Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

There were 258,463,857 shares of the registrant’s Common Stock outstanding as of June 30, 2013.

The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report with the reduced disclosure format.

	Three Months Ended June 30,						Six Months Ended June 30,
(IN MILLIONS)	2013			2012			2013			2012
Revenues	$	1,386		$	1,342		$	2,705		$	2,615
Cost of revenues, exclusive of depreciation and amortization shown separately below		580			549			1,159			1,099
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below		432			428			874			865
Depreciation and amortization		126			120			247			243
Restructuring charges		8			16			43			53
Operating income		240			229			382			355
Interest income		—			1			1			2
Interest expense		(73	)		(95	)		(149	)		(189	)
Foreign currency exchange transaction losses, net		(4	)		(3	)		(16	)		(13	)
Other income/(expense), net		—			10			(12	)		4
Income from continuing operations before income taxes and equity in net income of affiliates		163			142			206			159
Provision for income taxes		(46	)		(37	)		(64	)		(38	)
Equity in net income of affiliates		4			4			3			2
Income from continuing operations		121			109			145			123
Income from discontinued operations, net of tax		307			3			319			17
Net income		428			112			464			140
Net income/(loss) attributable to noncontrolling interests		—			1			(1	)		1
Net income attributable to The Nielsen Company B.V.	$	428		$	111		$	465		$	139

The accompanying notes are an integral part of these condensed consolidated financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
(IN MILLIONS)	2013			2012			2013			2012
Net income	$	428		$	112		$	464		$	140
Other comprehensive (loss)/income, net of tax
Foreign currency translation adjustments (1)		(107	)		(85	)		(134	)		2
Available for sale securities (2)		3			(4	)		6			(4	)
Changes in the fair value of cash flow hedges (3)		6			—			8			(1	)
Defined benefit pension plan adjustments (4)		16			—			20			2
Total other comprehensive loss		(82	)		(89	)		(100	)		(1	)
Total comprehensive income		346			23			364			139
Less comprehensive (loss)/income attributable to noncontrolling interests		(3	)		1			(2	)		1
Total comprehensive income attributable to The Nielsen Company B.V.	$	349		$	22		$	366		$	138

The accompanying notes are an integral part of these condensed consolidated financial statements.

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)	June 30, 2013 (Unaudited)			December 31, 2012
Assets:
Current assets
Cash and cash equivalents	$	1,154		$	287
Trade and other receivables, net of allowances for doubtful accounts and sales returns of $ 39 and $ 38 as of June 30, 2013 and December 31, 2012, respectively		1,104			1,110
Prepaid expenses and other current assets		280			278
Total current assets		2,538			1,675
Non-current assets
Property, plant and equipment, net		535			560
Goodwill		6,691			7,352
Other intangible assets, net		4,330			4,555
Deferred tax assets		167			169
Other non-current assets		276			272
Total assets	$	14,537		$	14,583
Liabilities and equity:
Current liabilities
Accounts payable and other current liabilities	$	836		$	971
Deferred revenues		281			373
Income tax liabilities		89			56
Current portion of long-term debt, capital lease obligations and short-term borrowings		363			362
Total current liabilities		1,569			1,762
Non-current liabilities
Long-term debt and capital lease obligations		5,920			5,941
Deferred tax liabilities		951			1,006
Other non-current liabilities		550			616
Total liabilities		8,990			9,325
Commitments and contingencies (Note 11)
Equity:
Stockholders’ equity
7% preferred stock, 8.00 par value, 150,000 shares authorized, issued and outstanding		1			1
Common stock, 0.20 par value, 550,000,000 shares authorized and 258,463,857 shares issued at June 30, 2013 and December 31, 2012		58			58
Additional paid-in capital		6,457			6,533
Accumulated deficit		(594	)		(1,059	)
Accumulated other comprehensive loss, net of income taxes		(422	)		(323	)
Total Nielsen stockholders’ equity		5,500			5,210
Noncontrolling interests		47			48
Total equity		5,547			5,258
Total liabilities and equity	$	14,537		$	14,583

The accompanying notes are an integral part of these condensed consolidated financial statements.

	Six Months Ended June 30,
(IN MILLIONS)	2013			2012
Operating Activities
Net income	$	464		$	140
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense		21			14
Gain on sale of discontinued operations		(303	)		—
Currency exchange rate differences on financial transactions and other losses		34			7
Equity in net income of affiliates, net of dividends received		(1	)		3
Depreciation and amortization		258			258
Changes in operating assets and liabilities, net of effect of businesses acquired and divested:
Trade and other receivables, net		(65	)		(13	)
Prepaid expenses and other current assets		(32	)		(27	)
Accounts payable and other current liabilities and deferred revenues		(117	)		(253	)
Other non-current liabilities		(4	)		(2	)
Interest payable		8			9
Income taxes		7			(14	)
Net cash provided by operating activities		270			122
Investing Activities
Acquisition of subsidiaries and affiliates, net of cash acquired		(19	)		(74	)
Proceeds from sale of subsidiaries and affiliates, net		934			—
Additions to property, plant and equipment and other assets		(55	)		(50	)
Additions to intangible assets		(115	)		(102	)
Net cash provided by/(used in) investing activities		745			(226	)
Financing Activities
Net borrowings under revolving credit facility		—			215
Proceeds from issuances of debt, net of issuance costs		1,890			1,209
Repayment of debt		(1,911	)		(1,359	)
Increase in other short-term borrowings		2			8
Capital contributions (to)/from parent		(90	)		4
Activity under stock plans		(7	)		(1	)
Other financing activities		(10	)		(9	)
Net cash (used in)/provided by financing activities		(126	)		67
Effect of exchange-rate changes on cash and cash equivalents		(22	)		—
Net increase/(decrease) in cash and cash equivalents		867			(37	)
Cash and cash equivalents at beginning of period		287			318
Cash and cash equivalents at end of period	$	1,154		$	281
Supplemental Cash Flow Information
Cash paid for income taxes	$	(66	)	$	(62	)
Cash paid for interest, net of amounts capitalized	$	(149	)	$	(192	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

The Nielsen Company B.V. (“Nielsen” or the “Company”), together with its subsidiaries, is a leading global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behavior. Nielsen is aligned into two reporting segments: what consumers buy (“Buy”) and what consumers watch (“Watch”). In June 2013, Nielsen completed the sale of its Expositions operating segment (see Note 4, Discontinued Operations, for more information). The Company’s condensed consolidated statements of operations reflect the Expositions operating segment as a discontinued operation. Nielsen has a presence in approximately 100 countries, with its headquarters located in Diemen, the Netherlands and New York, USA. Nielsen’s parent company, Valcon Acquisition B.V. (“Valcon”), is a wholly-owned subsidiary of Nielsen Holdings N.V. (“Holdings”).

The accompanying condensed consolidated financial statements are unaudited but, in the opinion of management, contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the Company’s financial position and the results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) applicable to interim periods. For a more complete discussion of significant accounting policies, commitments and contingencies and certain other information, refer to the consolidated financial statements included in the Company’s Current Report on Form 8-K filed with the Security and Exchange Commission on June 19, 2013. All amounts are presented in U.S. Dollars (“$”), except for share data or where expressly stated as being in other currencies, e.g., Euros (“€”). The condensed consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. The Company has evaluated events occurring subsequent to June 30, 2013 for potential recognition or disclosure in the condensed consolidated financial statements and concluded there were no subsequent events that required recognition or disclosure.

Nielsen has operations in both the Buy and Watch segments in Venezuela and the functional currency for these operations was the Venezuelan bolivares fuertes. Venezuela’s currency was considered hyperinflationary as of January 1, 2010 and further, in January 2010, Venezuela’s currency was devalued and a new currency exchange rate system was announced. In 2010, Nielsen evaluated the new exchange rate system and concluded that the local currency transactions will be denominated in U.S. dollars effective as of January 1, 2010 and until Venezuela’s currency is deemed to be non-hyperinflationary.

In February 2013, the Venezuelan government devalued its currency by 32%. The official exchange rate moved from 4.30 to 6.30 and the regulated System of Transactions with Securities in Foreign Currency market was suspended. As a result of this change Nielsen recorded a charge of $12 million during the first quarter of 2013 in the foreign currency exchange transaction losses, net line in the condensed consolidated statement of operations primarily reflecting the write-down of monetary assets and liabilities.

In February 2013, the FASB issued an accounting update “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. The Company has presented the significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification in Note 6 to these condensed consolidated financial statements. This amended guidance does not have any other impact on the Company’s condensed consolidated financial statements.

In March 2013, the FASB issued an accounting update, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. The amendment requires an entity that ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. This guidance is effective for Nielsen interim and annual reporting periods in 2014. The adoption of this update is not expected to have a significant impact on the Company’s condensed consolidated financial statements.

For the six months ended June 30, 2013, Nielsen paid cash consideration of $19 million associated with both current period and previously executed acquisitions, net of cash acquired. Had the current period acquisitions occurred as of January 1, 2013, the impact on Nielsen’s consolidated results of operations would not have been material.

For the six months ended June 30, 2012, Nielsen paid cash consideration of $74 million associated with both current period and previously executed acquisitions, net of cash acquired. Had the current period acquisitions occurred as of January 1, 2012, the impact on Nielsen’s consolidated results of operations would not have been material.

In June 2013, the Company completed the sale of its expositions business, which operates one of the largest portfolios of business-to-business trade shows and conference events in the United States, for total cash consideration of $950 million and recorded a gain of $303 million. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

In March 2013, Nielsen completed the exit and shut down of one of its legacy online businesses and recorded a net loss of $3 million associated with this divestiture. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

	Three Months Ended June 30,						Six Months Ended June 30,
(IN MILLIONS)	2013			2012			2013			2012
Revenue	$	43		$	43		$	103		$	110
Operating income		11			8			35			37
Interest expense		(3	)		(6	)		(8	)		(12	)
Income from operations before income taxes		8			2			27			25
Provision for income taxes		(4	)		—			(11	)		(10	)
Income from operations		4			2			16			15
Net income attributable to noncontrolling interests		—			1			—			2
Gain on sale, net of tax		303			—			303			—
Income from discontinued operations	$	307		$	3		$	319		$	17

Nielsen allocated a portion of its consolidated interest expense to discontinued operations based upon the ratio of net assets sold as a proportion of consolidated net assets. For the three and six months ended June 30, 2013 and 2012, interest expense of $3 million and $6 million, respectively and $8 million and $12 million, respectively, was allocated to discontinued operations.

Following are the major categories of cash flows from discontinued operations, as included in Nielsen’s condensed consolidated statements of cash flows:

The table below summarizes the changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2013.

At June 30, 2013, $71 million of the goodwill is expected to be deductible for income tax purposes.

(IN MILLIONS)	Gross Amounts				Accumulated Amortization
(IN MILLIONS)	June 30, 2013		December 31, 2012		June 30, 2013			December 31, 2012
Indefinite-lived intangibles:
Trade names and trademarks	$	1,921	$	1,921	$	—		$	—

Amortized intangibles:
Trade names and trademarks	$	126	$	128	$	(50	)	$	(46	)
Customer-related intangibles		2,599		2,882		(835	)		(886	)
Covenants-not-to-compete		24		36		(15	)		(25	)
Computer software		1,393		1,316		(866	)		(804	)
Patents and other		95		90		(62	)		(57	)
Total	$	4,237	$	4,452	$	(1,828	)	$	(1,818	)

Amortization expense associated with the above intangible assets was $79 million and $71 million for the three months ended June 30, 2013 and 2012, respectively. These amounts included amortization expense associated with computer software of $43 million and $36 million for the three months ended June 30, 2013 and 2012, respectively.

