As filed with the Securities and Exchange Commission on January 22, 2002
                                                      Registration No. 333-74476
================================================================================


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                             ----------------------


                               AMENDMENT NO. 1 TO
                                    FORM S-4
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933


                    THE INTERPUBLIC GROUP OF COMPANIES, INC.
             (Exact name of Registrant as specified in its charter)


         DELAWARE                         7311                   13-1024020
(State or other jurisdiction of (Primary Standard Industrial   (IRS Employer
incorporation or organization)   Classification Code Number) Identification No.)

                             ----------------------

                           1271 Avenue of the Americas
                            New York, New York 10020
                                 (212) 399-8000

    (Address, including zip code, and telephone number, including area code,
                  of Registrant's principal executive offices)

                               NICHOLAS J. CAMERA
               SENIOR VICE PRESIDENT, GENERAL COUNSEL & SECRETARY
                    THE INTERPUBLIC GROUP OF COMPANIES, INC.
                           1271 AVENUE OF THE AMERICAS
                            NEW YORK, NEW YORK 10020
                                 (212) 399-8000

            (Name, address, including zip code, and telephone number,
                   including area code, of agent for service)

                                   Copies to:
                            RICHARD S. BORISOFF, ESQ.
                    PAUL, WEISS, RIFKIND, WHARTON & GARRISON
                           1285 AVENUE OF THE AMERICAS
                          NEW YORK, NEW YORK 10019-6064
                                  212-373-3000

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: As soon as
practicable after this Registration Statement becomes effective.

If the securities being registered on this Form are being offered in connection
with the formation of a holding company and there is compliance with General
Instruction G, check the following box. [_]

If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [_]

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [_]

                             ----------------------


     THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
     DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
     SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
     REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
     SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION
     STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING
     PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.



The information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This preliminary prospectus is
not an offer to sell these securities and it is not soliciting an offer to buy
these securities in any state where the offer or sale is not permitted.


PRELIMINARY PROSPECTUS


SUBJECT TO COMPLETION, DATED January 22, 2002



                    THE INTERPUBLIC GROUP OF COMPANIES, INC.



                               EXCHANGE OFFER FOR
                                  $500,000,000
                             7 1/4 % NOTES DUE 2011



TERMS OF THE EXCHANGE OFFER


         o        It will expire at 5:00 p.m., New York City time, on February
                  __, 2002, unless we extend it.


         o        If all the conditions to this exchange offer are satisfied, we
                  will exchange all of our 7 1/4% Notes due 2011 issued on
                  August 17, 2001, which we refer to as the initial notes, that
                  are validly tendered and not withdrawn for new notes, which we
                  refer to as the exchange notes.

         o        You may withdraw your tender of initial notes at any time
                  before the expiration of this exchange offer.

         o        The exchange notes that we will issue you in exchange for your
                  initial notes will be substantially identical to your initial
                  notes except that, unlike your initial notes, the exchange
                  notes will have no transfer restrictions or registration
                  rights.

         o        The exchange notes that we will issue you in exchange for your
                  initial notes are new securities with no established market
                  for trading. We do not intend to apply to have the exchange
                  notes listed on any securities exchange.



         BEFORE MAKING A DECISION TO PARTICIPATE IN THIS EXCHANGE OFFER, PLEASE
REFER TO THE SECTION IN THIS PROSPECTUS ENTITLED "RISK FACTORS" COMMENCING ON
PAGE 9.



         Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.



                The date of this prospectus is            , 2002.




                                TABLE OF CONTENTS


                                                                            Page
Incorporation Of Certain Documents by Reference...............................2
Where You Can Find More Information...........................................4
Summary.......................................................................5
Risk Factors..................................................................9
Special Note Regarding Forward-Looking Statements And Other Factors...........10
Use Of Proceeds...............................................................12
Ratio Of Earnings To Fixed Charges............................................12
Capitalization................................................................13
Selected Consolidated Financial Data..........................................14
The Company...................................................................15
The Exchange Offer............................................................20
Description Of The Exchange Notes.............................................29
Book-Entry, Delivery And Form.................................................41
Certain U.S. Federal Income Tax Considerations................................44
Plan Of Distribution..........................................................48
Legal Matters.................................................................50
Experts.......................................................................50


                             ----------------------

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

         This prospectus incorporates by reference important business and
financial information about our company that is not included in or delivered
with this document. The information incorporated by reference is considered to
be part of this prospectus, and later information that we file with the
Commission will automatically update and supersede this information. Any
statement modified or superseded by subsequently filed materials shall not be
deemed, except as so modified or superseded, to constitute a part of this
prospectus. We incorporate by reference the documents listed below and any other
filings made with the Commission under Section 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934 prior to termination of the exchange offer:

         o        Our Annual Report on Form 10-K for the year ended December 31,
                  2000.

         o        Our Current Report on Form 8-K filed on January 11, 2001.

         o        Our Current Report on Form 8-K filed on March 1, 2001.

         o        Our Current Report on Form 8-K filed on March 19, 2001.

         o        Our Quarterly Report on Form 10-Q for the quarter ended March
                  31, 2001.

                                        2



         o        Our Current Report on Form 8-K filed on April 27, 2001.

         o        Our Current Report on Form 8-K filed on May 15, 2001.

         o        Our Current Report on Form 8-K filed on May 21, 2001.

         o        Our Current Report on Form 8-K filed on June 15, 2001.

         o        Our Current Report on Form 8-K filed on June 26, 2001.

         o        Our Quarterly Report on Form 10-Q for the quarter ended June
                  30, 2001.

         o        Our Current Report on Form 8-K filed on July 27, 2001.

         o        Our Current Report on Form 8-K filed on August 10, 2001.

         o        Our Amendment to Our Current report on Form 8-K/A filed on
                  August 23, 2001.

         o        Our Current Report on Form 8-K filed on September 18, 2001.

         o        Our Quarterly Report on Form 10-Q for the quarter ended
                  September 30, 2001.

         o        Our Current Report on Form 8-K filed on December 11, 2001.

         o        Our Current Report on Form 8-K filed on December 14, 2001.


         Our Current Report on Form 8-K filed on September 18, 2001 contains
financial statements and other information that restates and supersedes
corresponding information contained in our Annual Report on Form 10-K for the
year ended December 31, 2000 and our Current Report on Form 8-K filed on August
10, 2001 to give effect to our acquisition of True North Communications Inc. on
June 22, 2001 which has been accounted for as a pooling of interests.


         You may request a copy of any of these documents, at no cost, by making
an oral or written request to Susan V. Watson, The Interpublic Group of
Companies, Inc., 1271 Avenue of the Americas, New York, New York 10020,
telephone: (212) 399-8000. TO OBTAIN TIMELY DELIVERY OF ANY COPIES OF FILINGS
REQUESTED, PLEASE WRITE OR TELEPHONE NO LATER THAN FEBRUARY  , 2002 [FIVE DAYS
PRIOR TO THE TERMINATION].


         EXCEPT AS DESCRIBED ABOVE, NO OTHER INFORMATION IS INCORPORATED BY
REFERENCE IN THIS PROSPECTUS (INCLUDING, WITHOUT LIMITATION, INFORMATION ON OUR
WEBSITE).

                                        3



                       WHERE YOU CAN FIND MORE INFORMATION

         We are subject to the informational requirements of the Securities
Exchange Act of 1934, as amended, and file reports, proxy statements and other
information with the Commission. We have also filed with the Commission a
registration statement on Form S-4 to register the exchange notes. This
prospectus, which forms part of the registration statement, does not contain all
of the information included in that registration statement. For further
information about us and the exchange notes offered in this prospectus, you
should refer to the registration statement and its exhibits. You may read and
copy any document we file with the Commission at the Commission's Public
Reference Room, 450 Fifth Street, N.W., Washington, D.C. 20549. Copies of these
reports, proxy statements and information may be obtained at prescribed rates
from the Public Reference Section of the Commission at 450 Fifth Street, N.W.,
Washington, D.C. 20549. Please call the Commission at 1-800-SEC-0330 for further
information on the operation of the Public Reference Room. In addition, the
Commission maintains a web site that contains reports, proxy statements and
other information regarding registrants, such as us, that file electronically
with the Commission. The address of this web site is http://www.sec.gov.

         Anyone who receives a copy of this prospectus may obtain a copy of the
indenture and supplemental indenture relating to the exchange notes without
charge by writing to: Susan V. Watson, The Interpublic Group of Companies, Inc.,
1271 Avenue of the Americas, New York, New York 10020.

                                        4



                                     SUMMARY

         IN THIS PROSPECTUS, "WE," "OUR," "US," THE "COMPANY" AND "INTERPUBLIC"
MEAN THE INTERPUBLIC GROUP OF COMPANIES, INC. INCLUDING, UNLESS THE CONTEXT
OTHERWISE REQUIRES OR AS OTHERWISE EXPRESSLY STATED, OUR SUBSIDIARIES. THE TERM
"INITIAL NOTES" REFERS TO THE 7 1/4% NOTES DUE 2011 THAT WERE ISSUED ON AUGUST
17, 2001 IN A PRIVATE OFFERING. THE TERM "EXCHANGE NOTES" REFERS TO THE 7 1/4%
NOTES DUE 2011 OFFERED WITH THIS PROSPECTUS. THE TERM "NOTES" REFERS TO THE
INITIAL NOTES AND THE EXCHANGE NOTES, COLLECTIVELY.



                    THE INTERPUBLIC GROUP OF COMPANIES, INC.

         Interpublic is a group of advertising and specialized marketing and
communication services companies that together represent one of the largest
resources of marketing and advertising expertise in the world. With offices in
more than 130 countries, we realized worldwide revenue in 2000 of approximately
$7.2 billion, 59% of which represented domestic revenue and 41% of which
represented international revenue, after giving effect to our recent acquisition
of True North.

         In the last five years, we have grown to become one of the world's
largest groups of global marketing services companies, providing our clients
with communications expertise in four broad areas:

         o        Advertising, which includes advertising and media management;

         o        Marketing Communications, which includes client relationship
                  management, public relations, sales promotion, event
                  marketing, on-line marketing, and specialized sectors such as
                  healthcare, diversity and corporate identity;

         o        Marketing Intelligence, which includes custom marketing
                  research, brand consultancy, and database management; and

         o        Marketing Services, which includes sports and entertainment
                  marketing, corporate meetings and events, retail marketing,
                  and other marketing and business services.

We seek to be the best in quality, broadest in scope and leader in size in all
of these areas.


         We are organized into four global operating groups. Three of these
groups, the WorldGroup, The FCB Group and The Partnership, are global marketing
communications companies that provide a full complement of global marketing
services and marketing communication services. Our fourth global operating
group, The Advanced Marketing Services Group, is focused on growing our current
marketing services and marketing intelligence services.


         We believe this organizational structure allows us to provide
comprehensive marketing communications solutions for clients, enables stronger
organic growth among all our operating companies and allows us to bring improved
operating efficiencies to our organization.

                               -------------------

         Our principal executive offices are located at 1271 Avenue of the
Americas, New York, New York 10020. Our telephone number at that address is
(212) 399-8000.

                                        5



                               THE EXCHANGE OFFER



Exchange Offer......................   We are offering to exchange $500,000,000
                                       aggregate principal amount of our
                                       exchange notes for a like aggregate
                                       principal amount of our initial notes. In
                                       order to exchange your initial notes, you
                                       must properly tender them and we must
                                       accept your tender. We will exchange all
                                       outstanding initial notes that are
                                       validly tendered and not validly
                                       withdrawn.


Expiration Date.....................   This exchange offer will expire at 5:00
                                       p.m., New York City time, on February  ,
                                       2002, unless we decide to extend it.


Conditions to the Exchange
   Offer............................   We will complete this exchange offer only
                                       if:

                                       o there is no change in the laws and
                                         regulations which would impair our
                                         ability to proceed with this exchange
                                         offer,

                                       o there is no change in the current
                                         interpretation of the staff of the
                                         Commission which permits resales of the
                                         exchange notes,

                                       o there is no stop order issued by the
                                         Commission which would suspend the
                                         effectiveness of the registration
                                         statement which includes this
                                         prospectus or the qualification of the
                                         exchange notes under the Trust
                                         Indenture Act of 1939,

                                       o there is no litigation or threatened
                                         litigation which would impair our
                                         ability to proceed with this exchange
                                         offer, and

                                       o we obtain all the governmental
                                         approvals we deem necessary to complete
                                         this exchange offer.

                                       Please refer to the section in this
                                       prospectus entitled "The Exchange
                                       Offer--Conditions to the Exchange Offer."

Procedures for Tendering Initial
   Notes............................   To participate in this exchange offer,
                                       you must complete, sign and date the
                                       letter of transmittal or its facsimile
                                       and transmit it, together with your
                                       initial notes to be exchanged and all
                                       other documents required by the letter of
                                       transmittal, to The Bank of New York, as
                                       exchange agent, at its address indicated
                                       under "The Exchange Offer--Exchange
                                       Agent." In the alternative, you can
                                       tender your initial notes by book-entry
                                       delivery following the procedures
                                       described in this prospectus. If your
                                       initial notes are registered in the name
                                       of a broker, dealer, commercial bank,
                                       trust company or other nominee, you
                                       should contact that person promptly to
                                       tender your initial notes in this
                                       exchange offer. For more information on
                                       tendering your notes, please refer to the
                                       section in this prospectus entitled "The
                                       Exchange Offer--Procedures for Tendering
                                       Initial Notes."

Special Procedures for Beneficial
   Owners...........................   If you are a beneficial owner of initial
                                       notes that are registered in the name of
                                       a broker, dealer, commercial bank, trust
                                       company or other nominee and you wish to
                                       tender your initial notes in the exchange
                                       offer, you should contact the registered
                                       holder promptly and instruct that person
                                       to tender on your behalf.

Guaranteed Delivery Procedures......   If you wish to tender your initial notes
                                       and you cannot get the required documents
                                       to the exchange agent on time, you may
                                       tender your notes by using the guaranteed
                                       delivery procedures described under the
                                       section of this prospectus entitled "The
                                       Exchange Offer--Procedures for Tendering
                                       Initial Notes--Guaranteed Delivery
                                       Procedure."

Withdrawal Rights...................   You may withdraw the tender of your
                                       initial notes at any time before 5:00
                                       p.m., New York City time, on the
                                       expiration date of the exchange

                                        6



                                       offer. To withdraw, you must send a
                                       written or facsimile transmission notice
                                       of withdrawal to the exchange agent at
                                       its address indicated under "The Exchange
                                       Offer--Exchange Agent" before 5:00 p.m.,
                                       New York City time, on the expiration
                                       date of the exchange offer.

Acceptance of Initial Notes and
   Delivery of Exchange Notes.......   If all the conditions to the completion
                                       of this exchange offer are satisfied, we
                                       will accept any and all initial notes
                                       that are properly tendered in this
                                       exchange offer on or before 5:00 p.m.,
                                       New York City time, on the expiration
                                       date. We will return any initial note
                                       that we do not accept for exchange to you
                                       without expense as promptly as
                                       practicable after the expiration date. We
                                       will deliver the exchange notes to you as
                                       promptly as practicable after the
                                       expiration date and acceptance of your
                                       initial notes for exchange. Please refer
                                       to the section in this prospectus
                                       entitled "The Exchange Offer--Acceptance
                                       of Initial Notes for Exchange and
                                       Delivery of Exchange Notes."


Federal Income Tax
   Considerations Relating
   to the Exchange Offer............   Exchanging your initial notes for
                                       exchange notes will not be a taxable
                                       event to you for United States federal
                                       income tax purposes. Please refer to the
                                       section of this prospectus entitled
                                       "Certain U.S. Federal Income Tax
                                       Considerations."


