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Table\ue000 of\ue000 Contents
\ue000\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
WASHINGTON,\ue000 D.C.\ue000 20549
\ue000
\ue000
Form\ue000 10-K
\ue000
\ue000
Annual\ue000 Report\ue000 Pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934
For\ue000 the\ue000 Fiscal\ue000 Year\ue000 Ended\ue000 December\ue000 31,\ue000 2008
Commission\ue000 file\ue000 number\ue000 1-15967
\ue000
\ue000
The\ue000 Dun\ue000 &\ue000 Bradstreet\ue000 Corporation
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
\ue000
Delaware
\ue000
22-3725387
(State\ue000 of\ue000 incorporation)
\ue000
(I.R.S.\ue000 Employer\ue000 Identification\ue000 No.)
103\ue000 JFK\ue000 Parkway,\ue000 Short\ue000 Hills,\ue000 NJ
\ue000
07078
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 (973)\ue000 921-5500
\ue000
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
Title\ue000 of\ue000 each\ue000 class
\ue000
Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which
registered
Common\ue000 Stock,\ue000 par\ue000 value\ue000 $0.01\ue000 per\ue000 share
Preferred\ue000 Share\ue000 Purchase\ue000 Rights
\ue000
New\ue000 York\ue000 Stock\ue000 Exchange
New\ue000 York\ue000 Stock\ue000 Exchange
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 None
\ue000
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000x\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 No\ue000 \ue000x
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant:\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities

