Grey international revenues for Q2 were $290.1 million down 7.7% versus the same quarter in 2001. For the six months ended June 30, 2002, revenues were $575.7 million, a decrease of 7.0% when compared
to the same period in 2001. Revenues for the Company's North American operations increased for the second quarter. Income of consolidated companies before taxes was $4.6 million for the second quarter
of 2002 . A Grey spokesperson attributed the decrease to a slowdown in Northern Europe where adverse market conditions, coupled with client losses and weakness in key advertising categories. Despite
the difficult advertising environment, Grey Global claimed several wins Cisco, Mars and Wyeth.
