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Press Release

MDC Partners Executes US$100 Million Bank Financing Proceeds Used to Refinance Debt and Pursue Acquisitions

TORONTO, Ontario (September 23, 2004)MDC Partners Inc. (NASDAQ: MDCA) announced today that they have refinanced certain existing debt instruments reducing cost and extending maturity. MDC Partners has entered into a revolving credit agreement led by JP Morgan Chase, and includes Toronto Dominion Bank, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce, which provides for borrowings of up to US$100 million. This facility may also be increased, subject to certain conditions to a maximum availability of US$130 million. The new facility matures on September 22, 2007 and bears interest at LIBOR plus 2.5% (currently such total rate would be 4.35%).

Simultaneously with the execution of this facility, the Company has entered into a cash management program with its partner companies to centrally manage a substantial portion of their cash balances. This cash management program has reduced MDC Partners’ debt by approximately US$45 million.

The initial use of the credit facility was to repay in full the outstanding balances on the Company’s two senior and one mezzanine credit facilities and a term debt facility. The obligations repaid total approximately US$92 million. All of these repaid facilities have been terminated. These existing facilities had a weighted average interest rate of approximately 7.2%.

Miles Nadal, Chairman & CEO of MDC Partners, stated, “The impact of this refinancing combined with the cash management program significantly increases our financial flexibility and reduces MDC Partners’ annual interest expense. Our capital structure and liquidity are greatly improved and positions us well to continue our growth initiatives.”

“MDC’s partner companies have a commitment to great work for their clients. This is another step in our evolution as we continue to build a world-class, client centric marketing services organization”, said Steven Berns, Vice Chairman and Executive Vice President of MDC Partners.

About MDC Partners Inc.

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