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Press Release

MDC Partners Announces Redemption of Adjustable Rate Exchangeable Securities due December 31 2028 for Units of Custom Direct Income Fund

Date: February 3rd, 2004

TORONTO, Ontario (February 3, 2004) MDC Partners Inc. (“MDC”) of Toronto announced today that it has provided notice of redemption to redeem all of its outstanding adjustable rate exchangeable securities due December 31, 2028 (the “Exchangeable Securities”) for units of Custom Direct Income Fund (the “Fund”). The redemption will take place on February 13, 2004, coinciding with the interest payment date for securityholders of record on January 31, 2004. As a result, on February 13, 2004, without holders of Exchangeable Securities taking any further action, securityholders will receive one unit of the Fund for each Exchangeable Security they hold. The Exchangeable Securities will be delisted from the Toronto Stock Exchange at the close of business on February 12, 2004. Trades in the Exchangeable Securities made through the facilities of the Toronto Stock Exchange after February 9, 2004 will be settled with units of the Fund.

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. The Exchangeable Securities are publicly traded on the Toronto Stock Exchange under the symbol MDZ.N