1.8%

Total Watch 6.3% 5.8% 6.7% 6.3% 3.6% 4.7% 6.1% 5.2% 4.9% 29.4% 28.3% 29.2% 4.0% 21.3%

($ in millions)

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BUY RE-ORGANIZATION: IMPACT ON REVENUE

2016 2015 2014

Note: Figures are as reported, revenue growth in constant currency

Prior Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Emerging $ 243 $ 270 $ 267 $ 780 $ 249 $ 270 $ 253 $ 272 $ 1,044 $ 260 $ 286 $ 290 $ 297 $ 1,133

Developed 550 582 542 1,674 549 582 563 607 2,301 577 614 588 611 2,390

Total Buy $ 793 $ 852 $ 809 $ 2,454 $ 798 $ 852 $ 816 $ 879 $ 3,345 $ 837 $ 900 $ 878 $ 908 $ 3,523

Revised Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Emerging $ 243 $ 270 $ 267 $ 780 $ 249 $ 270 $ 253 $ 272 $ 1,044 $ 260 $ 286 $ 290 $ 297 $ 1,133

Developed 515 527 509 1,551 506 535 516 553 2,110 539 565 543 553 2,200

Core Buy 758 797 776 2,331 755 805 769 825 3,154 799 851 833 850 3,333

Corporate 35 55 33 123 43 47 47 54 191 38 49 45 58 190

Total Buy $ 793 $ 852 $ 809 $ 2,454 $ 798 $ 852 $ 816 $ 879 $ 3,345 $ 837 $ 900 $ 878 $ 908 $ 3,523

Revised Y/Y Growth Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY

Emerging 10.0% 8.9% 8.5% 9.1% 10.2% 9.3% 6.3% 8.4% 8.5% 8.3% 9.2% 10.3% 10.0% 9.5%

Developed 3.8% -0.4% 0.0% 1.1% 2.2% 3.3% 2.8% 5.7% 3.5% 2.7% 3.7% -0.5% 0.9% 1.7%

Core Buy 5.7% 2.6% 2.8% 3.6% 4.7% 5.2% 3.9% 6.6% 5.1% 4.4% 5.5% 3.0% 3.9% 4.2%

Corporate -18.6% 14.6% -29.8% -10.9% 13.2% -2.1% 6.8% -3.6% 2.7% 52.0% 81.5% 60.7% 65.7% 65.2%

Total Buy 4.3% 3.3% 0.9% 2.8% 5.1% 4.8% 4.1% 5.9% 5.0% 5.9% 7.9% 4.9% 6.4% 6.3%

($ in millions)