Strong Increase In 2002 Earnings

Paris, France - Ipsos' consolidated revenues for the year ended December 31 2002 came in at 538.4 million euros, an increase of 12% over 2001. At constant scope and exchange rates, revenues grew by 8.0% in 2002, attesting to Ipsos' strong growth impetus. The company outperformed its market, where the growth rate is estimated to be less than 3%. This confirms Ipsos' position as a world leader in survey-based research, now ranking second behind Kantar, the research division of the WPP Group. Strong Growth In Operating Profit And Net Profit Operating profit came in at 43.6 million euros, an increase of 18.3%. Operating margin was 8.1%, an increase of 0.4 percentage points relative to 2001. This improvement is mainly due to increases in profit levels at companies already in the scope of consolidation in 2001, including a particularly strong performance by the Ipsos-ASI division in all countries in which this brand is present. Net financial charges totalled 5.9 million euros, compared to 8.8 million euros in 2001. This sharp fall was due to a decline in interest rates - particularly Libor USD rates - and lower debt levels. Two thirds of Ipsos' debt was raised in 2001 to fund acquisitions in the USA. These debts are denominated in US dollars, and are at floating rates. The tax rate remained lower than statutory rates. Overall, Net Profit Rose By 37.3% to 23.7 million euros. Stronger Financial Position Ipsos had net debt of 134 million euros at end-2002, versus 153 million at end 2001, giving gearing of 69.7% as opposed to 76.2% a year earlier. There are two reasons behind this improvement in Ipsos' financial position. Firstly, operating cash flow rose by 49.5% to 46.8 million euros in 2002. Secondly, the fall in the dollar reduced the euro value of Ipsos' debts. As a result of this improvement, Ipsos has substantial leeway for financing internal developments and continuing its acquisition programme. Acquisitions in 2002

• In the USA, acquisition of Vantis, specialising in modelling research and consulting.
• In Sweden, acquisition of Imri in the first half, and Eureka and Intervjubolaget as of July 1.
• In Germany, acquisition of Sample-INRA.
• Acquisition of F-Squared, which operates in Russia, Poland and Ukraine.
• Acquisition of Chinese company FAMS, which was merged with Ipsos-Link to create Ipsos China.

2003 Outlook The current geopolitical situation creates uncertainty about the expected development of the major economies of the world in 2003. However, Ipsos is confident in its ability to make progress in a market that will remain restrained, at least in the first half. Ipsos' basic strategy has not changed. Having become the world's second-largest provider of survey-based research, Ipsos has the required expertise and strength to continue winning market share and growing more quickly than its main rivals. Ever-closer relationships with major customers and expansion of the international customer base are strong growth drivers. Positive factors in 2003 include the launch of new services in most business lines, a stronger presence in online research, rapid expansion in new and fast-growing markets such as Russia and China and, more generally, the opportunity to build on the successes achieved in 2002. Ipsos confirms that it expects organic growth of 8% and a continued improvement in operating margin in 2003. Appendices: Balance sheet at December 31, 2002 Income statement Cash flow statement The presentation of 2002 activity and results will be available as of March 26 on www.ipsos.com. A conference-call will take place on that day at 4 PM (CET) For more information, please contact: Laurence Stoclet Ipsos, CFO 33 01 53 68 19 45