Document:

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                                                                     EXHIBIT 4.7

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                              YOUNG & RUBICAM INC.

                                       and

                                  WPP GROUP plc

                                       to

                              THE BANK OF NEW YORK,

                                   as Trustee

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

                          FIRST SUPPLEMENTAL INDENTURE

                            Dated as of _______, 2000

                             To the Indenture dated
                             as of January 20, 2000

                   3% Convertible Subordinated Notes due 2005

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                          FIRST SUPPLEMENTAL INDENTURE

      FIRST SUPPLEMENTAL INDENTURE, dated as of _________, 2000 (this "First
Supplemental Indenture") among YOUNG & RUBICAM INC., a Delaware corporation (the
"Company"), WPP GROUP plc, an English public limited company ("WPP"), and THE
BANK OF NEW YORK, a New York banking corporation as trustee (the "Trustee").

                                   WITNESSETH:

      WHEREAS, the Company and the Trustee executed and delivered an Indenture,
dated as of January 20, 2000 (the "Indenture"), to provide for the issuance by
the Company of 3% Convertible Subordinated Notes, due 2005 (the "Securities")
convertible into Common Stock of the Company;

      WHEREAS, pursuant to that certain Amended and Restated Agreement and Plan
of Merger, dated as of May 11, 2000 (the "Merger Agreement") among the Company,
WPP, York II Merger Corp. ("Merger Sub") and York Merger Corp., Merger Sub will
be merged with and into the Company and the Company will become a wholly owned
indirect subsidiary of WPP (the "Merger");

      WHEREAS, Section 1.2.2 of the Merger Agreement provides that, at the
effective time of the Merger (the "Effective Time"), each share of Common Stock
of the Company outstanding immediately prior to the Effective Time shall be
converted into, and shall be cancelled in exchange for, the right to receive
 .835 American depositary shares of WPP ("WPP ADSs"), each WPP ADS representing
five ordinary shares of nominal value 10p each, of WPP ("WPP Ordinary Shares");

      WHEREAS, pursuant to Section 5.13 of the Indenture, the Company and WPP
are required, as a condition precedent to the Merger, to execute and deliver to
the Trustee a supplemental indenture in form reasonably satisfactory to the
Trustee providing (x) that the holder of each outstanding Security shall have
the right to convert such Security into the kind and amount of shares receivable
upon the Merger by a holder of the number of shares of Common Stock of the
Company deliverable upon conversion of such Security immediately prior to the
Merger, and (y) for adjustments to the Conversion Price of the Securities that
are as nearly equivalent as may be practicable to the adjustments to the
Conversion Price provided for in Article V of the Indenture;

      WHEREAS, Section 11.01 of the Indenture provides that the Company and the
Trustee may amend or supplement the Indenture or the Securities without consent
of any Noteholder to comply with Section 5.13 of the Indenture;

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      WHEREAS, as contemplated by Sections 5.13, 11.01, 11.07 and 12.04 of the
Indenture, the Company has delivered to the Trustee (i) Board Resolutions
authorizing the execution of this First Supplemental Indenture, (ii) an
Officer's Certificate, and (iii) an Opinion of Counsel;

      WHEREAS, as contemplated by Section 5.13 of the Indenture, the Company and
WPP are executing and delivering to the Trustee this First Supplemental
Indenture;

      WHEREAS, pursuant to resolutions adopted by the Board of Directors of WPP,
WPP has duly authorized the execution and delivery of this First Supplemental
Indenture; and

      WHEREAS, all other acts necessary to make this First Supplemental
Indenture a valid, binding and enforceable instrument and all of the conditions
and requirements set forth in the Indenture have been performed and fulfilled
and the execution and delivery of this First Supplemental Indenture have been in
all respects duly authorized.

      NOW THEREFORE, the parties have executed and delivered this First
Supplemental Indenture, and each of the Company, WPP and the Trustee hereby
agrees for the other parties' benefit, and for the equal and ratable benefit of
the Noteholders, as follows:

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.01. RULES OF CONSTRUCTION. (a) All capitalized terms used herein
without definition shall have the meanings specified in the Indenture.

      (b)   Any defined terms and any references thereto which are used solely
in the provisions deleted by operation of Article II of this First Supplemental
Indenture are hereby deleted in their entireties from Section 1.01 of the
Indenture.

      Section 1.02. ADDITIONAL DEFINITIONS. Section 1.01 of the Indenture is
hereby amended to include the defined terms set forth in the Recitals hereto.

                                   ARTICLE II

                                  AMENDMENT OF
                       CERTAIN PROVISIONS OF THE INDENTURE

      Section 2.01. Article V of the Indenture is hereby amended and restated to
read in its entirety as follows:

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            "Section 5.01 CONVERSION PRIVILEGE. A holder of any Security may
      convert the principal amount thereof (or any portion thereof that is an
      integral multiple of $1,000) into WPP ADSs representing WPP Ordinary
      Shares credited as fully paid and not requiring any further contributions
      in respect thereof at any time prior to the close of business on the
      Business Day immediately preceding the final maturity date of the Security
      at the Conversion Price then in effect, except that, with respect to any
      Security called for redemption, such conversion right shall terminate at
      the close of business on the Business Day immediately preceding the
      redemption date (unless the Company shall default in making the redemption
      payment when it becomes due, in which case the conversion right shall
      terminate at the close of business on the date on which such default is
      cured). The number of WPP ADSs issuable upon conversion of a Security is
      determined by dividing the principal amount of the Security converted by
      the Conversion Price in effect on the Conversion Date.

            "Conversion Price" means, as of any date of determination, the
      Ordinary Shares Conversion Price multiplied by the number of Ordinary
      Shares then represented by one WPP ADS.

            "Ordinary Shares Conversion Price" means $17.57126, as the same may
      be adjusted from time to time as provided in this Article V.

            Provisions of this Indenture that apply to conversion of all of a
      Security also apply to conversion of a portion of it. A holder of
      Securities is not entitled to any rights of a holder of WPP Ordinary
      Shares or WPP ADSs until such holder of Securities has converted such
      Securities into WPP ADSs, and only to the extent that such Securities are
      deemed to have been converted into WPP ADSs under this Article V.

