Document:

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                                                                     EXHIBIT 4.1

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                             GREY GLOBAL GROUP INC.,

                                 WPP GROUP plc,

                            ABBEY MERGER CORPORATION,

                                       and

                    AMERICAN STOCK TRANSFER & TRUST COMPANY,

                                   as Trustee

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

                          FIRST SUPPLEMENTAL INDENTURE

                          Dated as of February 28, 2005

                             To the Indenture dated
                             as of October 28, 2003

           5% Contingent Convertible Subordinated Debentures due 2033

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                          FIRST SUPPLEMENTAL INDENTURE

      FIRST SUPPLEMENTAL INDENTURE, dated as of February 28, 2005 (this "FIRST
SUPPLEMENTAL INDENTURE") among WPP GROUP PLC, an English public limited company
("WPP"), ABBEY MERGER CORPORATION, a Delaware corporation and wholly owned
subsidiary of WPP ("ABBEY"), GREY GLOBAL GROUP INC., a Delaware corporation
("GREY"), and AMERICAN STOCK TRANSFER & TRUST COMPANY, a trust company organized
under the laws of the State of New York, as trustee (the "TRUSTEE"). All
capitalized terms used herein without definition shall have the meanings
specified in the Indenture referred to below, unless otherwise specified.

                                   WITNESSETH:

      WHEREAS, Grey has heretofore executed and delivered to the Trustee an
Indenture, dated as of October 28, 2003, pursuant to which Grey issued 5%
Contingent Convertible Subordinated Debentures due 2033 in the aggregate
principal amount of $150,000,000, convertible under certain circumstances into
shares of common stock, par value $0.01 per share, of Grey;

      WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of
September 11, 2004, by and among WPP, Abbey and Grey (as amended, the "MERGER
AGREEMENT"), Grey will be merged with and into Abbey (the "MERGER"), with Abbey
being the surviving corporation in the Merger and remaining as a wholly owned
subsidiary of WPP, and pursuant to the Merger, each outstanding share of Common
Stock and each share of Limited Duration Class B Common Stock, par value $0.01
per share, of Grey will be converted into the right to receive merger
consideration in the form of cash or WPP shares in accordance with the terms of
the Merger Agreement;

      WHEREAS, pursuant to Sections 5.01 and 5.02 of the Indenture, in
connection with the Merger, Abbey is expressly assuming, from and after the
Effective Time (as defined below), all of Grey's obligations as the "COMPANY",
including the payment of the principal of, and interest on, the Debentures and
the performance of the other covenants under the Indenture;

      WHEREAS, pursuant to Section 9.01 of the Indenture, the Indenture and the
Debentures may be amended or supplemented without the consent of any Holder of
Debentures to provide for the assumptions of Grey's obligations by a successor
pursuant to Article 5 of the Indenture, or to make any change that would provide
any additional rights or benefits to the Holders of the Debentures or that does
not adversely affect the rights of any Holder of the Debentures;
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      WHEREAS, in accordance with Sections 5.01 and 5.02 of the Indenture,
pursuant to Article 2 of this First Supplemental Indenture, Abbey is expressly
assuming, from and after the Effective Time, all of Grey's obligations as the
"Company" under the Indenture, including the obligations to make payment of the
principal of, and interest on, the Debentures and the performance of the other
covenants under the Indenture, and from and after the Effective Time, Abbey
shall be deemed the "Company" for all purposes under the Indenture and the
Debentures;

      WHEREAS, pursuant to Article 3 of this First Supplemental Indenture, WPP
is becoming, from and after the Effective Time, a co-obligor, jointly and
severally with the Company, of substantially all of the obligations of the
Company under the Indenture, and in connection with WPP so becoming a co-obligor
and pursuant to Article 4 of this First Supplemental Indenture, the Indenture is
being amended to remove, from and after the Effective Time, the right under
Section 3.11(b) of the Indenture to satisfy the change of control payment
obligation by delivery of securities;

      WHEREAS, in connection with the execution and delivery of this First
Supplemental Indenture, the Trustee has received an Officers' Certificate and an
Opinion of Counsel as contemplated by Sections 7.02, 9.06 and 12.04 of the
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 in relation to this First
Supplemental 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 Abbey, WPP, Grey and the Trustee hereby
agrees for the other parties' benefit, and for the equal and ratable benefit of
the Holders, as follows:

                                   ARTICLE 1

                                   DEFINITIONS

      Section 1.01 of the Indenture is hereby amended by inserting the following
new definitions in appropriate alphabetical order:

      "ABBEY" means Abbey Merger Corporation and any and all successors thereto.

      "CO-OBLIGATION" means the obligations of WPP pursuant to Section 2.14
      hereunder.

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      "EFFECTIVE TIME" means the time at which the Merger becomes effective in
      accordance with the Delaware General Corporation Law.

      "GREY" means Grey Global Group Inc.

      "MERGER" means the merger pursuant to the Merger Agreement.

      "MERGER AGREEMENT" means the Agreement and Plan of Merger, dated as of
      September 11, 2004, by and among WPP, Abbey and Grey, as amended.

      "WPP" means WPP Group plc, and any and all successors thereto.

                                   ARTICLE 2

                            ABBEY AGREEMENT TO ASSUME

      Abbey hereby expressly assumes, from and after the Effective Time, all of
Grey's obligations as the "Company" under the Indenture and the Debentures,
including the obligations to make payment of the principal of, and interest and
Additional Amounts, if any, on, the Debentures and the performance of the other
covenants under the Indenture. From and after the Effective Time, Abbey shall be
substituted for and deemed the "Company" for all purposes under the Indenture
and the Debentures, and from and after the Effective Time, may exercise every
right and power of the Company under the Indenture with the same effect as if
Abbey had been named as the Company in the Indenture.

                                   ARTICLE 3

                             ADDITION OF CO-OBLIGOR

      A new Section 2.14 is hereby added to the Indenture as follows:

      "Section 2.14. Co-Obligation.

      (a) WPP hereby fully, unconditionally and irrevocably assumes and agrees
      to perform and discharge, jointly and severally with the Company, from and
      after the Effective Time, the due and punctual payment of the principal of
      and interest and Additional Amounts, if any, on, all of the Debentures on
      the dates and in the manner provided in this Indenture and in the
      Debentures and the performance or observance of every other covenant of
      this Indenture and the Debentures on the part of the Company to be
      performed or observed. The obligations of WPP under this Section 2.14 are
      primary and not merely those of a surety. WPP shall be bound by, and shall
      observe and perform, the terms of this Indenture, from and

                                     - 3 -
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      after the Effective Time, as if all references in this Indenture and the
      Debentures to the "COMPANY" were to WPP and the Company, jointly and
      severally. Notwithstanding the foregoing, WPP shall not be bound by, and
      shall not be required to observe or perform, Article 10 of this Indenture,
      Section 14 of the Debentures or Sections 4.07, 5.01 or 5.02 of the
      Indenture, and references to the Company contained in, or in any defined
      term, to the extent used in Article 10 of this Indenture or Section 14 of
      the Debentures, Sections 4.07, 5.01 or 5.02 of the Indenture shall not be
      deemed references to WPP.

      (b) Subject to Section 2.14(c), from and after the Effective Time, WPP
      shall do or cause to be done all things necessary to preserve and keep in
      full force and effect its existence as a legal entity organized under the
      laws of any of the United Kingdom or any jurisdiction thereof, any
      jurisdiction included from time to time in the European Union or the
      United States, any State thereof or the District or Columbia. Nothing in
      this Indenture or in any of the Debentures shall prevent WPP from
      converting under applicable law from one type of entity organized under
      the law of any of the United Kingdom or any jurisdiction thereof, any
      jurisdiction included from time to time in the European Union or the
      United States, any State thereof or the District or Columbia to another
      type of entity organized under the law of any such jurisdiction (and such
      conversion shall not be deemed to constitute a consolidation, merger or a
      conveyance, transfer, sale or lease of property or assets for purposes of
      this Indenture).

      (c) From and after the Effective Time, WPP shall not consolidate with or
      merge into any other Person or convey, transfer, sell or lease its
      properties and assets substantially as an entirety to any Person, unless
      the Person formed by such consolidation or into or with which WPP is
      merged or the Person to which WPP's properties and assets are conveyed,
      transferred, sold or leased, is a legal entity organized and existing
      under the laws of the United Kingdom or any jurisdiction thereof, any
      jurisdiction included from time to time in the European Union or the
      United States, any State thereof or the District or Columbia and, if other
      than WPP, has expressly assumed all of WPP's obligations, including the
      payment of the principal of, and interest on, the Debentures and the
      performance of the other covenants under Article 4 of this Indenture (and
      a supplemental indenture providing for the assumption of WPP's obligations
      to the Holders of the Debentures by a successor to WPP pursuant to this
      Section 2.14(c) shall not require the consent of any Holder). Upon any
      consolidation, merger, or any conveyance, transfer, sale or lease of WPP's
      properties and assets after the Effective Time in accordance with the
      prior sentence, the successor Person formed by such consolidation, merger,
      conveyance, transfer, sale or lease shall be substituted for (so that from
      and after the date of such consolidation, merger,

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      conveyance, transfer, sale or lease, the provisions of this Indenture
      referring to "WPP" shall refer instead to the successor Person and not to
      WPP), and may exercise every right and power of WPP under this Indenture
      with the same effect as if such successor Person had been named as WPP
      herein; provided that WPP shall not be relieved from the obligation to pay
      the principal of and interest on the Debentures except in the case of a
      consolidation, merger, conveyance, transfer, sale or lease of WPP's assets
      that meets the requirements of the prior sentence hereof.

      (d) From and after the Effective Time, WPP shall be subrogated to all
      rights of the Holders of the Debentures against the Company in respect to
      any amounts paid to such Holders by WPP pursuant to the provisions of this
      Section 2.14; provided, however, that WPP shall not be entitled to
      enforce, or to receive any payments arising out of or based upon, such
      right of subrogation until the principal of and premium, if any, and
      interest, and Addition Amounts, if any, on all Debentures then due and
      payable shall have been paid in full.

      (e) From and after the Effective Time, the Co-Obligation shall be a valid
      obligation of WPP with respect to each Debenture heretofore or hereafter
      authenticated or delivered under this Indenture."

