Filed by The Interpublic Group of Companies, Inc.
                         Pursuant to Rule 425 under the Securities Act of 1933
                         deemed filed pursuant to Rule 14a-12 of the Securities
                         Exchange Act of 1934

                         Subject Company: True North Communications Inc.
                         Commission File No. 1-5029


THE FOLLOWING IS A SLIDE SHOW DISSEMINATED BY THE INTERPUBLIC GROUP OF
COMPANIES, INC. AND TRUE NORTH COMMUNICATIONS INC. ON MARCH 19, 2001



Slide Show                    19 March 2001         The Interpublic Group of
                                                    Companies, Inc. [Logo]


                   The Interpublic Group of Companies, Inc.

                            The Interpublic Group
                            of Companies, Inc.     [LOGO]


                        True North Communications, Inc.

                   [LOGO of True North Communications, Inc.]


================================================================================

Cautionary Statement
This document contains forward-looking statements.  Statements that are not
historical fact, including statements about Interpublic's beliefs and
expectations constitute forward-looking statements.  These statements are based
on current plans, estimates and projections, and therefore undue reliance should
not be placed on them.  Forward-looking statements speak only as of the date
they are made, and Interpublic undertakes no obligation to update publicly any
of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties.
Interpublic cautions that a number of important factors could cause actual
results to differ materially from those contained in any forward-looking
statement.  Such factors include, but are not limited to, those associated with
the effect of national and regional economic conditions, the ability of
Interpublic to attract new clients and retain existing clients, the financial
success of the clients of Interpublic, and developments from changes in the
regulatory and legal environment for advertising companies around the world, and
the successful completion and integration of acquisitions which complement and
expand Interpublic's business capabilities.

Another important factor is Interpublic's acquisition strategy.  One of
Interpublic's business strategies is to acquire businesses that complement and
expand its current business capabilities.  Accordingly, Interpublic is usually
engaged in evaluating potential acquisition candidates.  Interpublic is
currently engaged in a number of preliminary discussions that may result in one
or more substantial acquisitions.  These acquisition opportunities require
confidentiality and from time to time give rise to bidding scenarios that
require quick responses by Interpublic.  Although there is uncertainty that any
of these discussions will result in definitive agreements or the completion of
any transactions, the announcement of any such transaction may lead to increased
volatility in the trading price of the shares of Interpublic.

Moreover, the success of recent or contemplated future acquisitions will depend
on the effective integration of newly-acquired businesses into Interpublic's
current activities.  Important factors for integration include realization of
anticipated synergies and the ability to retain new personnel and clients.

Investors should evaluate any statement in light of these important factors.

The Interpublic Group of Companies, Inc. and True North Communications Inc.
will be filing a proxy statement/prospectus and other relevant documents
concerning the proposed transaction with the Securities and Exchange Commission.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS
WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ON THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain the document free of
charge at the SEC's website (www.sec.gov/EDGAR), or at the SEC's public
reference room located at 450 Fifth St., NW, Washington, DC 20549.  Please call
the SEC at 1-800-SEC-0330 for further information about the public reference
room.  In addition, documents filed with the SEC by Interpublic and True North
may be obtained free of charge by contacting The Interpublic Group of Companies,
Inc., 1271 Avenue of the Americas, New York, NY 10020, Attn: Investor Relations
(tel: 212-399-8057), or the True North Communications, Inc. at 101 East Erie
St., Chicago, IL 60611, Attn: Corporate Communications (tel: 312-425-6500).
INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES
AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION.  True North and
certain other persons referred to below may be deemed to be participants in the
solicitation of proxies of True North's stockholders to approve and adopt the
merger agreement with Interpublic.  The participants in this solicitation may
include the directors and executive officers of True North, who may have an
interest in the transaction as a result of holding shares or options of True
North.  A detailed list of the names and interests of True North's directors and
executive officers, and of their ownership interests in True North, is contained
in True North's proxy statement for its 2000 Annual Meeting, which may be
obtained without charge at the SEC's website (www.sec.gov).