            Section 5.02 CONVERSION PROCEDURE. To convert a Security, a holder
      must satisfy the requirements in paragraph 10 of the Securities. The date
      on which the holder satisfies all of those requirements is the conversion
      date (the "Conversion Date"). As promptly as practicable on or after the
      Conversion Date, WPP shall cause to be issued and delivered to the Trustee
      a receipt or receipts for the number of whole WPP ADSs issuable upon the
      conversion of the Securities and a check or other payment for any
      fractional WPP ADS in an amount determined pursuant to Section 5.03. Such
      receipt or receipts will be sent by the Trustee to the Conversion Agent
      for delivery to the holder. The Person in whose name the receipt is
      registered shall become the registered holder on the Conversion Date and,
      as of such date, such Person's rights as a Noteholder with respect to the
      converted Security shall cease; provided, however, that, except as
      otherwise provided in this Section 5.02, no surrender of a Security on any
      date when the

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      transfer books relating to the WPP ADSs or the WPP Ordinary Shares shall
      be closed shall be effective to constitute the Person entitled to receive
      the WPP ADSs upon such conversion as the registered holder of the WPP ADSs
      on such date, but such surrender shall be effective to constitute the
      Person entitled to receive the WPP ADSs as the registered holder thereof
      for all purposes at the close of business on the next succeeding day on
      which both such transfer books are open; provided, further, however, that
      such conversion shall be at the Conversion Price in effect on the date
      that such Security shall have been surrendered for conversion, as if
      neither of such stock transfer books had been closed.

            No payment or adjustment will be made for accrued and unpaid
      interest or Additional Amounts on a converted Security or for dividends or
      distributions on, or Additional Amounts, if any, attributable to, WPP ADSs
      issued upon conversion of a Security, except that, if any holder
      surrenders a Security for conversion after the close of business on any
      record date for the payment of an installment of interest and prior to the
      opening of business on the next succeeding interest payment date, then,
      notwithstanding such conversion, accrued and unpaid interest and
      Additional Amounts, if applicable, payable on such Security on such
      interest payment date shall be paid on such interest payment date to the
      person who was the holder of such Security (or one or more predecessor
      Securities) at the close of business on such record date. In the case of
      any Security surrendered for conversion after the close of business on a
      record date for the payment of an installment of interest and prior to the
      opening of business on the next succeeding interest payment date, then,
      unless such Security has been called for redemption on a redemption date
      or is to be repurchased on a Designated Event Payment Date after such
      record date and prior to such interest payment date, such Security, when
      surrendered for conversion, must be accompanied by payment in an amount
      equal to the interest and Additional Amounts, if any, payable on such
      interest payment date on the principal amount of such Security so
      converted. Holders of WPP ADSs issued upon conversion will not be entitled
      to receive any dividends payable to holders of WPP ADSs or the underlying
      WPP Ordinary Shares as of any record time before the close of business on
      the Conversion Date.

            If a holder converts more than one Security at the same time, the
      number of whole WPP ADSs issuable upon the conversion shall be based on
      the total principal amount of Securities converted.

            Upon surrender of a Security that is converted in part, the Trustee
      shall authenticate for the holder a new Security equal in principal amount
      to the unconverted portion of the Security surrendered.

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            Section 5.03 FRACTIONAL SHARES. WPP will not cause to be issued
      fractional WPP ADSs, any WPP Ordinary Shares underlying such fractional
      WPP ADSs or fractional WPP Ordinary Shares, upon conversion of a Security.
      In lieu thereof, WPP will pay an amount in cash based upon the Daily
      Market Price of the WPP ADSs on the Trading Day prior to the Conversion
      Date.

            Section 5.04 TAXES ON CONVERSION. The Company shall cause the
      issuance of receipts for WPP ADSs upon the conversion of any Security to
      be made without charge to the converting Noteholder for such receipts or
      for any tax in respect of the issuance of such receipts, and WPP shall
      cause such receipts to be issued in the respective names of, or in such
      names as may be directed by, the holder or holders of the converted
      Security; provided, however, that in the event that receipts for WPP ADSs
      are to be issued in a name other than the name of the holder of the
      Security converted, such Security, when surrendered for conversion, shall
      be accompanied by an instrument of assignment or transfer, in form
      satisfactory to WPP, duly executed by the registered holder thereof or his
      duly authorized attorney; and provided, further, however, that neither the
      Company, WPP nor the depositary for the WPP ADS (the "ADS Depositary")
      shall be required to pay any tax which may be payable in respect of any
      transfer involved in the issuance and delivery of any such receipts in a
      name other than that of the holder of the converted Security, and WPP
      shall not be required to issue or deliver, or cause to be issued or
      delivered, such receipts unless or until the person or persons requesting
      the issuance thereof shall have paid to the WPP the amount of such tax or
      shall have established to the satisfaction of WPP that such tax has been
      paid or is not applicable.

            Section 5.05 WPP TO PROVIDE ORDINARY SHARES. WPP shall at all times
      reserve and keep available, free from preemptive rights, out of its
      authorized but unissued WPP Ordinary Shares, solely for the purpose of
      issuance of WPP ADSs upon conversion of Securities as herein provided, a
      sufficient number of WPP Ordinary Shares to permit the conversion of all
      outstanding Securities for WPP ADSs.

            All WPP Ordinary Shares underlying the WPP ADSs which may be issued
      upon conversion of the Securities shall be duly authorized, validly issued
      and credited as fully paid, and no further contributions in respect
      thereof will be required to be made to WPP by the holders thereof, when
      issued. WPP shall take such action from time to time as shall be necessary
      so that the aggregate nominal value of the WPP Ordinary Shares underlying
      the WPP ADSs shall at all times be equal to or less than the Ordinary
      Shares Conversion Price then in effect.

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            WPP shall from time to time take all action necessary so that the
      WPP ADSs which may be issued upon conversion of Securities (and the WPP
      Ordinary Shares represented by those WPP ADSs), immediately upon their
      issuance will be listed on the principal securities exchanges, interdealer
      quotation systems (including the NNM) and markets, if any, on which other
      WPP ADSs (and WPP Ordinary Shares) are then listed or quoted.

            Section 5.06 ADJUSTMENT OF ORDINARY SHARES CONVERSION PRICE. The
      Ordinary Shares Conversion Price shall be subject to adjustment from time
      to time as follows:

            (a) In case WPP shall (1) pay a dividend in WPP Ordinary Shares to
      holders of WPP Ordinary Shares, (2) make a distribution of WPP Ordinary
      Shares to holders of WPP Ordinary Shares, (3) subdivide the outstanding
      WPP Ordinary Shares into a greater number of WPP Ordinary Shares, or (4)
      combine the outstanding WPP Ordinary Shares into a smaller number of WPP
      Ordinary Shares, the Ordinary Shares Conversion Price in effect
      immediately prior to such action shall be adjusted so that the holder of
      any Security thereafter surrendered for conversion shall be entitled to
      receive WPP ADSs representing the number of WPP Ordinary Shares which he
      would have owned directly and indirectly through the ownership of WPP ADSs
      immediately following such action had such Securities been converted
      immediately prior thereto. Any adjustment made pursuant to this subsection
      (a) shall become effective immediately after the record date in the case
      of a dividend or distribution and shall become effective immediately after
      the effective date in the case of a subdivision or a combination. In the
      event such dividend or distribution is not paid or made, or such
      subdivision or combination is not effected, the Ordinary Shares Conversion
      Price shall be adjusted immediately to be the Ordinary Shares Conversion
      Price which would then be in effect if such dividend, distribution,
      subdivision or combination had not occurred.