Exchange\ue000 Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 Registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports)\ue000 and
(2)\ue000 has\ue000 been\ue000 subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000x\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this
Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 or\ue000 a\ue000 non-accelerated\ue000 filer.\ue000 See\ue000 definition\ue000 of
\u201caccelerated\ue000 filer\u201d\ue000 and\ue000 large\ue000 \u201caccelerated\ue000 filer\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act.\ue000 (Check\ue000 one):
\ue000
Large\ue000 accelerated\ue000 filer\ue000 \ue000x
\ue000Accelerated\ue000 filer\ue000 \ue000\u00ae \ue000 \ue000
\ue000Non-accelerated\ue000 filer\ue000 \ue000\u00ae
\ue000Smaller\ue000 reporting\ue000 company\ue000 \ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000\ue000\ue000\ue000 Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000 No\ue000 \ue000x
As\ue000 of\ue000 June\ue000 30,\ue000 2008,\ue000 the\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 all\ue000 shares\ue000 of\ue000 Common\ue000 Stock\ue000 of\ue000 The\ue000 Dun\ue000 &\ue000 Bradstreet\ue000 Corporation\ue000 outstanding\ue000 and
held\ue000 by\ue000 nonaffiliates*\ue000 (based\ue000 upon\ue000 its\ue000 closing\ue000 transaction\ue000 price\ue000 on\ue000 the\ue000 New\ue000 York\ue000 Stock\ue000 Exchange\ue000 Composite\ue000 Tape\ue000 on\ue000 June\ue000 30,\ue000 2008)\ue000 was
approximately\ue000 $4.752\ue000 billion.
As\ue000 of\ue000 January\ue000 31,\ue000 2009,\ue000 53,382,309\ue000 shares\ue000 of\ue000 Common\ue000 Stock\ue000 of\ue000 The\ue000 Dun\ue000 &\ue000 Bradstreet\ue000 Corporation\ue000 were\ue000 outstanding.
Documents\ue000 Incorporated\ue000 by\ue000 Reference
Portions\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 definitive\ue000 proxy\ue000 statement\ue000 for\ue000 use\ue000 in\ue000 connection\ue000 with\ue000 its\ue000 annual\ue000 meeting\ue000 of\ue000 shareholders\ue000 scheduled\ue000 to\ue000 be\ue000 held
on\ue000 May\ue000 5,\ue000 2009,\ue000 are\ue000 incorporated\ue000 into\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K.
\ue000
\ue000
* Calculated\ue000 by\ue000 excluding\ue000 all\ue000 shares\ue000 held\ue000 by\ue000 executive\ue000 officers\ue000 and\ue000 directors\ue000 of\ue000 the\ue000 registrant.\ue000 Such\ue000 exclusions\ue000 will\ue000 not\ue000 be\ue000 deemed\ue000 to\ue000 be\ue000 an
admission\ue000 that\ue000 all\ue000 such\ue000 persons\ue000 are\ue000 \u201caffiliates\u201d\ue000 of\ue000 the\ue000 registrant\ue000 for\ue000 purposes\ue000 of\ue000 federal\ue000 securities\ue000 laws.
\ue000\ue000\ue000
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Table\ue000 of\ue000 Contents
INDEX
\ue000
\ue000
\ue000\ue000 \ue000
\ue000\ue000Page
PART\ue000 I
Item\ue000 1.\ue000\ue000Business
\ue000\ue000
3
Item\ue000 1A.\ue000\ue000Risk\ue000 Factors
\ue000\ue000
11
Item\ue000 1B.\ue000\ue000Unresolved\ue000 Staff\ue000 Comments
\ue000\ue000
17
Item\ue000 2.\ue000\ue000Properties
\ue000\ue000
18
Item\ue000 3.\ue000\ue000Legal\ue000 Proceedings
\ue000\ue000
18
Item\ue000 4.\ue000\ue000Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000\ue000
18
PART\ue000 II
Item\ue000 5.\ue000\ue000Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
\ue000\ue000
19
Item\ue000 6.\ue000\ue000Selected\ue000 Financial\ue000 Data
\ue000\ue000
21
Item\ue000 7.\ue000\ue000Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000\ue000
25
Item\ue000 7A.\ue000\ue000Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
\ue000\ue000
64
Item\ue000 8.\ue000\ue000Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000\ue000
65
\ue000\ue000Consolidated\ue000 Statement\ue000 of\ue000 Operations
\ue000\ue000
68
\ue000\ue000Consolidated\ue000 Balance\ue000 Sheets
\ue000\ue000
69
\ue000\ue000Consolidated\ue000 Statement\ue000 of\ue000 Cash\ue000 Flows
\ue000\ue000
70
\ue000\ue000Consolidated\ue000 Statement\ue000 of\ue000 Shareholders\u2019\ue000 Equity
\ue000\ue000
71
\ue000\ue000Notes\ue000 to\ue000 Consolidated\ue000 Financial\ue000 Statements
\ue000\ue000
72
Item\ue000 9.\ue000\ue000Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000\ue000
125
Item\ue000 9A.\ue000\ue000Controls\ue000 and\ue000 Procedures
\ue000\ue000
125
Item\ue000 9B.\ue000\ue000Other\ue000 Information
\ue000\ue000
126
PART\ue000III
Item\ue000 10.\ue000\ue000Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000\ue000
127
Item\ue000 11.\ue000\ue000Executive\ue000 Compensation
\ue000\ue000
127
Item\ue000 12.\ue000\ue000Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
\ue000\ue000
127
Item\ue000 13.\ue000\ue000Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions\ue000 and\ue000 Director\ue000 Independence
\ue000\ue000
127
Item\ue000 14.\ue000\ue000Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
\ue000\ue000
127
PART\ue000 IV
Item\ue000 15.\ue000\ue000Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000\ue000
128
\ue000\ue000SIGNATURES
\ue000\ue000
129
\ue000\ue000Index\ue000 to\ue000 Exhibits
\ue000\ue000
130
\ue000
2
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Table\ue000 of\ue000 Contents
PART\ue000 I
\ue000
Item\ue000 1.
Business
Overview

The\ue000 Dun\ue000 &\ue000 Bradstreet\ue000 Corporation\ue000 (\u201cD&B\u201d\ue000 or\ue000 \u201cwe\u201d\ue000 or\ue000 \u201cour\u201d\ue000 or\ue000 the\ue000 \u201cCompany\u201d)\ue000 is\ue000 the\ue000 world\u2019s\ue000 leading\ue000 source\ue000 of\ue000 commercial\ue000 information and\ue000 insight\ue000 on\ue000 businesses,\ue000 enabling\ue000 customers\ue000 to\ue000 Decide\ue000 with\ue000 Confidence\u00ae\ue000 for\ue000 over\ue000 167\ue000 years.\ue000 Our\ue000 global\ue000 commercial\ue000 database\ue000 contains\ue000 more than\ue000 140\ue000 million\ue000 business\ue000 records.\ue000 The\ue000 database\ue000 is\ue000 enhanced\ue000 by\ue000 our\ue000 proprietary\ue000 DUNSRight\u00ae\ue000 Quality\ue000 Process,\ue000 which\ue000 provides\ue000 our\ue000 customers with\ue000 quality\ue000 business\ue000 information.\ue000 This\ue000 quality\ue000 information\ue000 is\ue000 the\ue000 foundation\ue000 of\ue000 our\ue000 global\ue000 solutions\ue000 that\ue000 customers\ue000 rely\ue000 on\ue000 to\ue000 make\ue000 critical business\ue000 decisions.

