PUBLICIS GROUPE: Q3 2013 Revenue

Regulatory News:

Publicis Groupe (Paris:PUB)

3rd Quarter 2013
(EUR million)

• Revenue: 1,675
• Growth (reported): +3.0%
• Organic Growth: +3.5%

At September 30, 2013 (first 9 months)
(EUR million)

• Revenue: 5,026
• Growth (reported): +6.7%
• Organic growth: +3.3%

Maurice Lévy, Chairman and CEO of Publicis Groupe:

"Our third quarter was in line with our internal forecasts despite tensions stemming from Brazil and the situation in Syria. Europe, for the first time this year posted moderate growth.

As for the good news, let’s emphasize our performance in digital activities which grew by 12.3%. As the analog market shrinks, our strategy of focusing development in the digital sector has continued to prove being right.

I would like to pay tribute to our teams, as attuned as ever to our clients, while pursuing efforts to win over new accounts. In the first nine months of the year, we totaled 3.4 billion dollars of new business.

During this third quarter, we also started the merger process of Publicis Groupe and Omnicom announced on July 28. Everything is going to plan, with special mention regarding the filing with the competition authorities, an arduous task well handled by the teams of both groups.

For the purposes of the merger and to simplify our balance sheet, we proposed an early redemption to the holders of Orane bonds.

At their general meeting of October 10, they gave us great support by unanimously approving the entire set of resolutions put before them.

I have to say that their unanimous approval of the proposed merger is an extremely interesting and positive indication of their support for this project.

We will, of course, have to reach crucial milestones in the weeks and months to come, but we are on the right track.

For 2013, we are maintaining our internal objectives of organic growth above the 2.9% achieved in 2012, in the region of 3.5 to 3.6%. However, as is the case every year, the fourth quarter is always somewhat unpredictable given volatility levels at year-end. Caution is required particularly since the global economic situation has come under the threat of government shutdown in the USA. We are nonetheless confident about 2013, confident about our growth and margin performance, and confident about the new page of history we will be writing with our merger of equals alongside Omnicom.”

I. Revenue

• 3^rd quarter 2013
• Reported growth

Publicis Groupe reported consolidated revenue of 1,675 million euro for Q3 2013, i.e. a 3.0% increase on Q3 2012.

Exchange rates had a negative impact of 95 million euro between Q3 2012 and Q3 2013. Reported growth would stand at 9.3% if exchange rates had remained constant.

• Organic growth

Organic growth reached 3.5%, up from 2.0% for the same period in 2012 (when September stood at -1.6%). Despite the lackluster geopolitical and economic environment, this third-quarter performance is satisfactory by comparison with in-house expectations. It is also a reflection on the temporary slowdown in China and continued weakness in Europe, though performance has improved here. The quarter has also been marked by a sharp increase in digital activities.

Q3 2013 revenue by region

(EUR million)

Revenue

Organic growth

Reported growth

Q3 2013

Q3 2012

Q3 2013

Q3 2013/Q32012

Europe*

469

429

+0.4%

+9.3%

North America

825

805

+4.5%

+2.5%

BRIC+MISSAT**

217

220

+1.5%

-1.4%

Rest of the world

164

173

+10.1%

-5.2%

Total

1,675

1,627

+3.5%

+3.0%

* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa and Turkey

• Europe posted moderately positive growth (+0.4%), though France continued to report negative growth, even if somewhat improved.The UK returned strong growth of +7.1%, while southern Europe continued to perform very poorly. The eastern European countries reported high growth rates (Poland +14.4% and Hungary +8.6%).
• North America achieved good growth (+4.5%), though slightly down on the second quarter due to the weak performance of PR activities. Healthcare activities have improved, though remain unstable.
• The BRIC and MISSAT countries achieved combined organic growth of +1.5% as a result of contrasting situations from one country to another, e.g. a temporary slowdown in Greater China (+2.4%), economic difficulties in India that adversely affected investment, and underperformance in Russia. Brazil’s +3.1% growth, despite an environment that has become more difficult since the start of the year, remains satisfactory as do the good achievements of Mexico (+6.2%), South Africa (+10.5%) and Turkey (+17.1%).
• The Rest of the world grew by +10.1% (Australia +13.8%, Korea +5.9%, Argentina +11.7%).

• At September 30, 2013

• Reported growth

Publicis Groupe’s consolidated revenue rose +6.7% to 5,026 million euro over the first nine months of 2013.

