Document:

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                                                                  Exhibit 10.30

         EMPLOYMENT AGREEMENT effective as of March 1, 2002 by and between R.H.
Donnelley Corporation, a Delaware corporation (the "COMPANY"), and Steven M.
Blondy (the "EXECUTIVE").

         WHEREAS, the Compensation and Benefits Committee of the Board of
Directors has determined it to be in the Company's best interest to offer
Executive an employment agreement on substantially the same terms as other
senior executives of the Company; and

         WHEREAS, Executive desires to commence employment with the Company upon
the terms and conditions hereinafter set forth in this agreement (this
"AGREEMENT");

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the validity and
sufficiency of which is hereby acknowledged, the parties agree as follows:

           1. Term of Employment. Subject to the provisions of Section 8 of this
Agreement, Executive shall be employed by the Company for a period (the
"EMPLOYMENT TERM") commencing on the date hereof (the "COMMENCEMENT DATE") and
ending on February 28, 2003. On March 1, 2003 and each succeeding anniversary
thereof, the Employment Term shall automatically be extended for one additional
year unless, not later than ninety days prior to such anniversary, the Company
or the Executive shall have given notice of its or his intention not to extend
the Employment Term. Any such non-renewal of this Agreement by the Company shall
be treated as a termination of Executive's employment without Cause, as
hereinafter defined.

         2. Position. (a) Executive shall serve as Senior Vice President and
Chief Financial Officer of the Company. In such position, Executive shall have
such duties and authority commensurate with such position and, to the extent not
inconsistent with the foregoing, as shall be determined from time to time by the
Chief Executive Officer of the Company and/or the Board of Directors of the
Company (the "BOARD"). Executive shall be employed as the senior most financial
officer of the Company and shall report directly to the Chief Executive Officer,
provided that prior to May 1, 2002, he shall report directly to the President
and Chief Operating Officer.

         (b) During the Employment Term, except as otherwise agreed in writing
between the parties, Executive will devote substantially all of his business
time and best efforts to the performance of his duties hereunder and will not
engage in any other business, profession or occupation for compensation or
otherwise which would conflict with the rendition of such services either
directly or indirectly, without the prior written consent of the Board; provided
that nothing herein shall be deemed to preclude Executive from serving on
business, civic or charitable boards or committees, as long as such activities
do not materially interfere with the performance of Executive's duties
hereunder.
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           3. Base Salary. Company shall pay Executive an annual base salary
(the "BASE SALARY") at the initial annual rate of $300,000, payable in equal
bi-monthly installments or otherwise in accordance with the payroll and
personnel practices of the Company in effect from time to time. Base Salary
shall be reviewed annually by the Board or a committee thereof to which the
Board may from time to time have delegated such authority (the "COMMITTEE") for
possible increase (but not decrease) in the sole discretion of the Board or the
Committee, as the case may be.

         4. Bonus. With respect to each fiscal year all or part of which is
contained in the Employment Term, Executive shall be eligible to participate in
the Company's Annual Incentive Program under the 2001 Stock Award and Incentive
Plan or any successor program or plan thereto or thereunder, with a target bonus
opportunity of 60% of Base Salary (the "BONUS").

         5. Additional Compensation. As further compensation, Executive will be
eligible for participation in all other bonuses, long-term incentive
compensation and stock options and other equity participation arrangements made
available generally to senior executives of the Company, on terms and conditions
substantially similar to those offered to other senior executives of the
Company, and with respect to those programs addressed therein, at no less
attractive a level in the aggregate as set forth in the letter to you from Dave
Swanson dated February 28, 2002 (the "OFFER LETTER"). In the event of any
conflict or inconsistency between the provisions of the Offer Letter and of this
Agreement, the terms and conditions of this Agreement shall control.

         6. Employee Benefits. During the Employment Term, Executive shall be
eligible for employee benefits (including perquisites, fringe benefits,
vacation, pension and profit sharing plan participation and life, health,
accident and disability insurance) made available generally to senior executives
of the Company, on terms and conditions substantially similar to those offered
to other senior executives of the Company, and with respect to those programs
addressed in the Offer Letter, at no less attractive a level in the aggregate as
set forth in the Offer Letter.

         7. Business Expenses. Reasonable travel, entertainment and other
business expenses incurred by Executive in the performance of his duties
hereunder shall be reimbursed by the Company in accordance with Company policies
in effect from time to time.

         8. Termination of Employment. Each of Executive and the Company may
terminate the employment of Executive hereunder at any time in accordance with
this Section 8. Executive's entitlements hereunder in the event of any such
termination shall be as set forth in this Section 8. The provisions of this
Section 8 (and any related provision of Section 10) shall survive any
non-renewal of this Agreement by the Company pursuant to Section 1. With respect
to any termination of employment (voluntary or otherwise), any and all (i)
accrued but unused vacation and (ii) earned but unpaid bonus (with respect to
any full performance period) will be paid at the same time as other payments
provided for herein.

         (a) For Cause by the Company. If Executive's employment is terminated
by the Company for Cause, he shall be entitled to receive his Base Salary
through the Date of

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Termination, as hereinafter defined. All other benefits due Executive following
Executive's termination of employment pursuant to this Section 8(a) shall be
determined in accordance with the then-existing plans, policies and practices of
the Company.

         (b) Death or Disability. Executive's employment hereunder shall
terminate upon his death and may be terminated by the Company upon his
Disability during the Employment Term. Upon termination of Executive's
employment hereunder upon the Executive's Disability or death, Executive or his
estate (as the case may be) shall be entitled to receive Base Salary through the
Date of Termination, plus a pro-rata portion of target Bonus, based on the
number of whole or partial months from the beginning of the bonus period to the
Date of Termination. In addition, if Executive's employment is terminated as a
result of Disability, Executive shall continue to be eligible to participate in
all health, medical and dental benefit plans of the Company, until age 65 in
accordance with the terms, conditions and elections, if any, applicable to or in
effect with respect to Executive at the Date of Termination.

         (c) Termination Not Following a Change in Control. If, during the
Employment Term and prior to a Change in Control or more than two years after a
Change in Control, Executive's employment is terminated by the Company without
Cause, or by Executive under subclauses (i), (ii) or (iii) of the definition of
Good Reason, Executive shall be entitled to the following:

                  (i) Base Salary through the Date of Termination at the rate in
         effect at the time of Notice of Termination, as defined in Section 8(g)
         herein, is given, or if higher, at the rate in effect immediately prior
         to the event or circumstance leading to the termination of employment,
         plus a pro rata (number of days employed during calendar year divided
         by 360) portion of the target Bonus, plus all other amounts to which
         Executive is entitled under any then-existing compensation or benefit
         plan of the Company.

                  (ii) In lieu of any further salary payments to Executive for
         periods subsequent to the Date of Termination, the Company shall pay as
         severance pay, not later than the fifth business day following the Date
         of Termination, a severance payment (the "SEVERANCE PAYMENT") equal to
         two times the sum of (A) Base Salary at the rate in effect on the date
         Notice of Termination is given, or if higher, at the rate in effect
         immediately prior to the event or circumstance leading to the
         termination of employment, plus (B) target Bonus at the rate in effect
         on the date of the Notice of Termination is given, or if higher, at the
         rate in effect immediately prior to the event or circumstance leading
         to the termination of employment without Cause, paid in lump sum
         without reduction for time value of money.

                  (iii) Continued eligibility to participate in all health,
         medical and dental benefit plans of the Company for which Executive was
         eligible immediately prior to the time of the Notice of Termination, or
         comparable coverage, for two years, or, if sooner, until comparable
         health insurance coverage is available to Executive in connection with
         subsequent employment or self-employment. The coverage for which
         Executive shall continue to be eligible under this Section shall be
         made available at no greater cost or tax cost to Executive than that
         applicable to Executive at the time of termination of employment.

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                  (iv) Term life insurance equivalent in coverage, and at no
         greater cost or tax cost to Executive, to that elected by Executive at
         the time of the Notice of Termination, until the last day of the second
         calendar year beginning after termination of employment, or, if sooner,
         until comparable life insurance coverage is available to Executive in
         connection with subsequent employment or self-employment.

         (d) Termination Within Two Years Following a Change in Control. If,
during the Employment Term and within two years following a Change in Control,
Executive's employment is terminated by the Company without Cause, or by the
Executive for Good Reason, as hereinafter defined, Executive shall be entitled
to the payments and benefits set forth in Section 8(c), except that for purposes
of this Section 8(d), references in such Section to "two times" or "two years"
shall be changed to "three times" and "three years." In addition, Executive
shall be entitled to receive, for the three years following termination of
employment or, if sooner, until subsequently employed or self-employed, (i) all
perquisites and similar benefits he was receiving immediately prior to the time
of Notice of Termination, (ii) reimbursement of expenses relating to financial
planning services, up to a maximum amount per year equal to the average of such
amounts paid to Executive for the two calendar years preceding the Date of
Termination and (iii) reimbursement of expenses relating to outplacement
services, subject to a maximum reimbursement under this clause (iii) of $25,000.
For purposes of this Agreement, termination of employment after the commencement
of negotiations with a potential acquiror or business combination partner but
prior to an actual Change of Control shall be deemed to be a termination of
employment within two years following a Change in Control if such negotiations
subsequently result in a transaction with such acquiror or business combination
partner which constitutes a Change in Control.

         (e) Retirement. If during the Employment Term, Executive retires at
normal retirement age under the Company's qualified pension plan or any
successor plan, Executive shall be entitled to the payments and benefits
specified in Section 8(b) as if his employment had terminated as a result of
Disability.