                                                                               1


  Introduction
================================================================================

- -   John Dooner
    Chairman and Chief Executive Officer, The Interpublic Group

- -   Sean Orr
    Chief Financial Officer, The Interpublic Group

- -   David Bell
    Chairman and Chief Executive Officer, True North Communications

- -   Brendan Ryan
    Chief Executive Officer, FCB Worldwide

                                                                               2


  Agenda
================================================================================

- -   Introduction

- -   Strategic Overview

- -   The True North Acquisition - Creation of A New Industry Landscape

- -   Transaction Summary and Financial Considerations

- -   Closing Remarks


Appendix

- -   Overview of The True North Business Units

                                                                               3


================================================================================

                               Strategic Overview

                                                                               4


  Strategic Overview
================================================================================




                             Strongest Client Base

                                       +

                          Broadest Array of Resources

                                       +

                          Deepest Geographic Coverage

                                       +

                           Client-Focused Management

                                 [DOWN ARROW]

                              Category Leadership

                                                                               5


  Why A Third Network
================================================================================

Interpublic's long term success will be greatly enhanced by adding the right
                                                                       -----
third network. It is expected that the right third network would ensure that
                                                                 ------
Interpublic would have:

 -  The most powerful client list in the business

 -  New and expanded marketing communications resources to service our clients

 -  An expanded portfolio of companies and management that will continue to
    contribute to our accelerated growth.

                                                                               6


  Evaluation Criteria
================================================================================

This acquisition prospect was evaluated based on six specific criteria:

- -  Clients -- The quality of its client list, including the specific clients
   and the depth of the relationship (# of countries represented)

- -  Management Strengths -- Experience level, track record and confidence in the
   management team

- -  Financial Proposition -- Valuation is economically attractive and creates
   value for IPG shareholders

- -  Accelerated Growth Potential -- Interpublic's ability to accelerate the
   prospect's growth

- -  Agency Footprint -- How broad is their core agency coverage, majority
   ownership, etc.

- -  Marketing Service Offering -- The number and quality of non-advertising
   services offered

                                                                               7


================================================================================




                           The True North Acquisition

                      Creation of A New Industry Landscape

                                                                               8


                                Why True North?
================================================================================

                               -  Great Clients

                               -  Great People

                               -  Attractive Valuation

                                                                               9


  New Industry Landscape
================================================================================

Outright leadership for the new Interpublic:

   -  In overall size

   -  In the number of marketing services where we rank #1

   -  In clients served in 20+ countries

   -  In the addition of a top-tier third network - FCB Worldwide

   -  In quality of management team

                                                                              10


  Largest Revenue Base in the Industry
================================================================================

                 Advertising Companies 2000 Pro Forma Revenue


                 [BAR GRAPH ILLUSTRATING DATA IN TABLE BELOW]


