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Press Release

MDC Corporation Inc. Closes Offering of 3,903,451 Adjustable Rate Exchangeable Securities Due December 31, 2028 for Gross Proceeds of $34 Million

TORONTO, Ontario (December 8, 2003) – MDC Corporation Inc. operating as MDC Partners (“MDC”) of Toronto today announced that it has closed its previously announced offering of 3,903,451 Adjustable Rate Exchangeable Securities due December 31, 2028, including 503,451 Exchangeable Securities issued pursuant to the exercise of the over-allotment option, for total net proceeds to MDC of $31.7 million. The net proceeds of the offering will be used for general corporate purposes.

The securities pay interest monthly at a rate equal to the actual distribution by Custom Direct Income Fund (the “Fund”) in that month and a holder of an Exchangeable Security will have the right to exchange the security for a unit of the Fund once MDC is entitled to effectively exchange its 20% ownership of Custom Direct, Inc. into units of the Fund.

The offering has been underwritten by a syndicate led by CIBC World Markets Inc., which includes TD Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and Griffiths McBurney & Partners.

About MDC Partners (“MDC”)

MDC Partners is one of the world’s leading marketing communications firms. Through its partnership of entrepreneurial firms, MDC provides creative, integrated 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company’s financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; financing requirements and other factors set forth in the Company’s Form 40-F for its fiscal year ended December 31, 2002 and subsequent SEC filings.