         (f) Voluntary Termination of Employment. If during the Employment Term,
Executive terminates his employment under circumstances other than those
specified elsewhere in this Section 8, Executive shall be entitled to the
payments and benefits specified in Section 8(a).

         (g) Notice and Date of Termination. (i) Any purported termination of
employment by the Company or by Executive shall be communicated by written
Notice of Termination to the other party hereto in accordance with Section 17(i)
hereof. For purposes of this Agreement, a "NOTICE OF TERMINATION" shall mean a
notice which shall indicate (by reference to specific Section and sub-section
numbers and letters, for example, Section 8(d)) the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of
employment under the provision so indicated. If the event or circumstance on
which the proposed termination of employment is based is susceptible of cure,
the Notice of Termination shall not be deemed effective until

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Executive or the Company, as the case may be, has had at least 30 days to effect
such cure, and unless such event or circumstance persists at the end of such
cure period.

                  (ii) "DATE OF TERMINATION" shall mean (A) if employment is
         terminated for Disability, thirty (30) days after Notice of Termination
         is given (provided that Executive shall not have returned to the
         full-time performance of his duties during such thirty (30) day
         period), (B) if employment is terminated by reason of death, the date
         of death, and (C) if employment is terminated for any other reason,
         subject to the effectiveness of notice and "cure" provisions of clause
         (i) above, the date specified in the Notice of Termination (which, in
         the case of a termination of employment by the Company for Cause shall
         not be less than ten (10) days after the date such Notice of
         Termination is given); provided that if within thirty (30) days after
         any Notice of Termination is given the party receiving such Notice of
         Termination notifies the other party that a dispute exists concerning
         the termination, the Date of Termination shall be the date on which the
         dispute is finally determined, either by mutual written agreement of
         the parties, by a binding arbitration award, or by a final judgment,
         order or decree of a court of competent jurisdiction (which is not
         appealable or the time for appeal therefrom having expired and no
         appeal having been perfected); provided further that the Date of
         Termination shall be extended by a notice of dispute only if such
         notice is given in good faith and the party giving such notice pursues
         the resolution of such dispute with reasonable diligence; and provided,
         further that in the event Executive gives Notice of Termination for
         Good Reason based upon any matter referred to in clause (ii) of the
         definition of Good Reason, and it is thereafter determined that said
         grounds do not constitute Good Reason, then so long as Executive
         reasonably believed in good faith that he had grounds for termination
         of employment for Good Reason, the Company may not terminate
         Executive's employment for Cause based upon such matters.

         (h) Any provision of this Agreement to the contrary notwithstanding,
Executive shall be obligated to execute a general release of claims in favor of
the Company, substantially in the form attached hereto as Exhibit A, as a
condition to receiving benefits and payments under Sections 8(c) or 8(d) of this
Agreement.

                  (i) Notwithstanding anything to the contrary set forth herein,
the following provisions of this Agreement shall survive any termination of
Executive's employment hereunder and/or termination of this Agreement: Sections
8, 10, 11, 12, 13, 14, 15, 16 and 17(f) and (g).

         9. Definitions. (a) "CAUSE" shall mean (i) Executive's willful and
continued failure substantially to perform the duties of his position (other
than as a result of total or partial incapacity due to physical or mental
illness or as a result of a termination by Executive for Good Reason, as
hereinafter defined), (ii) any willful act or omission by the Executive
constituting dishonesty, fraud or other malfeasance, which in any such case is
demonstrably (and, in the case of other malfeasance, materially) injurious to
the financial condition or business reputation of the Company or any of its
affiliates, or (iii) the Executive's conviction of a felony under the laws of
the United States or any state thereof or any other jurisdiction in which the
Company or any of its subsidiaries conducts business which materially impairs
the value of Executive's services to the

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Company or any of its subsidiaries. For purposes of this definition, no act or
failure to act shall be deemed "willful" unless effected by Executive not in
good faith and without a reasonable belief that such action or failure to act
was in or not opposed to the best interests of the Company.

         (b) "CHANGE IN CONTROL" shall mean the occurrence of any of the
following events:

                  (i) Any "person," as such term is used in Section 13(d) and
         14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE
         ACT") (other than the Company, any trustee or other fiduciary holding
         securities under an employee benefit plan of the Company, or any
         company owned directly or indirectly by the shareholders of the Company
         in substantially the same proportions as their ownership of stock of
         the Company), is or becomes the "beneficial owner" (as defined in Rule
         13d-3 under the Exchange Act), directly or indirectly, of securities of
         the Company representing 20% or more of the combined voting power of
         the Company's then outstanding securities;

                  (ii) During any period of two consecutive years, individuals
         who at the beginning of such period constitute the Board, and any new
         director (other than a director designated by a person (as defined
         above) who has entered into an agreement with the Company to effect a
         transaction described in subsections (i), (iii) or (iv) of this
         definition) whose election by the Board or nomination for election by
         the Company's shareholders was approved by a vote of at least
         two-thirds (2/3) of the directors then still in office who either were
         directors at the beginning of the period or whose election or
         nomination for election was previously so approved, cease for any
         reason to constitute at least a majority thereof;

                  (iii) The shareholders of the Company have approved a merger
         or consolidation of the Company with any other company and all other
         required governmental approvals of such merger or consolidation have
         been obtained, other than (A) a merger or consolidation which would
         result in the voting securities of the Company outstanding immediately
         prior thereto continuing to represent (either by remaining outstanding
         or by being converted into voting securities of the surviving entity)
         more than 60% of the combined voting power of the voting securities of
         the Company or such surviving entity outstanding immediately after such
         merger or consolidation or (B) a merger or consolidation effected to
         implement a recapitalization of the Company (or similar transaction) in
         which no person (as defined above) becomes the beneficial owner (as
         defined above) of more than 20% of the combined voting power of the
         Company's then outstanding securities; or

                  (iv) The shareholders of the Company have approved a plan of
         complete liquidation of the Company or an agreement for the sale or
         disposition by the Company of all or substantially all of the Company's
         assets, and all other required governmental approvals of such
         transaction have been obtained.

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         (c) "DISABILITY" shall mean the Executive's inability, as a result of
physical or mental incapacity, to perform the duties of his position for a
period of six (6) consecutive months or for an aggregate of six (6) months in
any twelve (12) consecutive month period. Any question as to the existence of
the Disability of Executive as to which Executive and the Company cannot agree
shall be determined in writing by a qualified independent physician mutually
acceptable to Executive and the Company. If Executive and the Company cannot
agree as to a qualified independent physician, each shall appoint such a
physician and those two physicians shall select a third who shall make such
determination in writing. The determination of Disability made in writing to the
Company and Executive shall be final and conclusive for all purposes of the
Agreement.

         (d) "GOOD REASON" means:

                  (i) Removal from, or failure to be reappointed or reelected
         to, Executive's position as specified in Section 2 (other than as a
         result of a promotion); or

                  (ii) Material diminution in Executive's title, position,
         duties or responsibilities, re-assignment of Executive's reporting
         relationship to anyone other than the Chief Executive Officer, or the
         assignment to Executive of duties that are inconsistent, in a material
         respect, with the scope of duties and responsibilities associated with
         Executive's position as specified in Section 2; or

                  (iii) Reduction in Base Salary or target or maximum Bonus
         opportunity, reduction in level of participation in long term
         incentive, stock option and other equity award, benefit and other plans
         for executive officers; or

                  (iv) Relocation of the executive's principal workplace without
         his consent to a location outside the New York metropolitan area; or

                  (v) Other material breach of this Agreement by the Company.

         10. Certain Payments. (a) If any of the payments or benefits received
or to be received by Executive in connection with a Change in Control or
Executive's termination of employment, whether or not pursuant to this Agreement
(such payments or benefits, excluding the Gross-Up Payment, as hereinafter
defined, shall hereinafter be referred to as the "TOTAL PAYMENTS") will be
subject to an excise tax as provided for in Section 4999 of the Internal Revenue
Code (the "CODE") (the "EXCISE TAX"), the Company shall pay to Executive an
additional amount no later than the due date for Executive's tax return with
respect to such Excise Tax (the "GROSS-UP PAYMENT") such that the net amount
retained by the Executive, after deduction of any Excise Tax on the Total
Payments and any federal, state and local income and employment taxes and Excise
Tax upon the Gross-Up Payment, shall be equal to the Total Payments; provided,
however, that if the Total Payments are less than 360% of the Executive's Base
Amount, as defined in Section 280G(b)(3) of the Code, the Executive shall not be
entitled to the Gross-Up Payment, and the Total Payments shall be reduced as
provided for in Section 10(d) below.

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         (b) For purposes of determining whether any of the Total Payments will
be subject to the Excise Tax and the amount of such Excise Tax, (i) all of the
Total Payments shall be treated as "parachute payments" (within the meaning of
Section 280G(b)(2) of the Code) unless, in the opinion of tax counsel ("TAX
COUNSEL") reasonably acceptable to Executive and selected by the accounting firm
acting as the "Auditor", as defined below, such payments or benefits (in whole
or in part) do not constitute parachute payments, including by reason of Section
280G(b)(4)(A) of the Code, (ii) all "Excess parachute payments" within the
meaning of Section 280G(b)(1) of the Code shall be treated as subject to the
Excise Tax unless, in the opinion of Tax Counsel, such excess parachute payments
(in whole or in part) represent reasonable compensation for services actually
rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of
the Base Amount allocable to such reasonable compensation, or are otherwise not
subject to the Excise Tax, and (iii) the value of any noncash benefits or any
deferred payment or benefit shall be determined by the Auditor in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of
determining the amount of the Gross-Up Payment, the Executive shall be deemed to
pay federal income tax at the highest marginal rate of federal income taxation
in the calendar year in which the Gross-Up Payment is to be made and state and
local income taxes at the highest marginal rate of taxation in the state and
locality of Executive's residence or, if higher, in the state and locality of
Executive's principal place of employment, on the date of termination (or if
there is no date of termination, then the date on which the Gross-Up Payment is
calculated for purposes of this Section 10), net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and
local taxes.