Exchange Agent......................   The Bank of New York is serving as
                                       exchange agent in the exchange offer.

Fees and Expenses...................   We will pay all expenses related to this
                                       exchange offer. Please refer to the
                                       section of this prospectus entitled "The
                                       Exchange Offer--Fees and Expenses."

Use of Proceeds.....................   We will not receive any proceeds from the
                                       issuance of the exchange notes. We are
                                       making this exchange offer solely to
                                       satisfy certain of our obligations under
                                       our registration rights agreement entered
                                       into in connection with the offering of
                                       the initial notes.

Consequences to Holders
     Who Do Not Participate in the
     Exchange Offer.................   If you do not participate in this
                                       exchange offer:

                                       o you will not necessarily be able to
                                         require us to register your initial
                                         notes under the Securities Act,

                                       o you will not be able to resell, offer
                                         to resell or otherwise transfer your
                                         initial notes unless they are
                                         registered under the Securities Act or
                                         unless you resell, offer to resell or
                                         otherwise transfer them under an
                                         exemption from the registration
                                         requirements of, or in a transaction
                                         not subject to, the Securities Act, and

                                       o the trading market for your initial
                                         notes will become more limited to the
                                         extent other holders of initial notes
                                         participate in the exchange offer.

                                       Please refer to the section of this
                                       prospectus entitled "Risk Factors -- Your
                                       failure to participate in the exchange
                                       offer will have adverse consequences."


Resales.............................   It may be possible for you to resell the
                                       notes issued in the exchange offer
                                       without compliance with the registration
                                       and prospectus delivery provisions of the
                                       Securities Act, subject to some
                                       conditions. Please refer to the section
                                       of this prospectus entitled "Risk
                                       Factors--Some persons who participate in
                                       the exchange offer must deliver a
                                       prospectus in connection with resales of
                                       the exchange notes" and "Plan of
                                       Distribution."


                                        7



                               THE EXCHANGE NOTES

Issuer..............................   The Interpublic Group of Companies, Inc.

Exchange Notes......................   $500,000,000 million aggregate principal
                                       amount of 7 1/4% Notes due 2011. The
                                       forms and terms of the exchange notes are
                                       the same as the form and terms of the
                                       initial notes except that the issuance of
                                       the exchange notes is registered under
                                       the Securities Act, will not bear legends
                                       restricting their transfer and will not
                                       be entitled to registration rights under
                                       our registration rights agreement. The
                                       exchange notes will evidence the same
                                       debt as the initial notes, and both the
                                       initial notes and the exchange notes will
                                       be governed by the same indenture and
                                       supplemental indenture.



Absence of a Public Market
     for the Exchange Notes.........   The exchange notes are new securities
                                       with no established market for them. We
                                       cannot assure you that a market for these
                                       exchange notes will develop or that this
                                       market will be liquid.

Form of the Exchange Notes..........   The exchange notes will be represented by
                                       one or more permanent global securities
                                       in registered form deposited on behalf of
                                       The Depository Trust Company with The
                                       Bank of New York, as custodian. You will
                                       not receive exchange notes in
                                       certificated form unless there occurs one
                                       of the events described in the section of
                                       this prospectus entitled "Book Entry;
                                       Delivery and Form-- Exchange of Book
                                       Entry Notes for Certificated Notes."
                                       Instead, beneficial interests in the
                                       exchange notes will be shown on, and
                                       transfers of these exchange notes will be
                                       effected only through, records maintained
                                       in book-entry form by The Depository
                                       Trust Company with respect to its
                                       participants.

                                        8



                                  RISK FACTORS

         YOU SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK FACTORS RELATING TO
THE EXCHANGE OFFER, THE INFORMATION UNDER THE CAPTION "SPECIAL NOTE REGARDING
FORWARD LOOKING STATEMENTS AND OTHER FACTORS" BELOW AND ALL OF THE OTHER
INFORMATION CONTAINED IN, OR INCORPORATED BY REFERENCE INTO, THIS PROSPECTUS
BEFORE MAKING A DECISION TO PARTICIPATE IN THE EXCHANGE OFFER.


THE ISSUANCE OF THE EXCHANGE NOTES MAY ADVERSELY AFFECT THE MARKET FOR THE
INITIAL NOTES.

         If initial notes are tendered for exchange and accepted in the exchange
offer, the trading market for the untendered and tendered but unaccepted initial
notes could be adversely affected. Please refer to the following section
entitled "--Your failure to participate in the exchange offer will have adverse
consequences."


YOUR FAILURE TO PARTICIPATE IN THE EXCHANGE OFFER WILL HAVE ADVERSE
CONSEQUENCES.

         The initial notes were not registered under the Securities Act or under
the securities laws of any state and you may not resell them, offer them for
resale or otherwise transfer them unless they are subsequently registered or
resold under an exemption from the registration requirements of the Securities
Act and applicable state securities laws. If you do not exchange your initial
notes for exchange notes pursuant to this exchange offer, or if you do not
properly tender your initial notes in this exchange offer, you will not be able
to resell, offer to resell or otherwise transfer the initial notes unless they
are registered under the Securities Act or unless you resell them, offer to
resell or otherwise transfer them under an exemption from the registration
requirements of, or in a transaction not subject to, the Securities Act. In
addition, you may no longer be able to obligate us to register the initial notes
under the Securities Act.


SOME PERSONS WHO PARTICIPATE IN THE EXCHANGE OFFER MUST DELIVER A PROSPECTUS IN
CONNECTION WITH RESALES OF THE EXCHANGE NOTES.

         Based on certain no-action letters issued by the staff of the
Commission, we believe that you may offer for resale, resell or otherwise
transfer the exchange notes without compliance with the registration and
prospectus delivery requirements of the Securities Act. However, in some
instances described in this prospectus under "Plan of Distribution," you will
remain obligated to comply with the registration and prospectus delivery
requirements of the Securities Act to transfer your exchange notes. In these
cases, if you transfer any exchange note without delivering a prospectus meeting
the requirements of the Securities Act or without an exemption from registration
of your exchange notes under the Securities Act, you may incur liability under
the Securities Act. We do not and will not assume, or indemnify you against,
this liability.

                                        9



                     SPECIAL NOTE REGARDING FORWARD-LOOKING
                          STATEMENTS AND OTHER FACTORS

         This prospectus contains and incorporates by reference forward-looking
statements. Our representatives may also make forward-looking statements orally
from time to time. Statements in this prospectus and statements incorporated by
reference from our SEC reports that are not historical facts, including
statements about our beliefs and expectations, particularly regarding recent
business and economic trends, the integration of acquisitions and restructuring
costs, constitute forward-looking statements. These statements are based on
current plans, estimates and projections, and you should therefore not place
undue reliance on them. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to update publicly any of them in
light of new information or future events.

         Forward-looking statements involve inherent risks and uncertainties. A
number of important factors could cause actual results to differ materially from
those contained in any forward-looking statement. Such factors include, but are
not limited to, those associated with the effect of national and regional
economic conditions, our ability to attract new clients and retain existing
clients, the financial success of our clients, developments from changes in the
regulatory and legal environment for advertising companies around the world, and
the successful completion and integration of acquisitions which complement and
expand our business capabilities.


         This prospectus also incorporates by reference certain financial
information calculated on a "pro forma" basis (including information that is
restated to exclude the impact of specified historical events). Because "pro
forma" financial information by its very nature departs from traditional
accounting conventions, such information should not be viewed as a substitute
for the information prepared in accordance with Generally Accepted Accounting
Principles ("GAAP") contained in our financial statements that are incorporated
into this prospectus by reference and should be read in conjunction therewith.


         One of our business strategies is to acquire businesses that complement
and expand our current business capabilities. Accordingly, we are usually
engaged in evaluating potential acquisition candidates. We are frequently
engaged in a number of preliminary discussions that may result in one or more
substantial acquisitions. These acquisition opportunities require
confidentiality and from time to time give rise to bidding scenarios that
require quick responses by us. Although there is uncertainty that any of these
discussions will result in definitive agreements or the completion of any
transactions, the announcement of any such transaction may lead to increased
volatility in the trading price of our securities.


         Moreover, the success of recent or contemplated future acquisitions
will depend on the effective integration of newly-acquired businesses into our
current operations. Important factors for integration include realization of
anticipated synergies and cost savings and the ability to retain and attract new
personnel and clients.


         With respect to our recently completed acquisition of True North in
particular, we may not be able to increase the scope of the services provided by
us and True North to our respective clients prior to the merger, and we may not
be able to achieve the cost savings and synergies we expect as a result of our
integration plan. The implementation of our integration plans will present
challenges involving the coordination of the operations and personnel of the two
companies and may give rise to the diversion of the attention of management and
unanticipated liabilities and costs. The geographically dispersed operations of
the two companies may compound these challenges.

         The advertising agency and other marketing communications and marketing
services businesses are highly competitive. Our agencies and media services must
compete with other agencies and with other providers of creative or media
services which are not themselves advertising agencies, in order to maintain

                                       10



existing client relationships and to obtain new clients. Competition in the
advertising agency business depends to a large extent on the client's perception
of the quality of an agency's "creative product." An agency's ability to serve
clients, particularly large international clients, on a broad geographic basis
is also an important competitive consideration. On the other hand, because an
agency's principal asset is its people, freedom of entry into the business is
almost unlimited and quite small agencies are, on occasion, able to take all or
some portion of a client's account from a much larger competitor.

         Moreover, increasing size may limit an agency's potential for securing
new business, because many clients prefer not to be represented by an agency
that represents a competitor. Also, clients frequently wish to have different
products represented by different agencies. Our ability to retain existing
clients and to attract new clients may, in some cases, be limited by clients'
policies on conflicts of interest. These policies can in some cases prevent one
agency and, in limited circumstances, different agencies within the same holding
company, from performing similar services for competing products or companies.
Those conflicts could result in clients terminating their relationship with us
following the True North merger or other acquisitions or reducing the projects
for which they retain those agencies. As part of an effort to assure that these
clients would not leave as a result of our merger, we and True North may need to
agree to modify the terms of their existing agreements with clients in an
adverse manner. Moreover, because of the combined company's larger number of
clients, there could be a greater likelihood of conflicts with potential new
clients in the future. If the combined company fails to maintain existing
clients or attract new clients, its business may be materially and adversely
impacted.

         Employees, including creative, research, media, account and practice
group specialists, and their skills and relationships with clients, are among
our most important assets. The inability to retain True North management and
employees after the merger may have a material adverse effect on the combined
company. Change of control provisions in the employment arrangements for many
key employees may compound the challenge of retaining True North employees.

         Advertising and marketing communications businesses are subject to
government regulation, both domestic and foreign. There has been an increasing
tendency in the United States on the part of advertisers to resort to the
courts, industry and self-regulatory bodies to challenge comparative advertising
on the grounds that the advertising is false and deceptive. Through the years,
there has been a continuing expansion of specific rules, prohibitions, media
restrictions, labeling disclosures and warning requirements with respect to the
advertising for certain products. Representatives within certain government
bodies, both domestic and foreign, continue to initiate proposals to ban the
advertising of specific products and to impose taxes on or deny deductions for
advertising which, if successful, may have an adverse effect on advertising
expenditures and consequently our revenues.

         Our international operations still remain exposed to certain risks
which affect foreign operations of all kinds, such as local legislation,
monetary devaluation, exchange control restrictions and unstable political
conditions. In addition, international advertising agencies are still subject to
ownership restrictions in certain countries because they are considered an
integral factor in the communications process.

         Investors in the exchange  notes  should  evaluate any  forward-looking
statements and an investment in the exchange  notes in light of these  important
factors.

                                       11



                                 USE OF PROCEEDS


         We will not receive any cash proceeds from the issuance of the exchange
notes in exchange for the outstanding initial notes. We are making this exchange
offer solely to satisfy our obligations under the registration rights agreements
entered into in connection with the offering of the initial notes. In
consideration for issuing the exchange notes, we will receive initial notes in
like aggregate principal amount.


                       RATIO OF EARNINGS TO FIXED CHARGES

         The following table shows the ratios of earnings to fixed charges for
us and our consolidated subsidiaries for the periods indicated.




                                                                                                          Nine Months
                                                                Years Ended December 31,                     Ended
                                                    ------------------------------------------------      September 30,
                                                    2000       1999       1998       1997       1996         2001
                                                    ----       ----       ----       ----       ----         ----
                                                                                           
Ratio of earnings to fixed charges..........        4.07x      3.95x      4.44x      3.21x      3.83x        --



         In calculating the ratio of earnings to fixed charges, earnings is the
sum of earnings before income taxes plus fixed charges. Fixed charges is the sum
of interest on indebtedness, amortization of debt discount and expense and that
portion of net rental expense deemed representative of the interest component.


         For the nine months ended September 30, 2001, we had a deficiency of
earnings to fixed charges. Additional earnings of $736,315,000 would have been
necessary for the nine months ended September 30, 2001 to provide a one-to-one
coverage ratio. The decline in the ratio of earnings to fixed charges for the
nine months ended September 30, 2001 primarily relates to lower income from
operations as compared to prior periods.


                                       12


                                 CAPITALIZATION


         The following table sets forth our short-term debt, long-term debt and
stockholders' equity as of September 30, 2001, which gives effect to the
issuance of the initial notes. The data is derived from our unaudited financial
statements. You should read this table in conjunction with our selected
consolidated financial data presented elsewhere in this prospectus along with
our consolidated financial statements and related notes and the description of
our liquidity and capital resources as of September 30, 2001 incorporated by
reference in this prospectus.





                                                                         SEPTEMBER 30, 2001 (1)
                                                                         ------------------
                                                                            (UNAUDITED)
                                                                           (IN THOUSANDS)
                                                                          
SHORT-TERM DEBT:
Payable to banks...................................................          $1,124,783
Floating Rate Notes................................................             100,000

LONG-TERM DEBT:
Payable to financial institutions..................................          $  356,253
Notes - 7.25% due 2011.............................................             500,000
Notes - 7.875%, due 2005...........................................             500,000
Convertible Subordinated Notes - 1.80%, due 2004...................             226,653
Convertible Subordinated Notes - 1.87%, due 2006...................             317,947

STOCKHOLDERS' EQUITY:
Total stockholders' equity.........................................          $1,863,500
                                                                             ----------
       Total capitalization........................................          $4,989,136
                                                                             ==========


------------------------

(1) Since September 30, 2001, we sold $701,960,000 principal amount at maturity
of Zero-Coupon Senior Notes due 2021 (including securities sold pursuant to an
overallotment option). We used the net proceeds of this offering of
approximately $563,500,000 to reduce our short-term debt payable to banks and
our long-term debt payable to financial institutions.


                                       13



                      SELECTED CONSOLIDATED FINANCIAL DATA


         The following summary of historical financial data is derived from our
audited consolidated financial statements, except for the financial data related
to the financial position at December 31, 1998, 1997 and 1996, at September 30,
2001 and 2000 and for the years ended December 31, 1997 and 1996 and for the
nine month periods ended September 30, 2001 and 2000, which are derived from our
unaudited consolidated financial statements, in each case as restated to give
effect to our recent acquisition of True North.