                                   ARTICLE 4

                                  AMENDMENTS TO
                     SECTIONS 3.11 and 3.13 OF THE INDENTURE
                    AND RELATED PARAGRAPH 6 OF THE DEBENTURES

      Section 4.01 Amendment to Section 3.11(a). Effective from and after the
Effective Time, Section 3.11(a) of the Indenture is hereby deleted in its
entirety and replaced with the following:

      "(a) If at any time that Debentures remain outstanding there shall have
occurred a Change of Control, Debentures shall be repurchased by the Company, at
the option of the Holder thereof, at a purchase price in cash (the "CHANGE OF
CONTROL REPURCHASE PRICE") equal to 100% of the principal amount of the
Debentures to be purchased plus accrued and unpaid interest (including
Additional Amounts, if any), thereon, up to but not including the date (the
"CHANGE OF CONTROL REPURCHASE DATE") fixed by the Company that is no later than
the 30th business day after the date the Company Change of Control Offer Notice
is given, subject to satisfaction by or on behalf of the Holder of the
requirements set forth in Section 3.11(d); provided that if the Change of
Control Repurchase Date is on or after an interest record date but on or prior
to the related Interest Payment Date, interest and Additional Amounts, if any,
will be payable to the Holders in

                                     - 5 -
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whose names the Debentures are registered at the close of business on the
relevant record date."

      Section 4.02 Amendment to Section 3.11(b).

      Effective from and after the Effective Time, Section 3.11(b) of the
Indenture is hereby deleted in its entirety and replaced with "[Intentionally
Omitted]."

      Section 4.03 Amendment to Section 3.13. Effective from and after the
Effective Time, Section 3.13 of the Indenture is hereby deleted in its entirety
and replaced with the following:

      "Prior to the close of business (New York City time) on the business day
prior to the Change of Control Repurchase Date, the Company shall deposit with
the Trustee or with the Paying Agent (or, if the Company or a subsidiary or an
Affiliate of either of them is acting as the Paying Agent, shall segregate and
hold in trust as provided in Section 2.04) an amount of money (in immediately
available funds if deposited on such business day) sufficient to pay the
aggregate Change of Control Repurchase Price together with accrued but unpaid
interest (including Contingent Interest and Additional Amounts, if any) thereon,
to but not including the Change of Control Repurchase Date of all the Debentures
or portions thereof which are to be purchased as of the Change of Control
Repurchase Date.

      If the Paying Agent holds money sufficient to pay the Change of Control
Repurchase Price of the Debentures on the business day following the Change of
Control Repurchase Date, then, on and after such date: (a) the Debentures will
cease to be outstanding and interest will cease to accrue (whether or not
book-entry transfer of the Debentures has been made or the Debentures have been
delivered to the Paying Agent); and (b) all other rights of the Holders will
terminate (other than the right to receive the Change of Control Repurchase
Price upon transfer or delivery of the Debentures)."

      Section 4.04 Amendment to Paragraph 6 of the Debentures. Effective from
and after the Effective Time, Paragraph 6 of the Debentures is hereby deleted in
its entirety and replaced with the following:

      "6. PURCHASE AT THE OPTION OF THE HOLDER UPON A CHANGE OF CONTROL. At the
option of the Holder and subject to the terms and conditions of the Indenture,
the Company shall become obligated to purchase the Debentures held by such
Holder after the occurrence of a Change of Control of the Company for a Change
of Control Repurchase Price equal to 100% of the principal amount thereof plus
accrued but unpaid interest (including Contingent Interest and Additional
Amounts, if any), thereon, up to but not including the Change of Control
Repurchase Date (provided that, if the

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Change of Control Repurchase Date is on or after an interest record date but on
or prior to the related Interest Payment Date, accrued but unpaid interest will
be payable to the Holders in whose names the Debentures are registered at the
close of business on the relevant record date). Holders have the right to
withdraw any Holder Change of Control Acceptance Notice by delivering to the
Paying Agent a written notice of withdrawal in accordance with the provisions of
the Indenture.

      If cash sufficient to pay the Change of Control Repurchase Price on all
Debentures or portions thereof to be purchased as of the Change of Control
Repurchase Date is held by the Paying Agent on the Business Day prior to the
Change of Control Repurchase Date, interest (including Contingent Interest and
Additional Amounts, if any) shall cease to accrue on such Debentures (or
portions thereof) as of such Change of Control Repurchase Date, (whether or not
book-entry transfer of the Debentures has been made or the Debentures have been
delivered to the Paying Agent) and the Holder thereof shall have no other rights
as such other than the right to receive the Change of Control Repurchase Price
upon surrender of such Debenture."

                                   ARTICLE 5

                                  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. This 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
originally set forth in the 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. The Indenture and this First Supplemental
Indenture shall be read, taken and construed together as one instrument. Abbey
shall deliver to the Trustee a written notice of the Effective Time promptly
upon the occurrence thereof.

      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.

      Section 5.04 Governing Law. This First Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York.

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      Section 5.05 Effectiveness. This First Supplemental Indenture shall be
effective as of the date first set forth above.

      Section 5.06 Trustee. The recitals contained herein shall be taken as the
statements of Abbey, WPP and Grey, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this First Supplemental Indenture.

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      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.

                                    GREY GLOBAL GROUP INC.

                                    By:/s/ Steven G. Felsher
                                       ------------------------------
                                       Name:  Steven G. Felsher
                                       Title: Vice Chairman

                                    ABBEY MERGER CORPORATION

                                    By:/s/ Kevin Farewell
                                       -------------------------------
                                       Name:  Kevin Farewell
                                       Title: Secretary

                                    WPP GROUP PLC

                                    By:/s/ Paul Richardson
                                       -------------------------------
                                       Name:  Paul Richardson
                                       Title: Group Finance Director

                                    AMERICAN STOCK TRANSFER & TRUST
                                    COMPANY, as Trustee

                                    By:/s/ Herbert Lemmer
                                       -------------------------------
                                       Name:  Herbert Lemmer
                                       Title: Vice President

                                     - 9 -<PAGE>
                                                                     Exhibit 4.2

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                             GREY GLOBAL GROUP INC.,

                                 WPP GROUP plc,

                            ABBEY MERGER CORPORATION

                                       and

                    AMERICAN STOCK TRANSFER & TRUST COMPANY,

                                   as Trustee

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

                          SECOND SUPPLEMENTAL INDENTURE

                          Dated as of February 28, 2005

                             To the Indenture dated
                             as of October 28, 2003

           5% Contingent Convertible Subordinated Debentures due 2033

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<PAGE>
                          SECOND SUPPLEMENTAL INDENTURE

      SECOND SUPPLEMENTAL INDENTURE, dated as of February 28, 2005 (this "SECOND
SUPPLEMENTAL INDENTURE") among WPP GROUP plc, an English public limited company
("WPP"), ABBEY MERGER CORPORATION, a Delaware corporation and wholly owned
subsidiary of WPP ("ABBEY"), GREY GLOBAL GROUP INC., a Delaware corporation
("GREY"), and AMERICAN STOCK TRANSFER & TRUST COMPANY, a trust company organized
under the laws of the State of New York, as trustee (the "TRUSTEE"). All
capitalized terms used herein without definition shall have the meanings
specified in the Indenture and First Supplemental Indenture referred to below,
unless otherwise specified.

                                  WITNESSETH:

      WHEREAS, Grey has heretofore executed and delivered to the Trustee an
Indenture, dated as of October 28, 2003, as supplemented by the First
Supplemental Indenture dated as of the date of this Second Supplemental
Indenture (the "FIRST SUPPLEMENTAL INDENTURE"), pursuant to which Grey issued 5%
Contingent Convertible Subordinated Debentures due 2033 in the aggregate
principal amount of $150,000,000, convertible under certain circumstances into
shares of common stock, par value $0.01 per share, of Grey;

      WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of
September 11, 2004, by and among WPP, Abbey and Grey (as amended, the "MERGER
AGREEMENT"), Grey will be merged with and into Abbey (the "MERGER"), with Abbey
being the surviving corporation in the Merger and remaining as a wholly owned
subsidiary of WPP, and pursuant to the Merger, each outstanding share of Common
Stock and each share of Limited Duration Class B Common Stock, par value $0.01
per share, of Grey will be converted into the right to receive merger
consideration in the form of cash or WPP shares in accordance with the terms of
the Merger Agreement;

      WHEREAS, pursuant to the First Supplemental Indenture, Abbey shall
expressly assume, from and after the Effective Time, all of Grey's obligations
as the "Company" under the Indenture and the Debentures, including the
obligations to make payment of the principal of, and interest on, the Debentures
and the performance of the other covenants under the Indenture, and from and
after the Effective Time, Abbey shall be deemed the "Company" for all purposes
under the Indenture and the Debentures;

      WHEREAS, pursuant the First Supplemental Indenture, WPP shall become, from
and after the Effective Time, a co-obligor, jointly and severally with the
Company, of substantially all of the obligations of the Company under the
Indenture and the Debentures;

      WHEREAS, pursuant to Section 11.11 of the Indenture, Grey, Abbey and WPP
are required to execute and deliver to the Trustee a supplemental indenture
providing (x) that the Holder of each Debenture shall have the right to convert
such Debenture into the kind and amount of merger consideration receivable upon
the Merger by a holder of the number of shares of Common Stock deliverable upon
conversion of such Debenture immediately prior to the record date of the Merger,
and (y) for adjustments to the Conversion Price that are as nearly
<PAGE>
equivalent as may be practicable to the adjustments to the Conversion Price
provided for in Article 11 of the Indenture;

      WHEREAS, pursuant to Section 9.02 of the Indenture, the Indenture and the
Debentures may be amended or supplemented with the consent of Holders of at
least a majority in aggregate principal amount of Debentures outstanding voting
as a single class;

      WHEREAS, the Holders of a majority in aggregate principal amount of
Debentures outstanding have duly consented to the adoption of the provisions
contained in this Second Supplemental Indenture, including that the adoption of
Article 3 of this Second Supplemental Indenture fully satisfies the obligations
of WPP, Abbey and Grey under Article 11 of the Indenture in connection with the
Merger;