                                                              
     Interpublic [3] OMC [3]  WPP [1]   Havas [3]    Publicis [2]   Grey [3]    Cordiant [3]
          7.2        6.2       6.1       2.1            1.6         1.2           0.8
Based on reported 2000 revenue figures adjusted to reflect TNO with Interpublic. Note [1] Source: WPP Group plc presentation, March 2001 [2] Includes 4 months of Saatchi & Saatchi Revenues [3] Source: Company's 4th Quarter press release 11 Category Leadership ================================================================================ IPG Position Total Revenue #1 Advertising Billings #1 Media Services #1 Healthcare #1 Meetings and Events #1 Sports Marketing #1 Branding & Corporate Identity #1 Sales Promotion (US) #2 Marketing Research #2 Public Relations #3 Direct/CRM #3 12 Great Clients ================================================================================ True North clients add breadth and depth to IPG roster American Airlines Kraft/ General Foods AT&T Merck Bank of America Nortel Beiersdorf Quaker Bristol-Myers RJR/Nabisco Chase Manhattan SC Johnson Compaq Subaru Coors Taco Bell Datek US Postal Service Glaxo Verizon IPG penetration of top 25 US advertisers rises from 13 to 18 13 Quality Client Relationships ================================================================================ Number of Multinational Clients in 20+ Countries (Unduplicated for 2000) [BAR GRAPH ILLUSTRATING DATA IN TABLE BELOW] Interpublic WPP OMC Publicis Grey BCom3 40 31 31 18 9 7 Source: Ad Age Sept. 19, 2000 14 FCB Worldwide ================================================================================ - - #11 global agency network - #4 in U.S. - - 210 offices in 96 countries - - 2000 billings: $8 billion+ - - Strong client list - AT&T, Beiersdorf, Chase, Compaq, Coors, Kraft General Foods, Merck, Quaker, Samsung, SC Johnson, Taco Bell, USPS - - Excellent creative reputation - - Strong management team led by proven CEO Brendan Ryan 15 Great People ================================================================================ - - Like-minded management team, with shared view of business, of importance of delivering complete solutions to clients and focus on profitability - - Led by David Bell (TN Chairman & CEO) and Brendan Ryan (CEO of FCB) - - Supported by strong cadre of experienced, proven professionals: - Harris Diamond - CEO BSMG - Gene Bartley - CEO Bozell Group - Val Zammit - CEO Diversified Companies - Kelly O'Dea - President FCB Worldwide - Harry Reid - President FCB International - Dennis McClain - CEO Temerlin McClain 16 Transaction Summary and Financial Considerations ================================================================================ Transaction Summary ================================================================================ Transaction Structure: Stock for stock merger of Interpublic and True North Exchange Ratio: Fixed exchange ratio of 1.14x shares of Interpublic for each share of True North Transaction Value: $40.24 per True North share based on Interpublic closing price of $35.30 Approximately $2.1 billion equity value Pro Forma Ownership: Interpublic 84.5%; True North 15.5% Accounting Treatment: Pooling of interests accounting Tax Treatment: Tax-free reorganization Deal Protection: $80 million break-up fee Board of Directors: David Bell and Brendan Ryan to be nominated for election to Interpublic Board of Directors Expected Closing Date: Mid-summer 2001 18 Financial Impact ================================================================================ - - 2000 pro forma net revenues of $7.2 billion and pro forma operating income of $1.0 billion - - Accretive to GAAP earnings in 2001 and 2002 - - Annual cost savings quantified to date in excess of $25 million - - Additional new growth opportunities not factored into the analysis - - Pro forma double digit revenue growth for 2001 (including Chrysler) - - 2001 pro forma EPS estimates of $1.65-$1.70, consistent with previous guidance - - Continued commitment to annual double digit top line growth and double digit EPS growth going forward 19 2000 Pro Forma Revenue by Region ================================================================================ Interpublic Interpublic + True North Total $5,626 Total $7,154 [PIE CHART [PIE CHART ILLUSTRATING DATA ILLUSTRATING DATA IN TABLE BELOW] IN TABLE BELOW] Australia/Asia Pacific - 11% Australia/Asia Pacific - 9% Europe - 30% Europe - 26% Latin America - 4% Latin America - 4% North America - 55% North America - 59% 20
2000 Pro Forma Revenue by Region ========================================================================================================= Interpublic + True North Omnicom [1] WPP and Y&R [2] Total $7,154 Total $6,154 Total $6,100 [PIE CHART [PIE CHART [PIE CHART ILLUSTRATING DATA ILLUSTRATING DATA ILLUSTRATING DATA IN TABLE BELOW] IN TABLE BELOW] IN TABLE BELOW] Australia/Asia Pacific - 9% Australia/Asia Pacific - 5% Australia/Asia Pacific - 10% Latin America - 4% Latin America - 2% Latin America - 7% UK and Europe - 26% UK and Europe - 36% UK and Europe - 38% North America - 59% North America - 57% North America - 45%
WPP & Y&R revenue split between Latin America and Australia/Asia Pacific based on IPG estimates [1] Source: Company's 4th Quarter press release [2] Source: WPP presentation, March 2001 21 2000 Pro Forma Revenue by Sector ================================================================================ Interpublic True North + Interpublic Total $5,626 Total $7,154 [PIE CHART [PIE CHART ILLUSTRATING DATA ILLUSTRATING DATA IN TABLE BELOW] IN TABLE BELOW] Advertising 46% Advertising 49% Media 13% Media 11% --- --- 59% 60% Promotion, Event & 22% Promotion, Event & 22.3% Direct Marketing Direct Marketing Public Relations 8.2% Public Relations 8.8% Market Intelligence 8.7% Market Intelligence 8.6% ------ ------ 41% 40% Sector concentration not materially impacted 22 Accelerated Growth Potential ================================================================================ Revenue Upsides - --------------- - - Allows Interpublic companies to cross sell TNO services not previously available, e.g. diversity marketing, advocacy advertising, analytic modeling - - Allows select TNO brands to accelerate strategic expansion via Interpublic - - Enhances upside potential for FCB to offer more services and more geographic coverage to existing and new clients ------- - - Aligning standalone entities offers new international coverage, higher visibility/rankings = stronger new business potential - - Allows all TNO companies to