                                                                                                    NINE MONTHS ENDED
                                                FISCAL YEAR ENDED DECEMBER 31,                        SEPTEMBER 30,
                                 -------------------------------------------------------------   ------------------------
                                    2000         1999         1998          1997      1996          2001         2000
                                 -----------  -----------  -----------------------------------   -----------  -----------
                                                              (IN THOUSANDS, EXCEPT RATIOS)
                                                                                         
OPERATING DATA:
Revenue......................... $7,182,688   $6,417,237   $5,492,941   $4,850,706  $4,066,826   $5,007,326   $5,140,823
Operating expenses..............  6,155,873    5,608,310    4,817,187    4,396,277   3,661,846    4,375,285    4,337,661
Restructuring and merger
  related costs.................    133,041      159,537        3,278       79,638         --       645,620      115,541
Deutsch transaction costs.......     44,715           --           --           --         --            --            --
Goodwill  impairment  and  other
  related charges...............         --           --           --           --         --       303,100           --
Interest expense................    126,322       99,469       86,538       79,998     69,327       125,800       87,000
Impairment of investments.......         --           --           --           --         --       208,300           --
Provision for (benefit of)
  income taxes..................    348,789      285,260      301,702      208,624    190,074      (135,900)     236,700
Net income (loss)...............    420,261      359,509      374,174      168,674    262,337      (616,323)     307,140
FINANCIAL POSITION:
Working capital.................  $(325,940)     $(3,801)  $ (89,662)      $(3,471)   $33,361     $(550,479)    $(19,566)
Total assets.................... 12,362,012   11,225,809    9,345,323    7,959,577  6,905,056    11,328,105   11,681,406
Total long-term debt............  1,531,791    1,085,239      721,743      590,465    479,377     1,900,853    1,691,732
Stockholders' equity............  2,482,471    2,126,323    1,743,270    1,438,017  1,253,177     1,863,500    2,335,362
OTHER DATA:
Depreciation and amortization
  of fixed and intangible assets $  336,851   $  296,465   $  227,206   $  180,769  $ 153,833      $275,877   $  245,304
Capital expenditures............    259,489      249,725      200,857      159,340    129,788       194,700      186,700


Ratio of earnings to fixed
  charges (1)...................       4.07x        3.95x        4.44x        3.21x      3.83x        -- (1)     3.92x
------------------------



(1)  In calculating the ratio of earnings to fixed charges, earnings is the sum
     of earnings before income taxes plus fixed charges. Fixed charges is the
     sum of interest on indebtedness, amortization of debt discount and expense
     and that portion of net rental expense deemed representative of the
     interest component. For the nine months ended September 30, 2001 earnings
     were insufficient to cover fixed charges as evidenced by a less than
     one-to-one coverage ratio as shown above. Additional earnings of $736,315
     were necessary for the nine months ended September 30, 2001 to provide a
     one-to-one coverage ratio. The decline in the ratio primarily relates to
     lower income from operations as compared to prior periods.

                                       14



                                   THE COMPANY

         Interpublic is a group of advertising and specialized marketing and
communication services companies that together represent one of the largest
resources of marketing and advertising expertise in the world. With offices in
more than 130 countries, we realized worldwide revenue in 2000 of approximately
$7.2 billion, 59% of which represented domestic revenue and 41% of which
represented international revenue, after giving effect to our recent acquisition
of True North.

ADVERTISING AND SPECIALIZED MARKETING AND COMMUNICATIONS SERVICES BUSINESSES

         In the last five years, we have grown to become one of the world's
largest groups of global marketing services companies, providing our clients
with communications expertise in four broad areas:

         o        Advertising, which includes advertising and media management;

         o        Marketing Communications, which includes client relationship
                  management, public relations, sales promotion, event
                  marketing, on-line marketing and specialized sectors such as
                  healthcare, diversity and corporate identity;

         o        Marketing Intelligence, which includes custom marketing
                  research, brand consultancy and database management; and

         o        Marketing Services, which includes sports and entertainment
                  marketing, corporate meetings and events, retail marketing and
                  other marketing and business services.

We seek to be the best in quality, broadest in scope and leader in size in all
of these areas.


         We are organized into four global operating groups. Three of these
groups, the WorldGroup, The FCB Group and The Partnership, are global marketing
communications companies that provide a full complement of global marketing
services and marketing communication services. Our fourth global operating
group, The Advanced Marketing Services Group, is focused on growing our current
marketing services and marketing intelligence services.


         We believe this organizational structure allows us to provide
comprehensive marketing communications solutions for clients, enables stronger
organic growth among all our operating companies and allows us to bring improved
operating efficiencies to our organization.

         A brief description of our four global operating groups follows:

         THE WORLDGROUP was founded on the global strength and quality of
McCann-Erickson, one of the world's leading advertising agencies. It includes
marketing communications companies spanning media, relationship marketing,
events, sales promotion, public relations, brand equity, online marketing
communications and healthcare communications. Launched in late 1997, the
WorldGroup has expanded rapidly to become one of the world's leading networked
marketing communications groups, now working with more than 25 key worldwide
clients in three or more disciplines and with more than 40 U.S. clients in two
or more disciplines. The WorldGroup includes the following agencies and public
relations firms:

         o        McCann-Erickson Worldwide (advertising),

                                       15



         o        MRM Partners Worldwide (direct marketing),

         o        Momentum Worldwide (entertainment, event and promotional
                  marketing),

         o        FutureBrand (brand consultancy),

         o        Torre Lazur McCann Healthcare Worldwide (healthcare
                  advertising and marketing),

         o        Universal McCann Worldwide (media planning and buying),

         o        Nationwide Advertising Services (recruitment advertising), and

         o        Aligned Agency Group, which includes the following
                  independently branded general advertising agencies: Amster
                  Yard (New York), Gotham (New York), Austin Kelly (Atlanta),
                  Temerlin McClain (Dallas), Hill, Holliday (Boston, New York
                  and San Francisco), Campbell Mithun (Minneapolis), and Avrett
                  Free & Ginsberg (New York).

         Weber Shandwick Worldwide is aligned with the WorldGroup to provide its
clients with a global public relations capability and to enhance and broaden the
WorldGroup's offering to prospective clients.

         THE FCB GROUP is a single global integrated marketing communications
network centered on Foote, Cone & Belding Worldwide and its advertising, direct
marketing and sales promotion capabilities. This group also includes the
following specialized services:

         o        ANALYTICI (database marketing),

         o        Marketing Drive Worldwide (integrated marketing),

         o        R/GA (web design and development),

         o        The Hacker Group (customer acquisition direct marketing),

         o        FCB Media Services (media planning), and

         o        FCB HealthCare (healthcare marketing).

         Weber Shandwick Worldwide also is aligned with the FCB Group to provide
its clients with a global public relations capability and to enhance and broaden
the FCB Group's offering to prospective clients.

         In addition, Campbell-Ewald, an independent marketing communications
company, is affiliated with this group through a global strategic alliance to
provide its clients with an international network for implementation of
marketing communications programs.


         THE PARTNERSHIP, a global, client-driven creative leader, is anchored
on the quality advertising reputation of Lowe. The Partnership provides
collaboration across a global group of independent networks with creative
capabilities across all areas of marketing communications. The partners seek to
preserve


                                       16




their independence while creating the ability to inter-connect seamlessly to
better service clients. Senior Partners include:



         o        Lowe (advertising),


         o        Draft Worldwide (direct and promotional marketing),

         o        Golin/Harris International (public relations), and

         o        Initiative Media (media planning and buying).

         The Partnership also includes a group of Member Partners, which are
independent advertising agencies that will now have more direct access to both
global capabilities and increased marketing services. This group includes The
Martin Agency, Mullen and Suissa Miller, as well as the following new Member
Partners:

         o        Bozell,

         o        Carmichael Lynch,

         o        Deutsch,

         o        Howard Merrell & Partners,

         o        Tierney Communications,

         o        Delaney Lund (minority international partner), and

         o        Springer & Jacoby (minority international partner).

         THE ADVANCED MARKETING SERVICES GROUP (AMS) is the management center
for our specialized and advanced marketing services including:

         o        NFO WorldGroup (marketing intelligence services),

         o        Jack Morton Worldwide (specialized marketing services
                  including corporate events, meetings and training/learning),

         o        New America Strategies Group (multi-cultural marketing and
                  communications), and

         o        ISO Healthcare Group (strategic healthcare consulting).

         Each of the companies in AMS is linked to one or more of the other
three operating groups through affiliate relationships, ensuring access to the
best, most innovative ideas and solutions for client communications needs.
Additionally, our public relations networks, Weber Shandwick Worldwide,
Golin/Harris International and DeVries Public Relations, are based within
Advanced Marketing Services' Constituency Management Group, in order to maintain
their professional affiliation with our other

                                       17



operating groups. AMS is also charged with expanding our business into new
marketing intelligence, services, and communications areas.

         We provide services for clients whose businesses are international in
scope as well as for clients whose businesses are restricted to a single country
or a small number of countries. Revenue for 2000 and 1999 is presented below by
major geographic area:



                                                               YEAR ENDED DECEMBER 31,
                                                               -----------------------
                                                                2000             1999
                                                                ----             ----
                                                                    (IN THOUSANDS)

                                                                           
United States...........................................        $4,244,160       $3,624,180


International
  United Kingdom........................................           605,630          595,971
  All other Europe......................................         1,233,227        1,278,719
  Asia Pacific..........................................           511,241          415,179
  Latin America.........................................           335,074          280,033
  Other.................................................           253,356          223,155
                                                           ---------------  ---------------

        Total International.............................         2,938,528        2,793,057
                                                           ---------------  ---------------

               Total Consolidated.......................        $7,182,688       $6,417,237
                                                           ===============  ===============


SOURCES OF REVENUE


         We generate revenue from planning, creating and placing advertising in
various media and from planning and executing other communications or marketing
programs. Historically, the commission customary in the industry was 15% of the
gross charge ("billings") for advertising space or time; more recently, lower
commissions have been negotiated, but often with additional incentives paid for
better performance. For example, an incentive component is frequently included
in arrangements with clients based on improvements in an advertised brand's
awareness or image, or increases in a client's sales or market share of the
products or services being advertised. Under commission arrangements, media bill
us at their gross rates. We bill these amounts to our clients, remit the net
charges to the media and retain the balance as our commission. Some clients,
however, prefer to compensate us on a fee basis, under which we bill our client
for the net charges billed by the media plus an agreed-upon fee. These fees
usually are calculated to reflect our hourly rates and out-of-pocket expenses
incurred on behalf of clients, plus proportional overhead and a profit
mark-up.

         Like other agencies, we are primarily responsible for paying the media
with respect to firm contracts for advertising time or space placed on the
behalf of our clients. This is a problem only if the client is unable to pay us
because of insolvency or bankruptcy. We make serious efforts to reduce the risk
from a client's insolvency including carrying out credit clearances, requiring
in some cases payment of media in advance, or agreeing with the media that we
will be solely liable to pay the media only after the client has paid us for the
media charges.


         We also receive commissions from clients for planning and supervising
work done by outside contractors in the physical preparation of finished print
advertisements and the production of television and radio commercials and other
forms of advertising. This commission is customarily 17.65% of the outside
contractor's net charge, which is the same as 15.0% of the outside contractor's
total charges including commission. With the expansion of negotiated fees, the
terms on which outstanding contractors'charges

                                       18



are billed are subject to wide variations and even include in some instances the
elimination of commissions entirely, provided that there are adequate negotiated
fees.

         We also derive revenue in many other ways, including the planning and
placement in media of advertising produced by unrelated advertising agencies;
the maintenance of specialized media placement facilities; the creation and
publication of brochures, billboards, point of sale materials and direct
marketing pieces for clients; the planning and carrying out of specialized
marketing research; public relations campaigns; creating and managing special
events at which clients' products are featured; and designing and carrying out
interactive programs for special uses.

CLIENTS

         The five clients that made the largest revenue contribution in 2000
accounted individually for approximately 1.4% to 5.7% of our revenue and in the
aggregate accounted for approximately 13% of our revenue. Twenty of our clients
accounted for approximately 23% of our revenue. Based on revenue, our largest
clients currently include Coca-Cola, General Motors Corporation, Johnson &
Johnson, Nestle and Unilever. General Motors Corporation first became a client
of one of our agencies in 1916 in the United States. Predecessors of several of
the Lintas agencies have supplied advertising services to Unilever since 1893.
Our client relationship with Nestle began in 1940 in Argentina. While the loss
of the entire business of one of our largest clients could significantly harm
our business, we believe that it is very unlikely that the entire business of
any of these clients would be lost at the same time, because we represent
several different brands or divisions of each of these clients in a number of
geographical markets in each case through more than one of our agency systems.


         Representation of a client rarely means that we handle advertising for
all brands or product lines of the client in all geographical locations. Any
client may transfer its business from one of our agencies to a competing agency,
and a client may reduce its marketing budget at any time.


         Our agencies in many instances have written contracts with their
clients. As is customary in the industry, these contracts provide for
termination by either party on relatively short notice, usually 90 days but
sometimes shorter or longer.

ACQUISITION STRATEGY

         We pursue acquisitions to complement and enhance our service offerings.
In addition, we also seek to acquire businesses similar to our own that expand
our geographic scope to better serve new and existing clients. Our acquisitions
have historically been funded using stock, cash or a combination of both.

                                       19



                               THE EXCHANGE OFFER


TERMS OF THE EXCHANGE OFFER

         We are offering to exchange our exchange notes for a like aggregate
principal amount of our initial notes.

         The exchange notes that we propose to issue in this exchange offer will
be substantially identical to our initial notes except that, unlike our initial
notes, the exchange notes will have no transfer restrictions or registration
rights. You should read the description of the exchange notes in the section in
this prospectus entitled "Description of the Exchange Notes."

         We reserve the right in our sole discretion to purchase or make offers
for any initial notes that remain outstanding following the expiration or
termination of this exchange offer and, to the extent permitted by applicable
law, to purchase initial notes in the open market or privately negotiated
transactions, one or more additional tender or exchange offers or otherwise. The
terms and prices of these purchases or offers could differ significantly from
the terms of this exchange offer. In addition, nothing in this exchange offer
will prevent us from exercising our right to discharge our obligations on the
initial notes by depositing certain securities with the trustee and otherwise.


EXPIRATION DATE, EXTENSIONS, AMENDMENTS AND TERMINATION


         This exchange offer will expire at 5:00 p.m., New York City time, on
February   , 2001, unless we extend it in our reasonable discretion. The
expiration date of this exchange offer will be at least 20 business days after
the commencement of the exchange offer in accordance with Rule 14e-1(a) under
the Securities Exchange Act of 1934.


         We expressly reserve the right to delay acceptance of any initial
notes, extend or terminate this exchange offer and not accept any initial notes
that we have not previously accepted if any of the conditions described below
under "--Conditions to the Exchange Offer" have not been waived by us or
satisfied. We will notify the exchange agent of any extension by oral notice
promptly confirmed in writing or by written notice. We will also notify the
holders of the initial notes by mailing an announcement or by a press release or
other public announcement communicated before 9:00 a.m., New York City time, on
the next business day after the previously scheduled expiration date unless
applicable laws require us to do otherwise.

         We also expressly reserve the right to amend the terms of this exchange
offer in any manner. If we make any material change, we will promptly disclose
this change in a manner reasonably calculated to inform the holders of our
initial notes of the change including providing public announcement or giving
oral or written notice to these holders. A material change in the terms of this
exchange offer could include a change in the timing of the exchange offer, a
change in the exchange agent and other similar changes in the terms of this
exchange offer. If we make any material change to this exchange offer, we will
disclose this change by means of a post-effective amendment to the registration
statement which includes this prospectus and will distribute an amended or
supplemented prospectus to each registered holder of initial notes. In addition,
we will extend this exchange offer for an additional five to ten business days
as required by the Exchange Act, depending on the significance of the amendment,
if the exchange offer would otherwise expire during that period. We will
promptly notify the exchange agent by oral notice, promptly

                                       20



confirmed in writing, or written notice of any delay in acceptance, extension,
termination or amendment of this exchange offer.