The amortization expense for the six months ended June 30, 2013 and 2012 was $154 million and $144 million, respectively. These amounts included amortization expense associated with computer software of $82 million and $73 million for the six months ended June 30, 2013 and 2012, respectively.

6. Changes in and Reclassification out of Accumulated Other Comprehensive Loss by Component

The table below summarizes the changes in accumulated other comprehensive loss, net of tax by component for the six months ended June 30, 2013.

	Currency Translation Adjustments			Available- for-Sale Securities		Cash Flow Hedges			Post Employment Benefits			Total
(IN MILLIONS)
Balance December 31, 2012	$	(13	)	$	—	$	(13	)	$	(297	)	$	(323	)
Other comprehensive (loss)/income before reclassifications		(134	)		6		3			13			(112	)
Amounts reclassified from accumulated other comprehensive (loss)/income		—			—		5			7			12
Net current period other comprehensive (loss)/income		(134	)		6		8			20			(100	)
Net current period other comprehensive loss attributable to noncontrolling interest		(1	)		—		—			—			(1	)
Net current period other comprehensive (loss)/income attributable to Nielsen stockholders		(133	)		6		8			20			(99	)
Balance June 30, 2013	$	(146	)	$	6	$	(5	)	$	(277	)	$	(422	)

The table below summarizes the reclassification of accumulated other comprehensive loss by component for the three and six months ended June 30, 2013.

(a) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost.

A summary of the changes in the liabilities for restructuring activities is provided below:

Nielsen recorded $8 million and $16 million in restructuring charges, primarily relating to severance cost, for the three months ended June 30, 2013 and 2012, respectively. Nielsen recorded $43 million and $53 million in restructuring charges for the six months ended June 30, 2013 and 2012, respectively, primarily relating to severance and contract termination costs.

Of the $60 million in remaining liabilities for restructuring actions, $48 million is expected to be paid within one year and is classified as a current liability within the condensed consolidated balance sheet as of June 30, 2013.

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance.

The Company’s financial assets and liabilities are measured and recorded at fair value, except for equity method investments, cost method investments, and long-term debt. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012:

(IN MILLIONS)	June 30, 2013		Level 1		Level 2		Level 3
Assets:
Investments in equity securities⁽¹⁾	$	24	$	24	$	—	$	—
Plan assets for deferred compensation⁽²⁾		24		24		—		—
Investment in mutual funds⁽³⁾		2		2		—		—
Total	$	50	$	50	$	—	$	—
Liabilities:
Interest rate swap arrangements⁽⁴⁾	$	9	$	—	$	9	$	—
Deferred compensation liabilities⁽⁵⁾		24		24		—		—
Total	$	33	$	24	$	9	$	—

Nielsen uses interest rate swap derivative instruments principally to manage the risk that changes in interest rates will affect the cash flows of its underlying debt obligations.

To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. Nielsen documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions as well as the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Nielsen recognizes all derivatives at fair value either as assets or liabilities in the consolidated balance sheets and changes in the fair values of such instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, Nielsen recognizes the changes in fair value of these instruments in accumulated other comprehensive income/(loss).

Nielsen manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that Nielsen has with any individual bank and through the use of minimum credit quality standards for all counterparties. Nielsen does not require collateral or other security in relation to derivative financial instruments. A derivative contract entered into between Nielsen or certain of its subsidiaries and a counterparty that was also a lender under Nielsen’s senior secured credit facilities at the time the derivative contract was entered into is guaranteed under the senior secured credit facilities by Nielsen and certain of its subsidiaries (see Note 9—Long-term Debt and Other Financing Arrangements for more information). Since it is Nielsen’s policy to only enter into derivative contracts with banks of internationally acknowledged standing, Nielsen considers the counterparty risk to be remote.

It is Nielsen’s policy to have an International Swaps and Derivatives Association (“ISDA”) Master Agreement established with every bank with which it has entered into any derivative contract. Under each of these ISDA Master Agreements, Nielsen agrees to settle only the net amount of the combined market values of all derivative contracts outstanding with any one counterparty should that counterparty default. Certain of the ISDA Master Agreements contain cross-default provisions where if the Company either defaults in payment obligations under its credit facility or if such obligations are accelerated by the lenders, then the Company could also be declared in default on its derivative obligations. At June 30, 2013, Nielsen had no material exposure to potential economic losses due to counterparty credit default risk or cross-default risk on its derivative financial instruments.

Nielsen is exposed to cash flow interest rate risk on the floating-rate U.S. Dollar and Euro Term Loans, and uses floating-to-fixed interest rate swaps to hedge this exposure. For these derivatives, Nielsen reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income/(loss) and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction.

As of June 30, 2013 the Company had the following outstanding interest rate swaps utilized in the management of its interest rate risk:

Nielsen expects to recognize approximately $10 million of net pre-tax losses from accumulated other comprehensive loss to interest expense in the next 12 months associated with its interest-related derivative financial instruments.

The fair values of the Company’s derivative instruments as of June 30, 2013 and December 31, 2012 were as follows:

The pre-tax effect of derivative instruments in cash flow hedging relationships for the three months ended June 30, 2013 and 2012 was as follows:

The pre-tax effect of derivative instruments in cash flow hedging relationships for the six months ended June 30, 2013 and 2012 was as follows:

The Company is required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. The Company’s equity method investments, cost method investments, and non-financial assets, such as goodwill, intangible assets, and property, plant and equipment, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized.

The Company did not measure any material non-financial assets or liabilities at fair value during the three or six months ended June 30, 2013.

	June 30, 2013							December 31, 2012
(IN MILLIONS)	Weighted Interest Rate			Carrying Amount		Fair Value		Weighted Interest Rate			Carrying Amount		Fair Value
$1,610 million Senior secured term loan due 2013				$	—	$	—				$	218	$	218
$2,386 million Senior secured term loan due 2016					—		—					2,315		2,324
$2,532 million Senior secured term loan (LIBOR based variable rate of 2.94%) due 2016					2,520		2,522					—		—
$1,222 million Senior secured term loan (LIBOR based variable rate of 2.19%) due 2017					1,146		1,146					1,176		1,173
227 million Senior secured term loan due 2013					—		—					34		34
273 million Senior secured term loan due 2016					—		—					347		347
289 million Senior secured term loan (Euro LIBOR based variable rate of 3.06%) due 2016					375		378					—		—
$635 million senior secured revolving credit facility (Euro LIBOR or LIBOR based variable rate) due 2016					—		—					—		—
Total senior secured credit facilities (with weighted-average interest rate)		2.90	%		4,041		4,046		3.46	%		4,090		4,096
$215 million 11.625% senior debenture loan due 2014					212		223					209		232
$1,080 million 7.75% senior debenture loan due 2018					1,083		1,166					1,084		1,211
$800 million 4.50% senior debenture loan due 2020					800		778					800		794
Total debenture loans (with weighted-average interest rate)		7.65	%		2,095		2,167		7.60	%		2,093		2,237
Other loans					4		4					1		1
Total long-term debt		4.52	%		6,140		6,217		4.86	%		6,184		6,334
Capital lease and other financing obligations					108							107
Short-term debt					28							7
Bank overdrafts					7							5
Total debt and other financing arrangements					6,283							6,303
Less: Current portion of long-term debt, capital lease and other financing obligations and other short-term borrowings					363							362
Non-current portion of long-term debt and capital lease and other financing obligations				$	5,920						$	5,941

The fair value of the Company’s long-term debt instruments was based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities and such fair value measurements are considered Level 1 or Level 2 in nature, respectively.

In December 2012, the Company signed a definitive agreement to acquire Arbitron Inc. (NYSE: ARB), an international media and marketing research firm, for $48 per share in cash (the “Transaction”). In addition, the Company entered into a commitment for an unsecured note or unsecured loan of up to $1,300 million (the “Commitment Letter”) to fund the closing of the Transaction. As of June 30, 2013, there were no borrowings outstanding under the Commitment Letter.

In April 2013, Arbitron’s shareholders voted to approve the Transaction, which remains subject to customary closing conditions, including regulatory review.

In February 2013, the Second Amended and Restated Senior Secured Credit Agreement was amended and restated to provide for a new class of term loans (the “Class E Term Loans”) in an aggregate principal amount of $2,532 million and €289 million, the proceeds of which were used to repay or replace in full a like amount of our existing Class A Term Loans maturing August 9, 2013, Class B Term Loans maturing May 1, 2016 and Class C Term Loans maturing May 1, 2016. As a result of this transaction, the Company recorded a charge of $12 million primarily related to the write-off of previously capitalized deferred financing fees associated with the Class A, B and C term loans to other expense, net in the condensed consolidated statement of operations.

The Class E Term Loans will mature in full on May 1, 2016 and are required to be repaid in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of Class E Term Loans, with the balance payable on May 1, 2016. Class E Term Loans denominated in dollars bear interest equal to, at our election, a base rate or eurocurrency rate, in each case plus an applicable margin, which is equal to 1.75% (in the case of base rate loans) or 2.75% (in the case of eurocurrency rate loans). Class E Term Loan denominated in Euros bear interest equal to the eurocurrency rate plus an applicable margin of 3.00%. The newly Amended and Restated Senior Secured Credit Agreement contains substantially the same affirmative and negative covenants as those of the Existing Credit Agreement, other than certain amendments to the limitation on the ability of Nielsen and certain of its subsidiaries and affiliates to incur indebtedness and make investments.

The effective tax rates for the three months ended June 30, 2013 and 2012 were 28% and 26%, respectively. The tax rate for the three months ended June 30, 2013 was higher than the statutory rate as a result of the tax impact of the accrual for future audit settlements offset by the favorable impact of 2012 return to provision adjustments as well as the favorable impact of certain financing activities. The tax rate for the three months ended June 30, 2012 was higher than the statutory rate as the favorable impact of certain financing activities was offset slightly by the tax rate differences in other jurisdictions where the Company files tax returns.

The effective tax rate for the six months ended June 30, 2013 and 2012 were 31% and 24%, respectively. The tax rates for the six months ended June 30, 2013 was higher than statutory rate as a result of the tax impact of the Venezuela currency revaluation and accrual for future audit settlements offset by the favorable 2012 return to provision adjustments as well as the favorable impact of certain financing activities and release of tax contingencies. The tax rate for the six months ended June 30, 2012 was lower than the statutory expense rate as the favorable impact of certain financing activities was offset slightly by the tax rate differences in other jurisdictions where the Company files tax returns.

Liabilities for unrecognized income tax benefits totaled $93 million and $94 million as of June 30, 2013 and December 31, 2012, respectively. If the Company’s tax positions are favorably sustained by the taxing authorities, the reversal of the underlying liabilities would reduce the Company’s effective tax rate in future periods.

The Company files numerous consolidated and separate income tax returns in the U.S. Federal jurisdiction and in many state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal income tax examinations for 2006 and prior periods. In addition, the Company has subsidiaries in various states, provinces and countries that are currently under audit for years ranging from 2010 through 2011.

The Canadian Tax Authorities recently completed the tax examination for tax year 2007 and, it is anticipated that the examination for tax years 2008, 2009 and 2010 will be concluded within the next twelve to eighteen months. To date, the Company is not aware of any material adjustments not already accrued related to any of the current Federal, state or foreign audits under examination.

brought against us by Sunbeam stating that Sunbeam failed to show that any competitor was “willing and able” to enter the local television ratings market in Miami and was excluded from that market by us. The Court also determined that Sunbeam could not prove that the current ratings for Sunbeam’s local station WSVN are less accurate than they would be under a prospective competitor’s methodology. The Court deferred ruling on the remaining ancillary claims, including breach of contract and violation of Florida’s Deceptive and Unfair Trade Practices Act. Subsequent to the court’s decision, Sunbeam voluntarily dismissed with prejudice the remaining claims in the case so that all claims have been dismissed. Sunbeam appealed the court’s dismissal of the antitrust claims. On March 4, 2013, the U.S. Court of Appeals for the Eleventh Judicial Circuit affirmed the lower court’s decision to dismiss the claims. On March 22, 2013, Sunbeam filed a petition for rehearing the case. The petition was denied on May 13, 2012.