Exchange rates had a negative impact of 148 million euro between 2012 and 2013. Reported growth would stand at 10.1% if exchange rates had remained constant.

• Organic growth

At September 30, 2013, organic growth was +3.3% for the first nine months of the year, up from +2.5% at September 30, 2012. Furthermore, growth is in line with our plans.

Revenue at September 30, 2013 (9 months) by region

(EUR million)

Revenue

Organic Growth

Reported growth

Sept. 30, 2013

Sept. 30, 2012

Sept. 30, 2013

2013/2012

Europe*

1,439

1,308

-2.3%

+10.0%

North America

2,455

2,312

+5.5%

+6.2%

BRIC+MISSAT**

651

605

+4.1%

+7.6%

Rest of the world

481

486

+7.6%

-1.0%

Total

5,026

4,711

+3.3%

+6.7%

* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa and Turkey

For the record, revenue was 1,563 million euro in Q1 2013 and 1,788 million euro in Q2 2013 (compared with 1,452 million euro and 1,632 million euro respectively in Q1 and Q2 2012). Organic growth was 1.3% and 5.0% in the first two quarters, compared with 4.1% and 1.6% respectively in Q1 and Q2 2012.

As of September 30, 2013, digital activities accounted for 37.6% of the Groupe’s revenue, up from 33.3% in 2012. Digital activities recorded organic growth of 12.3% in Q3 only, and 11.5% for the first nine months of 2013.

Digital has shown strong momentum with double-digit growth everywhere except in Europe which does not take into account the LBi business acquired in January 2013. This has offset the 0.8% decline in the analog business (-5.1% in Europe excluding Russia and Turkey). This strongly supports the relevance of Publicis Groupe’s digital strategy.

Europe*

North America

BRIC+MISSAT

Rest of the world

Total

Digital

+6.6%

+11.3%

+26.2%

+25.3%

+11.5%

Analog

-5.1%

-

+1.6%

+4.8%

-0.8%

Total

-2.3%

+5.5%

+4.1%

+7.6%

+3.3%

* Europe: excluding Russia and Turkey

Revenue generated in the high-growth countries accounted for 24.1% of total revenue.

II - Net debt

At September 30, 2013, the Groupe’s net debt was 550 million euro, after 524 million at September 30, 2012. This was net of acquisitions made during the first nine months, most notably that of LBi.

Average net debt for the period was 584 million euro, down from 764 million euro in 2012.

At September 30, 2013, the Groupe’s had 2,562 million euro in available liquidities.

III - Key Facts

• New Business at September 30: 3.4 billion dollars
• External growth

• Q3 acquisitions
  • Bosz Digital, a Latin-American digital production company
  • Netalk, China’s leading agency in the social media
  • 15-million dollar investment in Jana, the Boston-based mobile communications specialist
  • Engauge Marketing LLC, advertising and digital services agency in Columbus (USA)
  • Espahle, digital marketing and public relations agency (Brazil)
  • TPM Communications, one of Canada’s top agencies specialized in digital, video and events
  • Zenith Romania, one of Romania’s biggest communications and media agencies (Bucharest)
  • Poke, flagship digital agency in the UK
• Other transactions

On July 19, 2013, Publicis Groupe and AOL Inc. entered into a strategic partnership setting up a worldwide live advertising offering, a world premier.

On September 24, Publicis Groupe announced that all the brands of its production platforms were being renamed "Prodigious”. By bringing all its activities under the Prodigious brand, the Groupe has endowed itself with a major player in a sector perceived by clients as important in terms of quality control and production costs. The Groupe also launched brand logistics ^TM, an innovative brand asset production offering.

• Financial transactions over the first nine months

Further to the proposal put forward by Dentsu, Publicis Groupe bought back close to 3.9 million of its own shares, in the form of a block transaction before the market opened for trading on February 15, 2013, for a total of 181 million euro, i.e. 46.82 euro per share.

IV - The Publicis – Omnicom merger

On July 28, 2013, Omnicom Inc. and Publicis Groupe announced their agreement for a merger of equals. This project is set against a backdrop of rapid transformation since the sharp rise of digital services in our businesses, not to mention the emergence of newcomers posting exponential growth rates. The work performed by advertising agencies has undergone a deep transformation, and is now the result of a complex equation combining strategic intelligence, science and technology, and that emotional creative link (IQ+TQ+EQ).