            (b) In case WPP shall issue rights or warrants to holders of WPP
      Ordinary Shares entitling them to subscribe for or purchase WPP Ordinary
      Shares (or securities convertible into WPP Ordinary Shares) at a price per
      share (or having a conversion price per WPP Ordinary Share) less than the
      Current Market Price per WPP Ordinary Share (as determined pursuant to
      subsection (f) below) on the record date for determining the holders of
      the WPP Ordinary Shares entitled to receive such rights or warrants, the
      Ordinary Shares Conversion Price shall be adjusted so that the same shall
      equal the price determined by multiplying the Ordinary Shares Conversion
      Price in effect immediately prior to such record date by a fraction of
      which the numerator shall be the number of WPP Ordinary Shares outstanding
      as of the close of business on such record date plus the number of

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      WPP Ordinary Shares which the aggregate offering price of the total number
      of WPP Ordinary Shares so offered for subscription or purchase (or the
      aggregate conversion price of the convertible securities so offered) would
      purchase at such Current Market Price, and of which the denominator shall
      be the number of WPP Ordinary Shares outstanding on such record date plus
      the number of additional WPP Ordinary Shares so offered for subscription
      or purchase (or into which the convertible securities so offered are
      convertible). Such adjustments shall become effective immediately after
      such record date. For the purposes of this subsection (b), the number of
      WPP Ordinary Shares at any time outstanding shall not include shares held
      but shall include shares issuable in respect of scrip certificates issued
      in lieu of fractions of shares of such ordinary shares.

            (c) In case WPP shall distribute to all holders of WPP Ordinary
      Shares Capital Stock of WPP (other than WPP Ordinary Shares), evidences of
      indebtedness, cash, rights or warrants entitling the holders thereof to
      subscribe for or purchase securities (other than rights or warrants
      described in subsection (b) above) or other assets (including securities
      of Persons other than WPP but excluding (i) dividends or distributions
      paid exclusively in cash, (ii) dividends and distributions described in
      subsection (b) above and (iii) distributions in connection with the
      consolidation, merger or transfer of assets covered by Section 5.13), then
      in each such case the Ordinary Shares Conversion Price shall be adjusted
      so that the same shall equal the price determined by multiplying the
      Ordinary Shares Conversion Price in effect immediately prior to the record
      date for the determination of the holders of WPP Ordinary Shares entitled
      to receive such distribution by a fraction of which the numerator shall be
      the Current Market Price (determined as provided in subsection (f)
      below) of the WPP Ordinary Shares on the record date mentioned below
      less the fair market value on such record date (as determined by the
      board of directors of WPP, whose determination shall be conclusive
      evidence of such fair market value and described in a certified
      resolution of that board of directors delivered to the Trustee) of the
      portion of the evidences of indebtedness, shares of Capital Stock, cash,
      rights, warrants or other assets so distributed applicable to one WPP
      Ordinary Share (determined on the basis of the number of WPP Ordinary
      Shares outstanding on the record date), and of which the denominator
      shall be such Current Market Price of the WPP Ordinary Shares. Such
      adjustment shall become effective immediately after the record date for
      the determination of the holders of WPP Ordinary Shares entitled to
      receive such distribution. In the event such distribution is not paid or
      made, the Ordinary Shares Conversion Price shall be adjusted immediately
      to be the Ordinary Shares Conversion Price which would then be in effect
      if such distribution had not occurred. Notwithstanding the foregoing, in
      case WPP shall distribute rights or warrants to subscribe for additional
      shares of WPP's Capital Stock (other than rights or warrants referred to
      in subsection (b) above) ("Rights") to all holders of

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      WPP Ordinary Shares, WPP may, in lieu of making any adjustment pursuant to
      the foregoing provisions of this Section 5.06(c), make proper provision so
      that each holder of a Security who converts such Security (or any portion
      thereof) after the record date for such distribution and prior to the
      expiration or redemption of the Rights shall be entitled to receive upon
      such conversion, in addition to the WPP ADSs issuable upon such conversion
      (the "Conversion Shares"), a number of Rights to be determined as follows:
      (i) if such conversion occurs on or prior to the date for the distribution
      to the holders of Rights of separate certificates evidencing such Rights
      (the "Distribution Date"), the same number of Rights to which a holder of
      a number of Ordinary Shares represented by the number of Conversion Shares
      is entitled at the time of such conversion in accordance with the terms
      and provisions of the Rights; and (ii) if such conversion occurs after the
      Distribution Date, the same number of Rights to which a holder of the
      number of WPP Ordinary Shares represented by the WPP ADSs into which the
      principal amount of the Security so converted was convertible immediately
      prior to the Distribution Date would have been entitled on the
      Distribution Date in accordance with the terms and provisions of the
      Rights.

            (d) In case WPP shall, by dividend or otherwise, at any time make a
      distribution to all holders of WPP Ordinary Shares exclusively in cash
      (including any distributions of cash out of current or retained earnings
      of WPP but excluding any cash that is distributed as part of a
      distribution requiring an Ordinary Shares Conversion Price adjustment
      pursuant to paragraph (c) of this Section) in an aggregate amount that,
      together with the sum of (x) the aggregate amount of any other
      distributions made exclusively in cash to all holders of WPP Ordinary
      Shares within the 12 months preceding the date fixed for determining the
      share owners entitled to such distribution (the "Distribution Record
      Date") and in respect of which no Ordinary Shares Conversion Price
      adjustment pursuant to paragraph (c) or (e) of this Section or this
      paragraph (d) has been made plus (y) the aggregate amount of all Excess
      Payments in respect of any tender offers or other negotiated transactions
      by WPP or any of its Subsidiaries for WPP Ordinary Shares concluded within
      the 12 months preceding the Distribution Record Date and in respect of
      which no Ordinary Shares Conversion Price adjustment pursuant to
      paragraphs (c) or (e) of this Section or this paragraph (d) has been made,
      exceeds 12 1/2% of the product of the Current Market Price per share
      (determined as provided in paragraph (f) of this Section) of the Ordinary
      Shares on the Distribution Record Date multiplied by the number of WPP
      Ordinary Shares outstanding on the Distribution Record Date, the Ordinary
      Shares Conversion Price shall be reduced so that the same shall equal the
      price determined by multiplying the Ordinary Shares Conversion Price in
      effect immediately prior to the effectiveness of the Ordinary Shares
      Conversion Price reduction contemplated by this paragraph (d) by a
      fraction of which the numerator shall be the Current

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      Market Price per share (determined as provided in paragraph (f) of this
      Section) of the WPP Ordinary Shares on the Distribution Record Date less
      the sum of the aggregate amount of cash and the aggregate Excess
      Payments so distributed or paid within such 12 month period (including,
      without limitation, the distribution in respect of which such adjustment
      is being made) applicable to one WPP Ordinary Share (which shall be
      determined by dividing the sum of the aggregate amount of cash and the
      aggregate Excess Payments so distributed or paid within such 12 months
      (including, without limitation, the distribution in respect of which
      such adjustment is being made) by the number of Ordinary Shares
      outstanding on the Distribution Record Date) and the denominator shall
      be such Current Market Price per share (determined as provided in
      paragraph (f) of this Section) of the WPP Ordinary Shares on the
      Distribution Record Date, such reduction to become effective immediately
      prior to the opening of business on the day following the Distribution
      Record Date. In the event such distribution is not paid or made, the
      Ordinary Shares Conversion Price shall be adjusted immediately to be the
      Ordinary Shares Conversion Price which would then be in effect if such
      distribution had not occurred.