Nielsen is subject to litigation and other claims in the ordinary course of business, some of which include claims for substantial sums. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be determined, the Company does expect that the ultimate disposition of these matters will not have a material adverse effect on its operations or financial condition. However, depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect the Company’s future results of operations or cash flows in a particular period.

In February 2013, the Company amended its Amended and Restated Master Services Agreement (the “MSA”), dated as of October 1, 2007 with Tata America International Corporation and Tata Consultancy Services Limited (jointly, “TCS”). The term of the MSA has been extended for an additional three years, so as to expire on December 31, 2020, with a one-year renewal option granted to Nielsen. In addition, the Company has increased its commitment to purchase services from TCS (the “Minimum Commitment”) from $1.0 billion to $2.5 billion over the life of the contract (from October 1, 2007), including a commitment to purchase at least $100 million in services per year (the “Annual Commitment”). TCS’ charges under the separate Global Infrastructure Services Agreement between the parties will be credited against the Minimum Commitment and the Annual Commitment. TCS will continue to globally provide the Company with professional services relating to information technology (including application development and maintenance), business process outsourcing, client service knowledge process outsourcing, management sciences, analytics, and financial planning and analytics. As Nielsen orders specific services under the Agreement, the parties will execute Statements of Work (“SOWs”) describing the specific scope of the services to be performed by TCS. The amount of the Minimum Commitment and the Annual Commitment may be reduced on the occurrence of certain events, some of which also provide the Company with the right to terminate the Agreement or SOWs, as applicable.

On March 25, 2013, Cyprus and certain members of the European Union reached an agreement on measures intended to restore the viability of the financial sector of Cyprus. As part of these measures Cyprus has agreed to downsize its local financial sector including:

As a result of this agreement, the Company recorded a charge of $4 million during the first quarter of 2013 in Selling, General and Administrative expenses in the statement of operations representing the uninsured deposits either contributed to make up losses of Cyprus Popular Bank or converted into Class A shares of BoC, as described above. The Company does not expect this agreement to significantly impact future operating results

The Company aligns its operating segments in order to conform to management’s internal reporting structure, which is reflective of service offerings by industry. Management aggregates such operating segments into two reporting segments: what consumers buy (“Buy”), consisting principally of market research information and analytical services; and what consumers watch (“Watch”), consisting principally of television, online and mobile audience and advertising measurement and corresponding analytics. In June

2013, Nielsen completed the sale of its Expositions reporting segment (see Note 4, Discontinued Operations, for more information). The Company’s condensed consolidated statements of operations reflect the Expositions reporting segment as a discontinued operation.

Corporate consists principally of unallocated items such as certain facilities and infrastructure costs as well as intersegment eliminations. Certain corporate costs, other than those described above, including those related to selling, finance, legal, human resources, and information technology systems, are considered operating costs and are allocated to the Company’s segments based on either the actual amount of costs incurred or on a basis consistent with the operations of the underlying segment. Information with respect to the operations of each of Nielsen’s business segments is set forth below based on the nature of the services offered and geographic areas of operations.

(IN MILLIONS)	Buy		Watch		Expositions		Corporate			Total
Three Months Ended June 30, 2013
Revenues	$	867	$	519	$	—	$	—		$	1,386
Depreciation and amortization	$	54	$	70	$	—	$	2		$	126
Restructuring charges	$	6	$	4	$	—	$	(2	)	$	8
Stock-based compensation	$	4	$	2	$	—	$	5		$	11
Operating income/(loss)	$	107	$	157	$	—	$	(23	)	$	240
Total assets as of June 30, 2013	$	6,739	$	6,699	$	—	$	1,099		$	14,537

(IN MILLIONS)	Buy		Watch		Expositions		Corporate			Total
Three Months Ended June 30, 2012
Revenues	$	849	$	493	$	—	$	—		$	1,342
Depreciation and amortization	$	49	$	68	$	—	$	3		$	120
Restructuring charges	$	8	$	7	$	—	$	1		$	16
Stock-based compensation	$	2	$	1	$	—	$	3		$	6
Operating income/(loss)	$	110	$	137	$	—	$	(18	)	$	229
Total assets as of December 31, 2012	$	6,885	$	6,706	$	758	$	234		$	14,583

(IN MILLIONS)	Buy		Watch		Corporate			Total
Six Months Ended June 30, 2013
Revenues	$	1,692	$	1,013	$	—		$	2,705
Depreciation and amortization	$	105	$	138	$	4		$	247
Restructuring charges	$	18	$	11	$	14		$	43
Stock-based compensation	$	7	$	4	$	10		$	21
Operating income/(loss)	$	160	$	279	$	(57	)	$	382

(IN MILLIONS)	Buy		Watch		Corporate			Total
Six Months Ended June 30, 2012
Revenues	$	1,648	$	967	$	—		$	2,615
Depreciation and amortization	$	102	$	136	$	5		$	243
Restructuring charges	$	39	$	12	$	2		$	53
Stock-based compensation	$	4	$	3	$	7		$	14
Operating income/(loss)	$	145	$	248	$	(38	)	$	355

The following supplemental financial information sets forth for the Company, its subsidiaries that have issued certain debt securities (the “Issuers”) and its guarantor and non-guarantor subsidiaries, all as defined in the credit agreements, the condensed consolidating balance sheet as of June 30, 2013 and December 31, 2012, condensed consolidating statements of operations for three and six months ended June 30, 2013 and 2012 and condensed consolidating statement cash flows for months ended June 30, 2013 and 2012. The Senior Notes are jointly and severally guaranteed on an unconditional basis by Nielsen and, each of the direct and indirect wholly-owned subsidiaries of Nielsen, including VNU Intermediate Holding B.V., Nielsen Holding and Finance B.V., VNU International B.V., TNC (US) Holdings, Inc., VNU Marketing Information, Inc. and ACN Holdings, Inc., and the wholly-owned subsidiaries thereof, including the wholly-owned U.S. subsidiaries of ACN Holdings, Inc., in each case to the extent that such entities

provide a guarantee under the senior secured credit facilities. The issuers are the Nielsen Finance LLC and Nielsen Finance Co., both wholly-owned subsidiaries of ACN Holdings, Inc. and subsidiary guarantors of the debt issued by Nielsen.

Nielsen is a holding company and does not have any material assets or operations other than ownership of the capital stock of its direct and indirect subsidiaries. All of Nielsen’s operations are conducted through its subsidiaries, and, therefore, Nielsen is expected to continue to be dependent upon the cash flows of its subsidiaries to meet its obligations.

(IN MILLIONS)	Parent			Issuers			Guarantor			Non- Guarantor			Elimination			Consolidated
Revenues	$	—		$	—		$	681		$	705		$	—		$	1,386
Cost of revenues, exclusive of depreciation and amortization shown separately below		—			—			250			330			—			580
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below		—			—			207			225			—			432
Depreciation and amortization		—			—			93			33			—			126
Restructuring charges		—			—			—			8			—			8
Operating income		—			—			131			109			—			240
Interest income		—			151			11			5			(167	)		—
Interest expense		—			(73	)		(154	)		(13	)		167			(73	)
Foreign currency exchange transaction income/(expense), net		—			—			—			(4	)		—			(4	)
Other income/(expense), net		—			—			45			(45	)		—			—
Income from continuing operations before income taxes and equity in net income of subsidiaries and affiliates		—			78			33			52			—			163
Provision for income taxes		—			(28	)		(13	)		(5	)		—			(46	)
Equity in net income of subsidiaries		428			—			97			—			(525	)		—
Equity in net income of affiliates		—			—			3			1			—			4
Income from continuing operations		428			50			120			48			(525	)		121
Income/(loss) from discontinued operations, net of tax		—			—			308			(1	)		—			307
Net income		428			50			428			47			(525	)		428
Total other comprehensive (loss)/income		(82	)		3			(82	)		(73	)		152			(82	)
Total comprehensive income/(loss)		346			53			346			(26	)		(373	)		346
Comprehensive loss attributable to noncontrolling interests		—			—			—			(3	)		—			(3	)
Total comprehensive income/(loss) attributable to controlling interest	$	346		$	53		$	346		$	(23	)	$	(373	)	$	349

(IN MILLIONS)	Parent			Issuer			Guarantor			Non- Guarantor			Elimination			Consolidated
Revenues	$	—		$	—		$	659		$	683		$	—		$	1,342
Cost of revenues, exclusive of depreciation and amortization shown separately below		—			—			240			309			—			549
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below		—			—			204			224			—			428
Depreciation and amortization		—			—			91			29			—			120
Restructuring charges		—			—			5			11			—			16
Operating income		—			—			119			110			—			229
Interest income		1			138			15			7			(160	)		1
Interest expense		—			(94	)		(144	)		(17	)		160			(95	)
Foreign currency exchange transaction losses, net		—			—			—			(3	)		—			(3
Other income/(expense), net		—			—			94			(84	)		—			10
Income from continuing operations before income taxes and equity in net income of subsidiaries and affiliates		1			44			84			13			—			142
Provision for income taxes		—			(9	)		(22	)		(6	)		—			(37	)
Equity in net income of subsidiaries		110			—			42			—			(152	)		—
Equity in net income of affiliates		—			—			3			1			—			4
Income from continuing operations		111			35			107			8			(152	)		109
Income from discontinued operations, net of tax		—			—			3			—			—			3
Net income		111			35			110			8			(152	)		112
Less net income attributable to noncontrolling interests		—			—			—			1			—			1
Net income attributable to controlling interest		111			35			110			7			(152	)		111
Total other comprehensive (loss)/income		(89	)		12			(72	)		(148	)		208			(89	)
Total comprehensive income/(loss)		22			47			38			(140	)		56			23
Comprehensive income attributable to noncontrolling interests		—			—			—			1			—			1
Total comprehensive income/(loss) attributable to controlling interests	$	22		$	47		$	38		$	(141	)	$	56		$	22

(IN MILLIONS)	Parent			Issuers			Guarantor			Non- Guarantor			Elimination			Consolidated
Revenues	$	—		$	—		$	1,338		$	1,367		$	—		$	2,705
Cost of revenues, exclusive of depreciation and amortization shown separately below		—			—			508			651			—			1,159
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below		—			—			417			457			—			874
Depreciation and amortization		—			—			185			62			—			247
Restructuring charges		—			—			19			24			—			43
Operating income		—			—			209			173			—			382
Interest income		—			298			24			9			(330	)		1
Interest expense		—			(150	)		(304	)		(25	)		330			(149	)
Foreign currency exchange transaction losses, net		—			—			—			(16	)		—			(16	)
Other (expense)/income, net		—			(12	)		64			(64	)		—			(12	)
Income from continuing operations before income taxes and equity in net income of subsidiaries and affiliates		—			136			(7	)		77			—			206
Provision for income taxes		—			(48	)		—			(16	)		—			(64	)
Equity in net income of subsidiaries		465			—			148			—			(613	)		—
Equity in net income of affiliates		—			—			1			2			—			3
Income from continuing operations		465			88			142			63			(613	)		145
Income from discontinued operations, net of tax		—			—			323			(4	)		—			319
Net income		465			88			465			59			(613	)		464
Net loss attributable to noncontrolling interest		—			—			—			(1	)		—			(1	)
Net income attributable to controlling interest		465			88			465			60			(613	)		465
Total other comprehensive (loss)/income		(99	)		11			(99	)		(136	)		223			(100	)
Total other comprehensive loss attributable to noncontrolling interest		—			—			—			(1	)		—			(1	)
Total other comprehensive (loss)/income attributable to controlling interest		(99	)		11			(99	)		(135			223			(99	)
Total comprehensive income/(loss)		366			99			366			(77	)		(390	)		364
Total comprehensive loss attributable to noncontrolling interest		—			—			—			(2	)		—			(2	)
Total comprehensive income/(loss) attributable to controlling interest	$	366		$	99		$	366		$	(75	)	$	(390	)	$	366