This merger will enable us to provide our clients with the means to conduct their marketing and communications campaigns in a completely integrated manner, thus achieving cutting edge performance while containing costs. It also entails granting clients access to digital innovation in all areas, including data management, mobile or e-commerce, and the social media.

This merger will offer to all our people new and exciting professional opportunities thanks to superb training programs and the diversity of assets in an enlarged group.

V - Recent events

Acquisition of majority holdings in long-standing partner agencies (associates) in Romania: Leo Burnet & Target, Starcom MediaVest Group, Optimedia, The Practice, and iLeo.

Mandatory early redemption of Orane bonds (bonds redeemable in new or existing shares) in order to simplify the structure of Publicis Groupe’s balance sheet prior to the merger with Omnicom.

The holders of Orane bonds issued on September 24, 2002 (issuance brochure approved by the COB on May 16, 2002 under No. 02-564, ISIN code FR0000187783) were convened to a general meeting on October 10, 2013. The Orane bondholders unanimously approved the proposed merger of Publicis with the new entity Publicis Omnicom Group, as part of the proposed combination of Publicis and Omnicom announced on July 28, 2013.

They further approved certain terms and conditions of the above-mentioned Orane bonds in order to (a) provide for the early redemption of said bonds subsequent to the extraordinary general meeting of Publicis shareholders to be convened to vote on the merger (this particular case of redemption shall not affect Orane holders entitlement to early redemption prior to this general meeting , by virtue of article 6.3.3.1 of the issuance brochure), and (b) decide that the coupon accrued at the time of this early redemption shall be calculated at a rate of 3.2946% per annum.

Publicis wishes to point out that the redemption parity has been adjusted by a multiple of 1.015 in order to take account of the portion of dividends paid in 2003 and 2004 out of the company’s reserve and premium accounts. As a result of this adjustment, each Orane bond is entitled to 9.135 Publicis shares (as opposed to 9 shares). It ensues that Publicis will offer current and former Orane bondholders – who can provide evidence of holding Orane bonds at the time of amortization and payment of the coupons corresponding to the period of entitlement, i.e. from September 1, 2009 to September 1, 2013 – compensation equivalent to the additional shares and coupons they should have received between these dates.

VI - Outlook

In a global economic environment in which the economies of developed countries are gradually gaining ground, with signs of recovery in the heart of the euro zone but a slowing of growth in the emerging markets, ZenithOptimedia has not modified its growth forecasts for the advertising market in 2013. After its initial forecast of 4.1% growth for 2013 back in December 2012, which was subsequently revised downwards to 3.9% in April and again to 3.5% in June, ZenithOptimedia has since maintained its 3.5% growth forecast for 2013.

Publicis Groupe confirms its expectation that organic growth in 2013 will be higher than the 2.9% achieved in 2012. Nine months into 2013, organic growth stands at 3.3%, in line with our internal objectives. As is the case every year, the fourth quarter comprises a number of possible adjustments especially towards year-end. We should be able to reach our goals in terms of margin enhancement. As regards organic growth the 2014 vintage holds greater promise.

This presentation contains forward-looking statements. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)" and similar expressions in this presentation are intended to identify those statements as forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Other than as required by applicable securities laws, Publicis Groupe undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. Publicis Groupe urges you to review and consider carefully the various disclosures it has made concerning the factors that may affect its business, including the disclosures made under the caption "Risk Factors" in the 2011 Registration Document filed with the French financial markets authority (AMF).

About Publicis Groupe

Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is one of the world’s leading communications groups. We offer the full range of services and skills: digital (DigitasLBi, Razorfish, Rosetta, VivaKi), creative services (BBH, Leo Burnett, Publicis Worldwide, Saatchi & Saatchi), public affairs, corporate communications and events (MSLGROUP), media strategy, planning and buying (Starcom MediaVest Group and ZenithOptimedia) and healthcare communications, with Publicis Healthcare Communications Group (PHCG). Present in 108 countries, the Groupe employs 60,000 professionals.
www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook: www.facebook.com/publicisgroupe
Viva la Difference !

Appendix

New Business
Q3 2013

USD 3.4 billion (net)

Main accounts awarded

BBH/NEOGAMA

Pirelli (UK); Playstation (USA, Brazil); Haagen Dazs (Singapore); Basf (Bazil); Philadelphia (UK); Clarks (UK); Bang and Olufsen (UK); Rubbermaid (USA).