         (c) In the event that the Excise Tax is finally determined to be less
than the amount taken into account hereunder in calculating the Gross-Up
Payment, Executive shall repay to the Company, at the time that the amount of
such reduction in Excise Tax is finally determined, the portion of the Gross-Up
Payment attributable to such reduction (including that portion of the Gross-Up
Payment attributable to the Excise Tax and federal, state and local income and
employment taxes imposed on the Gross-Up Payment being repaid by the Executive
to the extent that such repayment results in a reduction in Excise Tax and/or a
federal, state or local income or employment tax deduction). In the event that
the Excise Tax is determined to exceed the amount taken into account hereunder
in calculating the Gross-Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-Up
Payment), the Company shall make an additional Gross-Up Payment in respect of
such excess (plus any interest, penalties or additions payable by the Executive
with respect to such excess) at the time that the amount of such excess is
finally determined. The Executive and the Company shall each reasonably
cooperate with the other in connection with any administrative or judicial
proceedings concerning the existence or amount of liability for Excise Tax with
respect to the Total Payments.

         (d) If the Total Payments would constitute an excess parachute payment,
but are less than 360% of the Base Amount, such payments shall be reduced to the
largest amount that may be paid to the Executive without the imposition of the
Excise Tax or the disallowance as deductions to the Company under Section 280G
of the Code of any such payments. Unless Executive shall have given prior
written notice to the Company specifying a different order, the Company shall
reduce or eliminate the payments or benefits by first reducing or eliminating
the

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portion of the payments or benefits that are not payable in cash and then by
reducing or eliminating cash payments, in each case, in reverse chronological
order, starting with payments or benefits that are to be paid farthest in time
from the applicable determination of the Auditor (as defined below). Any written
notice given by Executive pursuant to the preceding sentence shall take
precedence over the provisions of any plan, agreement or arrangement governing
Executive's entitlement and rights to such payments or benefits.

         (e) All determinations under this Section 10 shall be made by a
nationally recognized accounting firm selected by the Executive (the "AUDITOR"),
and the Company shall pay all costs and expenses of the Auditor. The Company
shall cooperate in good faith in making such determinations and in providing the
necessary information for this purpose.

         11. Indemnification. The Company will indemnify Executive (and his
legal representative or other successors) to the fullest extent permitted
(including a payment of expenses in advance of final disposition of a
proceeding) by applicable law, as in effect at the time of the subject act or
omission, or by the Certificate of Incorporation and By-Laws of the Company, as
in effect at such time or on the Commencement Date, or by the terms of any
indemnification agreement between the Company and Executive, whichever affords
or afforded greatest protection to Executive, and Executive shall be entitled to
the protection of any insurance policies the Company may elect to maintain
generally for the benefit of its directors and officers (and to the extent the
Company maintains such an insurance policy or policies, Executive shall be
covered by such policy or policies, in accordance with its or their terms to the
maximum extent of the coverage available for any Company officer or director),
against all costs, charges and expenses whatsoever incurred or sustained by him
or his legal representatives (including but not limited to any judgment entered
by a court of law) at the time such costs, charges and expenses are incurred or
sustained, in connection with any action, suit or proceeding to which Executive
(or his legal representatives or other successors) may be made a party by reason
of his having accepted employment with the Company or by reason of his being or
having been a director, officer or employee of the Company, or any subsidiary of
the Company, or his serving or having served any other enterprise as a director,
officer or employee at the request of the Company. Executive's rights under this
Section 11 shall continue without time limit for so long as he may be subject to
any such liability, whether or not the Employment Term may have ended.

         12. Non-Competition. Executive acknowledges and recognizes the highly
competitive nature of the businesses of the Company and its affiliates and
accordingly agrees that

              (a) during the Employment Term:

                  (i) Executive will not directly or indirectly engage in any
         business which is in competition with any line of business then
         conducted by the Company or its affiliates (including without
         limitation by performing or soliciting the performance of services for
         any person who is a customer or client of the Company or any of its
         affiliates) whether such engagement is as an officer, director,
         proprietor, employee, partner, investor (other than as a holder of less
         than 1% of the outstanding capital stock of a publicly traded

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         corporation), consultant, advisor, agent, sales representative or other
         participant, in any location in which the Company or any of its
         affiliates then conducts any such competing line of business; and

                 (ii) Executive will not directly or indirectly induce any
         employee of the Company or any of its affiliates to engage in any
         activity in which Executive is prohibited to engage by this Section, or
         to terminate his or her employment with the Company or any of its
         affiliates, and will not directly or indirectly employ or offer
         employment to any person who was employed by the Company or any of its
         affiliates unless such person shall have ceased to be employed by the
         Company or any of its affiliates for a period of at least 12 months;
         and

                  (ii) Executive will not directly or indirectly solicit
         customers or suppliers of the Company or its affiliates or induce any
         such person to materially reduce or terminate its relationship with the
         Company.

         (b) for one year following the Employment Term:

                  (i) Executive will not directly or indirectly engage in any
         local directional advertising or marketing (whether in print,
         electronic, wireless or other format) business or provide pre-press
         publishing or utilize digital and intranet technologies to repurpose
         print directory information for electronic, wireless or related
         distribution, in each case which is in competition with the business
         then conducted by the Company or its affiliates, whether such
         engagement is as an officer, director, proprietor, employee, partner,
         investor (other than as a holder of less than 5% of the outstanding
         capital stock of a publicly traded corporation), consultant, advisor,
         agent, sales representative or other participant, in any location in
         which the Company or any of its affiliates then conducts any such
         competing line of business; and

                  (ii) Executive will not directly or indirectly induce any
         employee of the Company or any of its affiliates to engage in any
         activity in which Executive is prohibited to engage by this Section, or
         to terminate his or her employment with the Company or any of its
         affiliates, and will not directly or indirectly employ or offer
         employment to any person who was employed by the Company or any of its
         affiliates unless such person shall have ceased to be employed by the
         Company or any of its affiliates for a period of at least 12 months;
         and

                  (iii) Executive will not directly or indirectly solicit
         customers or suppliers of the Company or its affiliates or induce any
         such person to materially reduce or terminate its relationship with the
         Company.

For purposes of this Agreement, "directional advertising or marketing" shall
mean advertising or marketing primarily (1) designed for purposes of directing
consumers who are seeking a product or service to providers of that product or
service in order to satisfy such consumer's previously recognized need or desire
for such product or service and (2) generally delivered by non-intrusive

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means; and shall be distinguished from "creative advertising or marketing,"
which is primarily (1) designed to stimulate (as opposed to direct) demand for
products or services in consumers who did not previously recognize such need or
desire for such products or services and (2) generally delivered by intrusive
means.

It is expressly understood and agreed that although Executive and the Company
consider the restrictions contained in this Section 12 to be reasonable, if a
final judicial determination is made by a court of competent jurisdiction that
the time or territory or any other restriction contained in this Agreement is an
unenforceable restriction against Executive, the provisions of this Agreement
shall not be rendered void but shall be deemed amended to apply as to such
maximum time and territory and to such maximum extent as such court may
judicially determine or indicate to be enforceable. Alternatively, if any court
of competent jurisdiction finds that any restriction contained in this Agreement
is unenforceable, and such restriction cannot be amended so as to make it
enforceable, such finding shall not affect the enforceability of any of the
other restrictions contained herein.

         13. Confidentiality; Nondisparagement. (a) Executive will not at any
time (whether during or after his employment with the Company) disclose or use
for his own benefit or purposes or the benefit or purposes of any other person,
firm, partnership, joint venture, association, corporation or other business
organization, entity or enterprise other than the Company and any of its
subsidiaries or affiliates, any trade secrets, information, data, or other
confidential information relating to customers, development programs, costs,
marketing, trading, investment, sales activities, promotion, credit and
financial data, manufacturing processes, financing methods, plans, employees,
organizational structure or the business and affairs of the Company generally,
or of any subsidiary or affiliate of the Company, provided that the foregoing
shall not apply to information which is not unique to the Company or which is
generally known to the industry or the public other than as a result of
Executive's breach of this covenant. Executive agrees that upon termination of
his employment with the Company for any reason, he will return to the Company
immediately all memoranda, books, papers, plans, information, letters and other
data, and all copies thereof or therefrom, in any way relating to the business
of the Company and its affiliates, except that he may retain personal notes,
notebooks and diaries. Executive further agrees that he will not retain or use
for his account at any time any trade names, trademark or other proprietary
business designation used or owned in connection with the business of the
Company or its affiliates.

         (b) Executive will not knowingly disparage the reputation of the
Company in a manner that causes or is reasonably likely to cause material harm
to its business; provided, however, that Executive may (i) express his own
opinions about the Company to other senior executives of the Company or to the
Board and (ii) comply with applicable legal process, in each case without being
deemed to have violated this provision.

