VNU DELIVERS 9% INCREASE IN UNDERLYING CASH EARNINGS PER SHARE AT CONSTANT
CURRENCIES IN LINE WITH EARLIER GUIDANCE

- VNU delivers 9% increase in its 2003 underlying* cash earnings per share
(CEPS) at constant currencies**

- Net earnings per share declines 25% and cash earnings per share (CEPS)
declines 17% both as a result of the weak US dollar, reorganization
charges and a book loss on the Claritas Europe divestiture

- Strong revenue growth at constant currencies** for both Marketing
Information and Media Measurement & Information groups in line with
guidance

- Strong sequential improvement in underlying* credit statistics; in line
with more stringent interest coverage targets

- Free cash flows: an increase of 9% to EUR 386 million

- In the light of our expectations for the future we propose to maintain
our dividend at the same level as in 2002

* Excluding 2003 reorganization charges and the Claritas Europe book loss
(in line with earlier guidance).
**2003 actuals recalculated against 2002 currency exchange rates.