(IN MILLIONS)	Parent			Issuers			Guarantor			Non- Guarantor			Elimination			Consolidated
Revenues	$	—		$	—		$	1,280		$	1,335		$	—		$	2,615
Cost of revenues, exclusive of depreciation and amortization shown separately below		—			—			479			620			—			1,099
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below		—			—			414			451			—			865
Depreciation and amortization		—			—			187			56			—			243
Restructuring charges		—			—			14			39			—			53
Operating income		—			—			186			169			—			355
Interest income		2			277			32			15			(324	)		2
Interest expense		(1	)		(189	)		(290	)		(33	)		324			(189	)
Foreign currency exchange transaction losses, net		—			—			(1	)		(12	)		—			(13	)
Other (expense)/income, net		—			(6	)		113			(103	)		—			4
Income from continuing operations before income taxes and equity in net income of subsidiaries and affiliates		1			82			40			36			—			159
Provision for income taxes		—			(23	)		(5	)		(10	)		—			(38	)
Equity in net income of subsidiaries		138			—			83			—			(221	)		—
Equity in net income of affiliates		—			—			1			1			—			2
Income from continuing operations		139			59			119			27			(221	)		123
Income from discontinued operations, net of tax		—			—			19			(2	)		—			17
Net income		139			59			138			25			(221	)		140
Less net income attributable to noncontrolling interest		—			—			—			1			—			1
Net income attributable to controlling interest		139			59			138			24			(221	)		139
Total other comprehensive (loss)/income		(1	)		4			5			(32	)		23			(1	)
Total comprehensive income/(loss)		138			63			143			(7	)		(198	)		139
Comprehensive income attributable to noncontrolling interest		—			—			—			1			—			1
Total comprehensive income/(loss) attributable to controlling interests	$	138		$	63		$	143		$	(8	)	$	(198	)	$	138

(IN MILLIONS)	Parent		Issuers		Guarantor		Non- Guarantor		Elimination			Consolidated
Assets:
Current assets
Cash and cash equivalents	$	—	$	—	$	876	$	278	$	—		$	1,154
Trade and other receivables, net		—		—		383		721		—			1,104
Prepaid expenses and other current assets		—		11		142		127		—			280
Intercompany receivables		—		187		199		117		(503	)		—
Total current assets		—		198		1,600		1,243		(503	)		2,538
Non-current assets
Property, plant and equipment, net		—		—		308		227		—			535
Goodwill		—		—		4,549		2,142		—			6,691
Other intangible assets, net		—		—		3,904		426		—			4,330
Deferred tax assets		10		—		81		76		—			167
Other non-current assets		—		35		173		68		—			276
Equity investment in subsidiaries		5,492		—		4,958		—		(10,450	)		—
Intercompany loans		—		7,409		542		1,234		(9,185	)		—
Total assets	$	5,502	$	7,642	$	16,115	$	5,416	$	(20,138	)	$	14,537
Liabilities and equity:
Current liabilities
Accounts payable and other current liabilities	$	—	$	47	$	263	$	526	$	—		$	836
Deferred revenues		—		—		139		142		—			281
Income tax liabilities		—		—		65		24		—			89
Current portion of long-term debt, capital lease obligations and short-term borrowings		—		317		38		8		—			363
Intercompany payables		—		—		317		186		(503	)		—
Total current liabilities		—		364		822		886		(503	)		1,569
Non-current liabilities
Long-term debt and capital lease obligations		—		5,819		84		17		—			5,920
Deferred tax liabilities		—		71		799		81		—			951
Intercompany loans		—		—		8,672		513		(9,185	)		—
Other non-current liabilities		2		6		246		296		—			550
Total liabilities		2		6,260		10,623		1,793		(9,688	)		8.990
Total stockholders’ equity		5,500		1,382		5,492		3,576		(10,450	)		5,500
Noncontrolling interests		—		—		—		47		—			47
Total equity		5,500		1,382		5,492		3,623		(10,450	)		5,547
Total liabilities and equity	$	5,502	$	7,642	$	16,115	$	5,416	$	(20,138	)	$	14,537

(IN MILLIONS)	Parent		Issuers		Guarantor		Non- Guarantor		Elimination			Consolidated
Assets:
Current assets
Cash and cash equivalents	$	—	$	—	$	24	$	263	$	—		$	287
Trade and other receivables, net		—		—		404		706		—			1,110
Prepaid expenses and other current assets		—		14		132		132		—			278
Intercompany receivables		—		270		177		134		(581	)		—
Total current assets		—		284		737		1,235		(581	)		1,675
Non-current assets
Property, plant and equipment, net		—		—		303		257		—			560
Goodwill		—		—		5,046		2,306		—			7,352
Other intangible assets, net		—		—		4,088		467		—			4,555
Deferred tax assets		10		3		77		79		—			169
Other non-current assets		—		46		165		61		—			272
Equity investment in subsidiaries		5,157		—		5,663		—		(10,820	)		—
Intercompany loans		45		7,944		555		1,300		(9,844	)		—
Total assets	$	5,212	$	8,277	$	16,634	$	5,705	$	(21,245	)	$	14,583
Liabilities and equity:
Current liabilities
Accounts payable and other current liabilities	$	—	$	52	$	347	$	572	$	—		$	971
Deferred revenues		—		—		217		156		—			373
Income tax liabilities		—		—		12		44		—			56
Current portion of long-term debt, capital lease obligations and short-term borrowings		—		340		15		7		—			362
Intercompany payables		—		14		414		153		(581	)		—
Total current liabilities		—		406		1,005		932		(581	)		1,762
Non-current liabilities
Long-term debt and capital lease obligations		—		5,843		81		17		—			5,941
Deferred tax liabilities		—		71		838		97		—			1006
Intercompany loans		—		—		9,295		549		(9,844	)		—
Other non-current liabilities		2		16		258		340		—			616
Total liabilities		2		6,336		11,477		1,935		(10,425	)		9,325
Total stockholders’ equity		5,210		1,941		5,157		3,722		(10,820	)		5,210
Noncontrolling interests		—		—		—		48		—			48
Total equity		5,210		1,941		5,157		3,770		(10,820	)		5,258
Total liabilities and equity	$	5,212	$	8,277	$	16,634	$	5,705	$	(21,245	)	$	14,583

(IN MILLIONS)	Parent			Issuers			Guarantor			Non- Guarantor			Consolidated
Net cash provided by operating activities	$	—		$	219		$	4		$	47		$	270
Investing activities:
Acquisition of subsidiaries and affiliates, net of cash acquired		—			—			(12	)		(7	)		(19	)
Proceeds from sale of subsidiaries and affiliates, net		—			—			934			—			934
Additions to property, plant and equipment and other assets		—			—			(30	)		(25	)		(55	)
Additions to intangible assets		—			—			(105	)		(10	)		(115	)
Net cash provided by/(used in) investing activities		—			—			787			(42	)		745
Financing activities:
Proceeds from the issuance of debt, net of issuance costs		—			1,866			21			3			1,890
Repayments of debt		—			(1,911	)		—			—			(1,911	)
Increase in other short-term borrowings		—			—			—			2			2
Capital contributions to parent		(90	)		—			—			—			(90	)
Activity under stock plans		—			—			(3	)		(4	)		(7	)
Settlement of intercompany and other financing activities		90			(174	)		43			31			(10	)
Net cash (used in)/provided by financing activities		—			(219	)		61			32			(126	)
Net increase in cash and cash equivalents		—			—			852			15			867
Cash and cash equivalents at beginning of period		—			—			24			263			287
Cash and cash equivalents at end of period	$	—		$	—		$	876		$	278		$	1,154

(IN MILLIONS)	Parent			Issuers			Guarantor			Non- Guarantor			Consolidated
Net cash provided by operating activities	$	1		$	46		$	49		$	26		$	122
Investing activities:
Acquisition of subsidiaries and affiliates, net of cash acquired		—			—			(70	)		(4	)		(74	)
Proceeds from sale of subsidiaries and affiliates, net		—			—			—			—			—
Additions to property, plant and equipment and other assets		—			—			(22	)		(28	)		(50	)
Additions to intangible assets		—			—			(93	)		(9	)		(102	)
Net cash used in investing activities		—			—			(185	)		(41	)		(226	)
Financing activities:
Net borrowings under revolving credit facility		—			—			215			—			215
Proceeds from the issuance of debt, net of issuance costs		—			1,209			—			—			1,209
Repayments of debt		(106	)		(1,251	)		(2	)		—			(1,359	)
Increase in other short-term borrowings		—			—			—			8			8
Capital contributions from parent		4			—			—			—			4
Activity under stock plans		—			—			(1	)		—			(1	)
Settlement of intercompany and other financing activities		104			(4	)		(89	)		(20	)		(9	)
Net cash provided by/(used in) financing activities		2			(46	)		123			(12	)		67
Net increase/(decrease) in cash and cash equivalents		3			—			(13	)		(27	)		(37	)
Cash and cash equivalents at beginning of period		—			—			33			285			318
Cash and cash equivalents at end of period	$	3		$	—		$	20		$	258		$	281

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis supplements management’s discussion and analysis of The Nielsen Company B.V. (“the Company” or “Nielsen”) for the year ended December 31, 2012 as contained in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on June 19, 2013, and presumes that readers have read or have access to such discussion and analysis. The following discussion and analysis should also be read together with the accompanying Condensed Consolidated Financial Statements and related notes thereto. Further, this report may contain material that includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect, when made, Nielsen’s current views with respect to current events and financial performance. Statements, other than those based on historical facts, which address activities, events or developments that we expect or anticipate may occur in the future are forward-looking statements. Such forward-looking statements are subject to many risks, uncertainties and factors relating to Nielsen’s operations and business environment that may cause actual results to be materially different from any future results, express or implied, by such forward-looking statements, including but not limited to, those set forth in this Item 2 and Part II, Item 1A, if any, and those noted in our 2012 Annual Report on Form 10-K under “Risk Factors.” Forward-looking statements speak only as of the date of this report or as of the date they were made. We disclaim any intention to update the current expectations or forward-looking statements contained in this report. Unless required by context, references to “we”, “us”, and “our” refer to Nielsen and each of its consolidated subsidiaries.

From time to time, Nielsen may use its website and social media outlets as channels of distribution of material company information. Financial and other material information regarding the company is routinely posted and accessible on our website at http://www.nielsen.com/investors, our Twitter account at http://twitter.com/NielsenIR and our iPad App, NielsenIR, available on the App Store.

We are a global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behavior. We deliver critical media and marketing information, analytics and industry expertise about what consumers buy (referred to herein as “Buy”) and what consumers watch on a global and local basis (consumer interaction across the television, online and mobile viewing platforms referred to herein as “Watch”). Our information, insights and solutions help our clients maintain and strengthen their market positions and identify opportunities for profitable growth. We have a presence in approximately 100 countries, including many developing and emerging markets, and hold leading market positions in many of our services and geographies.

We believe that important measures of our results of operations include revenue and operating income. Our long-term financial objectives include consistent revenue growth and expanding operating margins. Accordingly, we are focused on geographic market and service offering expansion to drive revenue growth and improving operating efficiencies including effective resource utilization, information technology leverage and overhead cost management.