         14. Material Inducement; Specific Performance. Executive acknowledges
and agrees that the covenants entered into by Executive in Sections 12 and 13(a)
are essential elements of the parties' agreement as expressed herein, are a
material inducement for the Company to enter into this Agreement and the breach
thereof would be a material breach of this Agreement.

                                       11
<PAGE>
Executive further acknowledges and agrees that the Company's remedies at law for
a breach or threatened breach of any of the provisions of Section 12 or Section
13(a) would be inadequate and, in recognition of this fact, Executive agrees
that, in the event of such a breach or threatened breach, in addition to any
remedies at law, the Company, without posting any bond, shall be entitled to
obtain equitable relief in the form of specific performance, temporary
restraining order, temporary or permanent injunction or any other equitable
remedy which may then be available.

         15. Litigation Support. Executive agrees that he will assist and
cooperate with the Company, at the Company's sole cost and expense and, in the
case of post-termination, in a manner so as to not unreasonably interfere with
any other employment obligations of Executive, in connection with the defense or
prosecution of any claim that may be made against or by the Company or its
affiliates, or in connection with any ongoing or future investigation or dispute
or claim of any kind involving the Company or its affiliates, including any
proceeding before any arbitral, administrative, judicial, legislative, or other
body or agency, including testifying in any proceeding, to the extent such
claims, investigations or proceedings relate to services performed or required
to be performed by Executive, pertinent knowledge possessed by Executive, or any
act or omission by Executive. Executive further agrees to perform all acts and
to execute and deliver any documents that may be reasonably necessary to carry
out the provisions of this Section, at the Company's sole cost and expense and,
in the case of post-termination, in a manner so as to not unreasonably interfere
with any other employment obligations of Executive. If Executive determines in
good faith that separate counsel is necessary in connection with its compliance
with this Section 15, then the Company shall pay all reasonable fees and
expenses of such counsel retained by Executive in connection herewith. Following
Executive's termination of employment, this covenant shall expire and be of no
further force or effect upon the later to occur of (a) one year following such
termination of employment and (b) in the event of termination of employment
under Sections 8(c) or (d), the maximum number of years following such
termination specified in the applicable sub-section during which Executive is
eligible to continue to participate in the Company's benefit plans.

         16. Legal Fees. The Company will pay or reimburse Executive, as
incurred, all legal fees and costs incurred by Executive in enforcing his rights
under the Agreement, if Executive's position substantially prevails. Following a
Change in Control, the Company will pay or reimburse Executive, as incurred, for
all such fees and costs unless Executive's claim was frivolous or was brought or
pursued by Executive in bad faith.

         17. Miscellaneous. (a) Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

         (b) Entire Agreement/Amendments. This Agreement contains the entire
understanding of the parties with respect to the employment of Executive by the
Company. There are no restrictions, agreements, promises, warranties, covenants
or undertakings between the parties with respect to the subject matter herein
other than those expressly set forth herein and in the incentive compensation
and other employee benefit plans and arrangements of the Company

                                       12
<PAGE>
referenced herein. This Agreement may not be altered, modified, or amended
except by written instrument signed by the parties hereto.

         (c) No Waiver. The failure of a party to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver
of such party's rights or deprive such party of the right thereafter to insist
upon strict adherence to that term or any other term of this Agreement.

         (d) Severability. In the event that any one or more of the provisions
of this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
of this Agreement shall not be affected thereby.

         (e) Assignment. This Agreement shall not be assignable by Executive and
shall be assignable by the Company only with the consent of Executive except as
set forth in Section 17(h); provided that no such assignment by the Company
shall relieve the Company of any liability hereunder, whether accrued before or
after such assignment.

         (f) No Mitigation. Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other employment
or otherwise, and no such employment, if obtained, or compensation or benefits
payable in connection therewith, shall reduce any amounts or benefits to which
Executive is entitled hereunder except as provided for in Sections 8(c) and (d).

         (g) Arbitration. Any dispute between the parties to this Agreement
arising from or relating to the terms of this Agreement (other than as specified
under Section 14 with respect to Sections 12 and 13(a) hereof) or the employment
of Executive by the Company shall be submitted to arbitration in New York, New
York under the auspices of the American Arbitration Association.

         (h) Successors; Binding Agreement

                  (i) The Company will require any successor (whether direct or
         indirect, by purchase, merger, consolidation or otherwise) to all or
         substantially all of the business and/or assets of the Company to
         expressly assume and agree to perform this Agreement in the same manner
         and to the same extent that the Company would be required to perform it
         if no such succession had taken place. Such assumption and agreement
         shall be obtained prior to the effectiveness of any such succession. As
         used in this Agreement, "Company" shall mean the Company as
         hereinbefore defined and any successor to its business and/or assets as
         aforesaid which assumes and agrees to perform this Agreement by
         operation of law, or otherwise. Prior to a Change in Control, the term
         "Company" shall also mean any affiliate of the Company to which
         Executive may be transferred and the Company shall cause such successor
         employer to be considered the "Company" bound by the terms of this
         Agreement and this Agreement shall be amended to so provide. Following
         a Change in Control the term "Company" shall not mean any affiliate of
         the Company to which Executive may be transferred unless Executive
         shall have

                                       13
<PAGE>
         previously approved of such transfer in writing, in which case the
         Company shall cause such successor employer to be considered the
         "Company" bound by the terms of this Agreement and this Agreement shall
         be amended to so provide.

                  (ii) This Agreement shall inure to the benefit of and be
         binding upon personal or legal representatives, executors,
         administrators, successors, heirs, distributees, devisees and legatees.
         If Executive should die while any amount would still be payable to
         Executive hereunder if Executive had continued to live, all such
         amounts, unless otherwise provided herein, shall be paid in accordance
         with the terms of this Agreement to the devisee, legatee or other
         designee of Executive or, if there is no such designee, to the estate
         of Executive.

         (i) Notice. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
Executive at the address appearing from time to time in the personnel records of
the Company and to the Company at the address of its corporate headquarters,
directed to the attention of the Board with a copy to the Secretary of the
Company, or in either case to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of
change of address shall be effective only upon receipt.

         (j) Withholding Taxes. The Company may withhold from any amounts
payable under this Agreement such Federal, state or local taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

         (k) Counterparts. This Agreement may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the latest date indicated below.

                                                 Steven M. Blondy

Date:
                                                 /s/  Steven M. Blondy
                                                 ------------------------------

                                                 R.H. DONNELLEY CORPORATION

Date:

                                                 By: /s/  Robert J. Bush
                                                    ---------------------------
                                                    Name:  Robert J. Bush
                                                    Title: VP & General Counsel

                                       14<PAGE>
                                                                     Exhibit 4.1

                                                      Translated from the French

                              PUBLICIS GROUPE S.A.
            A corporation with management board and supervisory board
                   With registered capital of 55,912,740 euros
     With its head office at: 133, avenue des Champs Elysees, Paris (75008)
                              Paris RCS 542 080 061

                               AGREEMENT TO ISSUE

                             OBLIGATIONS REDEEMABLE

                                       IN

                             NEW OR EXISTING SHARES

                                    ("ORANE")
<PAGE>
RECITALS:

Whereas, in connection with the acquisition of Bcom3 Group, Inc. (hereinafter
referred to as "BCOM3"), a company incorporated in the United States, by
PUBLICIS GROUPE S.A. (hereinafter referred to as "PUBLICIS" or the "COMPANY"), a
company incorporated in France, according to the terms of an agreement entitled
Agreement and Plan of Merger dated 7th March 2002, as amended (hereinafter
referred to as the "MERGER AGREEMENT"), it was agreed that PUBLICIS would issue
obligations in the amount of 857,812,500 euros represented by 1,562,500 ORANE to
PHILADELPHIA MERGER LLC, a 100% indirectly held subsidiary of PUBLICIS and which
would be delivered to the Bcom3 shareholders in accordance with the Merger
Agreement.

This Agreement, signed immediately before the completion of the merger
transactions outlined in the Merger Agreement, sets forth the terms and
conditions whereby PUBLICIS will issue such ORANE (hereinafter referred to as
the or this "CONTRACT").

NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

1.    INFORMATION REGARDING THE ISSUE

1.1   FRAMEWORK OF THE ISSUE

The Merger Agreement, among other things, provides for the issue of obligations
redeemable in new or existing ordinary PUBLICIS shares to PHILADELPHIA MERGER
LLC pursuant to a reserved increase in capital with suppression of the
preferential subscription right reserved to a specifically named party.
Consequently, the June 18, 2002 combined general meeting of the PUBLICIS
shareholders, in its 20th resolution contained in Exhibit 1.1 hereto, authorized
the Company's Management Board, with the possibility of subdelegation, to issue
obligations for 857,812,500 euros represented by 1,562,500 ORANE each with a
nominal value of 549 euros, to PHILADELPHIA MERGER LLC.

Pursuant to the authorization granted to it during the June 18, 2002 general
meeting of the Company's shareholders and the prior consent granted to it by the
Company's supervisory board on March 5th, 2002, under article 12 of the articles
of incorporation, the Company's Management Board decided, on [...] 2002, to
avail itself of this authorisation and to subdelegate to the Chairman, under the
applicable legal and regulatory conditions, all powers needed to issue the said
ORANE pursuant to the 20th resolution adopted by the June 18th, 2002 general
meeting, and on the terms and conditions set forth by this same resolution.

