Half Yearly Figures 1999 / VNU Continues to Grow

restated Haarlem, Netherlands (PROTEXT) - Earnings before

extraordinary items

+ 2% + 19%*) to EUR 112 million Earnings before

amortization of

goodwill and

extraordinary items

+ 10% + 19%*) to EUR 138 million Net earnings

+ 1% + 18%*) to EUR 110 million *) Earnings for the first half of 1998 have been restated byapproximately EUR 16 million and EUR 10 million to reflectamortization of goodwill due to the one-time positive effectrelating to the shorter consolidation period of World Directoriesfrom its date of acquisition (February 19, 1998). Accordingly,the seasonal loss in January 1998 is not reflected in ourearnings, because this loss has not been for the account of VNU.Contributing factors include lower interest expenses, reducedamortization of goodwill and higher operating income. In comparing the first half results with 1998, the readershould consider the above mentioned one-time positive effects, aswe already mentioned in the 1998 first half year report. Restatedearnings before extraordinary items as well as restated earningsbefore amortization of goodwill and extraordinary items bothincreased by 19%. In the first half of 1999, earnings before extraordinary itemsincreased by 2% to EUR 112 million from EUR 110 million. Netearnings increased by 1% to EUR 110 million. Restated netearnings increased by 18%. -- Total operating income

before amortization

of goodwill

+ 19% to EUR

260 million -- Operating income after

amortization of

goodwill

+ 16% to EUR

235 million -- Net revenues

+ 10% to EUR 1,276 million -- Operating income to 18.9% from 17.8% of net revenues Operating income including equity in operating income of non-consolidated subsidiaries increased by 19% to EUR 260 millionfrom EUR 219 million. Operating income as a percentage of netrevenues increased to 18.9% from 17.8%. Net revenues increased by10% to EUR 1,276 million from EUR 1,164 million. Growth inexisting activities amounted to 4%. Foreign currency rate effectswere negligible. Review Most groups contributed to the improvement in results.Operating income at our consumer magazines, newspapers, telephonedirectories and information services increased substantially.Advertising revenues of our consumer magazines and newspapersincreased. Newspapers mainly experienced a higher level ofrecruitment advertising. With regard to telephone directories andinformation services, the previously mentioned one-time positiveeffect should be considered. Nevertheless, results increased dueto favorable market conditions, the cooperation with Belgacom, aBelgian telecommunications company, and the earlier publicationof some of our directories compared to last year. Operating income of Business Information Europe equalled lastyear's level despite higher start-up costs related to theInternet operations and lower advertising revenues in the UnitedKingdom. Recruitment advertising specifically accounted for thisdecline. In addition, start-up costs relating to the introductionof marketing information services in Europe increased and welaunched new activities in Poland, Austria and Switzerland. At Business Information USA contribution from acquisitions wasrestricted as a result of seasonal effects. At marketinginformation services income shifted to the second half of theyear. As a result of these factors, operating income increasedslightly. VNU made acquisitions of about EUR 188 million in the firsthalf of 1999, primarily related to business information in theUnited States. Internet operations VNU has streamlined some Internet operations in Europe byforming a central Internet business unit under the name VNUInternet Publishing. The primary tasks of this business unit include Internetprojects involving several divisions, starting new projects andproviding support for existing Internet activities within VNU. Total number of page views to VNU Internet sites were over 100million in the second quarter of 1999. Development costs relatingto the Internet operations are expected to be EUR 30 million in1999. Total number of employees (full-time equivalents) who areinvolved in the Internet operations amounted to approximately 200in mid 1999. Interim dividend For the financial year 1999, VNU will pay an interim dividendof EUR 0.11 per common share compared to an interim dividend ofEUR 0.1089 in 1998. For the 7% preferred shares a dividend of EUR0.64 will be paid. The interim dividend, which is not indicativeof the amount of our final dividend, and the dividend onpreferred shares will be paid on October 6, 1999. Tender offer for Nielsen Media Research On August 16, 1999, VNU announced that it has entered into adefinitive merger agreement with Nielsen Media Research Inc., inwhich VNU intends to acquire all of Nielsen's common shares at$37.75 for a total cash purchase price of approximately $2.5billion (EUR 2.4 billion). The transaction is expected to closein the Autumn, 1999. The tender offer for the common shares ofNielsen commenced on August 20, and is conditioned upon VNUreceiving at least a majority of Nielsen's shares. Approximatelyhalf of the purchase price will be financed through an equityoffering. In addition, VNU intends to review the strategicposition of its newspaper division. Prospects Barring unforeseen events and foreign currency rate effects,we expect for 1999 as a whole, our growth in earnings beforeextraordinary items will amount to approximately 10%. In thefirst half of 1999, earnings before extraordinary items, restatedfor the EUR 16 million one-time positive effect, increased by19%. For the full year we expect restated earnings beforeextraordinary items, as well as restated earnings beforeamortization of goodwill and extraordinary items, to increase byapproximately the same percentage. VNU is a Netherlands-based international publishing andinformation company, whose operations include consumer andprofessional magazines, newspapers, telephone directories andinformation services, educational textbooks, marketinginformation services, trade shows and entertainment. Worldwidethe company employs approximately 15,000 people and has annualrevenues of more than NLG 5.3 billion (EUR 2.4 billion). otsOriginal Text Service: VNU Internet: http://www.newsaktuell.deContact: Maarten Schikker of VNU, +31-23-546-3600; or MelanieMorrison of Taylor Rafferty Associates, +44-171-606-1149 Website: http://www.vnu.com

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