Our business strategy is built upon a model that has traditionally yielded consistent revenue performance. Typically, before the start of each year, nearly 70% of our annual revenue has been committed under contracts in our combined Buy and Watch segments, which provides us with a high degree of stability to our revenue and allows us to effectively manage our profitability and cash flows. We continue to look for growth opportunities through global expansion, specifically within developing markets, as well as through the cross-platform expansion of our insights services and measurement services.

Our restructuring and other productivity initiatives have been focused on a combination of improving operating leverage through targeted cost-reduction programs, business process improvements and portfolio restructuring actions, while at the same time investing in key programs to enhance future growth opportunities.

Achieving our business objectives requires us to manage a number of key risk areas. Our growth objective of geographic market and service expansion requires us to maintain the consistency and integrity of our information and underlying processes on a global scale, and to invest effectively our capital in technology and infrastructure to keep pace with our clients’ demands and our competitors. Our operating footprint across approximately 100 countries requires disciplined global and local resource management of internal and third party providers to ensure success. In addition, our high level of indebtedness requires active management of our debt profile, with a focus on underlying maturities, interest rate risk, liquidity and operating cash flows.

We align our business into two reporting segments: what consumers buy (consumer purchasing measurement and analytics) and what consumers watch (media audience measurement and analytics). Our Buy and Watch segments are built on a foundation of

proprietary data assets that are designed to yield essential insights for our clients to successfully measure, analyze and grow their businesses.

Our Buy segment provides Information services, which include our core tracking and scan data (primarily transactional measurement data and consumer behavior information), and Insights services (primarily comprised of our analytical solutions) to businesses in the consumer packaged goods industry. Our services also enable our clients to better manage their brands, uncover new sources of demand, launch and grow new products, analyze their sales, improve their marketing mix and establish more effective consumer relationships. Our data is used by our clients to measure their market share, tracking billions of sales transactions per month in retail outlets around the world. Our extensive database of retail and consumer information, combined with our advanced analytical capabilities, helps generate strategic insights that influence our clients’ key business decisions. Within our Buy segment, we have two primary geographic groups, developed and developing markets. Developed markets primarily include the United States, Canada, Western Europe, Japan and Australia while developing markets include Africa, Latin America, Eastern Europe, Russia, China, India and Southeast Asia.

Our Watch segment provides viewership data and analytics primarily to the media and advertising industries for television, online and mobile screens. Our Watch data is used by our media clients to understand their audiences, establish the value of their advertising inventory and maximize the value of their content, and by our advertising clients to plan and optimize their spending.

In June 2013, we completed the sale of our Expositions reporting segment (see “Discontinued Operations” discussion included in “Factors Affecting Our Financial Results” for more information). Our condensed consolidated statements of operations reflect the Expositions reporting segment as a discontinued operation.

Certain corporate costs, other than those described above, including those related to selling, finance, legal, human resources, and information technology systems, are considered operating costs and are allocated to our segments based on either the actual amount of costs incurred or on a basis consistent with the operations of the underlying segment.

For the six months ended June 30, 2013, we paid cash consideration of $19 million associated with both current period and previously executed acquisitions, net of cash acquired. Had the current period acquisitions occurred as of January 1, 2013, the impact on our consolidated results of operations would not have been material.

For the six months ended June 30, 2012, we paid cash consideration of $74 million associated with both current period and previously executed acquisitions, net of cash acquired. Had the current period acquisitions occurred as of January 1, 2012, the impact on our consolidated results of operations would not have been material.

In June 2013, we completed the sale of our expositions business, which operates one of the largest portfolios of business-to-business trade shows and conference events in the United States, for total cash consideration of $950 million and recorded a gain of $303 million. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

In March 2013, we completed the exit and shut down of one of our legacy online businesses and recorded a net loss of $3 million associated with this divestiture. The condensed consolidated statements of operations reflect the operating results of this business as a discontinued operation.

	Three Months Ended June 30,						Six Months Ended June 30,
(IN MILLIONS)	2013				2012			2013			2012
(IN MILLIONS)	2013				2012			2013			2012
Revenue	$	43		$	43		$	103		$	110
Operating income		11			8			35			37
Interest expense		(3	)		(6	)		(8	)		(12	)
Income from operations before income taxes		8			2			27			25
Provision for income taxes		(4	)		—			(11	)		(10	)
Income from operations		4			2			16			15
Net income attributable to noncontrolling interests		—			1			—			2
Gain on sale, net of tax		303			—			303			—
Income from discontinued operations	$	307		$	3		$	319		$	17

We allocated a portion of our consolidated interest expense to discontinued operations based upon the ratio of net assets sold as a proportion of consolidated net assets. For the three and six months ended June 30, 2013 and 2012 interest expense of $3 million and $6 million, respectively, and $8 million and $12 million, respectively, was allocated to discontinued operations.

Following are the major categories of cash flows from discontinued operations, as included in our condensed consolidated statements of cash flows:

Our financial results are reported in U.S. dollars and are therefore subject to the impact of movements in exchange rates on the translation of the financial information of individual businesses whose functional currencies are other than U.S. dollars. Our principal foreign exchange revenue exposure is spread across several currencies, primarily the Euro. The table below sets forth the profile of our revenue by principal currency.

As a result, fluctuations in the value of foreign currencies relative to the U.S. dollar impact our operating results. Impacts associated with fluctuations in foreign currency are discussed in more detail under “Item 3.—Quantitative and Qualitative Disclosures about Market Risk.” In countries with currencies other than the U.S. dollar, assets and liabilities are translated into U.S. dollars using end-of-period exchange rates; revenues, expenses and cash flows are translated using average rates of exchange. The average U.S. dollar to Euro exchange rate was $1.31 to €1.00 and $1.30 to €1.00 for the six months ended June 30, 2013 and 2012, respectively. Constant currency growth rates used in the following discussion of results of operations eliminate the impact of year-over-year foreign currency fluctuations.

We have operations in both our Buy and Watch segments in Venezuela and the functional currency for these operations was the Venezuelan bolivares fuertes. Venezuela’s currency was considered hyperinflationary as of January 1, 2010 and further, in January 2010, Venezuela’s currency was devalued and a new currency exchange rate system was announced. In 2010, we evaluated the new exchange rate system and concluded that the local currency transactions will be denominated in U.S. dollars effective as of January 1, 2010 and until Venezuela’s currency is deemed to be non-hyperinflationary.

In February 2013, the Venezuelan government devalued its currency by 32%. The official exchange rate moved from 4.30 to 6.30 and the regulated System of Transactions with Securities in Foreign Currency market was suspended. As a result of this change, we recorded a charge of $12 million in 2013 in the foreign currency exchange transaction losses, net line in the condensed consolidated statement of operations primarily reflecting the write-down of monetary assets and liabilities.

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which 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, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period foreign currency exchange rates and comparing these adjusted amounts to our current period reported results. This calculation may differ from similarly-titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP nor should such amounts be considered in isolation.

Results of Operations—Three Months Ended June 30, 2013 Compared to the Three Months Ended June 30, 2012

The following table sets forth, for the periods indicated, the amounts included in our Condensed Consolidated Statements of Operations:

Consolidated Results for the Three Months Ended June 30, 2013 Compared to the Three Months Ended June 30, 2012

Revenues increased 3.3% to $1,386 million for the three months ended June 30, 2013 from $1,342 million for the three months ended June 30, 2012, or an increase of 3.7% on a constant currency basis, excluding a 0.4% unfavorable impact of changes in foreign currency exchange rates. The increase was driven by a 2.1% increase within our Buy segment (2.6% on a constant currency basis), as well as a 5.3% increase within our Watch segment (5.5% on a constant currency basis).

Cost of revenues increased 5.6% to $580 million for the three months ended June 30, 2013 from $549 million for the three months ended June 30, 2012, or an increase of 5.8% on a constant currency basis, excluding a 0.2% favorable impact of changes in foreign currency exchange rates. Costs within our Buy segment increased 6.9% (7.2% on a constant currency basis) due primarily to

the continued global expansion of our services and an increase in retail measurement cost. Costs within our Watch segment increased 3.8% (4.4% on a constant currency basis) due primarily to spending on product portfolio management initiatives.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization

Selling, general and administrative expenses increased 0.9% to $432 million for the three months ended June 30, 2013 from $428 million for the three months ended June 30, 2012, or an increase of 1.6% on a constant currency basis, excluding a 0.7% favorable impact of changes in foreign currency exchange rates. Costs within our Buy segment decreased 2.5% (1.6% on a constant currency basis) due primarily to the impact of productivity initiatives and the favorable impact of changes in foreign currency exchange rates. Costs within our Watch segment increased 2.0% (3.1% on a constant currency basis) due primarily to increased investment in product development initiatives, partially offset by the favorable impact of changes in foreign currency exchange rates. Corporate costs increased $10 million as a result of higher spending on transaction-related costs.

Depreciation and amortization expense was $126 million for the three months ended June 30, 2013 as compared to $120 million for the three months ended June 30, 2012 primarily due to higher capital expenditures as well as an increase in depreciation and amortization expense associated with assets acquired in business combinations.

For the three months ended June 30, 2013 and 2012, depreciation and amortization expense included charges for the depreciation and amortization of tangible and intangible assets acquired in business combinations of $38 million and $35 million, respectively.

We recorded $8 million and $16 million in restructuring charges relating to employee severance associated with productivity initiatives during the three months ended June 30, 2013 and 2012, respectively.

Operating income for the three months ended June 30, 2013 was $240 million as compared to $229 million for the three months ended June 30, 2012. Operating income within our Buy segment was $107 million for the three months ended June 30, 2013 as compared to $110 million for the three months ended June 30, 2012. Operating income within our Watch segment was $157 million for the three months ended June 30, 2013 as compared to $137 million for the three months ended June 30, 2012. Corporate operating expenses were $24 million for the three months ended June 30, 2013 as compared to $18 million for the three months ended June 30, 2012.

Interest expense was $73 million for the three months ended June 30, 2013 as compared to $95 million for the three months ended June 30, 2012. This decline is due to our refinancing of the 11.5% senior notes and our 8.5% senior secured term loan in the fourth quarter of 2012, the impact of our refinancing of the Class A, B, and C senior secured term loans in February 2013.

Foreign currency exchange transaction losses, net, represent the net gain or loss on revaluation of external debt, intercompany loans and other receivables and payables. Fluctuations in the value of foreign currencies relative to the U.S. Dollar have a significant effect on our operating results, primarily the Euro. The average U.S. Dollar to Euro exchange rate was $1.31 to €1.00 for the three months ended June 30, 2013 as compared to $1.28 to €1.00 for the three months ended June 30, 2012.

We incurred losses of $4 million and $3 million for the three months ended June 30, 2013 and 2012, respectively, resulting primarily from fluctuations in certain foreign currencies associated with intercompany transactions.

Other income, net amount of $10 million for the three months ended June 30, 2012, primarily relates to gains associated with acquisitions of previously nonconsolidated subsidiaries.

Liabilities for unrecognized income tax benefits totaled $93 million and $94 million as of June 30, 2013 and December 31, 2012, respectively. If our tax positions are favorably sustained by the taxing authorities, the reversal of the underlying liabilities would reduce our effective tax rate in future periods.

Business Segment Results for the Three Months Ended June 30, 2013 Compared to the Three Months Ended June 30, 2012

The table below sets forth our segment revenue performance data for the three months ended June 30, 2013 compared to the three months ended June 30, 2012, both on an as-reported and constant currency basis.

Revenues increased 2.1% to $867 million for the three months ended June 30, 2013 from $849 million for the three months ended June 30, 2012, (2.6% on a constant currency basis). The increase was primarily driven by a 4.6% increase in Developing markets (6.1% on a constant currency basis) and a 0.9% increase in Developed markets (0.9% on a constant currency basis).