      WHEREAS, in satisfaction of the requirements of Section 11.11 of the
Indenture, Article 3 of this Second Supplemental Indenture provides (a) that, at
any time after the Effective Time, the Holder of each Debenture shall have the
right to convert such Debenture into that amount of cash and number of WPP ADSs
representing WPP Ordinary Shares (as such terms are defined below) in the same
percentage that Holders of Common Stock electing share consideration are
entitled to receive in the aggregate under the Merger Agreement and (b) for
certain adjustments to the Conversion Price;

      WHEREAS, pursuant to Article 2 of this Second Supplemental Indenture,
certain amendments are being made to Sections 4.03, 4.07, 4.08, 5.01 and 5.02 of
the Indenture and new Sections 3.16, 3.17, 3.18, 3.19 and 4.09 are being added
to the Indenture;

      WHEREAS, in connection with the execution and delivery of this Second
Supplemental Indenture, the Trustee has received an Officers' Certificate and an
Opinion of Counsel as contemplated by Sections 7.02, 9.06, 11.11 and 12.04 of
the Indenture and evidence satisfactory to the Trustee of the consent of the
Holders described above;

      WHEREAS, following the Merger Abbey intends to change its name to "Grey
Global Group Inc."; 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 each of Grey, Abbey, WPP and the Trustee hereby
agrees for the other parties' benefit, and for the equal and ratable benefit of
the Holders, as follows:

                                     - 2 -
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                                   ARTICLE 1

                                   DEFINITIONS

      Section 1.01 of the Indenture is hereby amended by inserting the following
new definitions in appropriate alphabetical order:

      "WPP ADSs" means American depositary shares of WPP.

      "WPP BOARD OF DIRECTORS" means the board of directors of WPP, or any
      authorized committee thereof.

      "WPP MARKET PRICE" means, with respect to WPP Ordinary Shares, the average
      of the Last Reported Sale Price (as defined in Section 11A.01 of this
      Indenture) per share of WPP Ordinary Shares, and with respect to WPP ADSs,
      the average of the Last Reported Sale Price per share of ADSs, for 20
      consecutive trading days before the record date with respect to any
      distribution, issuance or other event requiring such computation,
      appropriately adjusted (as determined in good faith by the WPP Board of
      Directors, whose determination shall be conclusive) to take into account
      the occurrence, during the period commencing on the first of such 20
      consecutive trading days and ending on such record date, of any event
      requiring adjustment of the Conversion Price under Article 11A of this
      Indenture.

      "WPP ORDINARY SHARES" means the ordinary shares nominal value 10p each of
      WPP.

                                   ARTICLE 2

                              AMENDMENTS TO CERTAIN
                           PROVISIONS OF THE INDENTURE

      Section 2.01 Amendment of Section 4.03. Section 4.03 of the Indenture is
hereby amended to add following:

      "(c) From and after the Effective Time, the Company shall not be required
      to comply with Section 4.03(a) (other than the first and last sentence
      thereof). From and after the Effective Time, the Company shall file with
      the Trustee, within 15 days after WPP files such annual reports,
      information, documents and other reports with the SEC, copies of WPP's
      annual report and of the information, documents and other reports (or
      copies of such portions of any of the foregoing as the SEC may by rules
      and regulations prescribe) which WPP is required to file with the SEC
      pursuant to Section 13 or 15 (d) of the Exchange Act.

      (d) From and after the Effective Time, the Company shall not be required
      to comply with Section 4.03(b). From and after the Effective Time, any
      time when WPP is not subject to Section 13 or 15(d) of the Exchange Act,
      for so long as any Debentures remain outstanding, the Company shall
      furnish to the Holders and to prospective investors

                                     - 3 -
<PAGE>
      designated by such Holders, upon their request, the information required
      to be delivered pursuant to Rule 144A(d) under the Securities Act."

      Section 2.02 Amendment of Section 4.07. Section 4.07 of the Indenture is
hereby amended by inserting the following as the last sentence of that Section:

      "Subject to Article 5 hereof, the Company shall do or cause to be done all
      things necessary to preserve and keep in full force and effect its
      corporate existence or, from and after the Effective Time, its existence
      as any other legal entity organized under applicable law. From and after
      the Effective Time, nothing in this Indenture or in any of the Debentures
      shall prevent the Company from converting under applicable law from one
      type of entity organized under the law of any jurisdiction to another type
      of entity organized under the law of any jurisdiction (and such conversion
      shall not be deemed to constitute a consolidation, merger or a conveyance,
      transfer, sale or lease of property or assets for purposes of this
      Indenture)."

      Section 2.03 Amendment of Section 4.08. Section 4.08 of the Indenture is
hereby amended to add the following at the end of Section 4.08:

      "The prior provisions of this Section 4.08 shall be operative only with
      respect to periods prior to the Effective Time. The Company and the
      Holders and any beneficial owner of a Debenture, by purchasing the
      Debentures, agree that, from and after the Effective Time, (i) the
      Debentures are "contingent payment debt instruments" as defined in
      Treasury Regulations Section 1.1275-4(b), (ii) each Holder and any
      beneficial owner of a Debenture shall be bound by the Company's
      application of the Treasury Regulations to the Debentures, including the
      Company's determination (and, upon appropriate circumstances,
      redetermination) of the rate at which interest will be deemed to accrue on
      the Debentures for United States federal income tax purposes, which is the
      rate (as determined or redetermined by the Company) comparable to the rate
      at which the "issuer" (within the meaning of Treasury Regulation Section
      1.1275-4(b)(4)(i)(A)) would borrow on a noncontingent, nonconvertible
      basis with terms and conditions otherwise comparable to the Debentures,
      (iii) each Holder and any beneficial owner of a Debenture shall use the
      projected payment schedule with respect to the Debentures determined (and,
      upon appropriate circumstances, redetermined) by the Company, as required
      by Treasury Regulations Section 1.1275-4(b)(4)(iv), to determine its
      interest accruals and adjustments as provided in Treasury Regulations
      Section 1.1275-4(b), and (iv) the Company and each Holder and any
      beneficial owner of a Debenture will not take any position on a tax return
      inconsistent with (i), (ii), or (iii), unless required by applicable law.

      A Holder of Debentures may obtain the issue price, amount of original
      issue discount, issue date, yield to maturity, comparable yield and
      projected payment schedule for the Debentures from and after the Effective
      Time by submitting a written request for such information to the Company
      at the address specified in Section 12.02 of this Indenture."

                                     - 4 -
<PAGE>
      Section 2.04 Amendment of Section 5.01. Clause (i) of Section 5.01 of the
Indenture is hereby amended to read in its entirety as follows:

      "(i) (x) if such consolidation, merger, conveyance, transfer, sale or
      lease is consummated prior to or as of the Effective Time, the Person
      formed by such consolidation or into or with which the Company is merged
      or the Person to which the Company's properties and assets are conveyed,
      transferred, sold or leased, is a corporation organized and existing under
      the laws of the United States, any State thereof or the District of
      Columbia or (y) if such consolidation, merger, conveyance, transfer, sale
      or lease is consummated after the Effective Time, the Person formed by
      such consolidation or into or with which the Company is merged or the
      Person to which the Company's properties and assets are conveyed,
      transferred, sold or leased, is a corporation or other legal entity
      organized under the laws of any jurisdiction; and in the case of (x) or
      (y), if the Person formed by such consolidation or into or with which the
      Company is merged or the Person to which the Company's properties and
      assets are conveyed, transferred, sold or leased is other than the
      Company, such Person has expressly assumed all of the Company's
      obligations, including the payment of the principal of, and interest on,
      the Debentures and the performance of the other covenants under Article 4
      of this Indenture;"

      Section 2.05. Amendment to Section 5.02. Section 5.02 of the Indenture is
hereby amended to substitute for each reference therein to "the successor
corporation" the following: "the successor corporation (if such consolidation,
merger, conveyance, transfer, sale or lease is consummated prior to or as of the
Effective Time) or the successor Person (if such consolidation, merger,
conveyance, transfer, sale or lease is consummated after the Effective Time)".

      Section 2.05 Section 2.06 Addition of Sections 3.16, 3.17, 3.18 and 3.19.
The Indenture is hereby amended to add the following Sections 3.16, 3.17, 3,18
and 3.19:

      "3.16 Purchase of Debentures at Option of the Holder for Cash.

      (a) After the Effective Time, at each of October 28, 2008, October 28,
2010 and October 28, 2013 (each a "PURCHASE DATE"), outstanding Debentures shall
be repurchased by the Company, at the option of the Holder thereof, at a
purchase price in cash (the "PURCHASE PRICE") equal to 100% of the principal
amount of the Debentures to be purchased, plus accrued and unpaid interest
(including Additional Amounts and Contingent Interest, if any) thereon, up to
and including the applicable Purchase Date.

      (b) The Company shall mail to all Holders of record of the Debentures a
notice (a "PURCHASE NOTICE") at least 20 Business Days prior to each Purchase
Date. The Company shall promptly furnish to the Trustee a copy of such notice.
Each Purchase Notice shall include a form of Purchase Acceptance Notice to be
completed by a Holder and shall state, as applicable:

      (i) the Purchase Price and the cash and/or securities for which each
$1,000 of principal amount of Debentures is then convertible;

                                     - 5 -
<PAGE>
      (ii) the name and address of the Paying Agent and Conversion Agent;

      (iii) that Debentures as to which a Purchase Acceptance Notice has been
given may be converted only if the Purchase Acceptance Notice has been withdrawn
in accordance with the terms of this Indenture;

      (iv) that Debentures must be surrendered to the Paying Agent to collect
payment of the Purchase Price and accrued but unpaid interest and Contingent
Interest and Additional Amounts, if any;

      (v) that the Purchase Price for any Debentures as to which a Purchase
Acceptance Notice has been given and not withdrawn, together with any accrued
and unpaid interest, including Contingent Interest and Additional Amounts, if
any, with respect thereto, shall be paid promptly following the later of the
Purchase Date and the time of surrender of such Debentures as described in (iv);

      (vi) the Purchase Date;

      (vii) the procedures the Holder must follow under this Section 3.16 to
require the Company to repurchase such Holder's Debentures;

      (viii) that, unless the Company defaults in making payment of such
Purchase Price, interest (including Contingent Interest and Additional Amounts,
if any) on Debentures covered by any Purchase Acceptance Notice will cease to
accrue on and after the Purchase Date;

      (ix) the CUSIP number of the Debentures; and

      (x) the procedures for withdrawing a Purchase Acceptance Notice.