cross sell Interpublic services not previously available; e.g. NFO (research), Jack Morton (meetings and events), Octagon (sports marketing) Revenue and profit benefits from above are all incremental 23 Accelerated Growth Potential ================================================================================ - - Current TNO ratio of advertising to other marketing services approximately 60/40, comparable to Interpublic -- TNO already has substantial mass in these faster growing specialties -- Considerable further upside to expand these services with Interpublic infrastructure and resources - - Interpublic has proven track record in accelerating international growth of established domestic brands; e.g. Draft, Jack Morton, Golin Harris - - Collectively will examine independent agencies and specialized marketing services to determine optimal alignment going forward - - TNO has track record of organic growth and improving margins; under Interpublic, margins are expected to accelerate further Again, all benefits from above are incremental 24 Closing Remarks ================================================================================ 25 Summary ================================================================================ In approaching potential acquisitions, Interpublic looks at six criteria; How does True North fare? [DATA IN TABLE FORMAT] Clients Quality of client partnerships [CHECK-MARKED BOX] and depth of relationships Agency Footprint How broad is targets core agency [CHECK-MARKED BOX] coverage, majority ownership, etc. Marketing Number and Quality of Non- [CHECK-MARKED BOX] Services Offered advertising services offered Management Experience level, track record and [CHECK-MARKED BOX] Strengths confidence in key management Accelerated Having a clear picture of how we Growth Potential can accelerate growth once acquired [CHECK-MARKED BOX] Financial Proposition Attainable at a price that makes [CHECK-MARKED BOX] economic sense 26 Summary ================================================================================ - - Interpublic's acquisition of True North represents an industry-leading combination in: - Size (Both Overall and by Sector) - Clients Served - Depth of Resources - Breadth of Coverage - Strength of Management A more compelling value for shareholders 27 Appendices ================================================================================ 28 True North 2000 Revenue by Sector ================================================================================ True North Total $1,528 [PIE CHART ILLUSTRATING THE DATA BELOW] Advertising 62% Media 2.7% Promotion, Event & Direct Marketing 23.6% Public Relations 10.9% Marketing Intelligence .8% ------ 38% 29 Bozell Group ================================================================================ - - Top 25 U.S. consolidated agency group - - Billings of $1.9 billion in 2000 - - Blue chip clients: Ace Hardware, Bank of America, Verizon, Bristol-Myers Squibb, The New York Times, Mass Mutual, Lorillard, Enterprise Rent-A-Car, Pharmacia & Upjohn, Starbucks, Fujitsu 30 Temerlin McClain ================================================================================ - - #1 Southwest-based agency - - $700 million in billings in 2000 - - Specialists in service-driven businesses - - Highly integrated communications offering - - Key clients include American Airlines, Subaru, Verizon, Nortel and Bank of America 31 BSMG Worldwide ================================================================================ - - #8 ranked global public relations network, #7 in the U.S. - - $180 million in fee income in 2000, with offices in 33 cities in 15 countries - - Fastest growing PR firm over the last four years - - Practices in high growth areas: leader in investor relations, largest food & beverage practice, rapidly growing in technology and healthcare - - Named PR Agency of the Year in 1997/98 - - Key clients include: Bahamas Tourism, Exelon, Ingersol-Rand, Milk PEP, HP, Kraft Foods, PhRMA, Microsoft, Merck, Quaker Oats, ADM, BMS, Toshiba, Pfizer, American Airlines, Ocean Spray 32 Marketing Drive Worldwide ================================================================================ - - Fully-integrated global marketing services network offering Promotional Marketing, Relationship Marketing, Branding/Design, Marketing Consulting and Specialized Promotional Services - - $500 million in equivalent billings - - 43 offices in 27 countries with over 700 employees - - Key clients: Gillette, Fujitsu, Coors, Milk Board, Intuit, Nabisco, Bristol- Myers Squibb - - Promo Magazine award: "one of the two that made a difference in 2000" 33 New America Strategies Group ================================================================================ - - Largest multicultural marketing communications company, representing all three major ethnic populations, with 2000 billings over $500 million - - Don Coleman Advertising - Largest and fastest growing African-American full-service agency - Clients include: Chrysler, K-mart, Miller Brands, Domino's, Verizon, American Airlines - - Siboney USA - A full-service Hispanic agency - Offices in New York, Miami, Dallas and Los Angeles - Key clients: Nestle, Colgate Palmolive, Denny's, United Distillers Vintners, Chase - - Imada Wong - Los Angeles-based, full-service Asian American agency 34 FCB Healthcare ================================================================================ - - A full-service healthcare marketing agency specializing in Rx, DTP and DTC - - Top ten ranked with 8 offices on 4 continents - - Top clients include Genentech/Novartis, Whitehall-Robbins, Watson Laboratories, Merck, CollaGenex 35 R/GA Digital ================================================================================ - - Creatively-focused, and award winning interactive services company, specializing in - First generation e-commerce sites - Second Generation+ web site design & architecture - Online brand experiences & relationship marketing programs - - One of world's most awarded new media creative agencies; named "Best Creative Agency" in Adweek's special report - - Key clients include IBM, Ericsson, Reuters, Bed Bath & Beyond, Purina, Ellis Island 36 TN Directory Services ================================================================================ - - Largest directory services company (in our peer group) with capitalized billings of almost $400 million - - Provides a full range of traditional print and internet directory services - - Key clients include: U-Haul, AT&T, GE, Chrysler, Enterprise Rent-A-Car, Sears, Cohen/Sterling Optical 37