PROCEDURES FOR TENDERING INITIAL NOTES

         PROPER EXECUTION AND DELIVERY OF LETTERS OF TRANSMITTAL

         To tender your initial notes in this exchange offer, you must use ONE
OF THE THREE alternative procedures described below:

         o        REGULAR DELIVERY PROCEDURE: Complete, sign and date the letter
                  of transmittal, or a facsimile of the letter of transmittal.
                  Have the signatures on the letter of transmittal guaranteed if
                  required by the letter of transmittal. Mail or otherwise
                  deliver the letter of transmittal or the facsimile together
                  with the certificates representing the initial notes being
                  tendered and any other required documents to the exchange
                  agent on or before 5:00 p.m., New York City time, on the
                  expiration date.

         o        BOOK-ENTRY DELIVERY PROCEDURE: Send a timely confirmation of a
                  book-entry transfer of your initial notes, if this procedure
                  is available, into the exchange agent's account at The
                  Depository Trust Company in accordance with the procedures for
                  book-entry transfer described under "--Book-Entry Delivery
                  Procedure" below, on or before 5:00 p.m., New York City time,
                  on the expiration date.


         o        GUARANTEED DELIVERY PROCEDURE: If time will not permit you to
                  complete your tender by using the procedures described in
                  either procedure above before the expiration date and this
                  procedure is available, comply with the guaranteed delivery
                  procedures described under "--Guaranteed Delivery Procedure"
                  below on or before 5:00 p.m., New York City time, on the
                  expiration date.


         The method of delivery of the initial notes, the letter of transmittal
and all other required documents is at your election and risk. Instead of
delivery by mail, we recommend that you use an overnight or hand-delivery
service. If you choose the mail, we recommend that you use registered mail,
properly insured, with return receipt requested. IN ALL CASES, YOU SHOULD ALLOW
SUFFICIENT TIME TO ASSURE TIMELY DELIVERY. You should not send any letters of
transmittal or initial notes to us. You must deliver all documents to the
exchange agent at its address provided below. You may also request your broker,
dealer, commercial bank, trust company or nominee to tender your initial notes
on your behalf.

         Only a holder of initial notes may tender initial notes in this
exchange offer. A holder is any person in whose name initial notes are
registered on our books or any other person who has obtained a properly
completed bond power from the registered holder.

         If you are the beneficial owner of initial notes that are registered in
the name of a broker, dealer, commercial bank, trust company or other nominee
and you wish to tender your notes, you must contact that registered holder
promptly and instruct that registered holder to tender your notes on your
behalf. If you wish to tender your initial notes on your own behalf, you must,
before completing and executing the letter of transmittal and delivering your
initial notes, either make appropriate arrangements to register the

                                       21



ownership of these notes in your name or obtain a properly completed bond power
from the registered holder. The transfer of registered ownership may take
considerable time.

         You must have any signatures on a letter of transmittal or a notice of
withdrawal guaranteed by:

         o        a member firm of a registered national securities exchange or
                  of the National Association of Securities Dealers, Inc.,

         o        a commercial bank or trust company having an office or
                  correspondent in the United States, or

         o        an eligible guarantor institution within the meaning of Rule
                  17Ad-15 under the Exchange Act,

UNLESS the initial notes are tendered:

         o        by a registered holder or by a participant in The Depository
                  Trust Company whose name appears on a security position
                  listing as the owner, who has not completed the box entitled
                  "Special Issuance Instructions" or "Special Delivery
                  Instructions" on the letter of transmittal and only if the
                  exchange notes are being issued directly to this registered
                  holder or deposited into this participant's account at The
                  Depository Trust Company, or

         o        for the account of a member firm of a registered national
                  securities exchange or of the National Association of
                  Securities Dealers, Inc., a commercial bank or trust company
                  having an office or correspondent in the United States or an
                  eligible guarantor institution within the meaning of Rule
                  17Ad-15 under the Securities Exchange Act of 1934.

If the letter of transmittal or any bond powers are signed by:

         o        the recordholder(s) of the initial notes tendered, the
                  signature must correspond with the name(s) written on the face
                  of the initial notes without alteration, enlargement or any
                  change whatsoever.

         o        a participant in The Depository Trust Company, the signature
                  must correspond with the name as it appears on the security
                  position listing as the holder of the initial notes.

         o        a person other than the registered holder of any initial
                  notes, the initial notes must be endorsed or accompanied by
                  bond powers and a proxy that authorize this person to tender
                  the initial notes on behalf of the registered holder, in
                  satisfactory form to us as determined in our sole discretion,
                  in each case, as the name of the registered holder or holders
                  appears on the initial notes.

         o        trustees, executors, administrators, guardians,
                  attorneys-in-fact, officers of corporations or others acting
                  in a fiduciary or representative capacity, the persons signing
                  should so indicate when signing. Unless waived by us, evidence
                  satisfactory to us of their authority to so act must also be
                  submitted with the letter of transmittal.

                                       22



         To effectively tender notes through The Depository Trust Company, the
financial institution that is a participant in The Depository Trust Company will
electronically transmit its acceptance through the Automatic Tender Offer
Program. The Depository Trust Company will then edit and verify the acceptance
and send an agent's message to the exchange agent for its acceptance. An agent's
message is a message transmitted by The Depository Trust Company to the exchange
agent stating that The Depository Trust Company has received an express
acknowledgment from the participant in The Depository Trust Company tendering
the notes that this participant has received and agrees to be bound by the terms
of the letter of transmittal, and that we may enforce the agreements contained
in the letter of transmittal against this participant.

BOOK-ENTRY DELIVERY PROCEDURE

         Any financial institution that is a participant in The Depository Trust
Company's systems may make book-entry deliveries of initial notes by causing The
Depository Trust Company to transfer these initial notes into the exchange
agent's account at The Depository Trust Company in accordance with The
Depository Trust Company's procedures for transfer. To effectively tender notes
through The Depository Trust Company, the financial institution that is a
participant in The Depository Trust Company will electronically transmit its
acceptance through the Automatic Tender Offer Program. The Depository Trust
Company will then edit and verify the acceptance and send an agent's message to
the exchange agent for its acceptance. An agent's message is a message
transmitted by The Depository Trust Company to the exchange agent stating that
The Depository Trust Company has received an express acknowledgment from the
participant in The Depository Trust Company tendering the notes that this
participant has received and agrees to be bound by the terms of the letter of
transmittal, and that we may enforce this agreement against this participant.
The exchange agent will make a request to establish an account for the initial
notes at The Depository Trust Company for purposes of the exchange offer within
two business days after the date of this prospectus.

         A delivery of initial notes through a book-entry transfer into the
exchange agent's account at The Depository Trust Company will only be effective
if an agent's message or the letter of transmittal or a facsimile of the letter
of transmittal with any required signature guarantees and any other required
documents is transmitted to and received by the exchange agent at the address
indicated below under "--Exchange Agent" on or before the expiration date unless
the guaranteed delivery procedures described below are complied with. DELIVERY
OF DOCUMENTS TO THE DEPOSITORY TRUST COMPANY DOES NOT CONSTITUTE DELIVERY TO THE
EXCHANGE AGENT.

GUARANTEED DELIVERY PROCEDURE

         If you are a registered holder of initial notes and desire to tender
your notes, and (i) these notes are not immediately available, (ii) time will
not permit your notes or other required documents to reach the exchange agent
before the expiration date or (iii) the procedures for book-entry transfer
cannot be completed on a timely basis and an agent's message delivered, you may
still tender in this exchange offer if:

         o        you tender through a member firm of a registered national
                  securities exchange or of the National Association of
                  Securities Dealers, Inc., a commercial bank or trust company
                  having an office or correspondent in the United States, or an
                  eligible guarantor institution within the meaning of Rule
                  17Ad-15 under the Exchange Act,

                                       23



         o        on or before the expiration date, the exchange agent receives
                  a properly completed and duly executed letter of transmittal
                  or facsimile of the letter of transmittal, and a notice of
                  guaranteed delivery, substantially in the form provided by us,
                  with your name and address as holder of the initial notes and
                  the amount of notes tendered, stating that the tender is being
                  made by that letter and notice and guaranteeing that within
                  three New York Stock Exchange trading days after the
                  expiration date the certificates for all the initial notes
                  tendered, in proper form for transfer, or a book-entry
                  confirmation with an agent's message, as the case may be, and
                  any other documents required by the letter of transmittal will
                  be deposited by the eligible institution with the exchange
                  agent, and

         o        the certificates for all your tendered initial notes in proper
                  form for transfer or a book-entry confirmation as the case may
                  be, and all other documents required by the letter of
                  transmittal are received by the exchange agent within three
                  New York Stock Exchange trading days after the expiration
                  date.

ACCEPTANCE OF INITIAL NOTES FOR EXCHANGE AND DELIVERY OF EXCHANGE NOTES

         Your tender of initial notes will constitute an agreement between you
and us governed by the terms and conditions provided in this prospectus and in
the related letter of transmittal.

         We will be deemed to have received your tender as of the date when your
duly signed letter of transmittal accompanied by your initial notes tendered, or
a timely confirmation of a book-entry transfer of these notes into the exchange
agent's account at The Depository Trust Company with an agent's message, or a
notice of guaranteed delivery from an eligible institution is received by the
exchange agent.

         All questions as to the validity, form, eligibility, including time of
receipt, acceptance and withdrawal of tenders will be determined by us in our
sole discretion. Our determination will be final and binding.

         We reserve the absolute right to reject any and all initial notes not
properly tendered or any initial notes which, if accepted, would, in our opinion
or our counsel's opinion, be unlawful. We also reserve the absolute right to
waive any conditions of this exchange offer or irregularities or defects in
tender as to particular notes. Our interpretation of the terms and conditions of
this exchange offer, including the instructions in the letter of transmittal,
will be final and binding on all parties. Unless waived, any defects or
irregularities in connection with tenders of initial notes must be cured within
such time as we shall determine. We, the exchange agent or any other person will
be under no duty to give notification of defects or irregularities with respect
to tenders of initial notes. We and the exchange agent or any other person will
incur no liability for any failure to give notification of these defects or
irregularities. Tenders of initial notes will not be deemed to have been made
until such irregularities have been cured or waived. The exchange agent will
return without cost to their holders any initial notes that are not properly
tendered and as to which the defects or irregularities have not been cured or
waived as promptly as practicable following the expiration date.

         If all the conditions to the exchange offer are satisfied or waived on
the expiration date, we will accept all initial notes properly tendered and will
issue the exchange notes promptly thereafter. Please refer to the section of
this prospectus entitled "--Conditions to the Exchange Offer" below. For
purposes of this exchange offer, initial notes will be deemed to have been
accepted as validly tendered for exchange when, as and if we give oral or
written notice of acceptance to the exchange agent.

                                       24



         We will issue the exchange notes in exchange for the initial notes
tendered pursuant to a notice of guaranteed delivery by an eligible institution
only against delivery to the exchange agent of the letter of transmittal, the
tendered initial notes and any other required documents, or the receipt by the
exchange agent of a timely confirmation of a book-entry transfer of initial
notes into the exchange agent's account at The Depository Trust Company with an
agent's message, in each case, in form satisfactory to us and the exchange
agent.

         If any tendered initial notes are not accepted for any reason provided
by the terms and conditions of this exchange offer or if initial notes are
submitted for a greater principal amount than the holder desires to exchange,
the unaccepted or non-exchanged initial notes will be returned without expense
to the tendering holder, or, in the case of initial notes tendered by book-entry
transfer procedures described above, will be credited to an account maintained
with the book-entry transfer facility, as promptly as practicable after
withdrawal, rejection of tender or the expiration or termination of the exchange
offer.

         By tendering into this exchange offer, you will irrevocably appoint our
designees as your attorney-in-fact and proxy with full power of substitution and
resubstitution to the full extent of your rights on the notes tendered. This
proxy will be considered coupled with an interest in the tendered notes. This
appointment will be effective only when, and to the extent that we accept your
initial notes in this exchange offer. All prior proxies on these notes will then
be revoked and you will not be entitled to give any subsequent proxy. Any proxy
that you may give subsequently will not be deemed effective. Our designees will
be empowered to exercise all voting and other rights of the holders as they may
deem proper at any meeting of note holders or otherwise. The initial notes will
be validly tendered only if we are able to exercise full voting rights on the
notes, including voting at any meeting of the note holders, and full rights to
consent to any action taken by the note holders.

WITHDRAWAL OF TENDERS

         Except as otherwise provided in this prospectus, you may withdraw
tenders of initial notes at any time before 5:00 p.m., New York City time, on
the expiration date.

         For a withdrawal to be effective, you must send a written or facsimile
transmission notice of withdrawal to the exchange agent before 5:00 p.m., New
York City time, on the expiration date at the address provided below under
"-Exchange Agent" and before acceptance of your tendered notes for exchange by
us.

         Any notice of withdrawal must:

         o        specify the name of the person having tendered the initial
                  notes to be withdrawn,

         o        identify the notes to be withdrawn, including, if applicable,
                  the registration number or numbers and total principal amount
                  of these notes,

         o        be signed by the person having tendered the initial notes to
                  be withdrawn in the same manner as the original signature on
                  the letter of transmittal by which these notes were tendered,
                  including any required signature guarantees, or be accompanied
                  by documents of transfer sufficient to permit the trustee for
                  the initial notes to register the transfer of these notes into
                  the name of the person having made the original tender and
                  withdrawing the tender,

                                       25



         o        specify the name in which any of these initial notes are to be
                  registered, if this name is different from that of the person
                  having tendered the initial notes to be withdrawn, and

         o        if applicable because the initial notes have been tendered
                  through the book-entry procedure, specify the name and number
                  of the participant's account at The Depository Trust Company
                  to be credited, if different than that of the person having
                  tendered the initial notes to be withdrawn.

         We will determine all questions as to the validity, form and
eligibility, including time of receipt, of all notices of withdrawal and our
determination will be final and binding on all parties. Initial notes that are
withdrawn will be deemed not to have been validly tendered for exchange in this
exchange offer.

         The exchange agent will return without cost to their holders all
initial notes that have been tendered for exchange and are not exchanged for any
reason, as promptly as practicable after withdrawal, rejection of tender or
expiration or termination of this exchange offer.

         You may retender properly withdrawn initial notes in this exchange
offer by following one of the procedures described under "--Procedures for
Tendering Initial Notes" above at any time on or before the expiration date.

CONDITIONS TO THE EXCHANGE OFFER

         We will complete this exchange offer only if:

         o        there is no change in the laws and regulations which, in our
                  judgment, would reasonably be expected to impair our ability
                  to proceed with this exchange offer,

         o        there is no change in the current interpretation of the staff
                  of the Commission which permits resales of the exchange notes,

         o        there is no stop order issued by the Commission or any state
                  securities authority suspending the effectiveness of the
                  registration statement which includes this prospectus or the
                  qualification of the indenture for our exchange notes under
                  the Trust Indenture Act of 1939 and there are no proceedings
                  initiated or, to our knowledge, threatened for that purpose,

         o        there is no action or proceeding instituted or threatened in
                  any court or before any governmental agency or body that in
                  our judgment would reasonably be expected to prohibit, prevent
                  or otherwise impair our ability to proceed with this exchange
                  offer, and

         o        we obtain all governmental approvals that we deem in our sole
                  discretion necessary to complete this exchange offer.

         These conditions are for our sole benefit. We may assert any one of
these conditions regardless of the circumstances giving rise to it and may also
waive any one of them, in whole or in part, at any time and from time to time,
if we determine in our reasonable discretion that it has not been satisfied,
subject to applicable law. We will not be deemed to have waived our rights to
assert or waive these conditions if

                                       26



we fail at any time to exercise any of them. Each of these rights will be deemed
an ongoing right which we may assert at any time and from time to time.