D&B\ue000 provides\ue000 solution\ue000 sets\ue000 that\ue000 meet\ue000 a\ue000 diverse\ue000 set\ue000 of\ue000 customer\ue000 needs\ue000 globally.\ue000 Customers\ue000 use\ue000 D&B\ue000 Risk\ue000 Management\ue000 Solutions\u2122\ue000 to mitigate\ue000 credit\ue000 and\ue000 supplier\ue000 risk,\ue000 increase\ue000 cash\ue000 flow\ue000 and\ue000 drive\ue000 increased\ue000 profitability;\ue000 D&B\ue000 Sales\ue000 &\ue000 Marketing\ue000 Solutions\u2122\ue000 to\ue000 increase\ue000 revenue from\ue000 new\ue000 and\ue000 existing\ue000 customers;\ue000 and\ue000 D&B\ue000 Internet\ue000 Solutions\u2122\ue000 to\ue000 convert\ue000 prospects\ue000 into\ue000 clients\ue000 faster\ue000 by\ue000 enabling\ue000 business\ue000 professionals\ue000 to research\ue000 companies,\ue000 executives\ue000 and\ue000 industries.

Our\ue000 Aspiration\ue000 and\ue000 Our\ue000 Strategy
In\ue000 October\ue000 2000,\ue000 we\ue000 launched\ue000 a\ue000 business\ue000 strategy\ue000 called\ue000 the\ue000 \u201cBlueprint\ue000 for\ue000 Growth.\u201d\ue000 This\ue000 strategy\ue000 has\ue000 been\ue000 successful\ue000 in\ue000 driving\ue000 our
performance\ue000 over\ue000 the\ue000 past\ue000 years.

In\ue000 September\ue000 2006,\ue000 we\ue000 updated\ue000 our\ue000 Blueprint\ue000 for\ue000 Growth\ue000 strategy\ue000 and\ue000 articulated\ue000 our\ue000 strategic\ue000 choices\ue000 for\ue000 the\ue000 future.\ue000 We\ue000 further\ue000 refined
this\ue000 strategy\ue000 in\ue000 July\ue000 2008.\ue000 Our\ue000 updated\ue000 strategy\ue000 reflects\ue000 that\ue000 D&B\ue000 is\ue000 a\ue000 company\ue000 that\ue000 has\ue000 been\ue000 and\ue000 remains\ue000 committed\ue000 to\ue000 delivering\ue000 Total
Shareholder\ue000 Return\ue000 (\u201cTSR\u201d).\ue000 To\ue000 achieve\ue000 this\ue000 objective,\ue000 we\ue000 remain\ue000 focused\ue000 on\ue000 three\ue000 key\ue000 drivers\ue000 of\ue000 TSR,\ue000 which\ue000 include:\ue000 growing\ue000 revenue;
expanding\ue000 margins;\ue000 and\ue000 maintaining\ue000 a\ue000 disciplined\ue000 approach\ue000 to\ue000 deploying\ue000 our\ue000 free\ue000 cash\ue000 flow.\ue000 These\ue000 have\ue000 been\ue000 the\ue000 central\ue000 drivers\ue000 of\ue000 our
success\ue000 and\ue000 they\ue000 will\ue000 remain\ue000 the\ue000 key\ue000 areas\ue000 of\ue000 focus\ue000 for\ue000 us\ue000 going\ue000 forward\ue000 in\ue000 order\ue000 to\ue000 help\ue000 ensure\ue000 consistent\ue000 performance\ue000 over\ue000 time.

With\ue000 regard\ue000 to\ue000 our\ue000 2008-2010\ue000 growth\ue000 objectives,\ue000 it\ue000 is\ue000 fair\ue000 to\ue000 say\ue000 we\ue000 are\ue000 not\ue000 in\ue000 normal\ue000 economic\ue000 times.\ue000 So\ue000 at\ue000 the\ue000 moment,\ue000 we\ue000 are\ue000 focused
on\ue000 delivering\ue000 our\ue000 best,\ue000 one\ue000 year\ue000 at\ue000 a\ue000 time.

