DUN & BRADSTREET REPORTS ON TARGET PRO FORMA FIRST-QUARTER RESULTS; Combined Pro Forma EPS for Three New Companies Increases by 14.6 Percent.

WILTON, CONN.--(BUSINESS WIRE)--April 17, 1996--Dun & Bradstreet, which announced plans in January to split into three public corporations, today posted first-quarter combined pro forma earnings of 55 cents a share, up 14.6 percent from 48 cents a share a year ago, for Cognizant Corporation, the 'new' D&B and ACNielsen. Today's Dun & Bradstreet reported consolidated quarterly earnings of 52 cents a share, unchanged from a year ago, excluding a 12-cents-a-share one-time gain in the first quarter of 1995.

"Significant incremental EPS is clearly being delivered by our strategy to split into three corporations," said Robert E. Weissman, chairman and CEO of Dun & Bradstreet. "The financial performance of the new companies is a compelling proof statement of unlocked value."

"Further, we are on target to achieve our 1996 pro forma growth forecasts," continued Weissman. "Cognizant is performing as an exciting high-growth investment, the 'new' D&B is producing good results, and ACNielsen's turnaround strategy is yielding encouraging improvements. Solid operations performance, based on sound business fundamentals, generated our first-quarter earnings." -0-

                           COGNIZANT CORPORATION
                  FIRST-QUARTER 1996 PRO FORMA RESULTS(1)
             (Dollars in millions, except per share amounts.)

                            1996            1995        %Chg.
Revenue                    $366.0           $322.5       13%
Operating Income            $61.1            $49.7       23%
Net Income                  $41.7            $35.6       17%
Earnings Per Share          $0.25            $0.21       19%
-0-

    (1) Note:  Pro forma results include operating results of ongoing
business operations and management's current estimates of corporate
expense, non-operating expense--net, and the effective tax rate.

    "Cognizant is a growth engine," said Weissman, future chairman
and CEO of Cognizant Corporation.  "Cognizant is delivering against
our promise of a high-growth company profile.  With 19 percent EPS
growth, 13 percent revenue expansion and a 23 percent surge in
operating income, we are off to a fast start."
    Cognizant Corporation achieved first-quarter pro forma earnings
of 25 cents a share, up 19 percent from 21 cents a share a year ago.
    "Equally important, our 1996 EPS target of 17-to-20 percent
growth is clearly attainable," stated Weissman.
    "Revenue growth in the first quarter was within range to meet our
full-year expectations," noted Weissman.  "We anticipate a strong
fourth-quarter finish at IMS, which is consistent both with
performance in prior years and our 1996 outlook."
    Pro forma revenue climbed 13 percent to $366.0 million from
$322.5 million a year ago.  IMS International reported revenue of
$191.1 million in the first quarter, up 9.9 percent from a year ago.
IMS's revenue growth in the U.S. was driven by the impact of client
winbacks attributable to the Xponent prescriber database service; by
increased sales of SNAP/Pharma marketed by IMS's Sales Technologies
unit; and by sales of new products, including the Xplorer
decision-support system.  IMS Japan generated growth in its sales
territory reports and usage of its online database service.  IMS
International generated strong revenue growth in Germany, Iberia and
Southeast Asia.  Gartner Group achieved excellent first-quarter
revenue growth, while introducing seven new products, including INET,
which provides analysis on Internet technologies, trends and
strategies.  Nielsen Media Research posted a double-digit revenue
performance for the period, driven by accelerating revenue growth
from new products, a robust advertising environment, and the
continued impact of new broadcast and cable network subscribers.
    Pro forma operating income in the first quarter rose 23 percent
to $61.1 million from $49.7 million, and pro forma net income was up
17 percent to $41.7 million from $35.6 million in 1995.
    Cognizant Corporation, with 1995 pro forma revenue of
$1.5 billion and more than 10,000 professionals in 100 countries,
will focus on high-growth emerging markets in healthcare, high-tech
and media.
-0-

THE "NEW" DUN & BRADSTREET CORPORATION

FIRST-QUARTER 1996 PRO FORMA RESULTS(1)

(Dollars in millions, except per share amounts.)

1996 1995 %Chg. Revenue $480.5 $449.1 7% Operating Income  $109.6 $103.4 6% Net Income $61.2 $59.2 3% Earnings Per Share $0.36 $0.35 3% -0-

(1) Note: Pro forma results include operating results of ongoing business operations and management's current estimates of corporate expense, non-operating expense--net, and the effective tax rate.