Revenues from Information services increased 2.0% to $652 million for the three months ended June 30, 2013 from $639 million for the three months ended June 30, 2012, 2.5% on a constant currency basis. These increases were driven by 0.9% growth in Developed markets (0.7% on a constant currency basis) driven primarily by increased client investment in retail measurement, including additional coverage in the U.S., despite a challenging operating environment in Europe. Revenues from Developing markets increased 4.3% (6.3% on a constant currency basis), for the three months ended June 30, 2013 as compared to the three months ended June 30, 2012 due to the continued expansion of our retail measurement and services to both new and existing customers.

Revenues from Insights services increased 2.4% to $215 million for the three months ended June 30, 2013 from $210 million for the three months ended June 30, 2012, (2.9% on a constant currency basis) primarily due to increased client demand around the world.

Revenues increased 5.3% to $519 million for the three months ended June 30, 2013 from $493 million for the three months ended June 30, 2012, or 5.5% on a constant currency basis, primarily driven by 5.4% growth in Television measurement (5.7% on a constant currency basis) due to increases in spending from existing customers and international expansion of our services to both new and existing customers.

We do not allocate items below operating income/(loss) to our business segments and therefore the table below sets forth a summary of operating income/(loss) at the business segment level for the three months ended June 30, 2013 and 2012.

Operating income was $107 million for the three months ended June 30, 2013 from $110 million for the three months ended June 30, 2012 as the revenue performance mentioned above was more than offset by higher depreciation and amortization expense as well as an increase in retail measurement cost.

Operating income was $157 million for the three months ended June 30, 2013 from $137 million for the three months ended June 30, 2012. The increase was driven primarily by the revenue performance discussed above, the impact of productivity initiatives and lower restructuring expense.

Operating expenses were $24 million for the three months ended June 30, 2013 as compared to $18 million for the three months ended June 30, 2012 due primarily to higher deal related costs partially offset by lower restructuring expense.

Results of Operations—Six Months Ended June 30, 2013 Compared to the Six Months Ended June 30, 2012

The following table sets forth, for the periods indicated, the amounts included in our Condensed Consolidated Statements of Operations:

Consolidated Results for the Six Months Ended June 30, 2013 Compared to the Six Months Ended June 30, 2012

Revenues increased 3.4% to $2,705 million for the six months ended June 30, 2013 from $2,615 million for the six months ended June 30, 2012, or 4.1% on a constant currency basis, which excludes a 0.7% unfavorable impact of changes in foreign currency exchange rates. Revenues within our Buy segment increased 2.7% (3.5% on a constant currency basis), while revenues within our Watch segment increased 4.8% (5.0% on a constant currency basis).

Cost of revenues increased 5.5% to $1,159 million for the six months ended June 30, 2013 from $1,099 million for the six months ended June 30, 2012, or 6.1% on a constant currency basis, excluding a 0.6% favorable impact of changes in foreign currency exchange rates. Costs within our Buy segment increased 6.7% (7.4% on a constant currency basis) due primarily to the continued global expansion of our services and an increase in retail measurement cost. Costs within our Watch segment increased 3.5% (3.8% on a constant currency basis) due primarily to spending on product portfolio management initiatives.

Selling, General and Administrative Expenses, Exclusive of Depreciation and Amortization

Selling, general and administrative expenses increased 1.0% to $874 million for the six months ended June 30, 2013 from $865 million for the six months ended June 30, 2012, or 1.6% on a constant currency basis, excluding a 0.6% favorable impact of changes in foreign currency exchange rates. Costs within our Buy segment decreased 0.2% (an increase of 0.6% on a constant currency basis). Costs within our Watch segment increased 1.5% (2.0% on a constant currency basis) due primarily to increased investment in product development initiatives. Corporate costs increased by approximately $6 million as a result of higher transaction-related costs.

Depreciation and amortization expense was $247 million for the six months ended June 30, 2013 as compared to $243 million for the six months ended June 30, 2012. This increase was primarily due to depreciation and amortization expense associated with capital expenditures partially offset by certain assets becoming fully amortized during the period.

We recorded $43 million and $53 million in restructuring charges relating to employee severance associated with productivity initiatives and contract termination costs during the six months ended June 30, 2013 and 2012, respectively.

Operating income for the six months ended June 30, 2013 was $382 million as compared to operating income of $355 million for the six months ended June 30, 2012. Operating income within our Buy segment was $160 million for the six months ended June 30, 2013 as compared to $145 million for the six months ended June 30, 2012. Operating income within our Watch segment was $279 million for the six months ended June 30, 2013 as compared to $248 million for the six months ended June 30, 2012. Corporate operating expenses were $57 million for the six months ended June 30, 2013 as compared to $38 million for the six months ended June 30, 2012.

Interest expense was $149 million for the six months ended June 30, 2013 compared to $189 million for the six months ended June 30, 2012. This decline is due to our refinancing of the 11.5% senior notes and our 8.5% senior secured term loan in the fourth quarter of 2012, the impact of our refinancing of the Class A, B, and C senior secured term loans in February 2013.

Foreign currency exchange transaction losses, net, represent the net gain or loss on revaluation of external debt, intercompany loans and other receivables and payables. Fluctuations in the value of foreign currencies relative to the U.S. Dollar, particularly the Euro, have a significant effect on our operating results. The average U.S. Dollar to Euro exchange rate was $1.31 to €1.00 for the six months ended June 30, 2013 as compared to $1.30 to €1.00 for the six months ended June 30, 2012.

We incurred $16 million and $13 million in foreign currency exchange losses for the six months ended June 30, 2013 and 2012, respectively. The loss in 2013 resulted primarily from the devaluation of the Venezuela bolivars Fuertes as discussed in the “Foreign Currency” section of “Factors Affecting Nielsen’s Financial Results” and fluctuations in certain currencies associated with a portion of our intercompany loan portfolio. The loss in 2012 resulted primarily from fluctuations in certain currencies associated with a portion of our intercompany loan portfolio.

The $12 million of other expense amount for the six months ended June 30, 2013 primarily relates to the write-off of deferred financing costs and other costs associated with the amendment to our Senior Secured Credit Agreement.

The $4 million of other income amount for the six months ended June 30, 2012 primarily relates to a $10 million gain on the purchase of a previously nonconsolidated business, partially offset by the write-off of deferred financing costs and other costs associated with the amendment and restatement of the Senior Secured Credit Facility.

The effective tax rate for the six months ended June 30, 2013 and 2012 were 31% and 24%, respectively. The tax rate for the six months ended June 30, 2013 was higher than the statutory rate as a result of the tax impact of the Venezuela currency revaluation and accrual for future audit settlements offset by 2012 return to provision adjustments as well as the favorable impact of certain financing activities and release of tax contingencies. The tax rate for the six months ended June 30, 2012 was lower than the statutory rate as the favorable impact of certain financing activities was offset slightly by the tax rate differences in other jurisdictions where we file tax returns.

Business Segment Results for the Six Months Ended June 30, 2013 Compared to the Six Months Ended June 30, 2012

The table below sets forth our segment revenue performance data for the six months ended June 30, 2013 compared to the six months ended June 30, 2012, both on an as-reported and constant currency basis.

Revenues increased 2.7% to $1,692 million for the six months ended June 30, 2013 from $1,648 million for the six months ended June 30, 2012, or an increase of 3.5% on a constant currency basis. Revenues from Developing markets increased 3.5% (6.0% on a constant currency basis) and revenues from Developed markets increased 2.3% (2.4% on a constant currency basis).

Revenues from Information services increased 3.9% to $1,300 million for the six months ended June 30, 2013 from $1,251 million for the six months ended June 30, 2012, or an increase of 4.8% on a constant currency basis. These increases were driven primarily by increased client investment in retail measurement, including additional coverage in the U.S. market. Revenues from Developing markets increased 4.1% (7.0% on a constant currency basis), for the six months ended June 30, 2013 as compared to the six months June 30, 2012 due to the continued expansion of our retail measurement and services to both new and existing customers.

Revenues from Insights services decreased 1.3% to $392 million for the six months ended June 30, 2013 from $397 million for the six months ended June 30, 2012, (flat on a constant currency basis) primarily due to declines in Developed markets partially offset by growth in the Asia Pacific markets.

Revenues increased 4.8% to $1,013 million for the six months ended June 30, 2013 from $967 million for the six months ended June 30, 2012, or 5.0% on a constant currency basis primarily driven by 6.0% growth in Television measurement (6.2% on a constant

currency basis) driven by increases in spending from existing customers and international expansion of our services to both new and existing customers.

Operating income was $160 million for the six months ended June 30, 2013 as compared to $145 million for the six months ended June 30, 2012. The increase was driven by the revenue performance discussed above and lower restructuring cost offset in part by an increase in retail measurement cost.

Operating income was $279 million for the six months ended June 30, 2013 as compared to $248 million for the six months ended June 30, 2012. The increase was driven by the revenue performance discussed above, offset in part by increased investment in product portfolio management initiatives.

Operating expenses were $57 million for the six months ended June 30, 2013 as compared to $38 million for the six months ended June 30, 2012 due primarily to higher restructuring and transaction-related cost.

Our contractual obligations, commitments and debt service requirements over the next several years are significant. We expect that our primary source of liquidity will continue to be cash generated from operations as well as existing cash. At June 30, 2013, cash and cash equivalents were $1,154 million and our total indebtedness was $6,283 million. In addition, as of June 30, 2013, we had $622 million available for borrowing under our senior secured revolving credit facility. Our cash interest paid for the six months ended June 30, 2013 and 2012 was $149 million and $192 million, respectively.

Of the $1,154 million in cash and cash equivalents, approximately $441 million was held in jurisdictions outside the U.S. and as a result there may be tax consequences if such amounts were moved out of these jurisdictions or repatriated to the U.S. We regularly review the amount of cash and cash equivalents held outside of the U.S. to determine the amounts necessary to fund the current operations of our foreign operations and their growth initiatives and amounts needed to service our U.S. indebtedness and related obligations.

We believe we will have available resources to meet both our short-term and long-term liquidity requirements, including our senior secured debt service. We expect the cash flow from our operations, combined with existing cash and amounts available under the revolving credit facility, will continue to provide sufficient liquidity to fund our current obligations, projected working capital requirements, restructuring obligations, and capital spending over the next year. In addition we may, from time to time, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities) in privately negotiated or open market transactions, by tender offer or otherwise.

In February 2013, the Second Amended and Restated Senior Secured Credit Agreement (as amended, the “Credit Agreement”) was amended and restated to provide for a new class of term loans (the “Class E Term Loans”) in an aggregate principal amount of $2,532 million and €290 million, the proceeds of which were used to repay or replace in full a like amount of our existing Class A Term Loans maturing August 9, 2013, Class B Term Loans maturing May 1, 2016 and Class C Term Loans maturing May 1, 2016. As a result of this transaction, we recorded a charge of $12 million primarily related to the write-off of previously capitalized deferred financing fees associated with the Class A, B and C term loans to other expense, net in the condensed consolidated statement of operations.

The Class E Term Loans will mature in full on May 1, 2016 and are required to be repaid in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of Class E Term Loans, with the balance payable on May 1, 2016. Class E Term Loans denominated in dollars bear interest equal to, at our election, a base rate or eurocurrency rate, in each case plus an applicable margin, which is equal to 1.75% (in the case of base rate loans) or 2.75% (in the case of eurocurrency rate loans). Class E Term Loan denominated in Euros bear interest equal to the eurocurrency rate plus an applicable margin of 3.00%. The newly Amended and Restated Senior Secured Credit Agreement contains substantially the same affirmative and negative covenants as those of the Existing Credit Agreement, other than certain amendments to the limitation on the ability of us and certain of our subsidiaries and affiliates to incur indebtedness and make investments.