      At the Company's request and at the Company's expense, the Trustee shall
give the Purchase Notice in the Company's name; provided, however, that, in all
cases, the text of the Purchase Notice shall be prepared by or at the direction
of the Company.

      (c) For a Debenture to be so repurchased at the option of the Holder in
connection with a Purchase Date, the Paying Agent must receive such Debenture
duly endorsed for transfer, together with the form entitled "Form of Purchase
Acceptance Notice" (a "PURCHASE ACCEPTANCE NOTICE") on the reverse thereof duly
completed, together with such Debenture duly endorsed for transfer, after the
mailing of the Purchase Notice with respect to such Purchase Date and prior to
the close of business on such Purchase Date, subject to extension to comply with
applicable law (such extension, if any, to be determined solely by the Company).
The Purchase Acceptance Notice must state: (i) if certificated Debentures have
been issued, the certificate numbers of the Debentures to be delivered for
repurchase; (ii) the portion of the principal amount of Debentures to be
repurchased, which must be $1,000 or an integral multiple thereof; and (iii)
that the Debentures are to be repurchased by the Company pursuant to Section
3.16 of this Indenture. All questions as to the validity, eligibility (including
time of receipt) and acceptance of any

                                     - 6 -
<PAGE>
Debenture for redemption shall be determined by the Company, whose determination
shall be final and binding.

      The Company shall purchase from the Holder thereof, pursuant to this
Section 3.16, a portion of a Debenture if the principal amount of such portion
is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the purchase of all of a Debenture also apply to the purchase of such
portion of such Debenture.

      Any purchase by the Company contemplated pursuant to the provisions of
this Section 3.16 shall be consummated by the delivery of the consideration to
be received by the Holder promptly following the later of the applicable
Purchase Date and the time of delivery of the Debentures to the Paying Agent in
accordance with this Section 3.16.

      Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent the Purchase Acceptance Notice contemplated by this Section
3.16 (c) shall have the right to withdraw such Purchase Acceptance Notice at any
time prior to the close of business on the applicable Purchase Date by delivery
of a written notice of withdrawal to the Paying Agent in accordance with Section
3.17.

      The Paying Agent shall promptly notify the Company of the receipt by it of
any Purchase Acceptance Notice or written withdrawal thereof.

      Notwithstanding anything herein to the contrary, the Company shall not be
required to make an offer pursuant to this Section 3.16 on any Purchase Date if,
not more than 20 Business Days prior to such Purchase Date, the Company has made
an offer to purchase (an "ALTERNATE PURCHASE OFFER") any and all Debentures
validly tendered at a cash price equal to or higher than the Purchase Price
(which offer refers to this Section 3.16 and discloses the requirement of the
Company to purchase Debentures pursuant hereto and otherwise satisfies the
requirements of Section 3.16(b)) and purchases all Debentures properly tendered
in accordance with the terms of such Alternate Purchase Offer.

      3.17 Effect of Purchase Acceptance Notice.

      Upon receipt by the Paying Agent of the Purchase Acceptance Notice
specified in Section 3.16(c) during the period specified in Section 3.16(c), the
Holder of the Debenture in respect of which such Purchase Acceptance Notice was
given shall (unless such Purchase Acceptance Notice is withdrawn as specified in
the following two paragraphs) thereafter be entitled to receive solely the
Purchase Price, together with accrued but unpaid interest (including Contingent
Interest and Additional Amounts, if any) thereon, to and including the
applicable Purchase Date with respect to such Debenture. Such Purchase Price,
together with accrued but unpaid interest (including Contingent Interest and
Additional Amounts, if any) thereon, to and not including the applicable
Purchase Date shall be paid to such Holder, subject to receipt of funds by the
Paying Agent, promptly following the later of (x) the applicable Purchase Date
(provided that the conditions in Section 3.16 have been satisfied) and (y) the
book-entry transfer or time of delivery of such Debenture to the Paying Agent by
the Holder thereof in the manner required by Section 3.16(c). Debentures in
respect of which a Purchase Acceptance Notice has

                                     - 7 -
<PAGE>
been given by the Holder thereof may not be converted pursuant to Article 11A
hereof on or after the date of the delivery of such Purchase Acceptance Notice
unless such Purchase Acceptance Notice has first been validly withdrawn as
specified in the following two paragraphs.

      A Purchase Acceptance Notice may be withdrawn by means of a written notice
of withdrawal delivered to the office of the Paying Agent in accordance with the
Purchase Acceptance Notice prior to the close of business on the applicable
Purchase Date. The notice of withdrawal must state:

      (i) the principal amount of the Debentures with respect to which such
notice of withdrawal is being submitted;

      (ii) if certificated Debentures have been issued, the certificate numbers
of the withdrawn Debentures; and

      (iii) the principal amount, if any, of such Debenture which remains
subject to the original Purchase Acceptance Notice and which has been or will be
delivered for purchase by the Company.

      The Company shall not purchase any of the Debentures pursuant to Section
3.16 if there has occurred, prior to, on or after, as the case may be, the
giving, by the Holders of such Debentures, of the required Purchase Acceptance
Notice, and is continuing an Event of Default (other than a default in the
payment of the Purchase Price). The Paying Agent will promptly return to the
respective Holders thereof any Debentures (x) with respect to which a Purchase
Acceptance Notice has been withdrawn in compliance with this Indenture, or (y)
held by it during the continuance of an Event of Default (other than a default
in the payment of the Purchase Price) in which case, upon such return, the
Purchase Acceptance Notice with respect thereto shall be deemed to have been
withdrawn.

      3.18 Deposit of Purchase Price.

      No later than the first Business Day following each Purchase Date, the
Company shall deposit with the Paying Agent (or, if the Company or a subsidiary
or an Affiliate of either of them is acting as the Paying Agent, shall segregate
and hold in trust as provided in Section 2.04) an amount of money (in
immediately available funds) sufficient to pay the aggregate Purchase Price,
together with accrued but unpaid interest (including Contingent Interest and
Additional Amounts, if any) thereon to and including the Purchase Date, of all
the Debentures or portions thereof purchased as of the Purchase Date.

      If the Paying Agent holds money sufficient to pay the Purchase Price of
the Debentures on the first Business Day following a Purchase Date, then, after
such Purchase Date: (a) such Debentures (or portions thereof) will cease to be
outstanding and interest will cease to accrue (whether or not book-entry
transfer of the Debentures has been made or the Debentures have been delivered
to the Paying Agent); and (b) all other rights of the Holders will terminate
(other than the right to receive the Purchase Price upon transfer or delivery of
the Debentures).

                                     - 8 -
<PAGE>
      3.19 Repayment to the Company.

      The Paying Agent shall return to the Company any cash that remains
unclaimed as provided in paragraph 6A of the Debentures, together with interest
or dividends, if any, thereon, held by it for the payment of the Purchase Price
and accrued but unpaid interest (including Contingent Interest and Additional
Amounts, if any); provided, however, that to the extent that the aggregate
amount of cash deposited by the Company pursuant to Section 3.18 exceeds the
aggregate Purchase Price of the Debentures or portions thereof which the Company
is obligated to purchase as of the Purchase Date and accrued but unpaid interest
thereon (including Contingent Interest and Additional Amounts, if any), then,
unless otherwise agreed in writing with the Company, promptly after the Purchase
Date, the Paying Agent shall return any such excess to the Company."

      Section 2.07 Amendment to Section 3.15 of the Indenture. Section 3.15 of
the Indenture is hereby amended from and after the Effective Time so that each
reference to "Section 3.11" is replaced with a reference to "Section 3.11 or
3.16".

      Section 2.08 Addition of Section 4.09 to the Indenture. The Indenture is
hereby amended from and after the Effective Time to add the following Section
4.09:

      4.09 Normal Call Premium.

      "Amounts paid upon conversion of a Debenture by a Holder pursuant to
      Section 11A.01 hereof that exceed the "adjusted issue price" (as defined
      in Treasury Regulation Section 1.1275-1(b)) of such Debenture shall be
      deemed to be a call premium specified in dollars under the terms of this
      Indenture, but such deemed amounts shall not exceed the greater of (i) a
      normal call premium on a nonconvertible obligation which is comparable to
      such Debenture, determined under Treasury Regulation Section 1.249-1(d)
      (or any successor thereto) and (ii) an amount, determined under Treasury
      Regulation Section 1.249-1(e) (or any successor thereto), that is
      attributable to the cost of borrowing and is not attributable to the
      conversion feature."

      Section 2.09 Addition of Paragraph 6A to the Debentures. A new paragraph
6A is hereby added to the Debentures, which shall read in its entirety as
follows:

      "6A. PURCHASE AT THE OPTION OF THE HOLDER FOR CASH. After the Effective
Time, at the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall become obligated to purchase the Debentures held by
such Holder on each of October 28, 2008, October 28, 2010 and October 28, 2013
(each, a "PURCHASE DATE") for a Purchase Price equal to 100% of the principal
amount thereof, plus accrued but unpaid interest (including Contingent Interest
and Additional Amounts, if any) thereon, up to and including the applicable
Purchase Date. Holders have the right to withdraw any Purchase Acceptance Notice
by delivering to the Paying Agent a written notice of withdrawal in accordance
with the provisions of the Indenture.

                                     - 9 -
<PAGE>
      If cash sufficient to pay the Purchase Price on all Debentures or portions
thereof to be purchased as of a Purchase Date is held by the Paying Agent within
one Business Day following such Purchase Date, interest (including Contingent
Interest and Additional Amounts, if any) shall cease to accrue on such
Debentures (or portions thereof) after such Purchase Date (whether or not
book-entry transfer of the Debentures has been made or the Debentures have been
delivered to the Paying Agent), and the Holder thereof shall have no other
rights as such other than the right to receive the Purchase Price upon surrender
of such Debentures."