            (e) In case a tender offer or other negotiated transaction made by
      WPP or any Subsidiary of WPP for all or any portion of the WPP Ordinary
      Shares shall be consummated, if an Excess Payment is made in respect of
      such tender offer or other negotiated transaction and the aggregate amount
      of such Excess Payment, together with the sum of (x) the aggregate amount
      of any distributions, by dividend or otherwise, to all holders of WPP
      Ordinary Shares made in cash (including any distributions of cash out of
      current or retained earnings of WPP, but excluding any cash that is
      distributed as part of a distribution requiring any Conversion Price
      adjustment pursuant to paragraph (c) of this Section) within the 12 months
      preceding the date of payment of such current negotiated transaction
      consideration or expiration of such current tender offer, as the case may
      be (the "Purchase Date"), and as to which no adjustment in the Ordinary
      Shares Conversion Price pursuant to paragraph (c) or paragraph (d) of this
      Section or this paragraph (e) has been made plus (y) the aggregate amount
      of all Excess Payments in respect of any other tender offers or other
      negotiated transactions by the Company or any of its Subsidiaries for WPP
      Ordinary Shares concluded within the 12 months preceding the Purchase Date
      and in respect of which no adjustment in the Ordinary Shares Conversion
      Price pursuant to paragraph (c) or (d) of this Section or this paragraph
      (e) has been made, exceeds 12 1/2% of the product of the Current Market
      Price per share (determined as provided in paragraph (f) of this Section)
      of WPP Ordinary Shares on the Purchase Date multiplied by the number of
      WPP Ordinary Shares outstanding on the Purchase Date (including any
      tendered shares), the Ordinary Shares Conversion Price shall be reduced so
      that the same shall equal the price determined by multiplying the Ordinary
      Shares Conversion Price in effect

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      immediately prior to the effectiveness of the Ordinary Shares Conversion
      Price reduction contemplated by this paragraph (e) by a fraction of which
      the numerator shall be the Current Market Price per share (determined as
      provided in paragraph (f) of this Section) of the WPP Ordinary Shares on
      the Purchase Date less the sum of the aggregate amount of cash and the
      aggregate Excess Payments so distributed or paid within such 12 month
      period (including, without limitation, the Excess Payment in respect of
      which such adjustment is being made) applicable to one WPP Ordinary Share
      (which shall be determined by dividing the sum of the aggregate amount of
      cash and the aggregate Excess Payments so distributed or paid within such
      12 months (including, without limitation, the Excess Payment in respect of
      which such adjustment is being made) by the number of WPP Ordinary Shares
      outstanding on the Purchase Date) and the denominator shall be such
      Current Market Price per share (determined as provided in paragraph (f) of
      this Section) of the WPP Ordinary Shares on the Purchase Date, such
      reduction to become effective immediately prior to the opening of business
      on the day following the Purchase Date.

            (f) The "Current Market Price" per WPP Ordinary Share on any date
      shall be deemed to be (x) the average of the Daily Market Prices
      (substituting "WPP ADS" for each reference to "Common Stock" in such
      definition) for the WPP ADSs for the shorter of (i) 30 consecutive
      Business Days ending on the last full Trading Day on the exchange or
      market referred to in determining such Daily Market Prices prior to the
      time of determination or (ii) the period commencing on the date next
      succeeding the first public announcement of the issuance of such rights or
      such warrants or such other distribution or such tender offer or other
      negotiated transaction through such last full Trading Day on the exchange
      or market referred to in determining such Daily Market Prices prior to the
      time of determination divided by (y) the number of WPP Ordinary Shares
      then represented by each WPP ADS.

            (g) "Excess Payment" means the excess of (x) the aggregate of the
      cash and fair market value (as determined by the board of directors of
      WPP, whose determination shall be conclusive evidence of such fair market
      value and described in a board resolution delivered to the Trustee) of
      other consideration paid by WPP or any of its Subsidiaries with respect to
      the WPP Ordinary Shares acquired in a tender offer or other negotiated
      transaction over (y) (1) the Daily Market Price (substituting "WPP ADS"
      for each reference to "Common Stock" in such definition) for the WPP ADSs
      divided by the number of WPP Ordinary Shares then represented by each WPP
      ADS on the Trading Day immediately following the completion of the tender
      offer or other negotiated transaction, multiplied by (2) the number of
      acquired WPP Ordinary Shares.

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            (h) In any case in which this Section 5.06 shall require that an
      adjustment be made immediately following a record date for an event, WPP
      may elect to defer, until such event, issuing to the holder of any
      Security converted after such record date the WPP ADS and other Capital
      Stock of WPP issuable upon such conversion over and above the WPP ADSs and
      other Capital Stock of WPP issuable upon such conversion on the basis of
      the Ordinary Shares Conversion Price prior to adjustment; and, in lieu of
      the shares the issuance of which is so deferred, WPP shall issue or cause
      its transfer agents to issue due bills or other appropriate evidence of
      the right to receive such shares.

            Section 5.07 NO ADJUSTMENT. No adjustment in the Ordinary Shares
      Conversion Price shall be required until cumulative adjustments amount to
      1% or more of the Ordinary Shares Conversion Price as last adjusted;
      provided, however, that any adjustments which by reason of this Section
      5.07 are not required to be made shall be carried forward and taken into
      account in any subsequent adjustment. All calculations under this Article
      V shall be made to the nearest cent or to the nearest one-hundredth of a
      WPP Ordinary Share, as the case may be. No adjustment need be made for
      rights to purchase WPP Ordinary Shares or WPP ADSs pursuant to a WPP plan
      for reinvestment of dividends or interest. No adjustment need be made for
      a change in the nominal value of the WPP Ordinary Shares.

            Section 5.08  OTHER ADJUSTMENTS.