DigitasLBi

Lenovo (USA); Kao (USA); Whirlpool (USA); Dunkin’ Donuts (USA); Sprint (USA); Samsung (Brazil); MillerCoors (USA); Comcast (USA); Eureka Forbes (India); Dogs Trust (UK); AXA UK (UK); - FOSS (Nordics); Johnson & Johnson (UK); Danone (UK); LeipzigerMesse (Germany); HSBC (Australia); Roompot (Germany); ParcelHero.com (UK); PWC (Germany); StadtwerkeBayreuth (Germany); PortalTech Reply (UK); Navigate GmbH Systeme und Consulting (Germany); DSGV (Germany); Commonwealth Bank (UK); Microsoft (UK): Langenscheidt GmbH & Co. KG (Germany); Lloyds TSB (UK); E2X (UK); JKL (Nordics); Viking Line (Nordics); ASSTEL Lebensversicherung AG (Germany); Ticket Online Software GmbH (Germany); SCA TENA (Nordics); Primera Travel Group (Nordics); Adobe (USA); Moleskine (USA): P&G (USA); Spotify (USA); Motorola (USA); Aetna (USA); Delta Air Lines (USA); Intel (Indonesia); NYSE Euronext (USA); AstraZeneca (USA); Goodyear (USA).

Fallon

Talenti (USA); (Giffgaff (UK); Netflix (UK).

Leo Burnett

AEON Superstores (Malaysia); Bols Spirits (Poland); Dubai International Film Festival (UAE); Pfizer Consumer Health - Nexium OTC (USA); Peters Ice Cream (Australia); Unipol Insurance (Italy); Castorama Home Improvement Stores (Poland); PTG Energy (Thailand); Co-operative Social Media (United Kingdom); Institute of Chartered Accountants of Sri Lanka (Sri Lanka); Home Center Home Improvement Retailer (Colombia); BMW Mini (Japan); Twinings Tea (Malaysia); h.h. gregg (USA); Petelinka Poultry (Russia); Media Markt Electronics Retailer (Russia); Alouette Cheese (USA); RE/MAX Real Estate (USA); Victoria University (Australia); GM Fleet & Commercial Operations, Certified Pre-Owned, Remarketing (USA); Molson Coors - Coors Light (Canada); China Mobile (China); Bank of China (China); Yili Lactobacillus Probiotic (China); Samsung Mobile Phone (Taiwan); RE/MAX (USA); VP Bank (Vietnam); Menarini Pharmaceuticals Fastum Gel (China); Tekmark (Singapore); Sri Lankan Airlines (Sri Lanka); Pfizer Centrum and Caltrate (Vietnam).

MSLGROUP

PayPal (USA, Canada); Emirates Air (PR) (USA); LaSalle Investment Management (USA); Taitra (Taiwan).

PHCG

Astellas (USA); AbbVie (USA, Australia); Pfizer (USA, Global); Genentech/Roche (USA, Global); Novartis (USA, Global).

Publicis Worldwide

Habib's (Brazil); CVC (Brazil); Dairy Queen (Canada); Nestle (Romania, USA); Coca Cola (Spain); Vue Cinemas (UK); Qld Dept of Transport (Australia); Barmer GEK (Germany); BNI (Indonesia); P&G (USA); NT Government (Australia); Subway (India); BASF (Romania); Tourism Nothern Territory (Australia); Pfizer Centrum (UAE); Gol Airlines (Brazil); Sanofi - Medley Division (Brazil); Siemens AG (Germany); Stopanska Bank (Macedonia); Grupo Reforma (Mexico); Emirates Flight Catering (UAE); Conga Foods (Australia); WM Ritchie (Australia); Brasil Brokers (Brazil); Hypermarcas (Brazil); Total Corporate (France/Global); Nestle/Delissio Food (Canada); CHILECTRA, ENDESA, ENERSIS (Chile); AS Roma (Italy); P&G/Bounty (Mexico); Philips (Netherlands); AXA Equitable (USA); Oporto (Australia); Bene (Germany); Commerzbank Wealth Management (Germany); Aon Consultants (Mexico); Barcel (Mexico); Ferrero/Kinder Bueno (UAE); Nestlé/Maggi (UAE); Hilton Flagship (USA/Global); Sleepy's (USA); Rio 2016 (Brazil); Beiersdorf (Bulgaria); Coca Cola (Bulgaria); haarshop21 GmbH (Germany); J. Stickling GmbH & Co. KG (Nobilia) (Germany) ; ZF Friedrichshafen (Germany); Western Union – Shopper (Philippines) ; Audi Singapore (Singapore); Rachel Rachel Roy (USA); Simplot (USA); Cotton Council International (USA), DesignerClothes.com (USA); MSD (Bulgaria); WeChat (India); SCA (UK); Argos (UK); Lanhgam Hotel Group (USA); Manchu Times Fashion (USA); Versace (USA); Microsoft (Bulgaria); Schweppes (UK); Almay (USA), Hilton Grand Vacation Club (USA); Defender Direct (USA); Sympathy Orchestra (USA); Turtle Wax (USA).