      Section 2.10 Addition of Form of Purchase Acceptance Notice to the
Debentures. The Debentures are amended from and after the Effective Time to add
the following "Form of Purchase Acceptance Notice" after the "Form of Holder
Change of Control Acceptance Notice" on the reverse of the Debentures:

                                     - 10 -
<PAGE>
                       FORM OF PURCHASE ACCEPTANCE NOTICE

TO:   GREY GLOBAL GROUP INC.
      c/o WPP Group USA, Inc.
      125 Park Avenue
      New York, NY  10017
      Attn:  Corporate Secretary
      Telecopier No.  (212) _______

      The undersigned registered owner of this Debenture hereby irrevocably
acknowledges receipt of a notice from Grey Global Group Inc. (the "COMPANY") as
to an upcoming Purchase Date and requests and instructs the Company to repay the
entire principal amount of this Debenture, or the portion thereof (the principal
amount of which is an integral multiple of $1,000) below designated, in
accordance with the terms of this Debenture and the Indenture referred to in
this Debenture, together with accrued but unpaid interest (including Contingent
Interest and Additional Amounts, if any) to, but excluding, such date, to the
registered holder hereof.

Dated:___________________                Your Name: __________________________
                                         (Print your name exactly as it
                                         appears on the face of this
                                         Debenture)

                                         Your Signature:

                                         _____________________________________
                                         (Sign exactly as your name
                                         appears on the face of this
                                         Debenture)

                                         Signature Guarantee*: _______________

                                         Social Security or other Taxpayer
                                         Identification Number: ______________

                                         DTC Participant Number: _____________

           Certificate Number: _________________

*Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

Principal amount to be repaid (if less than all): $_____________________________

                                     - 11 -
<PAGE>
                                   ARTICLE 3

                          CONVERSION OF THE SECURITIES

      Section 3.01 Amendment to Article 11. Article 11 of the Indenture is
hereby amended to add the following:

      "11.15 Effectiveness.

      This Article 11 shall be null and void and have no further force and
      effect from and after the Effective Time."

      Section 3.02 Addition of Article 11A. The Indenture is hereby amended to
add the following Article 11A in satisfaction of the requirements of Section
11.11 of the Indenture in connection with the Merger:

                                  "ARTICLE 11A

                          CONVERSION OF THE SECURITIES

11A.01 Conversion Privilege.

      Subject to the provisions of this Article 11A, a Holder may at any time
after the Effective Time, prior to the close of business on the Business Day
immediately preceding October 15, 2033 (the "CONVERSION EXPIRATION DATE")
convert each $1,000 principal amount of Debentures into (i) the Cash Conversion
Amount in cash and (ii) WPP ADSs representing a number of WPP Ordinary Shares
equal to the Stock Conversion Amount divided by the Conversion Price in effect
on the applicable Conversion Date. The "CONVERSION PRICE" shall, after the
Effective Time, be initially equal to the Initial Post-Merger Conversion Price,
subject to adjustment pursuant to Section 11A.06.

      "CASH CONVERSION AMOUNT" shall be equal to (x) $1,045.60 multiplied by (y)
one (1) minus the Proration Percentage.

      "INITIAL POST-MERGER CONVERSION PRICE" shall be equal to $8.84 per WPP
Ordinary Share.

      "PRORATION PERCENTAGE" shall be equal to the result (expressed as a
decimal) obtained by dividing (x) the number of Stock Electing Shares (as
defined in the Merger Agreement as in effect as of February 21, 2005) converted
in the Merger into the right to receive WPP ADSs or WPP Ordinary Shares, divided
by (y) the total number of Stock Electing Shares; provided, that the Proration
Percentage shall not be less than 0.5 nor more than 1.00 and if the total number
of Stock Electing Shares is 0 then the Proration Percentage shall be 1.00.

      "STOCK CONVERSION AMOUNT" shall be equal to (x) $1,000 multiplied by (y)
the Proration Percentage.

                                     - 12 -
<PAGE>
      As promptly as practicable after the Effective Time, WPP shall give
written notice (the "MERGER CONSIDERATION NOTICE") to the Trustee and make a
public announcement setting forth the Effective Time, the Proration Percentage,
the Cash Conversion Amount and the Stock Conversion Amount.

      A Debenture in respect of which a Holder elects to exercise its option to
require repurchase pursuant to Section 3.11 or 3.16 may be converted only if
such Holder withdraws its election in accordance with Section 3.11(d) and
Section 3.12 or Section 3.16(c) and Section 3.17, as applicable. A Holder of
Debentures is not entitled to any rights of a holder of WPP ADSs until such
Holder has converted its Debentures to WPP ADSs, and only to the extent such
Debentures are deemed to have been converted to WPP ADSs under this Article 11A.

      The "LAST REPORTED SALE PRICE" of the WPP Ordinary Shares on any date
means the closing sale price per share (or if no closing sale price is reported,
the average of the bid and asked prices or, if more than one in either case, the
average of the average bid and the average asked prices) on such date as
reported by The London Stock Exchange or, if the WPP Ordinary Shares are not
reported by The London Stock Exchange, as reported in composite transactions for
the principal securities exchange on which the WPP Ordinary Shares are traded.
If the WPP Ordinary Shares are not reported by The London Stock Exchange and not
listed for trading on a securities exchange on the relevant date, the "LAST
REPORTED SALE PRICE" of the WPP Ordinary Shares will be the average of the
mid-point of the last bid and asked prices for the WPP Ordinary Shares on the
relevant date quoted by each of at least three independent nationally recognized
investment banking firms selected by WPP for this purpose. The "Last Reported
Sale Price" of the WPP ADSs on any date means the closing sale price per share
(or if no closing sale price is reported, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) on such date as reported by The Nasdaq National Market
or, if the WPP ADSs are not reported by The Nasdaq National Market, as reported
in composite transactions for the principal U.S. securities exchange on which
the WPP ADSs are traded. If the WPP ADSs are not reported by The Nasdaq National
Market and not listed for trading on a U.S. national or regional securities
exchange on the relevant date, the "last reported sale price" will be the last
quoted bid price for the WPP ADSs in the over-the-counter market on the relevant
date as reported by the National Quotation Bureau Incorporated or similar
organization. If the WPP ADSs are not so quoted, the "Last Reported Sale Price"
will be the average of the mid-point of the last bid and asked prices for the
WPP ADSs on the relevant date quoted by each of at least three independent
nationally recognized investment banking firms selected by WPP for this purpose.

      A "TRADING DAY" means, with respect to WPP Ordinary Shares, a day during
which trading in securities generally occurs on The London Stock Exchange or, if
the WPP Ordinary Shares are not then listed on The London Stock Exchange, on the
principal other securities exchange on which the WPP Ordinary Shares are then
listed or, if the WPP Ordinary Shares are not then listed on a securities
exchange, on the principal other market on which the WPP Ordinary Shares are
then traded. A "Trading Day" with respect to the WPP ADSs means a day during
which trading in securities generally occurs on The Nasdaq National Market or,
if the WPP ADSs are not then listed on The Nasdaq National Market, on the
principal other U.S.

                                     - 13 -
<PAGE>
national or regional securities exchange on which the WPP ADSs are then listed
or, if the WPP ADSs are not then listed on a national or regional securities
exchange, on the principal other market on which the WPP ADSs are then traded.

      A "DIVIDEND PAYMENT PERIOD" shall commence on each date on which WPP has
announced that it (i) will make a Below Market Issuance, (ii) will distribute a
Cash Dividend or an Asset Distribution, which distribution has a per share value
as determined in good faith by the WPP Board of Directors exceeding 10% of the
Last Reported Sale Price of WPP Ordinary Shares on the trading day immediately
preceding the declaration date for such distribution or (iii) has commenced a
Tender Offer, and end on the earlier of (a) the close of business on the
business day immediately prior to the ex-dividend date with respect to such
distribution or dividend (or in the case of a Tender Offer, at the close of
business on the Business Day immediately prior to the expiration of the Tender
Offer) and (b) the close of business on the first business day after the day on
which WPP makes a public announcement that such distribution or dividend will
not be issued or that such Tender Offer has been terminated.

      A Holder may convert a portion of a Debenture equal to $1,000 or any
integral multiple thereof. Provisions of this Indenture that apply to conversion
of all of a Debenture also apply to conversion of a portion of a Debenture.

      If a Debenture is called for redemption pursuant to Article 3, the right
to convert such Debenture shall terminate at the close of business on the second
Business Day before the Redemption Date for such Debenture (unless the Company
shall default in making the redemption payment then due, in which case the
conversion right shall terminate on the date such Default is cured and such
Debenture is redeemed).

11A.02 Conversion Procedure.

      To convert a Debenture after the Effective Time, a Holder must satisfy the
requirements in paragraph 8 of the Debentures and (i) complete and manually sign
the irrevocable conversion notice on the back of the Debenture and deliver such
notice to the Conversion Agent, (ii) surrender the Debenture to the Conversion
Agent, (iii) furnish appropriate endorsements and transfer documents if required
by the Registrar or the Conversion Agent, (iv) pay any transfer or other tax, if
required by Section 11A.04 and (v) if the Debenture is held in book-entry form,
complete and deliver to the Depositary appropriate instructions pursuant to the
Depositary's book-entry conversion programs. After the Effective Time, the date
on which the Holder satisfies all of the foregoing requirements is the
"Conversion Date." As soon as practicable after the Conversion Date and in any
event within five Business Days, WPP shall deliver to the Holder through the
Conversion Agent (a) either a receipt or a book entry notation of the number of
whole WPP ADSs issuable upon the conversion pursuant to Section 11A.05, (b) the
aggregate Cash Conversion Amount payable upon such conversion and (c) cash in
lieu of any fractional WPP ADSs.

      After the Effective Time, the Person in whose name the Debenture is
registered shall be deemed to be a holder on the Conversion Date of the WPP ADSs
for which the Debenture is converted on such Conversion Date; provided, however,
that no surrender of a Debenture on any

                                     - 14 -
<PAGE>
date when the transfer books relating to the WPP ADSs shall be closed shall be
effective to constitute the Person or Persons entitled to receive WPP ADSs upon
such conversion as the registered holder or holders of such WPP ADSs on such
date, but such surrender shall be effective to constitute the Person or Persons
entitled to receive such WPP ADSs as the registered holder or holders thereof
for all purposes at the close of business on the next succeeding day on which
such transfer books are open; provided, further, that such conversion shall be
at the Conversion Price in effect on the date that such Debenture shall have
been surrendered for conversion, as if such transfer books had not been closed.
Upon conversion of a Debenture, such Person shall no longer be a Holder of such
Debenture.

