Our website uses cookies. A cookie is a small file of letters and numbers that we put on your device. These cookies allow us to distinguish you from other users and help us to provide you with a good experience and improve our site. Read our cookie policy to learn more about the cookies we use. By continuing to use the Website you are agreeing to our use of cookies.

Press Release

Underwriting Syndicate to Exercise Over-Allotment Option to Purchase 503,451 Adjustable Rate Exchangeable Securities of MDC Corporation Inc. for Additional Gross Proceeds of $4.4 Million

TORONTO, Ontario (December 2, 2003) -MDC Corporation Inc., operating as MDC Partners (“MDC”) of Toronto, today announced that the underwriters plan to exercise their over-allotment option to purchase 503,451 Adjustable Rate Exchangeable Securities due December 31, 2028 at an offering price of $8.75 per Exchangeable Security. The securities will 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.

The closing will result in total net proceeds from MDC’s offering of Exchangeable Securities of $31.7 million. Closing of the offering, including the over-allotment option, is expected to occur on December 8, 2003.

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.