Saatchi & Saatchi

Salmoiraghi Vigano (Italy); Stroili (Italy); Godiva (Japan); St.George (Australia); HSBC global premier wealth and sponsorship (global); Bold International Ceramics (UAE/GCC); YBM Mastery E900 (Korea); PTT RM : Jiffy Brand (Thailand); Thanachart Bank (Thailand); Kerry Foods/Richmond (UK); design3000.de (Germany); Club Méd (Italy); Mill St. Brewery (Canada); Mahou 5 estrellas (Spain); MyCEB (Malaysia); Bank Simpanan Nasional / BSN's Cards (Malaysia); Charter Communications (USA); Otterbox (USA); Takeda Pharmaceutical (Russia); Air Europa (Spain); Premier Foods – digital (UK); Scoot Airline (Singapore); Toyota Kluger Toyota 86 (Australia).

Starcom MediaVest Group

American Honda Motors (USA); Beirut City Centre (UAE); Dubbizle (UAE); Europcar (UK); Garuda Indonesia (Indonesia); GLA 360 Mall (UAE); Hartmann (Czech); Kuwait Flour Mills (UAE); Mango (UAE); Meydan Group (UAE); Beirut City Centre (UAE); Mondelez International (UAE); Namshi (UAE); STC (UAE); Vivus (Poland); Ace Hardware (USA); Banca Unipol (Italy); Finnair (Sweden); h.h , gregg (USA); Unipol Insurance (Italy); Burger King (Italy, Norway, Sweden, Denmark, Spain, UK, Portugal, Canada); Gourmet Foods (Poland); Ranbaxy (India); USP Zdrowie (Poland); CPTM - Mexico Tourism Board (Mexico); PINERGY (Ireland); Ford Retail Group (UK); SPP (Sweden); Storebrand (Norway); Ab/InBev (China); Bosco (Russia); Ministry of Environment (Project) (Poland).

ZenithOptimedia

Kohl's (USA); KAYAK (Worldwide); Abu Dhabi Commercial Bank (UAE); Hainan Airlines (China); Sharp Middle east (UAE); Ministry of Health (Singapore); Unipex (UAE); Bold International (UAE); Haier Electronics (Kingdom of Saudi Arabia- KSA); Haw Par (Singapore); Ministry of Defense (Singapore); Dao Games (UAE); eOne (UK); Toyota (Italy); 20th FOX (Italy); Maybank (APAC Regional); Maxxium (UK); Cruz Roja (Red Cross) (Spain); Prospect Park Networks (USA); Bacardi (Panama); Changi Airport Group (CAG) (Singapore); Hasbro (Hungary); Vzajemna (Slovenia); TE Data (Digital) (Egypt); SCA (Global); Bacardi-Martini (Europe); LOTERIAS (Spain); Hyundai (Netherlands); Universidad El Bosque (Colombia); New Balance (Panama); VEMEDIA (Belgium); ECOVER (Belgium); 4 finance (Georgia); Stokke (Ireland); Pierre Fabre (Belgium); FIDELITY TRUST (Belgium); Bodytech (Colombia); Syngenta (Colombia).

2013 Press Releases

01-02-2013 Publicis Groupe S.A. – Share purchases in LBi International N.V.

01-10-2013 Liquidity Contract with CA Cheuvreux: Half-Year Financial Statement

01-15-2013 Successful outcome of Publicis Groupe S.A.’s recommended public cash offer for LBi: offer now declared unconditional

01-29-2013 Publicis Groupe S.A. – Final results public offer for LBi

02-05-2013 Publicis Groupe to create the world’s leading digital network – DigitasLBi will pool the global market leadership and cutting-edge skill-sets of top agencies Digitas and LBi

02-14-2013 2012 Annual Results

02-15-2013 Publicis Groupe announces the completion of a share buyback from Dentsu of nearly 3.9 million shares

03-11-2013 Publicis Groupe acquires Convonix India’s leading full service digital marketing and consulting agency