      Accrued interest (including Contingent Interest, accrued Tax Original
Issue Discount and Additional Amounts, if any) on a Debenture shall not be
cancelled, extinguished or forfeited but rather shall, except as otherwise set
forth herein, be deemed paid by an applicable portion of the WPP ADSs issued
upon conversion of such Debenture. Except as set forth in the preceding
sentence, no payment or adjustment will be made for accrued interest (including
Contingent Interest or Additional Amounts, if any) on a converted Debenture or
for dividends or distributions on WPP ADSs issued upon conversion of a Debenture
(provided that the WPP ADSs received upon conversion of Debentures shall
continue to accrue Additional Amounts, as applicable, in accordance with the
Registration Rights Agreement and shall be entitled to receive, at the next
Interest Payment Date, any accrued but unpaid Additional Amounts with respect to
the converted Debentures), but if any Holder surrenders a Debenture for
conversion between the record date for the payment of an installment of interest
and the next Interest Payment Date, then, notwithstanding such conversion, the
interest (including Contingent Interest or Additional Amounts, if any), payable
on such Interest Payment Date shall be paid to the Holder of such Debenture on
such Interest Payment Date. In such event, such Debenture, when surrendered for
conversion, must be accompanied by delivery of a check payable to the Conversion
Agent in an amount equal to the interest (including Contingent Interest or
Additional Amounts, if any), payable on such Interest Payment Date on the
portion so converted. If such payment does not accompany such Debenture, the
Debenture shall not be converted; provided, however, that no such check shall be
required if such Debenture has been called for redemption on a redemption date
within the period between and including such record date and such Interest
Payment Date, or if such Debenture is surrendered for conversion on the Interest
Payment Date. If the Company defaults in the payment of interest (including
Contingent Interest or Additional Amounts, if any) payable on the Interest
Payment Date, the Conversion Agent shall repay such funds to the Holder.

      No fractional WPP ADSs shall be issued upon conversion of Debentures. If
more than one Debenture shall be surrendered for conversion at one time by the
same holder, the number of full WPP ADSs that shall be issuable upon conversion
shall be computed on the basis of the aggregate principal amount of the
Debentures (or specified portions thereof to the extent permitted hereby) so
surrendered. If any fractional WPP ADS would be issuable upon the conversion of
any Debenture or Debentures, WPP shall make a payment in lieu thereof in cash
based on the current WPP Market Price of a WPP ADSs on the Conversion Date.

                                     - 15 -
<PAGE>
      Upon surrender of a Debenture that is converted in part, the Company and
WPP shall execute, and the Trustee shall authenticate and deliver to the Holder,
a new Debenture equal in principal amount to the unconverted portion of the
Debenture surrendered.

11A.03 Adjustments Below Nominal Value.

      Before taking any action which would cause an adjustment decreasing the
Conversion Price so that the WPP Ordinary Shares represented by the WPP ADSs
issuable upon conversion of the Debentures would be issued for less than the
nominal value of such WPP Ordinary Shares, WPP will take all corporate action
which may be necessary in order that WPP may validly and legally issue fully
paid or credited as fully paid and nonassessable shares of such WPP Ordinary
Shares represented by WPP ADSs issuable upon conversion of the Debentures at
such adjusted Conversion Price.

11A.04 Taxes on Conversion.

      If a Holder converts a Debenture, the Company or WPP shall pay any
documentary, stamp or similar issue or transfer tax due on the issue of WPP
Ordinary Shares or WPP ADSs upon such conversion. However, the Holder shall pay
any such tax which is due because the Holder requests the shares to be issued in
a name other than the Holder's name. Each of the Company, WPP, the depositary
for the WPP ADSs and the Conversion Agent may refuse to deliver the WPP Ordinary
Shares or receipts representing the WPP ADSs being issued in a name other than
the Holder's name until the Conversion Agent receives a sum sufficient to pay
any tax which will be due because the shares are to be issued in a name other
than the Holder's name. Nothing herein shall preclude any tax withholding
required by law or regulations.

11A.05 WPP to Provide WPP Ordinary Shares and WPP ADSs.

      WPP shall from time to time after the Effective Time as may be necessary,
reserve, out of its authorized but unissued WPP Ordinary Shares, a sufficient
number of WPP Ordinary Shares to permit the conversion of all outstanding
Debentures into WPP ADSs issuable upon conversion of the Debentures.

      The WPP ADSs to be issued upon conversion of Debentures bearing a legend
as provided in Section 2.06(f) shall bear a legend substantially in the
following form:

            "THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
      ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT
      BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
      REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED
      THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE
      PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
      THEREUNDER.

                                     - 16 -
<PAGE>
            THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY
      THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
      TRANSFERRED, ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
      QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
      SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
      (II) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
      PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (III) PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
      CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
      OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH
      SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY
      FROM THE HOLDER OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE."

      WPP covenants that all WPP Ordinary Shares represented by the WPP ADSs
delivered upon conversion of the Debentures shall be newly issued shares or
treasury shares, shall be duly authorized, validly issued, and fully paid or
credited as fully paid, and no further contribution in respect thereof will be
required to be made to WPP by the holders thereof when issued, and shall be free
from preemptive rights and free of any lien or adverse claim. WPP shall take
such action from time to time as shall be necessary so that the aggregate
nominal value of the WPP Ordinary Shares issued upon conversion of any Debenture
or underlying the WPP ADSs issued upon conversion of any Debentures shall at all
times be equal to or less than the Conversion Price then in effect.

      WPP shall cause adequate availability to be maintained under a
Registration Statement with respect to the WPP ADSs as necessary to allow
conversion of the Debentures.

      WPP will endeavor promptly to comply with all federal and state securities
laws regulating the offer and delivery of WPP Ordinary Shares or WPP ADSs upon
conversion of Debentures, if any, and will list or cause to have quoted such WPP
Ordinary Shares and WPP ADSs on each national securities exchange or in the
over-the-counter market or such other market on which the WPP Ordinary Shares or
WPP ADSs are then listed or quoted.

11A.06 Adjustment of Conversion Price.

      The Conversion Price shall be adjusted from time to time in connection
with the occurrence of any of the following events after the Effective Time,
without duplication, as follows:

            (a) In case WPP shall pay or make a dividend or other distribution
      on WPP Ordinary Shares in WPP Ordinary Shares to all or substantially all
      holders of WPP Ordinary Shares, then the Conversion Price in effect at the
      opening of business on the day following the date fixed for the
      determination of shareholders entitled to receive such dividend or other
      distribution shall be reduced by multiplying such Conversion Price by a
      fraction the numerator of which shall be the number of WPP Ordinary Shares
      outstanding

                                     - 17 -
<PAGE>
      at the close of business on the date fixed for such determination and the
      denominator of which shall be the sum of such number of shares and the
      total number of shares constituting such dividend or other distribution,
      such reduction to become effective immediately after the opening of
      business on the day following the date fixed for such determination. For
      the purposes of this subparagraph (a), the number of WPP Ordinary Shares
      at any time outstanding shall not include shares held in the treasury of
      WPP (except to the extent such dividend or distribution is being made with
      respect to such shares) but shall include shares issuable in respect of
      scrip certificates issued in lieu of fractions of WPP Ordinary Shares.

            (b) In case the outstanding WPP Ordinary Shares shall be subdivided
      into a greater number of WPP Ordinary Shares, then the Conversion Price in
      effect at the opening of business on the day following the day upon which
      such subdivision becomes effective shall be proportionately reduced, and,
      conversely, in case the outstanding WPP Ordinary Shares shall be combined
      into a smaller amount of WPP Ordinary Shares, then the Conversion Price in
      effect at the opening of business on the day following the day upon which
      such combination becomes effective shall be proportionately increased,
      such reduction or increase, as the case may be, to become effective
      immediately after the opening of business on the day following the day
      upon which such subdivision or combination becomes effective.

            (c) In case WPP shall issue to all or substantially all holders of
      its WPP Ordinary Shares, rights, warrants or options entitling such
      holders (for a period commencing no earlier than the record date described
      below and expiring not more than 60 days after such record date) to
      subscribe for or purchase WPP Ordinary Shares (or securities convertible
      into WPP Ordinary Shares) at a price per share less than the WPP Market
      Price with respect to the WPP Ordinary Shares at the record date for the
      determination of shareholders entitled to receive such rights, warrants or
      options (a "BELOW MARKET ISSUANCE"), the Conversion Price in effect
      immediately prior thereto shall be adjusted so that the Conversion Price
      shall equal the price determined by multiplying the Conversion Price in
      effect immediately prior to such record date by a fraction, the numerator
      of which shall be the number of WPP Ordinary Shares outstanding on such
      record date, plus the number of shares that the aggregate subscription or
      purchase price for the total number of WPP Ordinary Shares offered by the
      rights, warrants or options so issued (or the aggregate conversion price
      of the convertible securities offered by such rights, warrants or options)
      would purchase at such WPP Market Price, and the denominator of which
      shall be the number of WPP Ordinary Shares outstanding on such record date
      plus the number of additional WPP Ordinary Shares offered by such rights,
      warrants or options (or into which the convertible securities so offered
      by such rights, warrants or options are convertible). Such adjustment
      shall be made successively whenever any such rights, warrants or options
      are issued, and shall become effective immediately after such record date.
      If at the end of the period during which such rights, warrants or options
      are exercisable not all rights, warrants or options shall have been
      exercised, the adjusted Conversion Price shall be immediately readjusted
      to what it would have been upon application of the foregoing adjustment
      substituting the

                                     - 18 -
<PAGE>
      number of additional WPP Ordinary Shares actually issued (or the number of
      WPP Ordinary Shares issuable upon conversion of convertible securities
      actually issued) for the total number of shares of WPP Ordinary Shares
      offered (or the convertible securities offered).

