This document is a free translation of the French Document de Référence (“Document de Référence”) which was registered under n° D.08-132 by the French Autorité des Marchés Financiers (“AMF”) on March 19, 2008. It is to be used for information purposes only. In the event of any inconsistencies between this translation and the Document de Référence, the Document de Référence shall prevail. PUBLICIS GROUPE S.A. “DOCUMENT DE REFERENCE” Fiscal Year 2007 This Document was filed with the AMF on March 19, 2008, in accordance with Article 212-13 of the AMF’s Regulations. This Document may be used in connection with a financial transaction only if supplemented by an Offering Memorandum certified by the AMF. Copies of this Document de Référence are available at Publicis Groupe S.A., 133, avenue des Champs-Elysées, 75008 Paris, and on the Publicis Groupe SA website at: www.publicisgroupe.com and on the AMF’s website at: www.amf-france.org. Pursuant to Article 28 of EU Regulation n°809/2004, the following information is incorporated by reference into this Document: - the consolidated financial statements of Publicis Groupe S.A. for fiscal years 2006 and 2005 prepared in accordance with International Financial Reporting Standards (IFRS), Management’s Discussion and Analysis thereof, together with the corresponding reports of the statutory auditors, as well as the statutory accounts of Publicis Groupe S.A., for the fiscal years 2006 and 2005 prepared in accordance with French accounting standards, the corresponding reports of the statutory auditors included in the Documents de Référence (Chapters 9, 10 and 20) filed with the AMF on March 30, 2007, under number D.07-0255 and on March 31, 2006, under number D.06-0196; and - the reports of the statutory auditors on the information concerning the agreements with related parties covered by Article L. 225-86, of the French Code de commerce concluded by Publicis Groupe S.A., which are included in the Company’s Documents de Référence for 2006 and 2005 filed with the AMF on March 30, 2007, under number D.07-0255, and March 31, 2005, under number D.06-00196, respectively. The other information contained in the Documents de Référence described above is not incorporated by reference herein. 1 TABLE OF CONTENTS 1. PERSONS RESPONSIBLE ..........................................................................................6 1.1 Person Responsible for the Document de Référence .........................................6 1.2 Certificate of Person Responsible for the Document de Référence...................6 2. STATUTORY AUDITORS ..........................................................................................7 2.1 Statutory Auditors..............................................................................................7 2.2 Deputy Statutory Auditors.................................................................................7 3. SELECTED FINANCIAL INFORMATION................................................................8 4. RISK FACTORS...........................................................................................................9 5. INFORMATION CONCERNING THE ISSUER ......................................................13 5.1 History and Development of the Company .....................................................13 5.1.1 Legal Name and Commercial Name ...................................................13 5.1.2 Registration number and location........................................................13 5.1.3 Date and Duration of Incorporation.....................................................13 5.1.4 Registered Office, Legal Structure, Applicable Legislation, Jurisdiction, Address and Telephone Number of Company Headquarters........................................................................................13 5.1.5 Historical Background.........................................................................13 5.2 Investments......................................................................................................15 5.2.1 Principal investments in the past three years.......................................15 5.2.2 Principal current investments ..............................................................18 5.2.3 Future capital expenditures and divestitures .......................................19 6. BUSINESS OVERVIEW............................................................................................20 6.1 Main Business..................................................................................................20 6.1.1 Introduction .........................................................................................20 6.1.2 Strategy................................................................................................21 6.1.3 Services and Business Structure ..........................................................24 6.2 Main Markets...................................................................................................28 6.2.1 Markets by Geographic Zone ..............................................................28 6.2.2 Information by Activity Sector............................................................29 6.2.3 Main customers....................................................................................29 6.2.4 Seasonality...........................................................................................31 6.2.5 Competition .........................................................................................31 6.2.6 Governmental Regulation....................................................................31 i TABLE OF CONTENTS (continued) Page 6.3 Exceptional Events..........................................................................................32 6.4 Basis for the Company’s Financial Statements Regarding its Competitive Position .......................................................................................32 6.5 Insurance and Risk Coverage ..........................................................................32 7. SIMPLIFIED STRUCTURE CHART ........................................................................34 7.1 Description of the Group .................................................................................34 7.2 Principal Consolidated Subsidiaries ................................................................34 8. PROPERTY, PLANTS AND EQUIPMENT..............................................................35 8.1 Major Current Fixed Assets or Projected Capital Expenditures and Major Related Charges ....................................................................................35 8.2 Environmental Questions Which May Influence the Group’s Use of its Tangible Assets................................................................................................35 9. ANALYSIS OF FINANCIAL POSITION AND RESULTS......................................36 9.1 Introduction .....................................................................................................36 9.2 Organic Growth...............................................................................................37 9.3 Comments and Analysis of Annual Consolidated Results for fiscal years 2006 and 2007 ........................................................................................38 9.3.1 Revenues..............................................................................................38 9.3.2 Operating Margin and Operating Income............................................40 9.3.3 Other income statement line items ......................................................41 9.3.4 Publicis Groupe (Parent Company of the Group) ...............................41 9.4 Use of Hypotheses and Estimations in the Preparation of the Consolidated Financial Statements..................................................................42 10. CAPITAL RESOURCES AND INDEBTEDNESS....................................................43 10.1 Source and amount of the Group’s cash flows and description of these cash flows ........................................................................................................43 10.2 Information on the Group’s Debt ....................................................................44 10.3 Information on borrowing and the structure of the Group’s financing ...........45 10.4 Information concerning all restrictions on use of capital, which can influence, directly or indirectly, the Group’s business....................................46 10.5 Information concerning expected sources of financing that will be necessary to satisfy the commitments discussed in Chapters 5.2.3 and 8.1 ....................................................................................................................46 10.6 Off-Balance Sheet Arrangements....................................................................46 10.7 Contractual Obligations...................................................................................46 ii TABLE OF CONTENTS (continued) Page 11. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES .......................47 12. OUTLOOK..................................................................................................................48 13. FORECASTS OR ESTIMATES OF EARNINGS......................................................49 14. CORPORATE GOVERNANCE, MANAGEMENT AND SUPERVISORY BODIES, AND EXECUTIVE MANAGEMENT.......................................................50 14.1 Members of the Management Board and the Supervisory Board....................50