         If we determine that we may terminate this exchange offer because any
of these conditions is not satisfied, we may:

         o        refuse to accept and return to their holders any initial notes
                  that have been tendered,

         o        extend the exchange offer and retain all notes tendered before
                  the expiration date, subject to the rights of the holders of
                  these notes to withdraw their tenders, or

         o        waive any condition that has not been satisfied and accept all
                  properly tendered notes that have not been withdrawn or
                  otherwise amend the terms of this exchange offer in any
                  respect as provided under the section in this prospectus
                  entitled "--Expiration Date, Extensions, Amendments and
                  Termination."

ACCOUNTING TREATMENT

         We will record the exchange notes at the same carrying value as the
initial notes as reflected in our accounting records on the date of the
exchange. Accordingly, we will not recognize any gain or loss for accounting
purposes. We will amortize the costs of the exchange offer and the unamortized
expenses related to the issuance of the exchange notes over the term of the
exchange notes.

EXCHANGE AGENT

         We have appointed The Bank of New York as exchange agent for this
exchange offer. You should direct all questions and requests for assistance on
the procedures for tendering and all requests for additional copies of this
prospectus or the letter of transmittal to the exchange agent as follows:

                  By mail:


                  The Bank of New York
                  Corporate Trust Department
                  Reorganization Unit
                  15 Broad Street - 16th Floor
                  New York, New York 10007
                  Attention:  Carolle Montreuil



                  By hand/overnight delivery:


                  The Bank of New York
                  Corporate Trust Department
                  Reorganization Unit
                  15 Broad Street - Lobby Level
                  New York, New York 10007


                  Facsimile Transmission: (212) 235-2261
                  Confirm by Telephone:   (212) 235-2354


                                       27



FEES AND EXPENSES

         We will bear the expenses of soliciting tenders in this exchange offer,
including fees and expenses of the exchange agent and trustee and accounting,
legal, printing and related fees and expenses.

         We will not make any payments to brokers, dealers or other persons
soliciting acceptances of this exchange offer. However, we will pay the exchange
agent reasonable and customary fees for its services and will reimburse the
exchange agent for its reasonable out-of-pocket expenses in connection with this
exchange offer. We will also pay brokerage houses and other custodians, nominees
and fiduciaries their reasonable out-of-pocket expenses for forwarding copies of
the prospectus, letters of transmittal and related documents to the beneficial
owners of the initial notes and for handling or forwarding tenders for exchange
to their customers.

         We will pay all transfer taxes, if any, applicable to the exchange of
initial notes in accordance with this exchange offer. However, tendering holders
will pay the amount of any transfer taxes, whether imposed on the registered
holder or any other persons, if:

         o        certificates representing exchange notes or initial notes for
                  principal amounts not tendered or accepted for exchange are to
                  be delivered to, or are to be registered or issued in the name
                  of, any person other than the registered holder of the notes
                  tendered,

         o        tendered initial notes are registered in the name of any
                  person other than the person signing the letter of
                  transmittal, or

         o        a transfer tax is payable for any reason other than the
                  exchange of the initial notes in this exchange offer.

         If you do not submit satisfactory evidence of the payment of any of
these taxes or of any exemption from this payment with the letter of
transmittal, we may refuse to register such exchange notes or initial notes in
the name of any person other than the registered holder of the initial notes
tendered.

YOUR FAILURE TO PARTICIPATE IN THE EXCHANGE OFFER WILL HAVE ADVERSE CONSEQUENCES

         The initial notes were not registered under the Securities Act or under
the securities laws of any state and you may not resell them, offer them for
resale or otherwise transfer them unless they are subsequently registered or
resold under an exemption from the registration requirements of the Securities
Act and applicable state securities laws. If you do not exchange your initial
notes for exchange notes in accordance with this exchange offer, or if you do
not properly tender your initial notes in this exchange offer, you will not be
able to resell, offer to resell or otherwise transfer the initial notes unless
they are registered under the Securities Act or unless you resell them, offer to
resell or otherwise transfer them under an exemption from the registration
requirements of, or in a transaction not subject to, the Securities Act. In
addition, you will not necessarily be able to obligate us to register the
initial notes under the Securities Act.

                                       28



DELIVERY OF PROSPECTUS

         Each broker-dealer that receives exchange notes for its own account in
exchange for initial notes, where such initial notes were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such exchange notes. See "Plan of Distribution."

                        DESCRIPTION OF THE EXCHANGE NOTES

         The exchange notes were issued under a supplemental indenture dated as
of August 22, 2001 to an indenture dated October 20, 2000 (together, the
"Indenture") between us and The Bank of New York, as trustee. The following
summary of certain provisions of the Indenture does not purport to be complete
and is qualified in its entirety by reference to the Indenture. Whenever a
defined term is indicated but not defined in this section, the relevant
definition is contained in the Indenture.

         In this section, "we," "our," "us," the "Company" and "Interpublic"
mean The Interpublic Group of Companies, Inc. excluding, unless the context
otherwise requires or as otherwise expressly stated, our subsidiaries.

GENERAL

         The exchange notes will mature on August 15, 2011 and will bear
interest at 7.25% PER ANNUM from August 22, 2001, or from the most recent date
to which interest has been paid or provided for, payable semiannually in arrears
to holders of record at the close of business on the January 31 or July 31
immediately preceding the interest payment date on February 15 and August 15 of
each year, commencing February 15, 2002, and on the maturity date.

         If any interest payment date, date of redemption or the maturity date
of any of the exchange notes is not a business day, then payment of principal,
premium, if any, and interest will be made on the next succeeding business day.
No interest will accrue on the amount so payable for the period from such
interest payment date, redemption date or maturity date, as the case may be, to
the date payment is made. Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

         The exchange notes do not contain any sinking fund provisions.

         The exchange notes will be issued only in registered form without
coupons, in denominations of $1,000 or integral multiples thereof, except that
certificated exchange notes will be in denominations of $250,000 and any
integral multiples of $1,000 in excess thereof. No service charge will be made
for any registration of transfer or any exchange of exchange notes, but we may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith.

         The exchange notes will be our unsecured and unsubordinated obligations
ranking equally with our other outstanding unsecured and unsubordinated
indebtedness. At September 30, 2001, we had outstanding approximately $2.6
billion of indebtedness that would have ranked equally with the exchange notes.
The Indenture contains no restrictions on the amount of additional indebtedness
that we may issue.

                                       29



ADDITIONAL NOTES

         We may, without the consent of the holders of the exchange notes,
create and issue additional exchange notes ranking equally with the exchange
notes in all respects, including having the same CUSIP number, so that such
additional exchange notes shall be consolidated and form a single series with
the exchange notes and shall have the same terms as to status or otherwise as
the exchange notes. No additional exchange notes may be issued if an Event of
Default has occurred and is continuing with respect to the exchange notes.

OPTIONAL REDEMPTION

         The exchange notes are redeemable, in whole or in part, at any time, at
our option, at a redemption price equal to the greater of:

         o        100% of the principal amount of the exchange notes being
                  redeemed, or

         o        the sum of the present values of the remaining scheduled
                  payments of principal and interest thereon (not including any
                  portion of such payments of interest accrued as of the
                  Redemption Date) discounted to the Redemption Date on a
                  semiannual basis (assuming a 360-day year consisting of twelve
                  30-day months) at the Adjusted Treasury Rate, plus 30 basis
                  points, as calculated by an Independent Investment Banker.

plus, in either of the above cases, accrued and unpaid interest thereon
(including additional interest, if any) to the Redemption Date.

         "Adjusted Treasury Rate" means, with respect to any Redemption Date:

         o        the yield, under the heading which represents the average for
                  the immediately preceding week, appearing in the most recently
                  published statistical release designated "H.15(519)" or any
                  successor publication which is published weekly by the Board
                  of Governors of the Federal Reserve System and which
                  establishes yields on actively traded United States Treasury
                  securities adjusted to constant maturity under the caption
                  "Treasury Constant Maturities," for the maturity corresponding
                  to the Comparable Treasury Issue (if no maturity is within
                  three months before or after the Remaining Life, yields for
                  the two published maturities most closely corresponding to the
                  Comparable Treasury Issue shall be determined and the adjusted
                  Treasury Rate shall be interpolated or extrapolated from such
                  yields on a straight line basis, rounding to the nearest
                  month); or

         o        if such release (or any successor release) is not published
                  during the week preceding the calculation date or does not
                  contain such yields, the rate per annum equal to the
                  semi-annual equivalent yield to maturity of the Comparable
                  Treasury Issue, calculated using a price for the Comparable
                  Treasury Issue (expressed as a percentage of its principal
                  amount) equal to the Comparable Treasury Price for such
                  Redemption Date.

         The Adjusted Treasury Rate shall be calculated on the third business
day preceding the Redemption Date.

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the exchange

                                       30



notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of those notes
("Remaining Life").

         "Comparable Treasury Price" means, with respect to any Redemption Date,
(1) the average of five Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such quotations.

         "Independent Investment Banker" means any Reference Treasury Dealer
appointed by the Trustee after consultation with us.

         "Reference Treasury Dealer" means:

         o        each of J.P. Morgan Securities Inc., Morgan Stanley & Co.
                  Incorporated and Salomon Smith Barney Inc., and their
                  respective successors; provided that, if any of the foregoing
                  ceases to be a primary U.S. Government securities dealer in
                  New York City (a "Primary Treasury Dealer"), we will
                  substitute another Primary Treasury Dealer; and

         o        any other Primary Treasury Dealer selected by us.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third business day preceding such Redemption
Date.

         We will mail a notice of redemption at least 30 days but not more than
60 days before the Redemption Date to each holder of exchange notes to be
redeemed. If we elect to redeem fewer than all of the exchange notes, the
trustee will select in a fair and appropriate manner the notes to be redeemed.

         Unless we default in payment of the redemption price, on and after the
Redemption Date, interest will cease to accrue on the notes or portions thereof
called for redemption.

COVENANTS

         The covenants summarized below will be applicable (unless waived or
amended) so long as any of the exchange notes are outstanding.

         Except as described below, we are not restricted by the Indenture from
incurring, assuming or becoming liable for any type of debt or other
obligations, from paying dividends or making distributions on our capital stock
or purchasing or redeeming our capital stock. The Indenture does not require the
maintenance of any financial ratios or specified levels of net worth or
liquidity. In addition, the Indenture does not contain any provisions that would
require us to repurchase or redeem or otherwise modify the terms of the exchange
notes upon a change in control or other events that may adversely affect the
creditworthiness of the exchange notes, such as a highly leveraged transaction.

                                       31



         Terms used in the description of these covenants are defined under
"Definitions Applicable to Covenants" at the end of this section.

         LIMITATIONS ON LIENS. If we or any of our Restricted Subsidiaries incur
any Indebtedness secured by an interest in or lien on any of our assets or those
of any Restricted Subsidiary, we are required to secure the exchange notes
equally and ratably with, or, at our option, prior to, the Indebtedness. The
preceding provisions will not require us to secure the exchange notes if the
liens consist of either Permitted Liens or liens securing excepted Indebtedness.

         LIMITATIONS ON SALE AND LEASE-BACK TRANSACTIONS. We and our Restricted
Subsidiaries will not sell or transfer any assets with the intention of entering
into a lease of the assets for a term of more than three years unless

         o        the assets have not been owned by us or any of our Restricted
                  Subsidiaries or have not been in full operation for more than
                  one year prior to the sale or transfer;

         o        we or such Restricted Subsidiary could incur Indebtedness
                  secured by a lien on the assets at least equal in amount to
                  the Attributable Debt with respect to the transaction without
                  equally and ratably securing the exchange notes under the
                  limitation on liens in the Indenture;

         o        we apply an amount equal to the value of such assets within
                  180 days of such sale

                  --       to the defeasance or retirement, other than any
                           mandatory retirement, mandatory prepayment or sinking
                           fund payment or by way of payment at maturity, of
                           debt securities or other Indebtedness incurred by us
                           or a Restricted Subsidiary that matures more than one
                           year after the creation of the Indebtedness, or

                  --       to the purchase, construction or development of other
                           property; or

         o        the transaction is between us and any of our Restricted
                  Subsidiaries.

         EXCEPTED INDEBTEDNESS. Notwithstanding the foregoing limitations on
liens and sale and lease-back transactions, and without limiting our or any
Restricted Subsidiary's ability to issue, incur, create, assume or guarantee
Indebtedness secured by Permitted Liens, we or any Restricted Subsidiary will be
permitted to incur Indebtedness secured by a lien or may enter into a sale and
lease-back transaction, in either case, without regard to the restrictions
contained in the preceding two paragraphs, if at the time the Indebtedness is
incurred and after giving effect thereto, the sum of (a) the aggregate principal
amount of all Indebtedness secured by liens, other than Permitted Liens, or, if
less, the fair market value of the property subject to the lien, as determined
in good faith by our board of directors and (b) the Attributable Debt of all
such sale and lease-back transactions, in each case not otherwise permitted in
the preceding two paragraphs, does not exceed 15% of Consolidated Net Worth.

         DEFINITIONS APPLICABLE TO COVENANTS. The term "Attributable Debt"
means, with respect to any sale and lease-back transaction, at the time of
determination, the lesser of

         o        the fair market value of the property subject to the
                  transaction, as determined in good faith by our board of
                  directors;

                                       32



         o        the present value, discounted at the lease's identified or
                  implicit rate of interest, if determinable, of the total net
                  amount of rent (as described below) required to be paid under
                  the lease during the remaining term of the lease, including
                  any renewal term or period for which the lease has been
                  extended; and

         o        if the obligation with respect to the sale and lease-back
                  transaction constitutes an obligation that we must classify
                  and account for as a capitalized lease for financial reporting
                  purposes in accordance with GAAP, the amount equal to the
                  capitalized amount of the obligation determined in accordance
                  with GAAP and included in the financial statements of the
                  lessee.

         The term "rent" does not include amounts required to be paid by the
lessee, whether or not designated as rent or additional rent, on account of or
contingent upon maintenance and repairs, insurance, taxes, assessments, water
rates and similar charges. In the case of any lease that is terminable by the
lessee upon the payment of a penalty, the net amount of rent will be the lesser
of (a) the net amount determined assuming termination upon the first date the
lease may be terminated, in which case the net amount will also include the
amount of the penalty, but no rent will be considered as required to be paid
under the lease subsequent to the first day upon which it may be so terminated
and (b) the net amount determined assuming no termination.

         The term "Consolidated Net Worth" means, at any date of determination,

         o        our total assets and those of our Subsidiaries, including,
                  without limitation, all items that are treated as intangibles
                  in accordance with GAAP, at such date, less

         o        our total liabilities and those of our Subsidiaries,
                  including, without limitation, all deferred taxes, at such
                  date,

in each case determined on a consolidated basis and in accordance with GAAP;
provided, however, that the term "Consolidated Net Worth" will not give effect
to any cumulative translation adjustments, whether positive or negative, at any
such date.

         The term "Indebtedness" means, with respect to any person, without
duplication for indebtedness or other obligations of the person, any
indebtedness of the person for money borrowed, whether incurred, assumed or
guaranteed, and including obligations under capitalized leases.