            (d) In case WPP shall distribute to all or substantially all holders
      of WPP Ordinary Shares (i) WPP's equity securities (other than WPP
      Ordinary Shares), (ii) evidences of WPP's indebtedness and/or (iii) other
      assets (including securities, but excluding (1) any rights, warrants or
      options referred to in clause (c) above, (2) any rights or warrants to
      acquire any capital stock of any entity other than WPP, (3) any dividends
      or distributions in connection with WPP's liquidation, dissolution or
      winding-up, (4) any dividends payable solely in cash that may from time to
      time be declared by the WPP Board of Directors and (5) any dividends or
      distributions referred to in clause (a) above) (each of (i) , (ii) and
      (iii) , an "ASSET DISTRIBUTION"), in which case, the Conversion Price
      shall be adjusted so that the adjusted Conversion Price shall equal the
      number determined by multiplying the Conversion Price in effect on the
      record date with respect to the Asset Distribution by the fraction of
      "A/B," where "A" is equal to the Last Reported Sale Price (as defined
      above) of WPP Ordinary Shares on such record date minus the fair market
      value on such record date (as determined in good faith by WPP Board of
      Directors, whose determination shall be conclusive evidence of such fair
      market value) of the portion of the Asset Distribution applicable to one
      share of WPP Ordinary Shares, and "B" is equal to such Last Reported Sale
      Price.

            (e) In case WPP shall distribute or dividend to all or substantially
      all holders of WPP Ordinary Shares, cash (a "CASH DIVIDEND") that when
      combined with all other Cash Dividends paid with respect to such calendar
      year with respect to which such Cash Dividend is paid exceeds the
      applicable Per Share Dividend Threshold (the amount of such excess, the
      "EXCESS DIVIDEND") the Conversion Price shall be reduced so that the
      adjusted Conversion Price shall equal the number determined by multiplying
      the Conversion Price in effect on the record date with respect to the Cash
      Dividend by the fraction of "B/A," where "A" is equal to the Last Reported
      Sale Price of WPP Ordinary Shares on such record date, and "B" is equal to
      such last reported sale price minus the amount of Excess Dividend
      applicable to one WPP Ordinary Share. The "PER SHARE DIVIDEND THRESHOLD"
      shall be equal to the total amount of pence sterling per WPP Ordinary
      Share actually paid by WPP as a cash dividend per WPP Ordinary Share with
      respect to calendar year 2004; and with respect to each subsequent
      calendar year, the Per Share Dividend Threshold shall be equal to the Per
      Share Dividend Threshold applicable to the prior calendar year multiplied
      by 1.125; provided, however, that the Per Share Dividend Threshold shall
      be appropriately adjusted from time to time for any stock dividends on or
      subdivisions or combinations of or other similar events with respect to
      WPP Ordinary Shares. WPP shall provide notice to the Trustee of the total
      amount of pence sterling per WPP Ordinary Share actually paid by WPP as a
      cash dividend per WPP Ordinary Share with respect to calendar year 2004
      promptly after payment of WPP's final dividend with respect to calendar
      2004. For purposes hereof, the phrase

                                     - 19 -
<PAGE>
      "dividends paid with respect to" a calendar year shall mean dividends
      specifically paid out of the earnings of such calendar year.

            (f) In case a tender or exchange offer (a "TENDER OFFER") made by
      WPP or any subsidiary of WPP for all or any portion of the WPP Ordinary
      Shares shall expire and such Tender Offer (as amended as of the expiration
      thereof) shall require the payment to holders of WPP Ordinary Shares of
      consideration per WPP Ordinary Share having a cash and fair market value
      and any other consideration included in such payment per WPP Ordinary
      Share (as determined by the WPP Board of Directors, whose determination
      shall be conclusive and described in a resolution of the WPP Board of
      Directors) that as of the last time (the "EXPIRATION TIME") tenders or
      exchanges may be made pursuant to such Tender Offer (as it may be amended)
      exceeds the first reported sale price per WPP Ordinary Share on the
      Trading Day next succeeding the Expiration Time, the Conversion Price
      shall be decreased so that the same shall equal the price determined by
      multiplying the Conversion Price in effect immediately prior to the
      Expiration Time by a fraction,

            (i) the numerator of which shall be the number of WPP Ordinary
      Shares outstanding (including any tendered or exchanged shares) at the
      Expiration Time multiplied by the Last Reported Sale Price of a WPP
      Ordinary Share on the Trading Day next succeeding the Expiration Time, and

            (ii) the denominator of which shall be the sum of (x) the fair
      market value (determined as aforesaid) of the aggregate consideration
      payable to holders of WPP Ordinary Shares based on the acceptance (up to
      any maximum specified in the terms of the tender or exchange offer) of all
      shares validly tendered or exchanged and not withdrawn as of the
      Expiration Time (the shares deemed so accepted up to any such maximum,
      being referred to as the "PURCHASED SHARES") and (y) the product of the
      number of WPP Ordinary Shares outstanding (less any Purchased Shares) at
      the Expiration Time and the Last Reported Sale Price of a WPP Ordinary
      Share on the Trading Day next succeeding the Expiration Time,

such adjustment to become effective immediately prior to the opening of business
on the day following the Expiration Time. If WPP is obligated to purchase shares
pursuant to any such Tender Offer, but WPP is permanently prevented by
applicable law from effecting any such purchases or all such purchases are
rescinded, the Conversion Price shall again be adjusted to be the Conversion
Price that would then be in effect if such Tender Offer had not been made.

      If an adjustment is required to be made as set forth in Section 11A.06(f)
above, such adjustment shall be calculated based upon the amount by which the
aggregate consideration paid for WPP Ordinary Shares acquired in the Tender
Offer exceeds the value of such shares based on the first reported sale price of
WPP Ordinary Shares on the Trading Day next succeeding the Expiration Time.

11A.07 No Adjustment.

                                     - 20 -
<PAGE>
      No adjustment in the Conversion Price shall be required under Section
11A.06 unless the adjustment would require an increase or decrease of at least
1% in the Conversion Price then in effect; provided, however, that any
adjustment which by reason of this Section 11A.07 is not required to be made
shall be carried forward and taken into account in any subsequent adjustment.

      With respect to Sections 11A.06(d) and (e) hereof, no adjustment to the
Conversion Price shall be made if WPP provides that Holders of Debentures will
participate in the Asset Distribution or the Cash Dividend, as applicable, on an
as-converted basis without conversion. Furthermore, if the numerator of the
fraction described in Sections 11A.06(d) and (e) hereof is less than 1 United
Kingdom pence (including a negative amount) then in lieu of any adjustment of
the Conversion Price, WPP shall make adequate provision so that each Holder of
Debentures shall have the right to receive upon conversion, in addition to the
cash and WPP ADSs issuable upon such conversion, the distribution or dividend
such Holder would have received had such Holder converted such Debentures
immediately prior to the record date for such distribution or dividend. In the
case where this Indenture provides that a Conversion Price adjustment is
effective upon the record date for a distribution or dividend, if the
distribution or dividend is not so paid or made, the Conversion Price shall
again be adjusted to be the Conversion Price that would then be in effect if
such distribution or dividend had not been declared.

11A.08 Equivalent Adjustments.

      If, as a result of an adjustment made pursuant to Section 11A.06 above,
the holder of any Debenture 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 Conversion Price of such other
shares so receivable upon conversion of any Debentures 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 contained in
this Article 11A.

11A.09 Notice of Adjustment.

      Whenever the Conversion Price is adjusted pursuant to Section 11A.06, or
Holders become entitled to other securities or due bills, WPP shall promptly
mail to Holders 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. The certificate shall be conclusive evidence of the
correctness of such adjustment and the Trustee may conclusively assume that,
unless and until such certificate is received by it, no such adjustment is
required.

11A.10 Notice of Certain Transactions

      After the Effective Time, WPP shall give notice to the Holders of record
of the Debentures of the pending occurrence of each Below Market Issuance, Cash
Dividend and Asset Distribution not less than twenty Business Days prior to the
ex-dividend date for such distribution and notice to the Holders of record of
the Debentures of the occurrence of each Change of Control within twenty
Business Days after WPP obtains knowledge of such occurrence of a Change of
Control.

                                     - 21 -
<PAGE>
      WPP shall cause any such notice to be filed with the Trustee and the
Conversion Agent and to be mailed to each Holder of Debentures at its address
appearing on the list provided for in Section 2.05, as promptly as possible but
in any event at least ten days prior to the applicable date hereinafter
specified, a notice stating (x) the date on which a record of the holders of WPP
ADSs is to be taken for the purpose of such transaction, or, if a record is not
to be taken, the date as of which the holders of WPP ADSs are to be determined,
or (y) the date on which such transaction is expected to become effective or
occur, and the date as of which it is expected that holders of WPP ADSs of
record shall be entitled to exchange their WPP ADSs for securities or other
property deliverable upon such transaction. Notwithstanding anything in this
paragraph to the contrary, neither WPP nor the Company shall not be obligated
under this Indenture to provide notice to Holders of a Change of Control, other
than as set forth in the preceding paragraph.

11A.11 Effect of Reclassification, Consolidation, Merger, Share Exchange or Sale
on Conversion Privilege.