In December 2012, we signed a definitive agreement to acquire Arbitron Inc. (NYSE: ARB), an international media and marketing research firm, for $48 per share in cash (the “Transaction”). In addition, we entered into a commitment for an unsecured note or unsecured loan of up to $1,300 million (the “Commitment Letter”) to fund the closing of the Transaction. As of June 30, 2013, there were no borrowings outstanding under the Commitment Letter.

In April 2013, Arbitron’s shareholders voted to approve the Transaction, which remains subject to customary closing conditions, including regulatory review.

In February 2013 and May 2013, secondary public offerings of 40.8 million shares and 40.3 million shares, respectively, of Holdings’ common stock was completed on behalf of certain selling stockholders, primarily comprised of the Sponsor group, at a price of $32.55 per share and $35.01 per share, respectively. All proceeds were received by the selling stockholders and the offering did not have a significant impact on our operating results or financial position.

Operating activities. Net cash provided by operating activities was $270 million for the six months ended June 30, 2013, as compared to $122 million for the six months ended June 30, 2012. The increase in cash flows from operating activities was primarily driven by timing of vendor and employee payroll payments. Our key collections performance measure, days billing outstanding (DBO), remained flat for the period.

Investing activities. Net cash provided by investing activities was $745 million for the six months ended June 30, 2013, as compared to a use of cash of $226 million for the six months ended June 30, 2012. The primary driver for the increase was the net proceeds received from the sale of our Expositions business.

Financing activities . Net cash used in financing activities was $126 million for the six months ended June 30, 2013 as compared to a source of cash of $67 million for the six months ended June 30, 2012. The primary driver for the decrease was driven by the dividends paid as described under the “Dividends” section below as well as the results of the 2013 transactions described under the “Financing Transactions” .

Investments in property, plant, equipment, software and other assets totaled $170 million for the six months ended June 30, 2013 as compared to $152 million for the six months ended June 30, 2012.

On January 31, 2013, our board of directors adopted a cash dividend policy to pay quarterly cash dividends on Holdings’ outstanding common stock. The board also declared the first quarterly cash dividend of $0.16 per share, that was paid on March 20, 2013 to holders of record of the Holdings’ common stock on March 6, 2013. On May 2, 2013, the Board declared the second quarterly cash dividend of $0.16 per share, which was paid on June 19, 2013 to holders of record of the Holdings’ common stock on June 5, 2013. On July 25, 2013, our board of directors approved a 25% increase of the quarterly cash dividend to $0.20 per share, to be paid

on September 11, 2013 to holders of record of shares of Holdings’ common stock on August 28, 2013. The dividend policy and the payment of future cash dividends are subject to the discretion of the our board of directors.

On July 25, 2013, our board of directors approved a new share repurchase program for up to $500 million of Holdings’ outstanding common stock. The primary purpose of the program is to mitigate dilution associated with our equity compensation plans. Repurchases will be made in accordance with applicable securities laws from time to time in the open market depending on our management’s evaluation of market conditions and other factors. The program will be executed within the limitations of the existing authority granted at our 2013 Annual General Meeting of Shareholders.

Financial covenants contained in our Credit Agreement consist of a maximum leverage ratio and a minimum interest coverage ratio as related to our indirect wholly-owned subsidiary, Nielsen Holding and Finance B.V. and its restricted subsidiaries. The leverage ratio requires that we not permit the ratio of total net debt (as defined in the Credit Agreement) at the end of any calendar quarter to Covenant EBITDA (as defined in the Credit Agreement) for the four quarters then ended to exceed a specified threshold. The maximum permitted ratio is 6.25 to 1.0.

The interest coverage ratio requires that we not permit the ratio of Covenant EBITDA at the end of any calendar quarter to Consolidated Interest Expense (as defined in the Credit Agreement) for the four quarters then ended to be less than a specified threshold. The minimum permitted ratio is 1.50 to 1.0.

Failure to comply with either of these covenants would result in an event of default under our Credit Agreement unless waived by our senior credit lenders. An event of default under our Credit Agreement can result in the acceleration of our indebtedness under the facility, which in turn would result in an event of default and possible acceleration of indebtedness under the agreements governing our debt securities as well. As our failure to comply with the covenants described above can cause us to go into default under the agreements governing our indebtedness, management believes that our Credit Agreement and these covenants are material to us. As of June 30, 2013, we were in full compliance with the covenants described above.

We have no off-balance sheet arrangements that currently have or are reasonably likely to have a material effect on our consolidated financial condition, changes in financial condition, results of operations, liquidity, capital expenditure or capital resources.

In February 2013, the FASB issued an accounting update, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. We have presented the significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification in Note 6 to the condensed consolidated financial statements. This amended guidance does not have any other impact on our condensed consolidated financial statements.

In March 2013, the FASB issued an accounting update, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”, to resolve the diversity in practice regarding the release into net income of the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. The amendment requires an entity that ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. This guidance is effective for our interim and annual reporting periods in 2014. The adoption of this update is not expected to have a significant impact on our condensed consolidated financial statements.

In February 2013, we amended our Amended and Restated Master Services Agreement (the “MSA”), dated as of October 1, 2007 with Tata America International Corporation and Tata Consultancy Services Limited (jointly, “TCS”). The term of the MSA has been extended for an additional three years, so as to expire on December 31, 2020, with a one-year renewal option granted to Nielsen.

In addition, we have increased our commitment to purchase services from TCS (the “Minimum Commitment”) from $1.0 billion to $2.5 billion over the life of the contract (from October 1, 2007), including a commitment to purchase at least $100 million in services per year (the “Annual Commitment”). TCS’ charges under the separate Global Infrastructure Services Agreement between the parties will be credited against the Minimum Commitment and the Annual Commitment. TCS will globally provide us with professional services relating to information technology (including application development and maintenance), business process outsourcing, client service knowledge process outsourcing, management sciences, analytics, and financial planning and analytics. As we order specific services under the Agreement, the parties will execute Statements Of Work (“SOWs”) describing the specific scope of the services to be performed by TCS. The amount of the Minimum Commitment and the Annual Commitment may be reduced on the occurrence of certain events, some of which also provide us with the right to terminate the Agreement or SOWs, as applicable.

Our other contractual obligations include capital lease obligations (including interest portion), facility leases, leases of certain computer and other equipment, agreements to purchase data and telecommunication services, the payment of principal and interest on debt and pension fund obligations.

As a result of this agreement, we recorded a charge of $4 million during the first quarter of 2013 in Selling, General and Administrative expenses in the statement of operations representing the uninsured deposits either contributed to make up losses of Cyprus Popular Bank or converted into Class A shares of BoC, as described above. We do not expect this agreement to significantly impact future operating results.

Omitted under the reduced disclosure format permitted by General Instruction H of Form 10-Q.

The Company maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in the reports that the Company files or submits to the SEC under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

The Company’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2013 (the “Evaluation Date”). Based on such evaluation and subject to foregoing, such officers have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective at the reasonable assurance level.

There have been no changes in the Company’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Sunbeam Television Corp. (“Sunbeam”) filed a lawsuit in Federal District Court in Miami, Florida in April 2009. The lawsuit alleged that we violated Federal and Florida state antitrust laws and Florida’s unfair trade practices laws by attempting to maintain a monopoly and abuse our position in the market, and breached our contract with Sunbeam by producing defective ratings data through our sampling methodology. The complaint did not specify the amount of damages sought and also sought declaratory and equitable relief. In January 2011, the U.S. District Court in the Southern District of Florida dismissed all federal and state antitrust claims brought against us by Sunbeam stating that Sunbeam failed to show that any competitor was “willing and able” to enter the local television ratings market in Miami and was excluded from that market by us. The Court also determined that Sunbeam could not prove that the current ratings for Sunbeam’s local station WSVN are less accurate than they would be under a prospective competitor’s methodology. The Court deferred ruling on the remaining ancillary claims, including breach of contract and violation of Florida’s Deceptive and Unfair Trade Practices Act. Subsequent to the court’s decision, Sunbeam voluntarily dismissed with prejudice the remaining claims in the case so that all claims have been dismissed. Sunbeam appealed the court’s dismissal of the antitrust claims. On March 4, 2013, the U.S. Court of Appeals for the Eleventh Judicial Circuit affirmed the lower court’s decision to dismiss the claims. On March 22, 2013, Sunbeam filed a petition for rehearing the case. The petition was denied on May 13, 2013.

We are subject to litigation and other claims in the ordinary course of business, some of which include claims for substantial sums. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be determined, we do expect that the ultimate disposition of these matters will not have a material adverse effect on our operations or financial condition. However, depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect our future results of operations or cash flows in a particular period.

There have been no material changes to our Risk Factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012.

Under the Iran Threat Reduction and Syrian Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we are required to include certain disclosures in our periodic reports if we or any of our “affiliates” knowingly engaged in certain specified activities during the period covered by the report. Because the SEC defines the term “affiliate” broadly, it includes any entity controlled by us as well as any person or entity that controls us or is under common control with us (“control” is also construed broadly by the SEC). We are not presently aware that we and our consolidated subsidiaries have knowingly engaged in any transaction or dealing reportable under Section 13(r) of the Exchange Act during the six months ended June 30, 2013. In addition, we sought confirmation from companies that may be considered our affiliates as to whether they have knowingly engaged in any such reportable transactions or dealings during such period and, except as described below, are not presently aware of any such reportable transactions or dealings by such companies.

The Blackstone Group L.P (“Blackstone”), one of our Sponsors, informed us that it included disclosures, as reproduced below, in its quarterly report on Form 10-Q as filed with the SEC on May 8, 2013 as required by Section 13(r) of the Exchange Act. We have no involvement in or control over the activities of either of these companies, any of their predecessor companies or any of their subsidiaries, and we have not independently verified or participated in the preparation of Blackstone’s disclosure.

Hilton Worldwide, Inc. (“Hilton”), which may be considered our affiliate, provided the disclosure reproduced below. We have not independently verified or participated in the preparation of this disclosure.

“During the reporting period, the Iranian Ministry of Youth and Sports purchased a number of room nights at the Hilton Ankara, Turkey, which is leased by a foreign affiliate of Hilton. Revenue received by Hilton for these hotel stays was

approximately $4,360 and net profit was approximately $1,700. During calendar year 2012, the Embassy of Iran purchased a number of room nights at the hotel and organized a concert event in the hotel ballroom. Revenue received by Hilton for the services provided to the Embassy of Iran in 2012 was approximately $11,070 and net profit was approximately $4,300. Hilton believes that the hotel stays were exempt from the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560, pursuant to the International Emergency Economic Powers Act (“IEEPA”). The Hilton Ankara intends to continue engaging in future similar transactions to the extent they remain permissible under IEEPA.

Also during the reporting period, certain individual employees at two Hilton-branded hotels in the United Arab Emirates received routine wage payments as direct deposits to their personal accounts at Bank Melli, an entity identified on the Specially Designated Nationals and Blocked Persons List (“SDN List”) maintained by the Office of Foreign Assets Control in the U.S. Department of the Treasury. In addition, certain individual employees at these hotels received routine wage payments as direct deposits to their personal accounts at Bank Melli during calendar year 2012. Both of these hotels are owned by a third party, staffed by employees of the third-party owner and operated pursuant to a management agreement between the owner and a Hilton affiliate. In each case, these payments originated from the third-party owner’s account to the personal accounts of the employees at their chosen bank. No revenues or net profits are associated with these transactions. Both hotels have advised Hilton that they will discontinue making direct deposits to accounts at Bank Melli. (We have been informed by Blackstone that both hotels have discontinued making direct deposits.)