         The term "Permitted Liens" means

         o        liens on property or assets acquired or held by us or any of
                  our Restricted Subsidiaries incurred to secure the payment of
                  all or any part of the purchase price of the property or
                  assets or to secure Indebtedness incurred prior to, at the
                  time of, or within 180 days after the acquisition for the
                  purpose of financing all or any part of the purchase price, or
                  liens existing on any property or assets at the time of its
                  acquisition, other than any liens created in contemplation of
                  the acquisition that were not incurred to finance all or any
                  part of the purchase price of the property or assets;
                  provided, however, that the lien does not extend to or cover
                  any property or assets of any character other than the
                  property or assets being acquired;

                                       33



         o        liens on property or assets of a person, including any entity,
                  other than us or any of our Restricted Subsidiaries, existing
                  at the time we or our Restricted Subsidiaries purchase or
                  acquire the property or asset; provided, however, that the
                  liens were not created in contemplation of the purchase or
                  other acquisition and do not extend to any property or assets
                  other than those so purchased or otherwise acquired;

         o        liens affecting property or assets of a person, other than us
                  or any of our Restricted Subsidiaries, existing at the time
                  the person merges into or consolidates with us or a Restricted
                  Subsidiary or becomes a Restricted Subsidiary or at the time
                  of sale, lease or other disposition of the property or assets
                  as an entirety or substantially as an entirety to us or a
                  Restricted Subsidiary; provided, however, that the liens were
                  not created in contemplation of the merger, consolidation or
                  acquisition and do not extend to any property or assets other
                  than those of the person so merged into or consolidated with,
                  or acquired by, us or such Restricted Subsidiary;

         o        liens to secure Indebtedness owing by a Restricted Subsidiary
                  to us or to a Restricted Subsidiary;


         o        liens existing on the date of issuance of the initial notes;


         o        liens in favor of the United States or any of its States,
                  territories or possessions, or the District of Columbia, or
                  any department, agency, instrumentality or political
                  subdivision of any of those political entities, to secure
                  partial, progress, advance or other payments;

         o        liens on any property to secure all or part of the cost of its
                  alteration, repair or improvement or Indebtedness incurred to
                  provide funds for this purpose in a principal amount not
                  exceeding the cost of the improvements or construction;

         o        purchase money liens on personal property;

         o        liens created in connection with capitalized lease
                  obligations, but only to the extent that such liens encumber
                  property financed by such capital lease obligation and the
                  principal component of such capitalized lease obligation is
                  not increased;

         o        liens on property arising in connection with a securities
                  repurchase transaction;

         o        liens, including judgment liens, arising in connection with
                  legal proceedings, taxes, fees, assessments or other
                  governmental charges, so long as such proceedings, taxes,
                  fees, assessments or other governmental charges are being
                  contested in good faith and, in the case of judgment liens,
                  execution on the liens is stayed and for which we have
                  established any reserves required in accordance with GAAP;


         o        carriers', warehousemen's, mechanics', landlords',
                  materialmen's, repairmen's or other similar liens arising in
                  the ordinary course of business which are not overdue for a
                  period of more than 90 days or are being contested in good
                  faith by appropriate proceedings diligently pursued; PROVIDED,
                  HOWEVER, that any proceedings commenced for the enforcement of
                  the liens have been stayed or suspended within 30 days after
                  their


                                       34




                  commencement, and provision for the payment of the liens
                  has been made on our books to the extent required by GAAP;


         o        easements, rights of way, zoning restrictions and other
                  similar encumbrances incurred in the ordinary course of
                  business which, in the aggregate, are not substantial in
                  amount, and which do not in any case materially detract from
                  the value of the underlying property or interfere with the
                  ordinary conduct of our business or that of any Restricted
                  Subsidiary;

         o        pledges or deposits to secure obligations under workers'
                  compensation laws or other similar legislation, other than in
                  respect of employee benefit plans subject to the Employee
                  Retirement Income Security Act of 1974, or to secure public or
                  statutory obligations;

         o        liens securing the performance of, or payment in respect of,
                  bids, tenders, government contracts, other than for the
                  repayment of borrowed money, surety and appeal bonds and other
                  obligations of a similar nature incurred in the ordinary
                  course of business;

         o        any interest or title of a lessor or sublessor and any
                  restriction or encumbrance to which the interest or title of
                  the lessor or sublessor may be subject that is incurred in the
                  ordinary course of business; and

         o        extensions, renewals, refinancings or replacements of any lien
                  referred to in the above items; PROVIDED, HOWEVER, that any
                  liens permitted by any of the above items do not extend to or
                  cover any of our property or that of the Restricted
                  Subsidiary, as the case may be, other than the property
                  specified in these items and improvements to that property.

         The term "Restricted Subsidiary" means any Subsidiary which meets any
of the following conditions:

         o        our and our other Subsidiaries' investments in and advances to
                  the Subsidiary exceed 10% of our total assets and those of our
                  subsidiaries consolidated as of the end of the most recently
                  completed fiscal year;

         o        our and our other Subsidiaries' proportionate share of the
                  total assets, after intercompany eliminations, of the
                  Subsidiary exceed 10% of our total assets and those of our
                  subsidiaries consolidated as of the end of the most recently
                  completed fiscal year; or

         o        our and our other Subsidiaries' equity in the income from
                  continuing operations before income taxes, extraordinary items
                  and cumulative effect of changes in accounting principles of
                  the Subsidiary exceeds 10% of our income and that of our
                  subsidiaries consolidated for the most recently completed
                  fiscal year.

         The term "Subsidiary" means, with respect to any person, including any
entity, any corporation, partnership, joint venture, limited or unlimited
liability company, trust or estate of which, or in which, more than 50% of:

         o        the issued and outstanding shares of capital stock having
                  voting power, under ordinary circumstances, to elect directors
                  of the corporation, irrespective of whether at the time shares

                                       35



                  of capital stock of any other class or classes of the
                  corporation have or might have voting power upon the
                  occurrence of any contingency;

         o        the interest in the capital or profits of the limited or
                  unlimited liability company, partnership or joint venture; or

         o        the beneficial interest in the trust or estate,

is at the time, directly or indirectly, owned by the person, by the person and
one or more of its other Subsidiaries or by one or more of the person's other
Subsidiaries.

CONSOLIDATION, MERGER AND SALE OF ASSETS

         We may not consolidate or merge with or into any other person,
including any other entity, or convey, transfer or lease all or substantially
all of our properties and assets to any person or group of affiliated persons
unless

         o        we are the continuing corporation or the person, if other than
                  us, formed by such consolidation or with which or into which
                  we are merged or the person to which all or substantially all
                  our properties and assets are conveyed, transferred or leased
                  is a corporation organized and existing under the laws of the
                  United States, any of its States or the District of Columbia
                  and expressly assumes our obligations under the exchange notes
                  and the Indenture; and

         o        immediately after giving effect to the transaction, there is
                  no default and no event of default under the Indenture.

         If we consolidate with or merge into any other corporation or convey,
transfer or lease all or substantially all of our property and assets as
described in the preceding paragraph, the successor corporation shall succeed to
and be substituted for us, and may exercise our rights and powers under the
Indenture, and thereafter, except in the case of a lease, we will be relieved of
all obligations and covenants under the Indenture and the exchange notes.

EVENTS OF DEFAULT

         The Indenture describes an event of default with respect to the
exchange notes to include:

         o        a default in the payment of interest on any exchange notes
                  when due that continues for a period of 30 days;

         o        default in the payment of principal of or premium on any
                  exchange notes when due;

         o        a failure to comply with any of our other agreements contained
                  in the Indenture for a period of 60 days after notice to us by
                  the Trustee or to us and the Trustee by the holders of at
                  least 25% in principal amount of the exchange notes;

         o        the occurrence of an event of default within the meaning of
                  another mortgage, indenture or debt, instrument under which
                  there may be issued any of our Indebtedness, other than the
                  exchange notes, in an amount in excess of $20,000,000 and
                  which results in the Indebtedness

                                       36



                  becoming or being declared due and payable prior to the date
                  on which it would otherwise become due and payable, and we
                  have not cured the default in payment or the acceleration is
                  not rescinded or annulled in each case within 10 days after
                  written notice to us from Trustee or to us and to the Trustee
                  from the holders of at least 25% in principal amount of the
                  exchange notes; PROVIDED, HOWEVER, that if, prior to a
                  declaration of acceleration of the maturity of the exchange
                  notes or the entry of judgment in favor of the Trustee in a
                  suit pursuant to the Indenture, the default has been remedied
                  or cured by us or waived by the holders of the Indebtedness,
                  then the event of default will be deemed likewise to have been
                  remedied, cured or waived; and

         o        certain events of bankruptcy, insolvency or reorganization
                  with respect to us and our Restricted Subsidiaries.

         No event of default with respect to a series of our debt securities
other than the exchange notes, except as to certain events involving bankruptcy,
insolvency or reorganization with respect to us, necessarily constitutes an
event of default with respect to the exchange notes.

         In general, the Indenture obligates the Trustee to give notice of a
default with respect to the exchange notes to the holders of those exchange
notes. The Trustee may withhold notice of any default, except a default in
payment on any exchange notes, if the Trustee determines it is in the best
interest of the holders of the exchange notes to do so.

         If there is a continuing event of default, the Trustee or the holders
of at least 25% in principal amount of the exchange notes may require us to
repay immediately the unpaid principal of and interest on all exchange notes. In
the case of an event of default resulting from events of bankruptcy, insolvency
or reorganization with respect to us (but not our subsidiaries), the principal,
or such specified amount, of and interest on all exchange notes will become
immediately payable without any act on the part of the Trustee or any holder of
exchange notes. Subject to certain conditions, the holders of a majority in
principal amount of the exchange notes may rescind our obligation to accelerate
repayment and may waive past defaults, except a default in payment of the
principal of and premium, if any, and interest on any exchange notes and some of
the covenant defaults under the terms of the exchange notes.

         Under the terms of the Indenture, the Trustee may refuse to enforce the
Indenture or the exchange notes unless it first receives satisfactory security
or indemnity from the holders of exchange notes. Subject to limitations
specified in the Indenture, the holders of a majority in principal amount of the
exchange notes will have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee.

         No holder of any exchange notes will have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture or for the
appointment of a receiver or trustee, or for any other remedy under the
Indenture unless:

         o        the holder shall have previously given to the Trustee written
                  notice of a continuing event of default with respect to the
                  exchange notes, and

         o        the holders of at least 25% in principal amount of the
                  exchange notes have made written request, and offered
                  indemnity reasonably satisfactory to the Trustee to institute
                  such proceeding as Trustee, and the Trustee has not received
                  from the holders of a majority in

                                       37



                  principal amount of the exchange notes a direction
                  inconsistent with the request and has failed to institute the
                  proceeding within 60 days.

         Notwithstanding the foregoing, the holder of any exchange notes will
have an absolute and unconditional right to receive payment of the principal of
and premium, if any, and interest on the exchange notes on or after the due
dates expressed in the exchange notes and to institute suit for the enforcement
of any such payment.

MODIFICATION OF THE INDENTURE

         The Indenture permits us and the Trustee to amend the Indenture without
the consent of the holders of exchange notes

         o        to evidence the succession of another corporation and the
                  assumption of our covenants under such Indenture and the
                  exchange notes;

         o        to add to our covenants or to the events of default or to make
                  certain other changes which would not adversely affect in any
                  material respect the holder of any outstanding exchange notes;

         o        to cure any ambiguity, defect or inconsistency; and

         o        for other purposes as described in the Indenture.

         The Indenture also permits us and the Trustee, with the consent of the
holders of a majority in principal amount of the exchange notes voting as a
class, to add any provisions to or change or eliminate any of the provisions of
the Indenture or to modify the rights of the holders of exchange notes,
PROVIDED, HOWEVER, that, without the consent of the holder of each of the
exchange notes so affected, no such amendment may

         o        change the maturity of the principal of or premium, if any, or
                  any installment of principal or interest on the exchange
                  notes;

         o        reduce the principal amount of the exchange notes, or the rate
                  of interest or any premium payable upon the redemption,
                  repurchase or repayment of the exchange notes, or change the
                  manner in which the amount of any of the foregoing is
                  determined;

         o        reduce the amount of principal payable upon acceleration of
                  maturity;

         o        change the place of payment where, or the currency or currency
                  unit in which, the exchange notes or any premium or interest
                  on the exchange notes is payable;

         o        reduce the percentage in principal amount of affected exchange
                  notes the consent of whose holders is required for amendment
                  of the Indenture or for waiver of compliance with some
                  provisions of the Indenture or for waiver of some defaults;

                                       38



         o        change our obligation with respect to the redemption
                  provisions of the Indenture in a manner adverse to the holder;
                  or

         o        modify the provisions relating to waiver of some defaults or
                  any of the provisions relating to amendment of the Indenture
                  except to increase the percentage required for consent or to
                  provide that some other provisions of the Indenture may not be
                  modified or waived.

         The holders of a majority in principal amount of the exchange notes
may, on behalf of the holders of all exchange notes, waive our compliance with
some restrictive provisions of the Indenture.

DEFEASANCE AND COVENANT DEFEASANCE

         We may elect either

         o        to be discharged from all our obligations in respect of the
                  exchange notes, except for our obligations to register the
                  transfer or exchange of the exchange notes, to replace
                  temporary, destroyed, stolen, lost or mutilated exchange
                  notes; to maintain paying agencies and to hold monies for
                  payment in trust (we will refer to this discharge as
                  "defeasance"), or

         o        to be released from our obligations to comply with some of the
                  restrictive covenants applicable to the exchange notes (we
                  will refer to this release as "covenant defeasance");

in either case upon the deposit with the Trustee, or other qualifying Trustee,
in trust, of money and/or U.S. government obligations which will provide money
sufficient to pay all principal of and any premium and interest on the exchange
notes when due. We may establish such a trust only if, among other things, we
have given an opinion of counsel to the effect that the holders of exchange
notes (a) will not recognize income, gain or loss for federal income tax
purposes as a result of the deposit, defeasance or covenant defeasance and (b)
will be subject to federal income tax on the same amounts, and in the same
manner and at the same times, as would have been the case if the deposit,
defeasance or covenant defeasance had not occurred. The opinion, in the case of
defeasance, must refer to and be based upon a ruling of the Internal Revenue
Service or a change in applicable federal income tax laws occurring after the
date of the indenture.

         We may exercise the defeasance option with respect to exchange notes
notwithstanding our prior exercise of the covenant defeasance option. If we
exercise the defeasance option, payment of the exchange notes may not be
accelerated because of a default. If we exercise the covenant defeasance option,
payment of the exchange notes may not be accelerated by reason of a default with
respect to the covenants to which covenant defeasance is applicable. However, if
the acceleration were to occur by reason of another default, the realizable
value at the acceleration date of the money and U.S. government obligations in
the defeasance trust could be less than the principal and interest then due on
the exchange notes, in that the required deposit in the defeasance trust is
based upon scheduled cash flow rather than market value, which will vary
depending upon interest rates and other factors.

REGARDING THE TRUSTEE

         The Bank of New York is the Trustee under the Indenture. The Bank of
New York currently serves as trustee under other of our debt instruments.

                                       39



         The Indenture contains limitations on the rights of the Trustee, should
the Trustee become our creditor, to obtain payment of claims in some cases, or,
to realize on specified property received in respect of these claims, as
security or otherwise. The Trustee and its affiliates may engage in, and will be
permitted to continue to engage in, other transactions with us and our
affiliates.

                                       40



                          BOOK-ENTRY, DELIVERY AND FORM

         Except as described below, we will initially issue the exchange notes
in the form of one or more registered exchange notes in global form without
coupons. We will deposit each global note on the date of the closing of this
exchange offer with, or on behalf of, The Depository Trust Company in New York,
New York, and register the exchange notes in the name of The Depository Trust
Company or its nominee, or will leave these notes in the custody of the trustee.

DEPOSITORY TRUST COMPANY PROCEDURES


         For your convenience, we are providing you with a description of the
operations and procedures of The Depository Trust Company. These operations and
procedures are solely within the control of The Depository Trust Company and are
subject to changes by them. We are not responsible for these operations and
procedures and urge you to contact The Depository Trust Company or its
participants directly to discuss these matters.


