Young & Rubicam (Y&R) is one of the world's largest integrated marketing communications companies best known for its Y&R Advertising; Wunderman, Cato, Johnson (direct marketing); and Burson-Marsteller (public relations) units. In December 1996, HFCP III invested $224 million in Y&R to facilitate a realignment of the Company's equity ownership into the hands of key senior management. Y&R management chose to work with H&F due to our willingness to be very flexible in structuring the investment, our deep understanding of Y&R's business, and ability to add financial and strategic value. In May 1998, Young & Rubicam completed a successful public offering and subsequently HFCP III sold its stake in Y&R during 1998 and 1999. Y&R is now a unit of London-based WPP Group.