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Press Release

MDC Corporation Davis + Henderson Income Fund

Davis + Henderson Income Fund Files Final Prospectus for Public Offering of Units MDC Sells Remaining Interest in Davis + Henderson For Gross Proceeds of approximately $200 million

Date: March 18th, 2002

TORONTO, Ontario (March 18, 2002) – MDC Corporation Inc. of Toronto (TSE: MDZ.A; NASDAQ: MDCA) and Davis + Henderson Income Fund (TSE: DHF.UN) previously announced that that they had entered into an underwriting agreement relating to a public offering of 18,965,792 units of the Fund priced at $10.50 per unit for gross proceeds of approximately $200 million. As part of that transaction, MDC had also entered into an agreement with the Fund to transfer to the Fund MDC’s remaining 50.1% interest in Davis + Henderson, Limited Partnership.

MDC and the Fund announced today that the Fund is filing a final prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with the offering. The offering is being underwritten by a syndicate led by CIBC World Markets Inc. and Scotia Capital Inc., which includes BMO Nesbitt Burns Inc., TD Securities Inc., RBC Dominion Securities Inc., Griffiths McBurney & Partners and Merrill Lynch Canada Inc. Copies of the prospectus are available from CIBC World Markets Inc. and Scotia Capital Inc.

As part of the closing of this offering, and together with amounts received in connection with the initial public offering of the Fund, MDC will have realized gross proceeds of approximately $470 million (before commissions and expenses). Following the offering, MDC will no longer have a continuing interest in Davis + Henderson, Limited Partnership. On closing, MDC’s nominees to the board of directors of Davis + Henderson G.P. Inc., and the chairman of the board, will resign and Paul Damp will become the chairman of the board.

Proceeds received by MDC from this offering will be used for the repayment of indebtedness and general corporate purposes.

Subsequent to this transaction, MDC’s business services operations will include outsourced business services to financial institutions and Maxxcom, Canada’s leading marketing and communications services organization.

The principal driver of MDC’s remaining services to financial institutions is Custom Checks, whose personalized transaction products activities include personal and business cheques in the growing direct-to-consumer cheque business in the United States.

About Davis + Henderson

Davis + Henderson and its predecessors have been serving Canadian financial institutions and their account holders since 1875. Through an integrated service offering, Davis + Henderson has become the market leading company in Canada assisting financial institutions with the operation of their cheque supply programs.

About MDC Corporation Inc. (“MDC”)

MDC is a publicly traded international business services organization with operating units in Canada, the United States, United Kingdom and Australia. MDC offers security sensitive transaction products and services in four primary areas: Personalized Transaction Products such as personal and business cheques; Electronic Transaction Products such as credit, debit, telephone & smart cards; Secure Ticketing Products, such as airline, transit and event tickets; and Stamps, both postal and excise. MDC shares are traded on the Toronto Stock Exchange under the symbol MDZ.A and on NASDAQ National Market under the symbol MDCA.

About Maxxcom

Maxxcom is the largest full-service marketing communications organization based in Canada. Its entrepreneurial partner firms provide a comprehensive range of communications services to clients in North America, the United Kingdom and Europe. Services include advertising, direct marketing, database management, sales promotion, public relations, investor relations, market research, corporate identity and branding and interactive marketing.

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