"The 'new' D&B's first-quarter pro forma results were in line with our expectations," said Volney Taylor, future chairman and CEO of the 'new' Dun & Bradstreet. "For the full year, we continue to anticipate growth in earnings per share in the 4-to-6 percent range."

Pro forma revenue for the "new" D&B increased by 7 percent to $480.5 million from $449.1 million a year ago. Dun & Bradstreet Information Services reported first-quarter revenue growth of 4.7 percent to $320.5 million from $306.2 million, excluding American Credit Indemnity.

DBIS U.S. posted a 3 percent increase in first-quarter revenue.

"While first-quarter revenue growth for DBIS U.S. was held down by the timing of several major contracts, significant additional revenue was generated by the new-customer acquisition program launched in 1995," said Taylor. "Topline growth is expected to increase at DBIS U.S. in subsequent quarters, driven by continued growth in new products, including database marketing services and credit scoring products."

DBIS Europe's revenue was up 6 percent in the quarter, reflecting investments in new product development, the database and technology.

Moody's Investors Service posted excellent revenue growth for the quarter, driven by a substantial increase in bond volume in both the corporate and public-finance sectors.

Reuben H. Donnelley reported lower first-quarter revenue due to timing factors in the publishing of certain yellow pages directories. Excluding these factors, Donnelley posted a modest gain in revenue for the quarter.

Pro forma operating income grew 6 percent to $109.6 million from $103.4 million a year ago, and net income was up 3 percent to $61.2 million from $59.2 million last year.

The 'new' Dun & Bradstreet Corporation, with pro forma 1995 revenue of $2.0 billion and 16,000 professionals in 40 countries, will target D&B's historical strength in financial information services. -0-

                               ACNIELSEN
                FIRST-QUARTER 1996 PRO FORMA RESULTS(1)
            (Dollars in millions, except per share amounts.)

                           1996             1995         %Chg.
Revenue                   $309.4           $289.1          7%
Operating Income (Loss)   ($17.1)          ($20.8)        18%
Net Income (Loss)         ($11.0)          ($14.0)        22%
Earnings (Loss) Per Share ($0.06)          ($0.08)        25%
-0-

    (1) Note:  Pro forma results include operating results of ongoing
business operations and management's current estimates of corporate
expense, non-operating expense--net, and the effective tax rate.

    "Although we are reporting an overall pro forma loss for the
first quarter, we are extremely pleased with the remarkable
turnaround progress being made in the United States, as well as the
commitments and turnaround plans that are being initiated in Europe
and the strong double-digit revenue growth in Asia/Pacific," said
Nicholas L. Trivisonno, chairman and CEO of ACNielsen.  "Increases
in US productivity and worldwide revenue growth of 7 percent
contributed to our year-over-year improvement in the first quarter,
historically the most difficult period of the year for ACNielsen."
    ACNielsen's Americas region achieved break-even results in the
1996 first quarter, its best performance since 1993.  This was a
direct result of the back-to-front re-engineering efforts that began
in mid-1995 in the United States.  To date, these efforts have not
only reduced costs but improved customer service and overall
productivity.
    In Europe, ACNielsen continues to invest in improving customer
service, data quality and delivery.  The European re-engineering
efforts, although similar in structure to the U.S. initiatives, did
not begin until late last year.  The impact in cost reductions,
customer service and quality improvements are expected to parallel
those of the United States.  Progress is already apparent, as
European delivery time of scanning information has been improved by
30 percent.
    "In line with expectations, our increased investments in
ACNielsen's European business have resulted in a reduction of the
region's profitability, compared with historical levels.  Europe will
remain, however, a significant contributor to ACNielsen's positive
earnings in 1996," said Trivisonno.
    "As we look at the rest of the year, each period's results are
expected to improve.  We are confident that our 1996 earnings are on
track and anticipate that full-year earnings per share will be two
and a half to three times those of 1995," concluded Trivisonno.
    ACNielsen, with 1995 pro forma revenue of $1.3 billion and
17,500 professionals in more than 80 countries, will focus on the
fast-moving consumer packaged goods industry.
-0-
(See attached tables for three-company pro forma results.)