            (a) In the event that, as a result of an adjustment made pursuant to
      Section 5.06 above, the holder of any Security thereafter surrendered for
      conversion shall become entitled to receive any shares of Capital Stock of
      WPP other than WPP ADSs representing WPP Ordinary Shares, thereafter the
      Ordinary Shares Conversion Price and Conversion Price, as applicable, of
      such other shares so receivable upon conversion of any Securities shall be
      subject to adjustment from time to time in a manner and on terms as nearly
      equivalent as practicable to the provisions with respect to WPP Ordinary
      Shares or WPP ADSs, as the case may be, contained in this Article V.

            (b) In the event that any WPP Ordinary Shares (or securities
      convertible into WPP Ordinary Shares) issuable directly or represented by
      WPP ADS upon exercise of any of the rights, options or warrants referred
      to in Section 5.06(b) and Section 5.06(c) hereof are not delivered prior
      to the expiration of such rights, options, or warrants, the Ordinary
      Shares Conversion Price shall be readjusted to the Ordinary Shares
      Conversion Price which would otherwise have been in effect had the
      adjustment made upon the issuance of such rights, options or warrants

                                      -11-
<PAGE>

      been made on the basis of delivery of only the number of such rights,
      options and warrants which were actually exercised.

            Section 5.09 ADJUSTMENTS FOR TAX. WPP may, at its option, make such
      reductions in the Ordinary Shares Conversion Price or Conversion Price, in
      addition to those required by Section 5.06 above, as the WPP board of
      directors deems advisable to avoid or diminish any income tax to holders
      of WPP Ordinary Shares or WPP ADSs resulting from any dividend or
      distribution of stock (or rights to acquire stock) or from any event
      treated as such for federal income tax purposes.

            Section 5.10 ADJUSTMENTS BY WPP. WPP from time to time may, to the
      extent permitted by law, reduce the Ordinary Shares Conversion Price or
      Conversion Price by any amount for any period of at least 20 days, in
      which case WPP shall give at least 15 days' notice of such reduction in
      accordance with Section 5.11, if WPP's board of directors has made a
      determination that such reduction would be in the best interests of WPP,
      which determination shall be conclusive.

            Section 5.11 NOTICE OF ADJUSTMENT. Whenever the Ordinary Shares
      Conversion Price or Conversion Price is adjusted, WPP shall promptly mail
      to Noteholders at the addresses appearing on the Registrar's books a
      notice of the adjustment and file with the Trustee an Officers'
      Certificate briefly stating the facts requiring the adjustment and the
      manner of computing it.

            Section 5.12 NOTICE OF CERTAIN TRANSACTIONS. In the event that: (a)
      WPP takes any action which would require an adjustment in the Ordinary
      Shares Conversion Price or Conversion Price; (b) WPP takes any action that
      would require a supplemental indenture pursuant to Section 5.13; or (c)
      there is a dissolution or liquidation of WPP; WPP shall mail to
      Noteholders at the addresses appearing on the Registrar's books and the
      Trustee a notice stating the proposed record or effective date, as the
      case may be. WPP shall mail the notice at least 15 days before such date;
      however, failure to mail such notice or any defect therein shall not
      affect the validity of any transaction referred to in clause (a), (b) or
      (c) of this Section 5.12.

            Section 5.13 EFFECT OF RECLASSIFICATIONS, CONSOLIDATIONS, MERGERS,
      CONTINUANCES OR SALES ON CONVERSION PRIVILEGE. If any of the following
      shall occur, namely: (a) any reclassification or change of outstanding WPP
      Ordinary Shares (other than a change in nominal value or as a result of a
      subdivision or combination), (b) any consolidation or merger to which WPP
      is a party other than a merger in which WPP is the continuing company and
      which does not result in

                                      -12-
<PAGE>

      any reclassification of, or change (other than a change in name, or
      nominal value or as a result of a subdivision or combination) in WPP
      Ordinary Shares, (c) any continuance in a new jurisdiction which results
      in a reclassification of, or change (other than a change in name or
      nominal value) in, outstanding WPP Ordinary Shares, or (d) any sale or
      conveyance of all or substantially all of the property of WPP (determined
      on a consolidated basis), then WPP, or such successor or purchasing
      corporation, as the case may be, shall, as a condition precedent to such
      reclassification, change, consolidation, merger, continuance, sale or
      conveyance, execute and deliver to the Trustee a supplemental indenture in
      form reasonably satisfactory to the Trustee providing that the holder of
      each Security then outstanding shall have the right to convert such
      Security into the kind and amount of shares of stock and other securities
      and property (including cash) receivable upon such reclassification,
      change, consolidation, merger, continuance, sale or conveyance by a holder
      of the number of WPP ADSs deliverable upon conversion of such Security
      immediately prior to such reclassification, change, consolidation, merger,
      continuance, sale or conveyance. Such supplemental indenture shall provide
      for adjustments of the Ordinary Shares Conversion Price and the Conversion
      Price to the extent applicable which shall be as nearly equivalent as may
      be practicable to the adjustments of the Ordinary Shares Conversion Price
      and the Conversion Price provided for in this Article V. The foregoing,
      however, shall not in any way affect the right a holder of a Security may
      otherwise have, pursuant to clause (ii) of the last sentence of subsection
      (c) of Section 5.06, to receive Rights upon conversion of a Security. If,
      in the case of any such consolidation, merger, continuance, sale or
      conveyance, the stock or other securities and property (including cash)
      receivable thereupon by a holder of WPP ADSs includes shares of stock or
      other securities and property of a corporation or other business entity
      other than the successor or purchasing corporation, as the case may be, in
      such consolidation, merger, continuance, sale or conveyance, then such
      supplemental indenture shall also be executed by such other corporation or
      other business entity and shall contain such additional provisions to
      protect the interests of the holders of the Securities as the board of
      directors of WPP shall reasonably consider necessary by reason of the
      foregoing. The provision of this Section 5.13 shall similarly apply to
      successive consolidations, mergers, continuances, sales or conveyances.

            In the event WPP shall execute a supplemental indenture pursuant to
      this Section 5.13, WPP shall promptly file with the Trustee (x) an
      Officers' Certificate briefly stating the reasons therefor, the kind or
      amount of shares of stock or securities or property (including cash)
      receivable by holders of the Securities upon the conversion of their
      Securities after any such reclassification, change, consolidation, merger,
      continuance, sale or conveyance and any adjustment to be made with respect
      thereto and (y) an Opinion of Counsel stating that all conditions

                                      -13-
<PAGE>

      precedent relating to such transaction have been complied with. WPP shall
      promptly mail notice of the execution of any supplemental indenture to all
      holders.