Pursuant to the delegation granted to him by the Management Board, the Chairman
decided on [...] 2002 to issue the ORANEs and thus set the terms and conditions
of this issue as they are set forth in this Agreement.

1.2   ISSUE PRICE

The ORANE will be issued at a price of 549 euros per ORANE and will be entirely
paid up upon their subscription by means of cash payments.
<PAGE>
1.3   PROCEEDS OF THE ISSUE

The gross proceeds of the issue shall be 857,812,500 euros.

1.4   SUBSCRIPTION

The ORANEs shall be issued to PHILADELPHIA MERGER LLC, an indirect 100%
subsidiary of the Company, and PHILADELPHIA MERGER LLC shall deliver them to
the exchange agent for the Bcom3 shareholders in accordance with the Merger
Agreement.

In compliance with the decision adopted by the combined general meeting of the
Company's shareholders, this issue entails the express waiver by the
shareholders of the preferential subscription right for the new shares to be
issued, when necessary, upon the redemption of ORANEs.

2.    CHARACTERISTICS OF THE ORANE ISSUED BY THE COMPANY

2.1   NUMBER AND NOMINAL VALUE OF THE ORANE

This issue shall be represented by 1,562,500 ORANEs redeemable in new or
existing Company shares, according to the terms and conditions set out below.

The initial nominal value of the ORANEs will be 549 euros per ORANE and will
be reduced by equal tranches as of 1st September 2005 and until [...] 2022,
pursuant to the provisions of paragraph 3.1 below. The amount thus remaining
due on a given date will hereinafter be referred to as the "NOMINAL VALUE".

2.2   EFFECTIVE DATE AND SETTLEMENT DATE

The effective date and settlement date (hereinafter referred to as the
"SETTLEMENT DATE") shall be the Closing Date as defined in the Merger Agreement.

2.3   FORM AND DELIVERY OF THE ORANE

At the choice of each holder, the ORANEs shall be held in either bearer or
registered form within the meaning of French law.

Title to the ORANEs will be evidenced solely by book entries in accordance with
article 94-II of French law no. 81-1160 of December 30, 1981, such account
being maintained by:

-     a financial institution appointed by the Company, if the ORANEs are
      held in pure registered form ("nominatifs purs"); or

-     a custodian appointed by the holder(s), and the financial institution
      appointed by the Company, if the ORANEs are held under in assisted form
      ("nominatifs administres"); or

-     a custodian appointed by the holder(s), if the ORANEs are held in
      bearer form ("titres au porteur").

<PAGE>
No physical document of title will be issued in respect of the ORANEs (including
<< certificats representatifs >> (certificates in respect of book-entries)
issued pursuant to article 7 of French decree no. 83-359 of May 2, 1983).

2.4   ADMISSION TO LISTING, TRADING

The ORANEs will be negotiable as of the Settlement Date.

The Company will take all necessary steps to have the ORANEs admitted to the
Euronext Paris Premier Marche within the five business days following the
Settlement Date. The Company will pay for, without this list being exhaustive,
all fees, charges and commissions related to the admission to the said
negotiations and to its maintenance.

2.5   FINAL MATURITY DATE

Twenty years from the Settlement Date.

2.6   COUPON

2.6.1 Coupon amount

The ORANEs will accrue an annual coupon in arrears (hereinafter referred to as
the "COUPON") calculated pursuant to the following indications and which,
subject to clauses (i) and (ii) below, can under no circumstances be less than
0.82% of the ORANE Nominal Value on the calculation date (hereinafter referred
to as the "MINIMUM COUPON").

Any Coupon amount relating to a period of less than one entire year will be
calculated on the basis of the annual Coupon calculated in compliance with the
above provisions, in proportion to the number of days in the period in
consideration and on the basis of a year of 365 days (or 366 days for a leap
year).

The Coupon will be revised every three (3) years as of the period which begins
on 1st September 2004.

The Coupon will be calculated as follows:

(i) Coupon due on 1st September 2003

The Coupon will be calculated, on a pro rata basis, as of the Settlement Date,
and will be equal to:

    4.50     x    number of days between the Settlement Date (inclusive)
   ------                    and 31 August 2003 (inclusive).
    365

(ii) Coupon due on 1st September 2004

For the period from 1st September 2003 (inclusive) to 31st August 2004
(inclusive), the Coupon will be equal to 4.50 euros.

<PAGE>

(iii) Coupon due on 1st September 2005, 2006 and 2007

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2005 + DIV2004 + DIV2003)]
                                          ------------------------------
                                                        3

(iv) Coupon due on 1st September 2008, 2009 and 2010

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2008 + DIV2007 + DIV2006)]
                                          ------------------------------
                                                        3

(v) Coupon due on 1st September 2011, 2012 and 2013

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2011 + DIV2010 + DIV2009)]
                                          ------------------------------
                                                        3

(vi) Coupon due on 1st September 2014, 2015 and 2016

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2014 + DIV2013 + DIV2012)]
                                          ------------------------------
                                                        3

(vii) Coupon due on 1st September 2017, 2018 and 2019

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2017 + DIV2016 + DIV2015)]
                                          ------------------------------
                                                        3

(viii) Coupon due on 1st September 2020, 2021 and [...], 2022

Each Coupon will be calculated such that:

       MAX [MINIMUM COUPON; R(n) X 110% X (DIV2020 + DIV2019 + DIV2018)]
                                          ------------------------------
                                                        3

with the stipulation that the coupon due on [...] 2022 will be calculated on a
pro rata basis of the time which has passed between 1 September 2021 and [...]
2022.

where:

-      R(n) = 2023 - n, i.e. the number of shares relative to which a ORANE
       grants the right to redemption on 31 August of year n, while taking
       into account, if relevant, the adjustments stipulated in paragraph
       3.4.3. below

-      DIV = net amount, excluding related tax credit (`avoir fiscal'), of the
       dividend per share released for distribution by vote between 1st
       September of the previous year and 31st August of the year in question
<PAGE>
-     n falling between 2005 and 2022.

2.6.2 Coupon payment date

The Coupon will be paid on a yearly basis, on 1st September (or the first
following business day if the latter date is not a business day). Nevertheless,
the Coupon due for 2022 will be payable on the Maturity Date (as defined below)
of the ORANEs.

The Coupon due for a given year will only be paid if the general meeting of the
Company shareholders has approved the distribution of a dividend between 1st
September of the previous year and 31st August of the year in question.

Should no dividend distribution be decided by the general meeting of the Company
shareholders between 1st September of the previous year and 31st August of the
year in question, the Coupon payable for the year in question will not be paid,
but rather will be carried forward and accumulated, without being capitalized,
for payment during the first year in which the distribution of a dividend will
once again be approved by the general meeting of the Company shareholders,
whatever the amount of said dividend.

Nevertheless, no Coupon will be payable, if the non-distribution of the dividend
resulted in the early redemption of the ORANEs pursuant to the stipulations
outlined in paragraph 3.3.1(i) below.

Subject to the provisions of paragraph 2.6.3 below for the payment of the Coupon
in the event of the non-distribution of a dividend during any of the five years
which precede the Maturity Date of the ORANEs, the Coupon will cease to accrue
as of the date of the redemption (normal or early) of the ORANEs.

2.6.3 Coupon payment in the event of redemption of the ORANEs in advance or on
      the Maturity Date

In the event of early redemption of the ORANEs for any of the reasons stipulated
in paragraphs 3.3.1(ii) to 3.3.1(viii) below, as well as in the event that a
non distribution of a dividend should occur during any of the last five years
which precede the Maturity Date of the ORANEs, the Coupon will be paid, at the
discretion of the Company, in cash or in Company shares.

Should the Coupon be paid in Company shares, the value of the share to which it
must refer will be equal to the average of the opening trading prices of the
shares on the Euronext Paris Premier Marche on the ten trading days prior to the
redemption date (but excluding that day).

2.6.4 Institution servicing the ORANEs

The [...] bank will look after the servicing of the securities, the payment of
the Coupon due on the ORANEs, and the redemption thereof.

As long as there are any ORANEs outstanding, the Company will make available, to
any person so requesting it, an updated list of institutions responsible for
servicing the ORANEs.
<PAGE>

2.7   RANK, NEGATIVE PLEDGE

2.7.1 Rank

The ORANEs and their Coupon shall constitute obligations ("engagements
chirographaires") which are unsecured, direct, general, unconditional,
non-subordinated and free of Company sureties, having the same rank among
themselves and having the same rank as all other present or future Company debts
and guarantees which are unsecured, non subordinated and free of sureties
("dettes et garanties chirographaires").

In accordance with French law, the Company undertakes not to issue any dettes et
garanties chirographaires that will rank senior to the ORANEs without the
consent of the Holders of ORANEs (hereinafter the "HOLDERS").

2.7.2 Negative Pledge

Until such a time as every single ORANE has been reimbursed, the Company
undertakes not to grant a mortgage on its real property, nor a pledge of all or
part of its goodwill and other intangibles ("fonds de commerce") or trade
receivables (except for any securitization transaction of the trade receivables
or other transactions involving the issuing of securities which represent trade
receivables of the Company) for the benefit of the holders of other obligations
without granting the same sureties, and in the same rank, to the holders of the
ORANEs.

This commitment relates solely to the issue of obligations and in no way
infringes on the Company's right to dispose of its assets or to grant guarantees
or security interests on the said assets under any other circumstances.

2.8   GUARANTEE

No particular guarantee applies to the servicing of the ORANEs in terms of
Coupon, amortization, taxation, fees or accessories.