                 D&B CONSOLIDATED FIRST-QUARTER RESULTS
    On a consolidated basis, Dun & Bradstreet reported first-quarter
earnings of 52 cents a share compared with year-ago earnings of 64
cents a share, which included a 12-cents-a-share, or $28 million
pre-tax, one-time gain.  Excluding the gain, D&B's first-quarter
earnings were flat.  Earnings were held down by 3 cents a share, or
$7 million, due to operating losses at businesses that will be
divested by D&B in connection with the company's reorganization.
    D&B's consolidated first-quarter revenue rose to $1.27 billion,
up 4.3 percent from $1.22 billion a year ago.  Revenue for the
quarter was held down by a decline at D&B Software, lower revenue at
Directory Information Services, and the divestiture of Interactive
Data Corporation.
    Operating income in the first quarter was $142.6 million,
compared with $172.8 million a year ago.  The decline reflected in
part the impact of the year-ago gain, first-quarter losses from
businesses to be divested, and the absence of income from Interactive
Data.  Excluding these factors, operating income was up slightly.
    Net income in the first quarter was $87.8 million, compared with
$108.9 million in the first quarter of 1995, also reflecting the
year-ago gain, first-quarter losses at D&B Software and American
Credit Indemnity, and the absence of income from Interactive Data.
    The Dun & Bradstreet Corporation is the world's largest marketer
of information, software and services for business decision making,
with worldwide revenue of $5.4 billion in 1995.
-0-
(See attached table)

                          COGNIZANT CORPORATION
                FIRST-QUARTER 1996 PRO FORMA RESULTS(1)
           (Dollars in millions, except per share amounts.)

                         1996              1995        %Chg.
Revenue                 $366.0            $322.5        13%
Operating Income         $61.1             $49.7        23%
Net Income               $41.7             $35.6        17%
Earnings Per Share       $0.25             $0.21        19%
-0-

    (1) Note:  Pro forma results include operating results of ongoing
business operations and management's current estimates of corporate
expense, non-operating expense--net, and the effective tax rate.

                THE "NEW" DUN & BRADSTREET CORPORATION
                FIRST-QUARTER 1996 PRO FORMA RESULTS(1)
          (Dollars in millions, except per share amounts.)

                          1996              1995           %Chg.
Revenue                  $480.5            $449.1            7%
Operating Income         $109.6            $103.4            6%
Net Income                $61.2             $59.2            3%
Earnings Per Share        $0.36             $0.35            3%
-0-

    (1) Note:  Pro forma results include operating results of ongoing
business operations and management's current estimates of corporate
expense, non-operating expense--net, and the effective tax rate.

                              ACNIELSEN
              FIRST-QUARTER 1996 PRO FORMA RESULTS(1)
          (Dollars in millions, except per share amounts.)

                           1996             1995         %Chg.
Revenue                   $309.4           $289.1          7%
Operating Income (Loss)   ($17.1)          ($20.8)        18%
Net Income (Loss)         ($11.0)          ($14.0)        22%
Earnings Per Share (Loss) ($0.06)          ($0.08)        25%
-0-

    (1) Note:  Pro forma results include operating results of ongoing
business operations and management's current estimates of corporate
expense, non-operating expense--net, and the effective tax rate.

                   The Dun & Bradstreet Corporation
           Condensed Consolidated Statement of Income (Unaudited)
                 (in millions except per share amounts)

                                     Three Months Ended
                                         March 31            Percent
                                     1996        1995         Change

Operating Revenue                 $1,272.0      $1,219.6        4.3
Operating Costs, Selling and
 Administrative Expenses           1,129.4       1,046.8(a)     7.9
Operating Income                     142.6         172.8      (17.5)
Interest Expense - Net                 3.6           6.5      (44.6)
Other Expense - Net                   16.4          15.7        4.5
Non-Operating Expense - Net           20.0          22.2       (9.9)
Income Before Income Tax Provision   122.6         150.6      (18.6)
Income Tax Provision                  34.8          41.7      (16.5)
Net Income                           $87.8        $108.9      (19.4)
Earnings Per Share of Common Stock   $0.52         $0.64      (18.8)
Dividends Paid Per Share of
 Common Stock                        $0.66         $0.65        1.5
Average Number of Shares Outstanding 169.7         169.7          0
Effective Tax Rate                    28.4%         27.7%       2.5
-0-
    (a)  Includes a $28 million restructuring gain in 1995 from
         the sale of warrants received in connection with the
         divestiture of Donnelly Marketing in 1991.

CONTACT: Reid H. Gearhart

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