            Section 5.14 TRUSTEE'S DISCLAIMER. The Trustee has no duty to
      determine when an adjustment under this Article V should be made, how it
      should be made or what such adjustment should be or whether a supplemental
      indenture is required by this Article V, but may accept as conclusive
      evidence of the correctness of any such adjustment, and shall be protected
      in relying upon, the Officers' Certificate with respect thereto which WPP
      is obligated to file with the Trustee pursuant to Section 5.11. The
      Trustee makes no representation as to the validity or value of any
      securities or assets issued upon conversion of Securities, and the Trustee
      shall not be responsible for WPP's failure to comply with any provisions
      of this Article V.

            The Trustee shall not be under any responsibility to determine the
      correctness of any provisions contained in any supplemental indenture
      executed pursuant to Section 5.13, but may accept as conclusive evidence
      of the correctness thereof, and shall be protected in relying upon, the
      Officers' Certificate with respect thereto which WPP is obligated to file
      with the Trustee pursuant to Section 5.13.

            Section 5.15  CANCELLATION OF CONVERTED SECURITIES.  All
      Securities delivered for conversion shall be delivered to the Trustee
      to be canceled by or at the direction of the Trustee, which shall
      dispose of the same as provided in Section 2.11.

            Section 5.16 RESTRICTION ON WPP ADSs (AND THE UNDERLYING WPP
      ORDINARY SHARES) ISSUABLE UPON CONVERSION. (a) WPP ADSs and the Ordinary
      Shares represented thereby to be issued upon conversion of Securities
      other than pursuant to an effective registration statement (and any WPP
      Ordinary Shares distributed in respect of such WPP ADSs in accordance
      with the deposit agreement applicable to the WPP ADSs) shall be
      physically delivered in receipt (or certificated) form to the holders
      converting such Securities (or the holder to which WPP Ordinary Shares
      are distributed in respect of such WPP ADSs in accordance with the
      deposit agreement applicable to the WPP ADSs) and the receipt (or
      certificate) representing such WPP ADS (or WPP Ordinary Shares) shall
      bear the Restricted Common Stock Legend (amended to reflect the fact
      that the legend is on a certificate or receipt for WPP shares) unless
      removed in accordance with Section 5.16(c).

            (b) If (i) WPP ADS to be issued upon conversion of a Security other
      than pursuant to an effective registration statement are to be registered
      in a name other

                                      -14-
<PAGE>

      than that of the holder of such Security or (ii) WPP ADSs (or WPP Ordinary
      Shares) represented by a receipt (or certificate) bearing the Restricted
      Common Stock Legend are transferred subsequently by such holder, then,
      unless the Shelf Registration Statement has become effective and such
      shares are being transferred pursuant to the Shelf Registration Statement,
      the holder must deliver to the ADS Depositary (or WPP registrar for the
      WPP Ordinary Shares) a certificate in substantially the form of Exhibit E
      as to compliance with the restrictions on transfer applicable to such ADSs
      (or Ordinary Shares) and the ADS Depositary (or the registrar) shall not
      be required to register any transfer of such WPP ADSs (or WPP Ordinary
      Shares) not so accompanied by a properly completed certificate.

            (c) Except in connection with a Shelf Registration Statement, if
      receipts (or certificates) representing WPP ADSs (or WPP Ordinary Shares)
      are issued upon the registration of transfer, exchange or replacement of
      any other receipt (or certificate) representing WPP ADSs (or WPP Ordinary
      Shares) bearing the Restricted Common Stock Legend, or if a request is
      made to remove such Restricted Common Stock Legend from receipt (or
      certificates) representing WPP ADS (or WPP Ordinary Shares), the receipts
      or certificates so issued shall bear the Restricted Common Stock Legend,
      or the Restricted Common Stock Legend shall not be removed, as the case
      may be, unless there is delivered to WPP such satisfactory evidence,
      which, in the case of a transfer made pursuant to Rule 144 under the
      Securities Act, may include an opinion of counsel licensed to practice law
      in the State of New York, as may be reasonably required by WPP, that
      neither the legend nor the restrictions on transfer set forth therein are
      required to ensure that transfers thereof comply with the provisions of
      Rule 144A, Rule 144 or Regulation S under the Securities Act or that such
      WPP ADS (or the WPP Ordinary Shares) are securities that are not
      "restricted" within the meaning of Rule 144 under the Securities Act. Upon
      provision to WPP of such reasonably satisfactory evidence, WPP shall cause
      the ADS Depositary to (or the WPP Ordinary Share registrar to) countersign
      and deliver certificates representing WPP ADS (or WPP Ordinary Shares)
      that do not bear the legend."

                                   ARTICLE III

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

      Section 3.01. AUTHORITY. Each of the Company and WPP represents and
warrants that it has been duly authorized under applicable law to execute,
deliver and perform this First Supplemental Indenture, and all corporate action
on its part required for the execution, delivery and performance of this First
Supplemental Indenture by it has been duly and effectively taken.

                                      -15-
<PAGE>

      Section 3.02. TRUTH OF RECITALS AND STATEMENTS OF THE COMPANY. Each of the
Company and WPP represents and warrants that the recitals of fact and statements
contained in this First Supplemental Indenture with respect to it are true and
correct in all material respects, and that the recitals of fact and statements
contained in all certificates and other documents furnished by it in connection
herewith will be true and correct in all material respects.

      Section 3.03. AMENDMENT TO EXHIBIT A AND OUTSTANDING SECURITIES.

      Section 10 of Exhibit A to the Indenture and of each outstanding
Security is hereby amended by substituting "WPP ADS" for "shares of Common
Stock" and "$87.856" for "$73.36."

                                   ARTICLE IV

                             CONCERNING THE TRUSTEE

      Section 4.01. ACCEPTANCE OF TRUSTS. The Trustee accepts the trusts
hereunder and agrees to perform the same, but only upon the terms and conditions
set forth in the Indenture and in this First Supplemental Indenture, to all of
which the Company agrees and the Noteholders at any time outstanding by their
acceptance thereof agree.

      Section 4.02. NO RESPONSIBILITY OF THE TRUSTEE FOR RECITALS, ETC. The
recitals and statements contained in this First Supplemental Indenture shall be
taken as the recitals and statements of the Company and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this First Supplemental
Indenture.

                                    ARTICLE V

                                  MISCELLANEOUS

      Section 5.01. BINDING AGREEMENT; ASSIGNMENTS.  Whenever in this
First Supplemental Indenture any of the parties hereto is referred to, such
reference shall be deemed to include the successors and assigns of such party.