04-12-2013 Publicis Groupe: 2012 Registration Document available

04-15-2013 Publicis Groupe: 2013 Q1 Revenue higher than Groupe objectives

04-17-2013 Publicis Groupe: New co-investment plan for 200 key executives

04-18-2013 Publicis Groupe acquires Neev, a leading software service provider in India

04-19-2013 Tom Adamski named CEO of Rosetta

04-23-2013 During its Investor Day, Publicis Groupe announces new ad agency model and ambitious five-year targets

04-25-2013 Elisabeth Ardaillon-Poirier to join Publicis Groupe as Senior Vice-President

Anne-Gabrielle Heilbronner named General Secretary of Publicis Groupe

05-02-2013 190 Publicis key executives invest 44.7 m€ in the "Groupe”

05-07-2013 Europe 2013: a continent adrift – A Publicis Groupe study on emerging from recession in Europe

05-29-2013 Publicis Groupe: Annual General Shareholder’s meeting

06-07-2013 Overview of the share buyback program authorized by shareholders at their Combined General Shareholder’s meeting of May 29, 2013

07-02-13 Publicis Groupe acquires digital production firm Bosz Digital

07-04-2013 Publicis Groupe half-year financial statement liquidity contract

07-10-2013 Publicis Groupe acquires Net@alk, a leading social media services provider in China

07-15-2013 Jana Mobile receives $15 million strategic investment from Publicis groupe

07-18-2013 Publicis Groupe 2013 H1 Results

07-19-2013 Publicis Groupe and AOL Inc. to form strategic partnership do deliver live internet advertising on global scale

07-19-2013 Publicis Groupe promotes Pete Stein to CEO of Razorfish woldwilde

07-28-2013 Omnicom and Publicis Groupe to merge

08-01-2013 Publicis Groupe files its 2013 half-year financial report

08-14-2013 Publicis Groupe acquires US digital services agency Engauge Marketing

08-29-2013 Publicis Groupe acquires Espalhe, PR and digital marketing agency in Brazil

09-05-2013 Publicis Groupe acquires TPM Communications in Canada, a leading digital, event and video agency

09-12-2013 Publicis Groupe acquires media agency Zenith Romania

09-19-2013 Publicis Groupe acquires leading digital agency poke in the UK

09-19-2013 Adjustement to the exercise parity of the BSA and confirmation of the exercise period

09-23-2013 Jean-Marie Pivard joins Publicis Groupe as Director of Internal Audit and Risk Management

09-24-2013 Publicis Groupe launches Prodigious, brand logistics^TM, a brand asset production facility crafted to meet today’s media challenges

09-25-2013 General Meeting of ORANE holders. Early redemption of ORANE. Adjustement to the ORANE redemption parity.

Glossary

Net financial debt (or net debt): equals the long and short term financial debt plus associated derivatives fair value, less cash and cash equivalent

Average net debt: average of average monthly net debt.

Net new business: this figure is derived not from financial reporting but from estimated media-marketing budgets based on annual business (net of losses) from new and existing clients.

Operating margin: The operating margin is equal to the revenue after deduction of personnel expenses, other operating expenses (excluding non current income and expenses), depreciation and amortization (excluding intangible arising from acquisitions).

Operating margin rate: operating margin/revenue.

Organic growth calculation

(EUR million)

Q3 2013

Currency impact (EUR million) Q3

2012 Revenue

1,627

GBP(2)

(9)

Currency impact

(95)

USD(2)

(43)

2012 Revenue at 2013 exchange rate (a)

1,532

Others (2)

(43)

2013 Revenue before impact of acquisitions (1) (b)

1,586

Total

(95)

Revenue from acquisitions (1)

89

2013 Revenue

1,675

Organic Growth (b/a)

+3.5%

(1) Acquisitions (Webformance Saint Brieuc,Indigo, Flip, King Harvests, UBS, Pixelpark, Longtuo, BBR, BBH, Neogama, CNC, Webformance Bordeaux, AR Media, Arachnid, Resultrix, Webformance Spain, Diplomatic Cover, Grita, Istrat, Outside Line, Bromley, Monterosa, Rokkan, LBi, Blue Parrot, Market Gate, Taterka, Convonix, Netalk, Neev, BosZ, Espalhe, Engauge, Poke, TPM, ZO Romania, Jana) net of disposals.
(2) Average exchange rate at Sept. 30, 2013:	1 USD = 0.75931 EUR
	1 GBP = 1.17360 EUR