3.    AMORTIZATION - REDEMPTION OF THE ORANES WITH PUBLICIS SHARES

3.1   REDEMPTION PARITY - NORMAL AMORTIZATION

3.1.1 Redemption Parity

Subject to any possible adjustments as indicated below in the section
Maintaining of the rights of the Holders, the redemption of the ORANEs shall
take place through the delivery of eighteen (18) new or existing Company
ordinary shares effective as of the start of the financial year during which the
redemption occurs, for one (1) ORANE (hereinafter the "REDEMPTION PARITY").

3.1.2 Normal Amortization

Unless reimbursed early, the ORANEs shall be entirely amortized on [...] 2022
(hereinafter the "MATURITY DATE").

Subject to the possible adjustments indicated below in the section Maintaining
of the rights of the Holders, the ORANEs will be amortized, and their Nominal
Value will be reduced in proportion, through a redemption by means of one (1)
new or existing Company share, at the choice of the Company, per year as of
1st September 2005 and through to the Maturity Date, in compliance with the
schedule provided below.

<PAGE>

<TABLE>
<CAPTION>
              PERIOD                      ORANE                             NUMBER OF
(THE PERIOD START AND END DATES       NOMINAL VALUE      REDEMPTION         REIMBURSED
          ARE INCLUSIVE)                 (EUROS)            DATE              SHARES
<S>                                   <C>              <C>                  <C>
     [...] 2002 to 31 August 2003           549                -               -
 1 September 2003 to 31 August 2004         549                -               -
 1 September 2004 to 31 August 2005         549        1 September 2005        1
 1 September 2005 to 31 August 2006       518.5        1 September 2006        1
 1 September 2006 to 31 August 2007         488        1 September 2007        1
 1 September 2007 to 31 August 2008       457.5        1 September 2008        1
 1 September 2008 to 31 August 2009         427        1 September 2009        1
 1 September 2009 to 31 August 2010       396.5        1 September 2010        1
 1 September 2010 to 31 August 2011         366        1 September 2011        1
 1 September 2011 to 31 August 2012       335.5        1 September 2012        1
 1 September 2012 to 31 August 2013         305        1 September 2013        1
 1 September 2013 to 31 August 2014       274.5        1 September 2014        1
 1 September 2014 to 31 August 2015         244        1 September 2015        1
 1 September 2015 to 31 August 2016       213.5        1 September 2016        1
 1 September 2016 to 31 August 2017         183        1 September 2017        1
 1 September 2017 to 31 August 2018       152.5        1 September 2018        1
 1 September 2018 to 31 August 2019         122        1 September 2019        1
 1 September 2019 to 31 August 2020        91.5        1 September 2020        1
 1 September 2020 to 31 August 2021          61        1 September 2021        1
    1 September 2021 to [...] 2022         30.5            [...] 2022          1
</TABLE>

In the event of an increase in registered capital, a merger or a demerger, as in
the event of other financial transactions including a preferential subscription
right or reserving a priority subscription period for the shareholders, the

<PAGE>
Company can suspend the exercising of the redemption right for a maximum period
of three months.

The Company's decision to suspend the exercising of the redemption right will be
published in the Bulletin of Obligatory Legal Announcements. This notifice will
be published at least fifteen days before the effective date of the suspension;
it will indicate the effective date of the suspension and the date when it ends.
This information will also be included in a notice in a nationally distributed
financial newspaper and in a Euronext Paris notice.

3.2   REPURCHASE OF THE ORANES AT THE DISCRETION OF THE ISSUER

So long as the ORANEs are outstanding, the Company undertakes not to carry out,
of its own initiative, the early amortization of the ORANEs by means of
redemption. The Company reserves the right, at any time and with no limitation
as to price or quantity, to repurchase all or part of the ORANEs prior to the
Maturity Date, either through repurchases on or outside the stock exchange, or
by public offers for their purchase or exchange. These transactions will have no
impact on the remaining timetable for the amortization of the securities still
outstanding. The ORANEs acquired in this manner will be cancelled.

3.3   EARLY REDEMPTION AT THE DISCRETION OF THE HOLDERS (EXCEPT IN THE CASE
      COVERED BY 3.3.1(v))

3.3.1 Events able to trigger the early redemption of the ORANEs

The redemption of the ORANEs can be carried out in advance, at the option of
each Holder, in each of the following cases with the exception of (v) below,
when the early redemption shall occur automatically:

(i)    in the absence of a dividend distribution approved by the general meeting
       of the Company's shareholders during the five consecutive company
       financial years which precede the early redemption request (with the
       early redemption request being submitted after the General Meeting which,
       for the 5th consecutive company financial year, as to which no dividend
       is declared), with the stipulation that in this case, and subject to the
       provisions of paragraph 2.6.3 above, the Coupon accrued for the said
       years will not be due,

(ii)   the filing of a public tender offer for all of the Company's equity
       securities (within the meaning of article 5-1-2 of the Conseil des
       Marches Financiers regulation), provided that the public offer has been
       declared admissible by the competent market authorities, and that the
       related opening notice has been published by the market authorities

(iii)  the transfer or proposed transfer to a third party of a substantial part
       of the Company's assets or business, whether by means of sale or
       disposal, demerger, merger, partial contribution of assets or any other
       means. In the event of a proposed transfer having to be approved by the
       General Meeting of the Company's shareholders, the early redemption will
       occur one week before the record date for taking part in the said General
       Meeting.

       For the purposes of this Contract, a substantial part of the Company's
       assets or business shall be understood to mean any asset or business
       generating at least one-third of the Company's consolidated revenues, as
       indicated in the Company's latest closed consolidated accounts.

<PAGE>
(iv)   if any person other than those constituting the PUBLICIS concerted group
       as it exists on the Settlement Date (i.e. Madame Elisabeth Badinter
       (directly or indirectly through Societe Anonyme Somarel) and Dentsu,
       Inc.) (hereinafter the "Concerted Group"), directly or indirectly, alone
       or in concert, acquires or is presumed to have acquired exclusive or
       joint control of the Company, with the stipulation that the notion of
       control shall have the meaning set forth in article L.233-3 of the French
       Commercial Code (hereinafter referred to as the "CHANGE OF CONTROL"). It
       is stipulated that such a Change of Control will be considered as having
       occurred, amongst other things, if a third party acts in concert with the
       Concerted Group and Madame Elisabeth Badinter is no longer predominant
       within the Concerted Group, or if the said third party directly or
       indirectly is engaged in a business which competes with that of the
       Company or one of its subsidiaries.

(v)    A court decision is handed down ordering the liquidation or total sale of
       the Company, or should the Company be the subject of a voluntary
       liquidation or dissolution, or if the Company becomes insolvent, or is
       the subject of collective or bankruptcy proceedings and/or filings or
       reaches a compromise with its creditors. In any such event, the early
       redemption will automatically occur without the need for written notice
       from the Holder.

(vi)   Should the Company fail to meet its obligations relating to the
       redemption of the ORANEs or the payment on its due date of any Coupon due
       pursuant to the ORANEs, if this default is not remedied with a period of
       30 business days from the due date it being provided that the
       representatives of the body of Holders ("masse") shall have sent a notice
       of default for this purpose (without the need for a Meeting of the
       Holders for sending such notice).

(vii)  Should the Company fail to meet any of its obligations relative to the
       ORANEs, if this default is not remedied within a period of 30 business
       days from when the Company receives notice of the said default from the
       representatives of the body of Holders (without the need for a Meeting of
       the Holders for sending such notice);

(viii) As of the Company receiving notice of a default as indicated below, from
       the representative of the body of Holders (without the need for a Meeting
       of the Holders for sending such notice), and if this default is not
       remedied within a period of 30 business days: (a) Should the Company or
       one of its Major Subsidiaries (as defined below) fail to make a payment
       upon maturity (taking into account the applicable grace periods, if any)
       of the principal amount due relative to any Indebtedness (as defined
       below), (b) in the event of the accelerated maturity of any Indebtedness
       of the Company or one of its Major Subsidiaries pursuant to the failure
       of the Company or Major Subsidiary in question to meet its obligations,
       (c) should the Company or one of its Major Subsidiaries fail to pay any
       amount due pursuant to a guarantee or compensation relating to any
       Indebtedness, with the understanding that the events defined in (a), (b)
       and (c) above only shall allow for an anticipated maturity of the ORANEs,
       if the principal amount of the Indebtedness to which these events relate
       is greater than 25 million euros. The Company undertakes to inform the
       representatives of the body of Holders of any event constituting an event
       of default as indicated in the present paragraph. For the purposes of the
       preceding provisions, "Indebtedness" shall mean any debt (including as
       part of leasing transactions) resulting from the obligation to repay
       borrowed money over a period of at least one year and having resulted in
       the drafting of a contract or instrument of some kind, but excluding
       trade debt or intra-group loans. A Major Subsidiary shall mean any
       subsidiary a) with net earnings or, if applicable, consolidated net
       earnings (before taxes and exceptional earnings) representing at least

                                       56

<PAGE>
       5% of the consolidated net earnings of the Company and its subsidiaries
       (before taxes and exceptional earnings) ("resultat exceptionnel"), or b)
       gross assets or, if applicable, consolidated gross assets (group share
       ("part du groupe"), i.e. disregarding minority interests) representing 5%
       or more of the consolidated gross assets of the Company and its
       subsidiaries (group share, i.e. disregarding minority interests),
       calculated on the basis of the last audited accounts of the subsidiary
       in question and the last audited consolidated accounts of the Company
       and its subsidiaries.