During the reporting period, several individuals stayed at the DoubleTree Kuala Lumpur, Malaysia, pursuant to a rate agreement between the hotel and Mahan Air, an entity identified on the SDN List. This hotel is staffed by employees of the third-party owner and operated pursuant to a management agreement between the owner and a Hilton affiliate. Under the agreement, which was entered into in the name of the owner, the hotel reserved a number of rooms for Mahan Air crew members at the DoubleTree Kuala Lumpur several times each week. Revenue received by Hilton attributable to Mahan Air crew hotel stays during the reporting period was approximately $1,550. The DoubleTree Kuala Lumpur also reserved a number of rooms for Mahan Air crew members during calendar year 2012. Revenue received by Hilton attributable to Mahan Air crew hotel stays in 2012 was approximately $3,820. Hilton considers its net profit on management fees to be approximately the same as its revenue. The DoubleTree Kuala Lumpur has terminated the agreement and does not intend to engage in any future transactions with Mahan Air.” (We have been informed by Blackstone that the rate agreement was terminated as of May 2, 2013. Blackstone has further informed us that revenues and net profits received by Hilton attributable to Mahan Air crew hotel stays during their second quarter was approximately $430.)

SunGard Capital Corp., SunGard Capital Corp. II and SunGard Data Systems, Inc. (collectively referred to herein as “SunGard”), which may be considered our affiliates, provided the disclosure reproduced below in connection with activities during the first fiscal quarter of 2013. We have not independently verified or participated in the preparation of this disclosure.

“As previously reported on our Annual Report on Form 10-K for the year ended December 31, 2012, pursuant to Section 13(r)(1) (D)(i) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during 2012 a U.K. subsidiary of ours provided certain limited disaster recovery services and hosted co-location of some hardware at our premises in London for Bank Saderat PLC, a bank incorporated and based in the U.K. Bank Saderat PLC is identified on the U.S. Treasury Department’s List of Specially Designated Nationals and Blocked Persons pursuant to Executive Order No. 13224. Our subsidiary terminated this contract in the first quarter of 2013, and we do not otherwise intend to enter into any Iran-related activity. The gross revenue and net profits attributable to these activities in the first quarter of 2013 were less then £5,000 each.”

Travelport Limited, which may be considered our affiliate, provided the disclosure reproduced below in connection with activities during the first fiscal quarter of 2013. We have not independently verified or participated in the preparation of this disclosure.

“As part of our global business in the travel industry, we provide certain passenger travel-related GDS and airline IT services to Iran Air. We also provide certain airline IT services to Iran Air Tours. All of these services are either exempt from applicable sanctions prohibitions pursuant to a statutory exemption permitting transactions ordinarily incident to travel or, to the extent not otherwise exempt, specifically licensed by the U.S. Office of Foreign Assets Control. Subject to any changes in the exempt/licensed status of such activities, we intend to continue these business activities, which are directly related to and promote the arrangement of travel for individuals.”

Travelport has not provided us with gross revenue and net profits attributable to the activities described above.

KKR & Co. L.P. (“KKR”), one of our Sponsors, informed us that it included disclosures, as reproduced below, in its quarterly report on Form 10-Q as filed with the SEC on May 2, 2013 as required by Section 13(r) of the Exchange Act. We have no involvement in or control over the activities of either of these companies, any of their predecessor companies or any of their subsidiaries, and we have not independently verified or participated in the preparation of KKR’s disclosure.

“A European subsidiary of a portfolio company in which our private equity funds have invested provided certain limited disaster recovery services and hosted co-location of some hardware at the portfolio company’s premises in London for Bank Saderat PLC, a bank incorporated and based in the United Kingdom. The company has informed us that the gross revenue and net profits attributable to these activities was approximately £16,300 and £5,700, respectively, for the fiscal year ended December 31, 2012 and less than £5,000 each for the quarter ended March 31, 2013. We have been advised that the subsidiary terminated this contract in the first quarter of 2013, and the portfolio company does not otherwise intend to enter into any Iran-related activity.”

The Carlyle Group L.P. (“Carlyle”), one of our Sponsors, informed us that it included disclosures, as reproduced below, in its quarterly report on Form 10-Q as filed with the SEC on May 14, 2013 as required by Section 13(r) of the Exchange Act. We have no involvement in or control over the activities of either of these companies, any of their predecessor companies or any of their subsidiaries, and we have not independently verified or participated in the preparation of Carlyle’s disclosure.

“We have been advised by Applus Servicios Technologicos S.L.U. (“Applus”), a European company in which our private equity funds have invested and which may be considered our affiliate, that during the period January 1, 2013 until March 31, 2013, a subsidiary of Applus provided certain services to customers that could be affiliated with the Industrial Development and Renovation Organization (IDRO), which has been designated as an agency of the Government of Iran. For this period, gross revenue attributable to such sales was €86,633, with estimated net profits to Applus of approximately €15,593. At this time, we are unable to determine whether the IDRO, directly or indirectly, controls these customers. Although these activities were not prohibited by U.S. law at the time they were conducted, Applus has advised us that its subsidiary has discontinued its dealings with such customers, and that it does not otherwise intend to continue or enter into any Iran-related activity. All such dealings (including limited wind-down activities) were discontinued prior to March 8, 2013, in accordance with the requirements of Section 218 of the Iran Threat Reduction and Syria Human Rights Act of 2012, as amended.”

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

The agreements and other documents filed as exhibits to this quarterly report on Form 10-Q are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the registrant in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

† Certain of the schedules and exhibits have been omitted pursuant to Item 601 (b) (2) of regulation S-K. The registrant hereby undertakes to furnish supplementally to the Securities and Exchange Commission on copies of any omitted schedules and exhibits upon request by the Securities and Exchange Commission.

The Netherlands		98-0366864
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

85 Broad Street New York, New York 10004 (646) 654-5000		Diemerhof 2 1112 XL Diemen The Netherlands +31(0) 20 398 87 77
(Address of principal executive offices) (Zip Code) (Registrant’s telephone numbers including area code)

Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer x	Smaller reporting company ¨
		(Do not check if a smaller reporting company)

		PAGE
PART I.	FINANCIAL INFORMATION		3

Item 1.	Condensed Consolidated Financial Statements		3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		40

Item 4.	Controls and Procedures		40

PART II.	OTHER INFORMATION		41

Item 1.	Legal Proceedings		41

Item 1A.	Risk Factors		41

Item 5.	Other Information		41

Item 6.	Exhibits		43

	Signatures		44

(IN MILLIONS)	Buy			Watch			Expositions			Total
Balance, December 31, 2012	$	3,126		$	3,661		$	565		$	7,352
Acquisitions, divestitures and other adjustments		6			2			(565	)		(557	)
Effect of foreign currency translation		(103	)		(1	)		—			(104	)
Balance, June 30, 2013	$	3,029		$	3,662		$	—		$	6,691

(IN MILLIONS)		Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Income components		Three Months Ended June 30, 2013		Six Months Ended June 30, 2013	Affected Line Item in the Condensed Consolidated Statement of Operations
Cash flow hedges
Interest rate contracts	$	4	$	8	Interest expense
		1		3	Provision for income taxes
	$	3	$	5	Total, net of tax
Amortization of Post Employment Benefits
Actuarial loss		5		9	(a)
		1		2	Provision for income taxes
	$	4	$	7	Total, net of tax
Total reclassification for the period	$	7	$	12	Net of tax

	(1)	Net of tax of $(2) million and zero for the three months ended June 30, 2013 and 2012, respectively, and $9 million and zero for the six months ended June 30, 2013 and 2012, respectively.

	(2)	Net of tax of $(4) million and zero for the three months ended June 30, 2013 and 2012, respectively, and $(4) million and zero for the six months ended June 30, 2013 and 2012, respectively

	(3)	Net of tax of $(3) million and zero for the three months ended June 30, 2013 and 2012, respectively and $(5) million and $1 million for the six months ended June 30, 2013 and 2012, respectively.

	(4)	Net of tax of $(6) million and zero for the three months ended June 30, 2013 and 2012, respectively, and $(16) million and $(1) million for the six months ended June 30, 2013 and 2012, respectively.

(IN MILLIONS)	Total Initiatives
Balance at December 31, 2012	$	64
Charges		43
Payments		(43	)
Effect of foreign currency translation and reclassification adjustments		(4	)
Balance at June 30, 2013	$	60

Level 1:		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2:		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

	Notional Amount		Maturity Date		Currency
Interest rate swaps designated as hedging instruments
US Dollar term loan floating-to-fixed rate swaps	$	1,000,000,000		November 2013		US Dollar
US Dollar term loan floating-to-fixed rate swaps	$	250,000,000		November 2014		US Dollar
US Dollar term loan floating-to-fixed rate swaps	$	250,000,000		September 2015		US Dollar
US Dollar term loan floating-to-fixed rate swaps	$	125,000,000		November 2015		US Dollar
Euro term loan floating-to-fixed rate swaps	€	125,000,000		November 2015		Euro
US Dollar term loan floating-to-fixed rate swaps	$	500,000,000		November 2016		US Dollar

(IN MILLIONS)
For July 1, 2013 to December 31, 2013	$	46
2014		352
2015		151
2016		2,975
2017		733
2018		1,083
Thereafter		800
	$	6,140

	Six Months Ended June 30, 2013			Six Months Ended June 30, 2012
U.S. Dollar		51	%		52	%
Euro		12	%		12	%
Other Currencies		37	%		36	%
Total		100	%		100	%

(IN MILLIONS)	Three Months Ended June 30, 2013 Reported		Three Months Ended June 30, 2012 Reported		% Variance 2013 vs. 2012 Reported			Three Months Ended June 30, 2012 Constant Currency		% Variance 2013 vs. 2012 Constant Currency
Revenues by segment
Buy	$	867	$	849		2.1	%	$	845		2.6	%
Watch		519		493		5.3	%		492		5.5	%
Total	$	1,386	$	1,342		3.3	%	$	1,337		3.7	%

(IN MILLIONS)	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012			Variance 2013 vs. 2012
Operating income/(loss) by segment
Buy	$	107		$	110		$	(3	)
Watch		157			137			20
Corporate and Eliminations		(24	)		(18	)		(6	)
Total	$	240		$	229		$	11

(IN MILLIONS)	Six Months Ended June 30, 2013 Reported		Six Months Ended June 30, 2012 Reported		% Variance 2013 vs. 2012 Reported			Six Months Ended June 30, 2012 Constant Currency		% Variance 2013 vs. 2012 Constant Currency
Revenues by segment
Buy	$	1,692	$	1,648		2.7	%	$	1,634		3.5	%
Watch		1,013		967		4.8	%		965		5.0	%
Total	$	2,705	$	2,615		3.4	%	$	2,599		4.1	%

(IN MILLIONS)	Six Months Ended June 30, 2013			Six Months Ended June 30, 2012			Variance 2013 vs. 2012
Operating income/(loss) by segment
Buy	$	160		$	145		$	15
Watch		279			248			31
Corporate and Eliminations		(57	)		(38	)		(19	)
Total Nielsen	$	382		$	355		$	27

Exhibit Number		Description of Exhibits

2.1†		Stock Purchase Agreement between VNU International B.V. and Expo Event Transco Inc., dated May 4, 2013 (incorporated herein by reference to Exhibit 2.2 to the Amendment No. 1to the Form S-4 filed by The Nielsen Company B.V. on July 17, 2013 (File No. 333-142546-29)

31.1		CEO 302 Certification Pursuant to Rule 13a-15(e)/15d-15(e)

31.2		CFO 302 Certification Pursuant to Rule 13a-15(e)/15d-15(e)

32.1		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

101		The following financial information from The Nielsen Company B.V.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, formatted in XBRL includes: (i) Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2013 and 2012, (ii) Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2013 and 2012, (iii) Condensed Consolidated Balance Sheets at June 30, 2013 (Unaudited) and December 31, 2012, (iv) Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2013 and 2012, and (v) the Notes to Condensed Consolidated Financial Statements.