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Grey merger with WPP may come to effect on 7 March

Indiantelevision.com Team

(18 February 2005 2:00 pm)

MUMBAI: Grey Global Group Inc. has announced that the tentative date of the previously announced merger with the WPP Group plc to come in effect will be 7 March, 2005. The proposed merger is subject to the requisite approval of the stockholders of Grey Global Group and the satisfaction or waiver of other closing conditions set forth in the merger agreement.

These announcements are being made pursuant to Section 11.01 of the Indenture, dated 28 October, 2003, governing Grey Global Group Inc.'s five per cent contingent convertible subordinated debentures due 2033 (the "Debentures") and pursuant to the merger agreement between Grey Global Group and WPP.

The proxy statement/prospectus related to the proposed merger, together with the form of election for use in electing whether to receive cash, WPP shares or a combination of cash and WPP shares in the proposed merger, was mailed to Grey Global Group stockholders beginning on 2 February, 2005.

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