3.3.2 Provisions for the early redemption of the ORANEs

In any of the cases where the Representatives of the Holders are sending a
notice to the Company pursuant to section 3.3.1 above, they shall provide copies
of such notice(s) to each of the identified Holders. The Representatives of the
Holders shall also provide each of such Holders with a copy of any response
provided by the Company as well as with any information regarding the occurrence
of a remedy of the relevant default.

Except in the case indicated in paragraph 3.3.1(v) above, in which case the
redemption of the ORANEs will occur automatically, each Holder wishing to obtain
early redemption of his/her ORANEs must submit a written request to the
intermediary in whose account the securities are held, which will then transmit
this request to the institution in charge of servicing the ORANEs.

Once a Holder presents an early redemption request to the intermediary through
which the securities are held, it shall become irrevocable, and the Company will
be required to pay back all of the ORANEs listed in each request submitted in
compliance with the above conditions.

In any case, and including in the event of insolvency or court-ordered
liquidation, the early redemption of the ORANEs can only take place by means of
shares.

3.3.3 Information to be provided to Holders in the Event of Normal or Early
Redemption or Repurchase of the ORANEs

In the event of the listing of the ORANEs on Euronext Paris, information
relating to the number of repurchased or redeemed ORANEs and the number of
ORANEs outstanding will be provided each year to Euronext Paris for the purpose
of informing the public and may in any case be obtained from the Company or the
institution in charge of servicing the securities mentioned under section 2.6.3.

The Company's decision to carry out the redemption or any repurchase pursuant to
Section 3.2 will, at least one month before the redemption or repurchase, be
published in the Official Journal, indicated in a financial newspaper of general
and national distribution and in a Euronext Paris notice.

3.4   MAINTAINING OF THE RIGHTS OF THE HOLDERS

3.4.1 Commitments of the Issuer

In compliance with French law, the Company undertakes, so long as any ORANE
remains outstanding, to refrain from:

-     any amortization of the corporate capital;

<PAGE>
-      any modification in the distribution of profits.

Nevertheless, it can create priority dividend rights shares without voting
rights, provided that the rights of the Holders are reserved under the
conditions outlined below.

3.4.2 In the event of a reduction in the registered capital due to losses

In the event of a reduction in the registered capital due to losses, whether
this reduction is carried out by a decrease of either the nominal value of the
shares or the number of shares, the nominal value or number of shares to be
distributed to Holders will be reduced in proportion, as if the said Holders had
been shareholders of the Company as of the issue date of the ORANEs.

3.4.3 Adjustments in the event of financial transactions

Subsequent to one of the following transactions:

1.     issuing of shares having a listed preferential subscription right;

2.     free distribution to Company shareholders of any financial instrument
       other than Company shares;

3.     increase in registered capital by capitalization of reserves, profits or
       issue premiums and free distribution of shares; splitting or reverse
       splitting of shares;

4.     capitalization in the capital of reserves, profits or issue premiums by
       increase in the nominal value of the shares;

5.     distribution of reserves or premiums in cash or portfolio securities;

6.     absorption, merger, demerger;

7.     buyback by the Company of its own shares at a price higher than the
       market price;

8.     distribution of an exceptional dividend by the Company;

undertaken by the Company as of the present issuing, the maintenance of the
rights of the Holders will entail an adjustment to the conditions of the
redemption in shares of the said ORANE in compliance with articles L. 225-162
and 225-164 of the French Commercial Code and 174-1 and 174-1 A of the decree
n(0) 67-236 of 23 Mars 1967.

In the event of adjustments carried out in compliance with paragraphs 1) to 8)
above, the new Redemption Parity will be expressed to the closest thousandth
(0.0005 being rounded to the next higher thousandth, i.e. to 0.001). Any
possible adjustments will be carried out on the basis of the preceding
Redemption Parity, duly calculated and rounded. However, the ORANEs can only
result in the subscription of a whole number of shares, with the settlement of
fractional shares being as stipulated in article 3.4.5 below.

This adjustment will be carried out so as to equalize the value of the
securities which would have been obtained upon redemption of the ORANEs before
the consummation of one of the transactions listed above and the value of the
securities which will be obtained upon redemption of the ORANEs after the
consummation of the said transaction.
<PAGE>
(1) In the event of an issue including a listed preferential subscription right,
the new number of shares which may be obtained for each ORANE will be determined
by multiplying the number of shares which would have been obtained for one ORANE
before the start of the transaction in question, by the ratio:

          Value of the share ex-right + Value of the subscription right
                 ----------------------------------------------

                    Value of the share ex-subscription right

For the calculation of this ratio, the values of the share ex-right and of the
subscription right will be determined using the average of the opening prices
listed on the Euronext Paris Premier Marche (or in the absence of a Euronext
Paris listing, that of another regulated or similar market where the shares and
the subscription right are both listed) during all trading sessions included in
the subscription period during which the ex-right share and the subscription
right are simultaneously listed.

(2) IN THE EVENT OF A FREE DISTRIBUTION TO SHAREHOLDERS OF SIMPLE OR COMPOSITE
FINANCIAL INSTRUMENTS OTHER THAN COMPANY SHARES, the new number of shares to be
distributed as redemption for the ORANE will be determined as follows

(a)      If the distribution right for the financial instrument(s) is listed on
         Euronext Paris, the new number of shares delivered in redemption of
         each ORANE will be determined by multiplying the number of shares which
         would have been obtained in redemption of ORANEs before the allocation
         of the financial instrument(s), by the following coefficient:

                   Value of the share ex-free allocation right
                      + Value of the free allocation right
           -----------------------------------------------------------

                   Value of the share ex-free allocation right

For the calculation of this ratio, the values of the share ex-free allocation
right and of the free allocation right will be determined using the average of
the opening trading prices on Euronext Paris (or in the absence of a Euronext
Paris listing, that of another regulated or similar market where the shares and
the allocation right are both listed) of the shares and of the allocation right
during the ten first trading days during which the shares and the allocation
right are simultaneously listed. Should this calculation result from use of
fewer than five trades, it shall be assessed by an expert chosen by the Company;

(b)      If the distribution right for the financial instrument(s) is not listed
         on Euronext Paris, the new number of shares delivered in redemption of
         each ORANE will be determined by multiplying the number of shares which
         would have been obtained in redemption of each ORANE before the
         allocation of the financial instrument(s), by the following
         coefficient:
<PAGE>
           Value of the share ex-free allocation right + Value of the
                   financial instrument(s) allocated per share
    ------------------------------------------------------------------------

                   Value of the share ex-free allocation right

For the calculation of this ratio, the values of the share ex-free allocation
right and of the financial instrument(s) allocated by share, if any of the
latter are listed on a regulated or similar market, will be determined with
reference to the average of the opening trading prices listed during ten
consecutive trading days after the allocation date during which the share and
allocated financial instrument(s) are simultaneously listed. Should the
allocated financial instrument(s) not be listed on a regulated or similar
market, it (they) will be assessed by an expert chosen by the Company.

(3) IN THE EVENT OF AN INCREASE IN REGISTERED CAPITAL BY CAPITALIZATION OF
RESERVES, PROFITS OR ISSUE PREMIUMS AND FREE DISTRIBUTION OF SHARES, OR IN THE
EVENT OF SHARE SPLITS OR REVERSE SPLIT, the new number of shares that may be
obtained in redemption of each ORANE will be determined by multiplying the
number of shares which may be obtained in redemption before the start of the
transaction in question, by the ratio:

          Number of shares comprising the capital after the transaction
                  ---------------------------------------------

         Number of shares comprising the capital before the transaction

(4) IN THE EVENT OF AN INCREASE IN REGISTERED CAPITAL BY CAPITALIZATION OF
RESERVES, PROFITS OR ISSUE PREMIUMS BY INCREASE IN THE NOMINAL VALUE OF THE
SHARES, the nominal value of the shares which holders of ORANE may obtain by
exercising their ORANE will be increased in proportion.

(5) IN THE EVENT OF THE DISTRIBUTION OF RESERVES OR PREMIUMS IN CASH OR
PORTFOLIO SECURITIES, the new number of shares that may be obtained in
redemption of each ORANE will be determined by multiplying the number of shares
that may have been obtained in redemption of the ORANEs before the start of the
transaction in question by the ratio:

                   Value of the share before the distribution
               --------------------------------------------------

                   Value of the share before the distribution
 less the amount distributed or the value of the security distributed per share

For the calculation of this ratio:

-   the share value before the distribution will be determined using the average
    of the opening trading prices on the Euronext Paris (or in the absence of a
    Euronext Paris listing, that of another regulated or similar market where
    the share or the allocation right are both listed) for twenty consecutive
    trading days chosen from amongst the forty which precede the distribution
    day

<PAGE>
-   the value of the securities distributed per share will be established either
    using the average of the opening trading prices for twenty consecutive
    trading days as chosen from the forty which precede the distribution day, if
    these are securities admitted to trading on a regulated market, or, if not,
    on the basis of a value determined by an expert chosen by the Company.

(6) Pursuant to French law, IN THE EVENT OF A MERGER BY ABSORPTION OF THE
COMPANY OR ITS PARTICIPATION IN A MERGER FOR THE CREATION OF A NEW COMPANY, OR A
DEMERGER THROUGH A CONTRIBUTION TO EXISTING OR NEW COMPANIES, the merger or
demerger will be subject to the prior approval of the special Meeting of the
Holders.