      If any of the following shall occur after the Effective Time, namely (i)
any reclassification or change of outstanding WPP Ordinary Shares (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination); (ii) any
consolidation, combination, merger, scheme of arrangement or share exchange to
which WPP is a party other than a merger or scheme of arrangement in which WPP
is the continuing corporation and that does not result in any reclassification
of, or change (other than a change in name, or par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision
or combination) in, outstanding WPP Ordinary Shares; or (iii) any sale or
conveyance of all or substantially all of the assets of WPP, then WPP, or such
successor or purchasing corporation, as the case may be, and the Company shall,
as a condition precedent to such reclassification, change, consolidation,
combination, merger, scheme of arrangement, share exchange, sale or conveyance,
execute and deliver to the Trustee a supplemental indenture providing that the
Holder of each Debenture then outstanding shall have the right to convert such
Debenture into (a) the Cash Conversion Amount and (b) the kind and amount of
shares of capital stock and other securities and property (including cash)
("ACQUIROR SECURITIES") receivable upon such reclassification, change,
consolidation, combination, merger, scheme of arrangement, share exchange, sale
or conveyance by a holder of the number of WPP Ordinary Shares deliverable upon
conversion of such Debenture immediately prior to the record date or effective
date, as applicable, of such reclassification, change, consolidation,
combination, merger, scheme of arrangement, share exchange, sale or conveyance.
Such supplemental indenture shall provide for adjustments of the Conversion
Price that shall be as nearly equivalent as may be practicable to the
adjustments of the Conversion Price provided for in this Article 11A. If, in the
case of any such consolidation, combination, merger, scheme of arrangement,
share exchange, sale or conveyance, the stock or other securities and property
(including cash) receivable thereupon by a holder of WPP Ordinary Shares
includes shares of capital stock or other securities and property of a
corporation other than the successor or purchasing corporation, as the case may
be, in such consolidation, combination, merger, scheme of arrangement, share
exchange, sale or conveyance, then such supplemental indenture shall also be
executed by such other corporation and shall contain such additional provisions
to protect the interests of the Holders of the Debentures as the Board of
Directors of

                                     - 22 -
<PAGE>
the Company and the Board of Directors of WPP shall reasonably consider
necessary by reason of the foregoing. The provision of this Section 11A.11 shall
similarly apply to successive consolidations, combinations, mergers, schemes of
arrangement, share exchanges, sales or conveyances. Notwithstanding the
foregoing, a distribution by WPP to all or substantially all holders of its WPP
Ordinary Shares for which an adjustment to the Conversion Price or provision for
conversion of the Debentures may be made pursuant to Section 11A.06 shall not be
deemed to be a sale or conveyance of all or substantially all of the assets of
WPP for purposes of this Section 11A.11.

      In the event WPP shall execute a supplemental indenture pursuant to this
Section 11A.11, WPP shall promptly file with the Trustee an Opinion of Counsel
stating that such supplemental indenture is authorized or permitted by this
Indenture and 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 Debentures upon the conversion of their Debentures
after any such reclassification, change, consolidation, combination, merger,
scheme of arrangement, share exchange, sale or conveyance, any adjustment to be
made with respect thereto and that all conditions precedent have been complied
with.

11A.12 Trustee's Disclaimer.

      The Trustee has no duty to determine when an adjustment under this Article
11A should be made, how it should be made or what such adjustment should be
made, 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 11A.09. The Trustee shall not be accountable for and makes no
representation as to the validity or value of any securities or assets issued
upon conversion of Debentures, and the Trustee shall not be responsible for
WPP's failure to comply with any provisions of this Article 11A. Each Conversion
Agent (other than WPP or an Affiliate of WPP) shall have the same protection
under this Section 11A.12 as the Trustee.

      The Trustee shall not be under any responsibility to determine the
correctness of any provisions contained in any supplemental indenture executed
pursuant to Section 11A.11, 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 11A.11.

11A.13 Voluntary Reduction.

      WPP may, from time to time after the Effective Time, to the extent
permitted by law and The Nasdaq Stock Market Marketplace Rules, reduce the
Conversion Price by any amount for any period of at least 20 Business Days, in
which case WPP shall give at least fifteen (15) days' notice of such reduction.
In particular, WPP may, at its option after the Effective Time, make such
reduction in the Conversion Price, in addition to those set forth in Section
11A.06, as it deems advisable to avoid or diminish any income tax to holders of
WPP Ordinary Shares resulting from any dividend or distribution of stock (or
rights to acquire stock) or from any event treated as such for tax purposes or
for any other reasons.

                                     - 23 -
<PAGE>
11A.14 Simultaneous Adjustments.

      In the event that this Article 11A requires adjustments to the Conversion
Price under more than one of the subsections of Section 11A.06, and the record
dates for the distributions giving rise to such adjustments shall occur on the
same date, or if more than one event requiring adjustment pursuant to Section
11A.06 shall occur before completing the determination for the Conversion Price
for the first event requiring such adjustment, then in each case, such
adjustments shall be made in such order as determined by the WPP Board of
Directors (whose determination shall, if made in good faith, be conclusive) as
shall preserve for Holders the Conversion Price protection provided in Section
11A.06.

11A.15 Effectiveness; Cross References.

      Following the Effective Time, all references to Article 11 or any Section
thereof shall be deemed to be references to this Article 11A and the respective
Sections hereof."

      Section 3.03 Amendment to Paragraph 8 of the Debenture. Paragraph 8 of the
Debenture is hereby amended to read in its entirety as follows:

      "8. Conversion. Subject to the provisions of Article 11 of the Indenture,
a Holder of a Debenture may convert such Debenture prior to the Effective Time
into shares of Common Stock of the Company if any of the conditions specified in
paragraphs(a) through (e) of Section 11.01 of the Indenture is satisfied, and
subject to the provisions of Article 11A of the Indenture, a Holder of a
Debenture may convert such Debenture from and after the Effective Time into the
Cash Conversion Amount in cash and WPP ADSs representing a number of WPP
Ordinary Shares equal to the Stock Conversion Amount divided by the Conversion
Price; provided, however, that if such Debenture is called for redemption, the
conversion right will terminate on the second Business Day immediately preceding
the Redemption Date of such Debenture (unless the Company shall default in
making the redemption payment when due, in which case the conversion right shall
terminate at the close of business on the date such Default is cured and such
Debenture is redeemed). The initial conversion price prior to the Effective Time
is $961.20 per share of Common Stock, and the initial conversion price from and
after the Effective Time is $8.84 per WPP Ordinary Share, subject to adjustment
under certain circumstances as described in the Indenture (the "CONVERSION
PRICE"). The number of shares of Common Stock issuable upon conversion of a
Debenture prior to the Effective Time is determined by dividing the principal
amount of Debentures converted by the Conversion Price in effect on the
conversion date. The number of WPP Ordinary Shares represented by WPP ADSs
issuable upon conversion of a Debenture from and after the Effective Time is
determined by dividing (a) the Stock Conversion Amount by (b) the Conversion
Price in effect on the conversion date. In the event of a conversion of a
Debenture prior to the Effective Time, the Company has the option, in lieu of
delivering shares of Common Stock, to pay the Holder surrendering such Debenture
an amount of cash determined in accordance with Section 11.02 of the Indenture.
Upon conversion, no adjustment for interest (including Contingent Interest and
Additional Amounts, if any), or dividends will be made. No fractional shares
will be issued upon conversion; in lieu thereof, an amount will be paid in cash
based upon (i) if conversion occurs prior to the Effective Time, the current
Market Price (as defined in the Indenture) of the Common Stock on the last
trading day

                                     - 24 -
<PAGE>
prior to the date of conversion and (ii) if conversion occurs from and after the
Effective Time, the current WPP Market Price (as defined in the Indenture) of
WPP ADSs on the last trading day prior to the date of conversion.

      To convert a Debenture, a Holder must (a) complete and sign the
irrevocable conversion notice set forth below (copies of which may also be
obtained from the Conversion Agent) and deliver such notice to the Conversion
Agent, (b) surrender the Debentures by delivering them to the Conversion Agent,
at the office or agency maintained for such purpose in the Borough of Manhattan,
The City of New York, (c) furnish appropriate endorsements and transfer
documents if required by the Registrar or the Conversion Agent, (d) pay any
transfer or similar tax, if required and (e) if the Debenture is held in
book-entry form, complete and deliver to the Depositary appropriate instructions
pursuant to the Depositary's book-entry conversion programs. Upon satisfaction
of such requirements, the Conversion Agent shall, on behalf of such Holder,
immediately convert such Debentures into, prior to the Effective Time, Common
Stock (unless the Company has elected to pay cash in lieu of delivering shares
of Common Stock) and, from and after the Effective Time, the Cash Conversion
Amount and WPP ADSs representing the number of WPP Ordinary Shares described
above. If a Holder surrenders a Debenture for conversion between the record date
for the payment of an installment of interest and the related Interest Payment
Date, the Debenture must be accompanied by payment of an amount equal to the
interest (including Contingent Interest and Additional Amounts, if any), payable
on such Interest Payment Date on the principal amount of the Debenture or
portion thereof then converted; provided, however, that no such payment shall be
required if such Debenture has been called for redemption on a Redemption Date
within the period between and including such record date and such Interest
Payment Date, or if such Debenture is surrendered for conversion on the Interest
Payment Date. A Holder may convert a portion of a Debenture equal to $1,000 or
any integral multiple thereof.

      A Debenture in respect of which a Holder has delivered a Holder Change of
Control Acceptance Notice exercising the option of such Holder to require the
Company to repurchase such Debenture as provided in Section 3.11 or a Purchase
Acceptance Notice exercising the option of such Holder to require the Company to
repurchase such Debenture as provided in Section 3.16 of the Indenture may be
converted only if such notice of exercise is withdrawn in accordance with the
terms of the Indenture."

                                     - 25 -
<PAGE>
                                   ARTICLE 4

                                  MISCELLANEOUS

      Section 4.01 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.

      Section 4.02 Effectiveness; Relation to Indenture. The provisions of this
Second Supplemental Indenture shall become effective as of the date 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 originally set forth in the 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. The Indenture and this Second
Supplemental Indenture shall be read, taken and construed together as one
instrument.

      Section 4.03 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.

      Section 4.04 Governing Law. This Second Supplemental Indenture shall be
governed by and construed in advance with the law of the State of New York.

      Section 4.05 Trustee. The recitals contained herein shall be taken as the
statements of Abbey, WPP and Grey, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Second Supplemental Indenture.

                                     - 26 -
<PAGE>
      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.

                                    GREY GLOBAL GROUP INC.

                                    By: /s/ Steven G. Felsher
                                        ------------------------------------
                                        Name:  Steven G. Felsher
                                        Title: Vice Chairman

                                    ABBEY MERGER CORPORATION

                                    By: /s/ Kevin Farewell
                                        ------------------------------------
                                        Name:  Kevin Farewell
                                        Title: Secretary

                                    WPP GROUP PLC

                                    By:   /s/ Paul Richardson
                                        ------------------------------------
                                        Name:  Paul Richardson
                                        Title: Group Finance Director

                                    AMERICAN STOCK TRANSFER & TRUST
                                    COMPANY, as Trustee

                                    By:   /s/ Herbert Lemmer
                                        ------------------------------------
                                        Name:  Herbert Lemmer
                                        Title: Vice President

                                     - 27 -

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