         The Depository Trust Company has advised us that it is a
limited-purpose trust company created to hold securities for its participating
organizations and to facilitate the clearance and settlement of transactions in
those securities between its participants through electronic book entry changes
in the accounts of these participants. These direct participants include
securities brokers and dealers, banks, trust companies, clearing corporations
and other organizations. Access to The Depository Trust Company's system is also
indirectly available to other entities that clear through or maintain a direct
or indirect custodial relationship with a direct participant. The Depository
Trust Company may hold securities beneficially owned by other persons only
through its participants and the ownership interests and transfers of ownership
interests of these other persons will be recorded only on the records of the
participants and not on the records of The Depository Trust Company.

         The Depository Trust Company has also advised us that, in accordance
with its procedures,


         o        upon deposit of the global notes, it will credit the accounts
                  of the direct participants with an interest in the global
                  notes, and

         o        it will maintain records of the ownership interests of these
                  direct participants in the global notes and the transfer of
                  ownership interests by and between direct participants.


The Depository Trust Company will not maintain records of the ownership
interests of, or the transfer of ownership interests by and between, indirect
participants or other owners of beneficial interests in the global notes. Both
direct and indirect participants must maintain their own records of ownership
interests of, and the transfer of ownership interests by and between, indirect
participants and other owners of beneficial interests in the global notes.

         Investors in the global notes may hold their interests in the exchange
notes directly through The Depository Trust Company if they are direct
participants in The Depository Trust Company or indirectly through organizations
that are direct participants in The Depository Trust Company. All interests in a
global note may be subject to the procedures and requirements of The Depository
Trust Company. In the event that interests are held through Euroclear or
Clearstream, they may also be subject to the procedures and requirements of
those systems.

                                       41



         The laws of some states require that some persons take physical
delivery in definitive certificated form of the securities that they own. This
may limit or curtail the ability to transfer beneficial interests in a global
note to these persons. Because The Depository Trust Company can act only on
behalf of direct participants, which in turn act on behalf of indirect
participants and others, the ability of a person having a beneficial interest in
a global note to pledge its interest to persons or entities that are not direct
participants in The Depository Trust Company or to otherwise take actions in
respect of its interest may be affected by the lack of physical certificates
evidencing the interests.

         Except as described below, owners of interests in the global notes will
not have notes registered in their names, will not receive physical delivery of
notes in certificated form and will not be considered the registered owners or
holders of these notes under the indenture for any purpose.

         Payments with respect to the principal of and interest on any exchange
notes represented by a global note registered in the name of The Depository
Trust Company or its nominee on the applicable record date will be payable by
the trustee to or at the direction of The Depository Trust Company or its
nominee in its capacity as the registered holder of the global note representing
these notes under the indenture. Under the terms of the indenture, we and the
trustee will treat the person in whose names the exchange notes are registered,
including exchange notes represented by global notes, as the owners of the
exchange notes for the purpose of receiving payments and for any and all other
purposes whatsoever. Payments in respect of the principal and interest on global
notes registered in the name of The Depository Trust Company or its nominee will
be payable by the trustee to The Depository Trust Company or its nominee as the
registered holder under the indenture. Consequently, none of the trustee, any of
our agents, or the trustee's agents has or will have any responsibility or
liability for:

         o        any aspect of The Depository Trust Company's records or any
                  direct or indirect participant's records relating to, or
                  payments made on account of, beneficial ownership interests in
                  the global notes or for maintaining, supervising or reviewing
                  any of The Depository Trust Company's records or any direct or
                  indirect participant's records relating to the beneficial
                  ownership interests in any global note, or

         o        any other matter relating to the actions and practices of The
                  Depository Trust Company or any of its direct or indirect
                  participants.

         The Depository Trust Company has advised us that its current practice,
upon receipt of any payment in respect of securities such as the exchange notes,
including principal and interest, is to credit the accounts of the relevant
participants with the payment on the payment date, in amounts proportionate to
their respective holdings in the principal amount of beneficial interest in the
security as shown on its records, unless it has reasons to believe that it will
not receive payment on the payment date. Payments by the direct and indirect
participants to the beneficial owners of interests in the global note will be
governed by standing instructions and customary practice and will be the
responsibility of the direct or indirect participants and will not be the
responsibility of The Depository Trust Company, the trustee or us.

         Neither we nor the trustee will be liable for any delay by The
Depository Trust Company or any direct or indirect participant in identifying
the beneficial owners of the exchange notes and the trustee may conclusively
rely on, and will be protected in relying on, instructions from The Depository
Trust Company or its nominee for all purposes, including with respect to the
registration and delivery, and the respective principal amounts, of the exchange
notes.

                                       42



         Transfers between participants in The Depository Trust Company will be
effected in accordance with The Depository Trust Company's procedures, and will
be settled in same day funds.


         The Depository Trust Company has advised us that it will take any
action permitted to be taken by a holder of exchange notes only at the direction
of one or more participants to whose account The Depository Trust Company has
credited the interests in the global notes and only in respect of the portion of
the aggregate principal amount of the notes as to which the participant or
participants has or have given that direction. However, if there is an event of
default with respect to the exchange notes, The Depository Trust Company
reserves the right to exchange the global notes for notes in certificated form
and to distribute them to its participants.


         Although The Depository Trust Company has agreed to these procedures to
facilitate transfers of interests in the global notes among participants in The
Depository Trust Company, it is under no obligation to perform or to continue to
perform these procedures and may discontinue them at any time. Neither the
trustee nor any of our or the trustee's respective agents will have any
responsibility for the performance by The Depository Trust Company or its direct
or indirect participants of their respective obligations under the rules and
procedures governing their operations.

EXCHANGE OF BOOK-ENTRY NOTES FOR CERTIFICATED NOTES

         A global note will be exchangeable for definitive notes in registered
certificated form if:

         o        The Depository Trust Company notifies us that it is unwilling
                  or unable to continue as depository for the global notes and
                  we fail to appoint a successor depository within 90 days, or

         o        The Depository Trust Company ceases to be a clearing agency
                  registered under the Exchange Act and we fail to appoint a
                  successor within 90 days.

         In all cases, certificated notes delivered in exchange for any global
note or beneficial interests in a global note will be registered in the name,
and issued in any approved denominations, requested by or on behalf of The
Depository Trust Company, in accordance with its customary procedures.

EXCHANGE OF CERTIFICATED NOTES FOR BOOK-ENTRY NOTES

         Initial notes issued in certificated form may be exchanged for
beneficial interests in the global note.

SAME DAY SETTLEMENT

         We expect that the interests in the global notes will be eligible to
trade in The Depository Trust Company's Same-Day Funds Settlement System. As a
result, secondary market trading activity in these interests will settle in
immediately available funds, subject in all cases to the rules and procedures of
The Depository Trust Company and its participants. We expect that secondary
trading in any certificated notes will also be settled in immediately available
funds.

                                       43



PAYMENT

         The indenture requires that payments in respect of the exchange notes
represented by global notes, including principal and interest, be made by wire
transfer of immediately available funds to the accounts specified by the holder
of the global notes. With respect to exchange notes in certificated form, we
will make all payments of principal and interest on the exchange notes at our
office or agency maintained for that purpose within the city and state of New
York. This office will initially be the office of the Paying Agent maintained
for that purpose. At our option however, we may make these installments of
interest by

         o        check mailed to the holders of exchange notes at their
                  respective addresses provided in the register of holder of
                  notes or

         o        transfer to an account maintained by the payee.


                 CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

SCOPE OF THIS SUMMARY

         The following summary describes certain United States federal income
tax consequences that may be relevant to the exchange of initial notes for
exchange notes pursuant to the exchange offer, and to the purchase, ownership
and disposition of exchange notes by U.S. and Non-U.S. Holders (as defined
below) who hold the exchange notes as capital assets within the meaning of
section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"). This
discussion does not purport to deal with all aspects of U.S. federal income
taxation that may be relevant to particular holders in light of their particular
circumstances, nor does it deal with persons that are subject to special tax
rules, such as dealers in securities or currencies, financial institutions,
insurance companies, tax-exempt organizations, persons holding notes as a part
of a straddle, hedge or conversion transaction or a synthetic security or other
integrated transaction, and U.S. Holders whose "functional currency" is not the
U.S. dollar. Furthermore, the discussion below is based upon the provisions of
Code, existing and proposed Treasury Regulations thereunder (the "Treasury
Regulations"), and administrative rulings and judicial decisions, each as of the
date hereof, and all of which may be repealed, revoked or modified (possibly
with retroactive effect) so as to result in U.S. federal income tax consequences
different from those discussed below. There can be no assurance that the
Internal Revenue Service (the "IRS") will take a similar view as to any of the
tax consequences described in this summary.

         YOU SHOULD CONSULT YOUR OWN TAX ADVISOR CONCERNING THE U.S. FEDERAL
INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP OR DISPOSITION OF EXCHANGE
NOTES IN LIGHT OF YOUR PARTICULAR SITUATION, AS WELL AS ANY CONSEQUENCES ARISING
UNDER THE LAWS OF ANY STATE, LOCAL OR FOREIGN TAXING JURISDICTION.

         We use the term "U.S. Holder" to mean a beneficial owner of a note who
is (i) a citizen or resident of the United States, (ii) a corporation or
partnership created or organized in or under the laws of the United States or
any political subdivision of the United States, (iii) an estate the income of
which is subject to U.S. federal income taxation regardless of its source, or
(iv) a trust (A) which is subject to the primary supervision of a court within
the United States and which has one or more United States persons who have the
authority to control all substantive decisions of the trust or (B) which has
elected to be treated as a U.S. person for U.S. federal income tax purposes
under applicable Treasury Regulations.

                                       44



         We use the term "Non-U.S. Holder" means a beneficial owner of an
exchange note who is not a U.S. Holder.

EXCHANGE OFFER


         The exchange of the initial notes for exchange notes pursuant to the
exchange offer will not be treated as an exchange or otherwise as a taxable
event to holders described below under the heading "Sale, Exchange or
Retirement of Notes." Consequently, no gain or loss will be realized by a holder
upon receipt of an exchange note, the holding period of the exchange note will
include the holding period of the initial note exchanged for such exchange note,
and the adjusted tax basis of the exchange note will be the same as the adjusted
tax basis, immediately before the exchange, of the initial note exchanged for
the exchange note.


INTEREST INCOME

         A U.S. Holder generally will be required to include in gross income as
ordinary interest income the interest received on an exchange note at the time
that the interest accrues or is received, in accordance with the U.S. Holder's
regular method of accounting for U.S. federal income tax purposes. It is
anticipated that the exchange notes will not be issued with "original issue
discount" within the meaning of Section 1273 of the Code.

MARKET DISCOUNT

         If a U.S. Holder purchases an exchange after original issuance for an
amount that is less than the exchange note's stated redemption price at
maturity, and a DE MINIMIS exception does not apply, the difference will be
treated as market discount. Unless the U.S. Holder makes an election to include
market discount in income as it accrues, any partial principal payment on the
note, gain realized on the sale, exchange, or retirement of the exchange note
and unrealized appreciation on some nontaxable dispositions of the exchange note
will be treated as ordinary income to the extent of the market discount that has
not been previously included in income and that is treated as having accrued on
the exchange note prior to the payment or disposition. A U.S. Holder also might
be required to defer all or a portion of the interest expense on any
indebtedness incurred or continued to purchase or carry the exchange note,
unless the U.S. Holder has made an election to include the market discount in
income as it accrues. Unless the U.S. Holder elects to treat market discount as
accruing on a constant yield method, market discount will be treated as accruing
on a straight-line basis over the term of the exchange note. An election made to
include market discount in income as it accrues will apply to all debt
instruments acquired by the U.S. Holder on or after the first day of the taxable
year to which the election applies and may be revoked only with the consent of
the IRS.

SALE, EXCHANGE OR RETIREMENT OF NOTES

         Upon the sale, exchange or retirement or other taxable disposition of
an exchange note, a U.S. Holder generally will recognize taxable gain or loss
equal to the difference between the amount realized (less any accrued but unpaid
interest, which will be taxable as ordinary interest income if not previously
included in income) and the U.S. Holder's tax basis in the exchange note. A U.S.
Holder's tax basis in an exchange note generally will be its cost for the
exchange note. Subject to the discussion of market discount above, gain or loss
recognized on the sale, exchange, retirement, or other taxable disposition of an

                                       45



exchange note, including amounts attributable to DE MINIMIS original issue
discount, generally will be capital gain or loss. In the case of a noncorporate
U.S. Holder, the U.S. federal income tax rate applicable to capital gains will
depend upon the U.S. Holder's holding period for the exchange notes, with a
preferential rate available for exchange notes held for more than one year, and
upon the U.S. Holder's marginal tax rate for ordinary income. The deductibility
of capital losses is subject to limitations.

TAX CONSIDERATIONS FOR NON-U.S. HOLDERS

         Payments of principal or interest on the exchange notes by us or our
paying agent to a Non-U.S. Holder generally will not be subject to U.S. federal
income or income withholding tax if, in the case of interest:

         o        the Non-U.S. Holder does not actually or constructively own
                  10% or more of the total voting power of all of our voting
                  stock;

         o        the Non-U.S. Holder is not a "controlled foreign corporation"
                  with respect to which we are a "related person" within the
                  meaning of the Code;

         o        the Non-U.S. Holder is not a bank whose receipt of interest is
                  described in section 881(c)(3)(A) of the Code; and

         o        either (a) the Non-U.S. Holder provides us or our agent with
                  an IRS Form W-8BEN (or valid substitute form), signed under
                  the penalties of perjury, that includes its name and address
                  and certifies as to its non-U.S. status in compliance with
                  applicable law and Treasury Regulations, or (b) a securities
                  clearing organization, bank, or other financial institution
                  that holds customers' securities in the ordinary course of its
                  trade or business holds the exchange notes and provides a
                  statement to us or our agent, signed under the penalties of
                  perjury, in which the securities clearing organization, bank,
                  or other financial institution certifies that the properly
                  executed Form W-8BEN (or valid substitute form) has been
                  received by it from the Non-U.S. Holder or from another
                  financial institution acting on behalf of the Non-U.S. Holder
                  and furnishes us or our agent with a copy thereof.

         In the case of exchange notes held by a Non-U.S. Holder that is treated
for U.S. federal income tax purposes as a partnership, this certification and
information must be provided by the partners as well as by the partnership.

         If these requirements are not met and the requirements applicable to
treatment of the interest as effectively connected with the conduct of a U.S.
trade or business described below are not met, a Non-U.S. Holder will be subject
to U.S. federal income withholding tax at a rate of 30% with respect to payments
of interest on the exchange notes, unless the Non-U.S. Holder provides us with a
properly executed Form W-8BEN, prior to the payment of interest, claiming an
exemption from or reduction in withholding under an applicable tax treaty.

         A Non-U.S. Holder generally will not be subject to U.S. federal income
or income withholding tax on gain realized on the sale, exchange, retirement, or
other disposition of a note, unless the Non-U.S. Holder is an individual who is
present in the United States for 183 days or more in the taxable year of the
disposition, and other applicable conditions are met.

                                       46



         Notwithstanding the above, if a Non-U.S. Holder is engaged in a trade
or business in the United States and if interest on the exchange note or gain
realized on the disposition of the exchange note is effectively connected with
the conduct of the trade or business, the Non-U.S. Holder usually will be
subject to regular U.S. federal income tax on the interest or gain in the same
manner as if it were a U.S. Holder, unless an applicable treaty provides
otherwise. In addition, if the Non-U.S. Holder is a foreign corporation, it may
be subject to a branch profits tax at a rate of 30%, or a lower rate provided by
an applicable treaty, on its effectively connected earnings and profits for the
taxable year, with specified adjustments. For this purpose, interest on an
exchange note will be included in the foreign corporation's earnings and
profits. Such effectively connected income generally is not subject to income
withholding if the Non-U.S. holder delivers a property executed IRS Form W-8ECI
to the payor.