      Section 5.02. RELATION TO INDENTURE. The provisions of this First
Supplemental Indenture shall become effective immediately prior to the
consummation of the Merger. If the Merger is not consummated, this First
Supplemental Indenture shall be terminated and the Indenture shall continue in
full force and effect in accordance with its terms. This

                                      -16-
<PAGE>

First Supplemental Indenture and all the terms and provisions herein contained
shall form a part of the Indenture as fully and with the same effect as if all
such terms and provisions had been set forth in the Indenture and each and every
term and condition contained in the Indenture shall apply to this First
Supplemental Indenture with the same force and effect as if the same were set
forth in full in this First Supplemental Indenture, with such omissions,
variations and modifications thereof as may be appropriate to make each such
term and condition consistent with this First Supplemental Indenture. The
Indenture is hereby ratified and confirmed and shall remain and continue in full
force and effect in accordance with their terms and provisions, as supplemented
and amended by this First Supplemental Indenture and the Indenture and this
First Supplemental Indenture shall be read, taken and construed together as one
instrument.

      Section 5.03. COUNTERPARTS.  This First Supplemental Indenture may
be executed in several counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument.

                                      -17-
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed as of the day and year first above written.

                                    YOUNG & RUBICAM INC.

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                    WPP GROUP plc

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                    THE BANK OF NEW YORK, as Trustee

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                      -18-<PAGE>

                                                                     EXHIBIT 4.8

==============================================================================

                              YOUNG & RUBICAM INC.

                                       and

                                 WPP GROUP plc,

                                  as Guarantor

                                       to

                              THE BANK OF NEW YORK,

                                   as Trustee

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

                          SECOND SUPPLEMENTAL INDENTURE

                            Dated as of _______, 2000

                             To the Indenture dated
                             as of January 20, 2000

                   3% Convertible Subordinated Notes due 2005

 ==============================================================================

<PAGE>

                          SECOND SUPPLEMENTAL INDENTURE

      SECOND SUPPLEMENTAL INDENTURE, dated as of _________, 2000 (the "Second
Supplemental Indenture") among YOUNG & RUBICAM INC., a Delaware corporation (the
"Company"), WPP GROUP plc, an English public limited company ("WPP") and THE
BANK OF NEW YORK, a New York banking corporation as trustee (the "Trustee").

                                   WITNESSETH:

      WHEREAS, the Company and the Trustee executed and delivered an Indenture,
dated as of January 20, 2000 (the "Indenture"), to provide for the issuance by
the Company of its 3% Convertible Subordinated Notes, due 2005 (the
"Securities");

      WHEREAS, pursuant to that certain Amended and Restated Agreement and Plan
of Merger, dated as of May 11, 2000 (the "Merger Agreement"), among the Company,
WPP, York II Merger Corp. ("Merger Sub") and York Merger Corp., Merger Sub
merged with and into the Company and the Company has become a wholly owned
indirect subsidiary of WPP (the "Merger") and each share of Common Stock of the
Company outstanding immediately prior to the Effective Time was converted into,
and cancelled in exchange for, the right to receive .835 American depositary
shares of WPP ("WPP ADSs"), each WPP ADS representing five ordinary shares of
nominal value 10p each, of WPP ("WPP Ordinary Shares");

      WHEREAS, pursuant to Section 5.13 of the Indenture, prior to the Merger,
the Company and WPP executed and delivered to the Trustee a First Supplemental
Indenture in form reasonably satisfactory to the Trustee, providing (i) that the
holder of each outstanding Security shall have the right to convert such
Security into WPP ADSs, and (ii) for adjustments to the Conversion Price of the
Securities that are as nearly equivalent as may be practicable to the
adjustments to the Conversion Price provided for in Article V of the Indenture
prior to the effectiveness of the First Supplemental Indenture;

      WHEREAS, Section 11.02 of the Indenture provides that the Company and the
Trustee may amend or supplement the Indenture or the Securities with the written
consent of the Noteholders of at least a majority in aggregate principal amount
of the outstanding Securities, subject to certain exceptions specified in
Section 11.02 of the Indenture;

      WHEREAS, Section 11.01 of the Indenture provides that the Company and the
Trustee may amend or supplement the Indenture or the Securities without the
consent of any Noteholder to make any change that does not adversely affect the
legal rights thereunder of any Noteholders or to make any change that provides
additional rights or benefits to the Noteholders;

<PAGE>

      WHEREAS, the Company, WPP and the Trustee desire to enter into this Second
Supplemental Indenture to (i) amend certain provisions of the Indenture (the
"Amendments") and (ii) provide for the guarantee by WPP of the Company's payment
obligations under the Indenture (the "Guarantee") as provided in Article IV of
this Second Supplemental Indenture;

      WHEREAS, the Noteholders of a majority in aggregate principal amount of
the outstanding Securities have duly consented to the Amendments;

      WHEREAS, the Guarantee does not adversely affect the legal rights of the
Noteholders under the Indenture or the Securities and provides additional rights
and benefits to the Noteholders;

      WHEREAS, pursuant to resolutions adopted by the board of directors of WPP,
WPP has duly authorized the execution and delivery of this Second Supplemental
Indenture;

      WHEREAS, the Company has delivered to the Trustee (i) Board Resolutions
authorizing the execution of this Second Supplemental Indenture, (ii) evidence
satisfactory to the Trustee of the consent of the Noteholders described above,
(iii) Officer's Certificates and (iv) an Opinion of Counsel, as contemplated by
Sections 11.01, 11.02, 11.07 and 12.04 of the Indenture; and

      WHEREAS, all other acts necessary to make this Second Supplemental
Indenture a valid, binding and enforceable instrument and all of the conditions
and requirements set forth in the Indenture have been performed and fulfilled
and the execution and delivery of this Second Supplemental Indenture have been
in all respects duly authorized.

      NOW THEREFORE, the parties have executed and delivered this Second
Supplemental Indenture, and the Company, WPP and the Trustee hereby covenant and
agree for the other parties' benefit, and for the equal and ratable benefit of
the Noteholders, as follows:

                                       -2-
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.01. RULES OF CONSTRUCTION. (a) All capitalized terms used herein
without definition shall have the meanings specified in the Indenture as amended
by the First Supplemental Indenture.

      (b)   Any defined terms and any references thereto which are used solely
in the sections deleted by operation of Article II of this Second Supplemental
Indenture are hereby deleted in their entirety from Section 1.01 of the
Indenture.

                                   ARTICLE II

                      ELIMINATION AND AMENDMENT OF CERTAIN
                 PROVISIONS OF THE INDENTURE AND THE SECURITIES

      Section 2.01. AMENDMENTS TO SECTION 2.06.

      Section 2.06(a)(ii) of the Indenture is hereby amended to (x) delete in
their entirety clauses (2) and (3) from the second sentence thereof, and (y)
renumber clause (4) of such sentence as clause (2).

      Section 2.06(a)(iii) of the Indenture is hereby amended to (x) delete in
their entirety clauses (3) and (4) from the second sentence thereof, and (y)
renumber clause (5) of such sentence as clause (3) thereof.

      Section 2.06(a)(iv) of the Indenture is hereby amended to delete clause
(3) in its entirety from the second sentence thereof and renumber clause (4) of
such sentence as clause (3).