The ORANE will be reimbursed in shares of the absorbing or new company, pursuant
to the conditions stipulated herein, provided that this will not affect 3.3.1
(iii).

The number of shares of the absorbing or new company granted in redemption for
each ORANE will be equal to the number of Company ordinary shares which the
Holder would have received, corrected by the ratio for the exchange of the
Company ordinary shares with those of the absorbing or new company.

The absorbing or new company will replace the issuing Company for the
application of the above provisions, which are intended to preserve, if
applicable, the rights of Holders in the event of financial or securities
transactions and, in general terms, for all obligations related to the ORANE
binding upon the Company pursuant to this Contract.

(7) SHOULD THE COMPANY BUY BACK ITS OWN SHARES AT A PRICE HIGHER THAN THE MARKET
PRICE, the new Exercise Parity will be equal to the product of the applicable
Exercise Parity multiplied by the following ratio, calculated to the closest
hundredth of a share:

               Share value + Pc % x (Buyback price - share value)
               --------------------------------------------------
                                   Share value

For the calculation of this ratio:

-   Share value refers to the average of at least ten consecutive trading prices
    chosen from amongst the twenty which precede the buyback;

-   Pc % refers to the percentage of capital bought back;

-   Buyback price refers to the actual purchase price.

(8) SHOULD THE COMPANY DISTRIBUTE AN EXCEPTIONAL DIVIDEND as defined below, the
new Exercise Parity will be calculated in the manner indicated below.

For the purposes of the present paragraph, the term "EXCEPTIONAL DIVIDEND" shall
refer to the value expressed in euros of any dividend paid to shareholders in
cash or in kind, insofar as the value of this dividend (not taking into account
any possible related tax credit (`avoir fiscal') (the "REFERENCE DIVIDEND") and
the value of all other dividends paid to shareholders in cash or in kind during
the same Company financial year (not taking into account any possible related
tax credits (`avoir fiscal')) (the "PREVIOUS DIVIDENDS") represents a Ratio of
Distributed Dividends (as defined below) greater than 4%.
<PAGE>
For the purposes of the previous paragraph, the term "RATIO OF DISTRIBUTED
DIVIDENDS" shall refer to the sum of the ratios obtained by dividing the
Reference Dividend and each of the Previous Dividends by the Company's market
capitalization on the day which precedes the corresponding distribution date;
the market capitalization used to calculate each of the ratios being equal to
the product (x) of the closing price of the Company share on Paris Euronext on
the day which precedes the distribution date of the Reference Dividend or of
each of the Previous Dividends, multiplied by (y) the respective numbers of
Company shares existing on each of these dates. Any dividend or other dividend
fraction resulting in an adjustment of the redemption ratio pursuant to
paragraphs (1) to (8) above shall not be taken into account for the application
of the present clause.

In the event of the payment of an Exceptional Dividend, the calculation formula
for the Redemption Parity shall be the following:

                              NRP = RP x (1+RDD-3%)

where:

NRP: New Redemption Parity

RP: the last Redemption Parity in effect before the distribution of the
Reference Dividend

RDD: the Ratio of Distributed Dividends as defined below;

With the understanding that any dividend paid between the payment date of an
Exceptional Dividend and the end of the same Company financial year (the
"SUPPLEMENTARY DIVIDEND") will result in an adjustment using the following
formula:

                               NRP = RP x (1+SDR)

where:

SDR: the ratio obtained by dividing the value of the Supplementary Dividend
(less any dividend fraction giving rise to the calculation of a new Redemption
Parity pursuant to paragraphs (1) to (8) above, if necessary) and not taking
into account any related tax credit (`avoir fiscal'), by the Company's market
capitalization, obtained by the product (x) of the closing price of the
Company's shares on Euronext Paris on the day which precedes the distribution
day of the Supplementary Dividend, multiplied by (y) the number of Company's
shares existing on that date.

If the Company carries out transactions which do not entail an adjustment
pursuant to paragraphs (1) to (8) above and should subsequent law or regulation
call for such an adjustment, the Company will apply this adjustment in
compliance with the applicable statutory or regulatory provisions and in
accordance with applicable customary practice in the French market.

The Company's Management Board will report on the calculation elements and the
results of the adjustment in the annual report which follows this adjustment.
<PAGE>
3.4.4 Information for Holders in the event of adjustments

In the event of adjustments, Holders will be made aware of the new Redemption
Parity by means of a notice published in the Bulletin of Obligatory Legal
Announcements, a notice in a nationally distributed financial newspaper, and a
Euronext Paris notice.

3.4.5 Settlement of fractional shares

Any ORANE Holder can obtain a number of shares calculated by applying the
applicable Redemption Parity to the number of ORANE presented.

When the calculated number of shares does not result in a whole number, the
ORANE Holder will be provided, at his option, with:

-     either the immediately inferior whole number of shares, in which case the
      Holder will be paid in cash an amount equal to the product of the share
      fraction producing the fractional share multiplied by the opening Company
      share trading price on the Euronext Paris Premier Marche on the opening of
      the trading day immediately preceding the redemption date;

-     or the immediately greater whole number of shares, in which case the
      Holder shall pay to the Company an amount equal to the value of the
      additional share fraction thus requested, assessed as indicated in the
      previous paragraph.

3.5.  LIMITATION

The right to receive the redemption of the principal of the ORANEs will be
barred after a period of thirty (30) years from the applicable redemption date
and the rights to receive the payment of the Coupon applying to the ORANEs will
be barred after a period of five (5) years from the date when the said Coupon
becomes due.

Beyond these limitation dates, any unclaimed amounts will, subject to the legal
provisions, including, but not limited to, articles L27 and R46 of the Code du
Domaine de l'Etat, become the property of the Company.

3.6   TAXATION

In compliance with the applicable tax law, the Coupon payable on the ORANEs will
be paid without withholding tax. In the event of a change in applicable law, or
should such withholding tax become applicable for any reason whatsoever, the
amount of any sum owed by the Company as payment of the Coupon will be increased
such that the net amount received by the Holder, after the withholding tax, is
equal to the amount which he/she would have received in the absence of the
withholding tax.

4.    REPRESENTATION OF THE HOLDERS

For the purpose of representing their common interests, the Holders will be
grouped into a body of Holders ("masse") as a matter of law. The body of Holders
will then be governed by the provisions of the French Commercial Code relating
to commercial companies and by decree n(0) 67-236 of 23 March 1967.
<PAGE>
4.1   LEGAL PERSONALITY

The body of Holders shall have legal personality pursuant to article L.228-46 of
the Commerce Code and shall act, on the one hand, through a representative of
the body of Holders and, on the other hand, through its General Meeting.

4.2   THE REPRESENTATIVES

1)    Primary representatives of the Body of Holders:

-     [...], residing [...].

-     [...], residing [...].

Whether together or separately, these primary representatives will, without
restriction or reserve, be authorized to carry out, in the name of the body of
Holders, all management acts in defense of the common interests of the Holders.

The compensation of each of the primary representatives is set [...] euros per
year; this compensation is payable on [...] of each year, and for the first time
on [...].

2)    Alternate representatives of the Body of Holders:

-     [...], residing [...].

-     [...], residing [...].

In the event of temporary replacement, the alternate representatives will have
the same powers as the primary representatives. Should they carry out the duties
of the incumbent representatives on a permanent basis, they will be entitled to
an annual compensation of [...] euros. This compensation will apply as of the
day when they take up their duties.

5.    PUBLICIS SHARES ISSUED AS REDEMPTION FOR THE ORANES

The ORANEs can be redeemed, as chosen by the issuer, either through the
allocation of new PUBLICIS shares, or by the allocation of PUBLICIS shares held
in the treasury.

The new shares will be of the exact same nature as the existing shares and will
confer the right, both during the life of the Company or upon its liquidation,
to receive, in proportion with the nominal value, the same net amount as the
other shares with respect to any distribution or redemption.

The new or existing shares delivered as redemption for one ORANE will receive,
for the financial year which began on their issue or delivery date and for the
subsequent financial years, the same dividend as is declared and paid in respect
of other shares outstanding as of that same date.

At the choice of each Holder, the shares shall be held in either bearer or
registered form within the meaning of French law.

Title to the shares will be evidenced solely by book entries in accordance with
article 94-II of French law no. 81-1160 of December 30, 1981, such account being
maintained by:
<PAGE>
-     a financial institution appointed by the Company, if the shares are held
      in pure registered form ("nominatifs purs"); or

-     a custodian appointed by the holder(s), and the financial institution
      appointed by the Company, if the shares are held in assisted registered
      form ("nominatifs administres");

-     a custodian appointed by the holder(s), if the shares are held in bearer
      form ("titres au porteur").

No physical document of title will be issued in respect of the shares (including
<< certificats representatifs >> (certificates in respect of book-entries)
issued pursuant to article 7 of French decree no. 83-359 of May 2, 1983).

The shares will be admitted to clearing by Euroclear France.

The shares resulting from the redemption of ORANEs will be freely negotiable.

The Company will take all necessary steps to have the new shares admitted to the
Euronext Paris Premier Marche.

Any existing ordinary shares delivered as redemption will be immediately
negotiable on the Stock Market.

6.    GOVERNING LAW - JURISDICTION

The ORANEs shall be governed by French law.

In the event of any dispute, the competent courts will be those where the
registered office is located when the Company is the defendant and will be
assigned on the basis of the nature of the disputes, in the absence of contrary
provisions contained in the French New Code of Civil Procedure.

Signed in Paris on [...] 2002

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