CHICAGO November 21 – BSMG Worldwide, a unit of True North Communications (NYSE: TNO), has acquired leading London-based financial and corporate public relations firm Square Mile Holdings Ltd. (Square Mile) for an undisclosed sum. The acquisition enhances BSMG Worldwide's position as one of the world's premier public relations businesses and extends the firm's global reach in financial communications and investor relations.

In the United States, BSMG Worldwide is the largest player in the financial and investor relations arena through its subsidiary brand, The Financial Relations Board/BSMG Worldwide, which has major operations in New York, Boston, Chicago, Dallas, Los Angeles and San Francisco. In Europe, BSMG Worldwide is a leader in the German financial communications sector with operations in Frankfurt and Munich. In Asia, the firm is also one of the best known brands in financial and corporate communications with office hubs in Hong Kong and Singapore.

The acquisition also consolidates BSMG Worldwide's position as one of the leading group of six major players in the UK public relations market with a full range of communications disciplines. Earlier this year, BSMG Worldwide acquired leading UK public affairs firm GJW.

"This is a very important development for our clients. It enables us to represent their interests on major financial and regulatory issues around the world," said Harris Diamond, president and CEO of BSMG Worldwide. "Coupled with worldwide public affairs and corporate practices, BSMG is in a strong position to provide unsurpassed strategic counsel to clients managing substantive communications challenges."

"Square Mile brings an exceptional management team and track record; and we expect major synergies with our current UK and international operations," Diamond said.

Square Mile has grown strongly in recent years. The company is the sixth largest specialist financial public relations consultancy in the UK as measured by Hemmington Scott. In the last 12 months, the firm handled more than 50 IPOs. As well as working internationally with the financial public relations/investor relations practice, there will be major opportunities to work with BSMG Worldwide's current UK corporate and public affairs practices.

All of the firm's UK businesses will trade as BSMG Worldwide (UK) Limited, although Square Mile will initially operate as Square Mile | BSMG Worldwide. Chairman Tim Jackaman and joint chief executives Susan Ellis and Paul Philpotts will join the BSMG Worldwide (UK) Holdings Board as directors.

Says Tim Jackaman: "We are delighted to be joining the BSMG Worldwide group. In BSMG Worldwide we have found a partner whose professional culture and strategic ambition closely match our own. We can now offer clients a far broader range of services across a first class international network. We are looking forward to a long and successful partnership."

Notes to Editors:
• A unit of True North Communications, BSMG Worldwide specializes in public relations, marketing communications, corporate communications, financial and transactional communications, public affairs, issues and advocacy advertising, and research and measurement. The firm has offices in 33 key cities and 15 countries around the globe, and affiliate relationships in an additional 40 countries.

• True North Communications (NYSE: TNO) is a top global advertising and communications holding company. It has three major global brands: FCB Worldwide, advertising; BSMG Worldwide, public relations; and Marketing Drive Worldwide, marketing services. In addition, True North has a strong set of brands: Bozell Group, New America Strategies Group, Temerlin McClain, Tierney Communications and TN Media. In the digital area, True North's portfolio of brands includes R/GA Interactive, SixtyFootSpider and Stein Rogan + Partners. True North also has a stake in the expanding German-based advertising agency, Springer & Jacoby. Based in Chicago, True North had 1999 revenues of approximately $1.4 billion and annual billings of more than $14 billion.

BSMG WORLDWIDE
UNITED KINGDOM/EUROPEAN FACT SHEET
November 22, 2000