To\ue000 grow\ue000 revenue,\ue000 we\ue000 have\ue000 made\ue000 a\ue000 fundamental\ue000 strategic\ue000 choice\ue000 to\ue000 remain\ue000 focused\ue000 on\ue000 the\ue000 commercial\ue000 marketplace\ue000 and\ue000 to\ue000 continue\ue000 being the\ue000 world\u2019s\ue000 largest\ue000 and\ue000 best\ue000 provider\ue000 of\ue000 insight\ue000 about\ue000 businesses.\ue000 This\ue000 is\ue000 reflected\ue000 in\ue000 our\ue000 aspiration,\ue000 which\ue000 is\ue000 \u201cTo\ue000 be\ue000 the\ue000 most\ue000 trusted\ue000 source of\ue000 commercial\ue000 insight\ue000 so\ue000 our\ue000 customers\ue000 can\ue000 Decide\ue000 with\ue000 Confidence.\u201d

Within\ue000 the\ue000 commercial\ue000 insight\ue000 market,\ue000 we\ue000 have\ue000 identified\ue000 three\ue000 strategic\ue000 stakes\ue000 to\ue000 increase\ue000 growth\ue000 for\ue000 the\ue000 future.\ue000 We\ue000 continue\ue000 to\ue000 execute
against\ue000 these\ue000 stakes,\ue000 which\ue000 include:
\ue000
\ue000

\u2022\ue000 Growing\ue000 our\ue000 global\ue000 Risk\ue000 Management\ue000 Solutions\ue000 business\ue000 (\u201cRMS\u201d),\ue000 which\ue000 is\ue000 our\ue000 largest\ue000 solution\ue000 set,\ue000 by\ue000 moving\ue000 customers\ue000 up\ue000 the DNBi\u00ae\ue000 product\ue000 continuum.\ue000 DNBi\ue000 is\ue000 our\ue000 interactive,\ue000 customizable\ue000 online\ue000 application\ue000 that\ue000 offers\ue000 our\ue000 customers\ue000 real\ue000 time\ue000 access\ue000 to\ue000 our most\ue000 complete\ue000 and\ue000 up-to-date\ue000 global\ue000 DUNSRight\ue000 information,\ue000 comprehensive\ue000 monitoring\ue000 and\ue000 portfolio\ue000 analysis.\ue000 RMS\ue000 growth\ue000 will also\ue000 be\ue000 driven\ue000 b

y
\ue000 continued\ue000
g
rowth\ue000 in\ue000 Asia\ue000 and\ue000 other\ue000 emer
g
in
g
\ue000 markets,\ue000 and\ue000 continued\ue000
g
rowth\ue000 in\ue000 su
p p
lier\ue000 risk\ue000 and\ue000 anal
y
tics;
\ue000
\ue000
\u2022\ue000 Growing\ue000 our\ue000 Sales\ue000 &\ue000 Marketing\ue000 Solutions\ue000 business\ue000 (\u201cS&MS\u201d)\ue000 by\ue000 capturing\ue000 more\ue000 customer\ue000 spend\ue000 across\ue000 the\ue000 S&MS\ue000 value\ue000 chain,
including\ue000 prospecting\ue000 data,\ue000 data\ue000 integration\ue000 services,\ue000 data\ue000 integration\ue000 software,\ue000 and\ue000 analytics\ue000 and\ue000 applications;\ue000 and
\ue000
\ue000
\u2022\ue000 Growing\ue000 our\ue000 Internet\ue000 Solutions\ue000 business\ue000 by\ue000 continuing\ue000 to\ue000 grow\ue000 Hoover\u2019s,\ue000 Inc.\ue000 (\u201cHoover\u2019s\u201d)\u2014our\ue000 online\ue000 database\ue000 solution\ue000 that
provides\ue000 information\ue000 on\ue000 public\ue000 and\ue000 private\ue000 companies,\ue000 their\ue000 executives\ue000 and\ue000 industries\u2014while\ue000 also\ue000 targeting\ue000 new\ue000 Internet
opportunities.
\ue000
3
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