      Section 2.06(a)(v) of the Indenture is hereby deleted in its entirety.

      Section 2.06(b) of the Indenture is hereby deleted in its entirety.

      Section 2.02. AMENDMENT TO SECTION 4.02. Section 4.02 of the Indenture is
hereby amended to read in its entirety as follows:

            "Section 4.02 SEC REPORTS. The Company will comply with the
requirements of TIA Section 314(a). In addition, whether or not required by the
rules and regulations of the SEC, so long as any Securities are outstanding, the
Company will file with the SEC and furnish (without exhibits) to the Trustee and
to the holders of Securities all quarterly and annual financial information
required to be contained in a filing with the

                                      -3-
<PAGE>

SEC on Forms 10-Q and 10-K, including a "Management's Discussion and Analysis of
Financial Conditions and Results of Operations" and, with respect to annual
consolidated financial statements only, a report on the annual consolidated
financial statements by the Company's independent accountants. The Company shall
not be required to file any report or other information with the SEC if the SEC
does not permit such filing. Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee's receipt
thereof shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Company's compliance with any of its covenants hereunder. The foregoing
requirements shall be deemed satisfied so long as the Company is a wholly owned
Subsidiary of WPP, if WPP prepares and files with the SEC all reports and other
documents required to be filed by WPP pursuant to Section 13(a) or Section 15(d)
of the Exchange Act and WPP furnishes or causes to be furnished to the Trustee
and each holder of Securities, on the same basis and in the same manner as
furnished to holders of WPP ADSs, all financial information furnished by WPP or
the ADS Depositary to holders of WPP ADSs."

      Section 2.03 AMENDMENT TO SECTION 5.16. Section 5.16 of the Indenture (as
amended by the First Supplemental Indenture) is hereby deleted in its entirety.

      Section 2.04 AMENDMENT TO EXHIBIT A. Exhibit A to the Indenture and all
outstanding Securities are hereby amended to delete therefrom the "Restricted
Global Securities Legend" and/or the "Restricted Definitive Securities Legend,"
as applicable, and Section 11 thereof.

      Section 2.05 DELETION OF EXHIBITS C, D & E. Exhibits C, D & E to the
Indenture are hereby deleted in their entirety.

                                   ARTICLE III

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

      Section 3.01. AUTHORITY OF THE COMPANY. Each of the Company and WPP
represents and warrants that it is duly authorized under applicable law to
execute, deliver and perform this Second Supplemental Indenture, and all
corporate action on its part required for the execution, delivery and
performance of this Second Supplemental Indenture by it has been duly and
effectively taken.

      Section 3.02. TRUTH OF RECITALS AND STATEMENTS OF THE COMPANY. Each of the
Company and WPP represents and warrants that the recitals of fact and statements
contained in this Second Supplemental Indenture with respect to it are true and
correct in all material respects, and that the recitals of fact and statements
contained in all

                                      -4-
<PAGE>

certificates and other documents furnished by it in connection herewith will be
true and correct in all material respects.

                                   ARTICLE IV

                                    GUARANTEE

      Section 4.01. GUARANTEE. WPP hereby unconditionally and irrevocably
guarantees, to the fullest extent permitted by law, to each Noteholder the due
and punctual payment of the principal of and interest on such Security when and
as the same shall become due and payable, whether at the final maturity date, as
a result of redemption, upon exercise by the Noteholder of the repurchase option
upon the occurrence of the Designated Event, by acceleration or otherwise. In
all respects, WPP hereby agrees that its obligations hereunder shall be absolute
and unconditional, irrespective of, and shall be unaffected by, any failure to
enforce or exercise, or delay in enforcing or exercising, any right, power or
privilege or any of the other provisions of such Security or the Indenture.

            WPP shall be subrogated to all rights of the Noteholders against the
Company in respect to any amounts paid to the Noteholders by WPP pursuant to the
Guarantee.
            In the event that the Company fails to make any scheduled payment
required by the Indenture or the Securities, any Noteholder may immediately
bring suit directly against WPP for all amounts due and payable pursuant to the
Guarantee.

      Section 4.02. EXECUTION OF GUARANTEE. To evidence the Guarantee, WPP
hereby agrees to execute a notation relating to the Guarantee on each Security
authenticated and made available for delivery by the Trustee. WPP hereby agrees
that its Guarantee shall remain in full force and effect notwithstanding any
failure to endorse on each Security a notation of the Guarantee.

                                      -5-
<PAGE>

                                    ARTICLE V

                             CONCERNING THE TRUSTEE

      Section 5.01. ACCEPTANCE OF TRUSTS. The Trustee accepts the trusts
hereunder and agrees to perform the same, but only upon the terms and conditions
set forth in the Indenture and in this Second Supplemental Indenture, to all of
which the Company and WPP agree and the Noteholders at any time outstanding by
their acceptance of any Security agree.

      Section 5.02. NO RESPONSIBILITY OF THE TRUSTEE FOR RECITALS, ETC. The
recitals and statements contained in this Second Supplemental Indenture shall be
taken as the recitals and statements of the Company and WPP, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Second Supplemental
Indenture.

                                   ARTICLE VI

                                  MISCELLANEOUS

      Section 6.01. BINDING AGREEMENT; ASSIGNMENTS.Whenever in this Second
Supplemental Indenture any of the parties hereto is referred to, such reference
shall be deemed to include the successors and assigns of such party; and all
covenants, promises and agreements by or on behalf of WPP that are contained in
this Second Supplemental Indenture shall bind and inure to the benefit of each
party hereto and their respective successors and assigns.

      Section 6.02. RELATION TO INDENTURE. The provisions of this Second
Supplemental Indenture shall become effective immediately upon the execution and
delivery hereof. This Second Supplemental Indenture and all the terms and
provisions herein contained shall form a part of the Indenture as fully and with
the same effect as if all such terms and provisions had been set forth in the
Indenture and each and every term and condition contained in the Indenture shall
apply to this Second Supplemental Indenture with the same force and effect as if
the same were set forth in full in this Second Supplemental Indenture, with such
omissions, variations and modifications thereof as may be appropriate to make
each such term and condition consistent with this Second Supplemental Indenture.
The Indenture is hereby ratified and confirmed and shall remain and continue in
full force and effect in accordance with its terms and provisions, as
supplemented and amended by this Second Supplemental Indenture and the Indenture
and this Second Supplemental Indenture shall be read, taken and construed
together as one instrument.

                                      -6-
<PAGE>

      Section 6.03. COUNTERPARTS. This Second Supplemental Indenture may be
executed in several counterparts, each of which shall be deemed an original, but
all of which together shall constitute one instrument.

      IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                    YOUNG & RUBICAM INC.

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                    WPP GROUP plc

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                    THE BANK OF NEW YORK, as Trustee

                                    By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                      -7-

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