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Press Release

Conversion was Completed on a One-For-One Basis Without Any Cash or Non-Cash Consideration

Date: March 5th, 2004

TORONTO, Ontario (March 5, 2004) – MDC Partners Inc. (“MDC”) of Toronto announced today that its controlling shareholder, Miles Nadal, has completed the conversion of 100% of his Class B multiple voting shares into Class A Subordinate Voting Shares on a one-for-one basis, without any cash or non-cash consideration. Mr. Nadal is MDC’s Founder, Chairman and Chief Executive Officer.

Mr. Nadal’s equity interest as a result of the conversion in MDC is approximately 20.2%, representing 3,848,319 Class A Subordinated Voting Shares which carry one vote per share.

MDC’s Board of Directors welcomed the decision to convert. As a result of the conversion, MDC will become a U.S. domestic issuer and commence reporting in accordance with U.S. GAAP, effective the first quarter of 2004.

About MDC Partners Inc.

MDC Partners is one of the world’s leading marketing communications firms. Through its partnership of entrepreneurial firms, MDC provides advertising and specialized communication services to leading brands throughout the United States, Canada and the United Kingdom. MDC Class A shares are publicly traded on the Toronto Stock Exchange under the symbol MDZ.A and on the NASDAQ under the symbol MDCA.