BACKUP WITHHOLDING AND INFORMATION REPORTING (U.S. HOLDERS AND NON-U.S. HOLDERS)

         In general, information reporting requirements will apply to certain
payments of principal and interest on an exchange note and to the proceeds of
the disposition of an exchange note made to U.S. Holders other than certain
exempt recipients (such as corporations). A U.S. Holder that is not an exempt
recipient will generally be subject to backup withholding on payments made on or
with respect to the exchange notes. In general, backup withholding will apply to
a U.S. Holder only if the U.S. Holder:

         o        fails to furnish its Taxpayer Identification Number ("TIN");

         o        furnishes an incorrect TIN;

         o        is notified by the IRS that it has failed to properly report
                  payments of interest or dividends; or

         o        under certain circumstances, fails to certify, under penalties
                  of perjury, that it has furnished a correct TIN and that has
                  not been notified by the IRS that it is subject to backup
                  withholding for failure to report interest and dividend
                  payments.

         Backup withholding and information reporting generally will not apply
to payments made by us or our paying agent on an exchange note to a Non-U.S.
Holder if the certification described under "Tax Considerations for Non-U.S.
Holders" is provided or the Non-U.S. Holder otherwise establishes an exemption,
and the payor does not have actual knowledge that the holder is a U.S. Holder or
that the conditions of any other exemption are not, in fact, satisfied. The
payments of proceeds from the disposition of a note to or through a non-United
States office of a broker, as defined in applicable Treasury Regulations, that
is (a) a U.S. Person, (b) a controlled foreign corporation for U.S. federal
income tax purposes, (c) a foreign person 50% or more of whose gross income from
all sources for the 3 prior years is from activities effectively connected with
the conduct of U.S. trade or business, or (d) a foreign partnership, if at any
time during its tax year, either more than 50% of its income or capital
interests are owned by U.S. Holders or the partnership is engaged in the conduct
of U.S. trade or business, will be subject to information reporting requirements
unless the broker has documentary evidence in its files of the holder's Non-U.S.
Holder status and has no actual knowledge to the contrary or the Non-U.S. Holder
otherwise establishes an exemption. Backup withholding normally will not apply
to any payment of the proceeds from the sale of an exchange note made to or
through a foreign office of a broker. However, backup withholding might apply if
the broker has actual knowledge that the payee is a U.S. Holder. Payments of the
proceeds from the sale of an exchange note to or through the United States
office of a
                                       47



broker are subject to information reporting and possible backup withholding
unless the holder certifies, under penalties of perjury, that it is not a U.S.
Holder and that other conditions are met or the holder otherwise establishes an
exemption, provided that the broker does not have actual knowledge that the
holder is a U.S. Holder or that the conditions of any other exemption are not,
in fact, satisfied.

         Holders of exchange notes should consult their tax advisors regarding
the application of backup withholding in their particular situation, the
availability of an exemption from backup withholding, and the procedure for
obtaining an exemption, if available.

         The amount of any backup withholding will be allowed as a credit
against the holder's U.S. federal income tax liability and may entitle the
holder to a refund if the required information is furnished to the IRS.

         THE U.S. FEDERAL INCOME TAX DISCUSSION PROVIDED ABOVE IS INCLUDED FOR
GENERAL INFORMATION ONLY AND MAY OR MAY NOT APPLY TO YOU DEPENDING UPON YOUR
PARTICULAR SITUATION. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO
THE TAX CONSEQUENCES TO YOU OF OWNING, HOLDING, AND DISPOSING OF AN EXCHANGE
NOTE, INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, FOREIGN, AND OTHER TAX
LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.



                              PLAN OF DISTRIBUTION


         Each broker-dealer that receives exchange notes for its own account
pursuant to the exchange offer in exchange for initial notes acquired by such
broker-dealer as a result of market making or other trading activities may be
deemed to be an "underwriter" within the meaning of the Securities Act and,
therefore, must deliver a prospectus meeting the requirements of the Securities
Act in connection with any resales, offers to resell or other transfers of the
exchange notes received by it in connection with the exchange offer.
Accordingly, each such broker-dealer must acknowledge that it will deliver a
prospectus meeting the requirements of the Securities Act in connection with any
resale of such exchange notes. The letter of transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of exchange notes received in exchange for initial notes where such
initial notes were acquired as a result of market-making activities or other
trading activities. We have agreed that, for a period of 180 days after the
expiration of this exchange offer, we will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such
resale.


         We will not receive any proceeds from any sale of exchange notes by
broker-dealers. Exchange notes received by broker-dealers for their own account
pursuant to the exchange offer may be sold from time to time in one or more
transactions in the over-the-counter market, in negotiated transactions, through
the writing of options on the exchange notes or a combination of such methods of
resale, at market prices prevailing at the time of resale, at prices related to
such prevailing market prices or negotiated prices. Any such resale may be made
directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any such
broker-dealer and/or the purchasers of any such exchange notes. Any
broker-dealer that resells exchange notes that were received by it for its own
account pursuant to the exchange offer and any broker or dealer that
participates in a distribution of such exchange notes may be deemed to be an
"underwriter" within the meaning of the

                                       48



Securities Act and any profit of any such resale of exchange notes and any
commissions or concessions received by any such persons may be deemed to be
underwriting compensation under the Securities Act. The letter of transmittal
states that by acknowledging that it will deliver and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       49



                                  LEGAL MATTERS

         Certain legal matters in connection with this offering will be passed
upon for us by Nicholas J. Camera, Esq., Senior Vice President, General Counsel
and Secretary of Interpublic and by Paul, Weiss, Rifkind, Wharton & Garrison,
New York, New York.

                                     EXPERTS

         The consolidated financial statements incorporated in this prospectus
by reference to Interpublic's Current Report on Form 8-K dated September 18,
2001, except as they relate to NFO Worldwide, Inc. as of and for the two-year
period ended December 31, 1999, Deutsch, Inc. and Subsidiary and Affiliates as
of December 31, 2000 and 1999 and for the years then ended, and True North as of
December 31, 2000 and 1999 and for each of the three years in the period ended
December 31, 2000, have been audited by PricewaterhouseCoopers LLP, independent
accountants, and, insofar as they relate to NFO Worldwide, Inc., Deutsch, Inc.
and Subsidiary and Affiliates, and True North, by Arthur Andersen LLP, J.H. Cohn
LLP, and Arthur Andersen LLP, respectively, independent accountants, whose
reports thereon have been incorporated herein. Such financial statements have
been incorporated in reliance on the reports of such independent accountants
given on the authority of such firms as experts in auditing and accounting.





                                       50










         No person has been authorized to give any information or to make any
representation other than those contained in this prospectus, and, if given or
made, any information or representations must not be relied upon as having been
authorized. This prospectus does not constitute an offer to sell or the
solicitation of an offer to buy any securities other than the securities to
which it relates or an offer to sell or the solicitation of an offer to buy
these securities in any circumstances in which this offer or solicitation is
unlawful. Neither the delivery of this prospectus nor any sale made under this
prospectus shall, under any circumstances, create any implication that there has
been no change in our affairs since the date of this prospectus or that the
information contained in this prospectus is correct as of any time subsequent to
its date.


         Broker-dealers that effect transactions in these securities, whether or
not participating in this offering, may be required to deliver a prospectus.
This is in addition to the broker-dealers' obligation to deliver a prospectus
when acting as underwriters and with respect to their unsold allotments or
subscriptions.



                                     PART II

                     INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 20. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

         Section 145 of Title 8 of the General Corporation Law of the State of
Delaware ("GCL") gives a corporation power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding, provided
that such director, officer, employee or agent acted in good faith and in a
manner reasonably believed to be in or not opposed by the best interests of the
corporation, and, with respect to any criminal action or proceeding, provided
that such director, officer, employee or agent had no reasonable cause to
believe his or her conduct was unlawful. The same Section also gives a
corporation power to indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit by or
in the right of the corporation to procure a judgment in its favor by reason of
the fact that such person is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys' fees)
actually and reasonably incurred by such person in connection with the defense
or settlement of such action or suit if he acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
corporation, except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the corporation, unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court
shall deem proper. Section 145 of the GCL further provides that, to the extent
that a director, officer, employee or agent of a corporation has been successful
on the merits or otherwise in defense of any such action, suit or proceeding, or
in defense of any claim, issue or matter therein, he or she shall be indemnified
against expenses (including attorneys' fees) actually and reasonably incurred by
him or her in connection therewith.

         The Registrant's by-laws contain specific authority for indemnification
by the Registrant of current and former directors, officers, employees or agents
of the Registrant on terms that have been derived from Section 145 of Title 8 of
the GCL.



ITEM 21. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)      Exhibits

EXHIBIT                                 DESCRIPTION
NUMBER                                  -----------
------

4.1               Indenture, dated October 20, 2000 between The Interpublic
                  Group of Companies, Inc. and The Bank of New York, as trustee,
                  incorporated by reference to Exhibit 99.1 to the Current
                  Report on Form 8-K filed on October 24, 2000.


4.2**             First Supplemental Indenture, dated August 22, 2001 between
                  The Interpublic Group of Companies, Inc. and The Bank of New
                  York, as trustee.


4.3               Registration Rights Agreement, dated August 17, 2001 between
                  The Interpublic Group of Companies, Inc. and J.P. Morgan
                  Securities Inc., Morgan Stanley & Co. Incorporated and Salomon
                  Smith Barney, as placement agents, incorporated by reference
                  to Exhibit 4.3 to the Quarterly Report on Form 10-Q for the
                  quarter ended September 30, 2001.


5.1**             Opinion of Nicholas J. Camera as to validity of the Exchange
                  Notes.

8.1**             Opinion of Paul, Weiss, Rifkind, Wharton & Garrison as to
                  certain tax matters.


12.1*             Statement of Computation of Ratios of Earnings to Fixed
                  Charges.

23.1*             Consent of PricewaterhouseCoopers LLP.

23.2*             Consent of Arthur Andersen LLP (with respect to NFO Worldwide,
                  Inc.).

23.3*             Consent of Arthur Andersen LLP (with respect to True North
                  Communications Inc.).

23.4*             Consent of J.H. Cohn LLP.


23.5**            Consent of Nicholas J. Camera (included in Exhibit 5.1)

23.6**            Consent of Paul, Weiss, Rifkind, Wharton & Garrison (included
                  in Exhibit 8.1).

24.1**            Power of Attorney (included on signature pages of this Part
                  II).

25.1**            Form T-1 Statement of Eligibility of The Bank of New York to
                  act as trustee under the Indenture.

99.1**            Form of Letter of Transmittal.

99.2**            Form of Notice of Guaranteed Delivery.

------------------------
*    Filed herewith
**   Previously filed




ITEM 22. UNDERTAKINGS.

         (a)      The undersigned registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of
the Exchange Act of 1934 (and where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

         (b)      The undersigned registrant hereby undertakes to respond to
requests for information that is incorporated by reference into the prospectus
pursuant to Item 4, 10(b), 11 or 13 of this form, within one business day of
receipt of such request, and to send the incorporated documents by first class
mail or other equally prompt means. This includes information contained in
documents filed subsequent to the effective date of the registration statement
through the date of responding to the request.

         (c)      The undersigned registrant hereby undertakes to supply by
means of a post-effective amendment all information concerning the registrant
and the exchange offer that was not the subject of and included in the
registration statement when it became effective.

         (d)      Insofar as indemnification for liabilities arising under the
Act may be permitted to directors, officers and controlling persons of the
registrants pursuant to the foregoing provisions, or otherwise, the registrants
have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrants of expenses incurred
or paid by a director, officer or controlling person of the registrants in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.



                                   SIGNATURES


         Pursuant to the requirements of the Securities Act of 1933, the
registrant duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York, State of
New York, on January 22, 2001.


                                The Interpublic Group of Companies, Inc.


                                /s/ Nicholas J. Camera
                                -----------------------------------------------
                                By:     Nicholas J. Camera
                                Title:  Senior Vice President,
                                        General Counsel and Secretary


                                POWER OF ATTORNEY


         Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.



         SIGNATURE                      TITLE                              DATE
         ---------                      -----                              ----
                                                                  
          *                     Executive Vice President, Chief         January 22, 2002
-----------------------------   Financial Officer (Principal
     Sean F. Orr                Financial Officer) and Director


          *                     Chairman of the Board, President        January 22, 2002
-----------------------------   and Chief Executive Officer
     John J. Dooner, Jr.        (Principal Executive Officer)


/s/  Richard P. Sneeder, Jr.    Vice President and Controller           January 22, 2002
-----------------------------   (Principal Accounting Officer)
     Richard P. Sneeder, Jr.









         SIGNATURE                      TITLE                              DATE
         ---------                      -----                              ----
                                                                  
          *                     Director                                January 22, 2002
-----------------------------
     David Bell



                                Director
-----------------------------
     Frank J. Borelli



          *                     Director                                January 22, 2002
-----------------------------
     Reginald K. Brack



          *                     Director                                January 22, 2002
-----------------------------
     Jill M. Considine



          *                     Director                                January 22, 2002
-----------------------------
     Richard A. Goldstein



                                Director
-----------------------------
     H. John Greeniaus


          *                     Director                                January 22, 2002
-----------------------------
     James R. Heekin III

          *                     Director                                January 22, 2002
-----------------------------
     Frank B. Lowe











         SIGNATURE                      TITLE                              DATE
         ---------                      -----                              ----
                                                                  
          *                     Director                                January 22, 2002
-----------------------------
     J. Brendan Ryan



          *                     Director                                January 22, 2002
-----------------------------
     J. Phillip Samper


*By: /s/ Nicholas J. Camera
-----------------------------
        Nicholas J. Camera
        Attorney-in-Fact





                                  EXHIBIT INDEX


EXHIBIT
NUMBER                                  DESCRIPTION
------                                  -----------

4.1               Indenture, dated October 20, 2000 between The Interpublic
                  Group of Companies, Inc. and The Bank of New York, as trustee,
                  incorporated by reference to Exhibit 99.1 to the Current
                  Report on Form 8-K filed on October 24, 2000.


4.2**             First Supplemental Indenture, dated August 22, 2001 between
                  The Interpublic Group of Companies, Inc. and The Bank of New
                  York, as trustee.


4.3               Registration Rights Agreement, dated August 17, 2001 between
                  The Interpublic Group of Companies, Inc. and J.P. Morgan
                  Securities Inc., Morgan Stanley & Co. Incorporated and Salomon
                  Smith Barney, as placement agents, incorporated by reference
                  to Exhibit 4.3 to the Quarterly Report on Form 10-Q for the
                  quarter ended September 30, 2001.


5.1**             Opinion of Nicholas J. Camera as to validity of the Exchange
                  Notes.

8.1**             Opinion of Paul, Weiss, Rifkind, Wharton & Garrison as to
                  certain tax matters.


12.1*             Statement of Computation of Ratios of Earnings to Fixed
                  Charges.

23.1*             Consent of PricewaterhouseCoopers LLP.

23.2*             Consent of Arthur Andersen LLP (with respect to NFO Worldwide,
                  Inc.).

23.3*             Consent of Arthur Andersen LLP (with respect to True North
                  Communications Inc.).

23.4*             Consent of J.H. Cohn LLP.


23.5**            Consent of Nicholas J. Camera (included in Exhibit 5.1)

23.6**            Consent of Paul, Weiss, Rifkind, Wharton & Garrison (included
                  in Exhibit 8.1 to this Registration Statement).

24.1**            Power of Attorney (included on signature pages of this Part
                  II).

25.1**            Form T-1 Statement of Eligibility of The Bank of New York to
                  act as trustee under the Indenture.

99.1**            Form of Letter of Transmittal.

99.2**            Form of Notice of Guaranteed Delivery.
------------------------
*    Filed herewith
**   Previously filed